Peer-to-peer lending leads bumper investment trust fundraising

The peer-to-peer focused P2P Global led investment trust fundraising for July, which was another bumper month for assets raised, reaching £1.6bn.

Research from QuotedData found that July was another big month for money raised, higher than the £1bn raised in June and the £870m in May.

P2P Global led the way, raising £400m, while the month also saw the second largest new issue of the year, by TwentyFour Asset Management for its mortgage-focused investment trust, UK Mortgages, which raised £250m.

Other raises helping to boost the figures include Renewables Infrastructure, which raised £127m and infrastructure-focused HICL, which took in £91m to double the size of the fund. Ben Goldsmith’s environmentally-aware fund Menhaden Capital raised £80m, while Empiric Student Property brought in £75m.

European-focused funds led performance for the month. 

Jupiter European Opportunities saw a 6.8 per cent pick-up in net-asset value (NAV), while the JPMorgan European Smaller Companies trust was up 6.6 per cent. The Montanaro European Smaller trust saw a 5.5 per cent increase in NAV, while the JPMorgan European Growth fund saw a 5.4 per cent rise. 

The biggest fallers of the month were those trusts with exposure to the commodities markets, particularly falling oil prices, and to China. 

Among the largest fallers with exposure to commodities and natural resources were Golden Prospect Precious Metals, which dropped 20.6 per cent in NAV terms. 

BlackRock World Mining dropped 13 per cent in NAV terms, Global Resources dropped 12.6 per cent, while New City Energy fell 12.2 per cent and BlackRock Commodities Income dropped 11.8 per cent.