Vietnam focused investment trusts dominated the list of best-performing funds last month, while technology trusts continued to take a hit.
Vietnam Holding Ltd (LON:VNH) was the best-performing investment company in NAV terms in May, up 12.8%, and second-best performing in price terms, up 19%, according to analysis by QuotedData.
This came as the Vietnamese market shrugged off concerns over rising COVID-19 cases.
Vietnam Enterprise Investments Ltd (LON:VEIL) and VinaCapital Vietnam Opportunity Fund Ltd (LON:VOF) also did well.
“Domestic investors are driving the market higher, encouraged by good earnings data for the first quarter of 2021,” QuotedData said.
May’s median total share price return across the investment trust universe was 0.5%, with a mean average of 0.9%. This compares with a median of 4.4% in April.
Technology & Media was the worst performing sector in May by total price return, with the three-company sector down by a median 6.5%, below the next-worst performance of Japanese Smaller Company, which was down 6.2%.
The worst performing individual trusts were smaller companies focused Edinburgh Worldwide Investment Trust PLC (LON:EWI), Pershing Square Holdings Ltd (LON:PSH) in the hedge funds sector, and Baillie Gifford Shin Nippon PLC (LON:BGS) in terms of NAV, and Standard Life Investments Property Income Trust Ltd (LON:SLI), Syncona Ltd (LON:SYNC) and Allianz Technology Trust PLC (LON:ATT).
The rally in commodities appears to have gained momentum, QuotedData observed, with Golden Prospect Precious Metals Ltd (LON:GPM) and CQS Natural Resources Growth Income PLC (LON:CYN) in the top ten NAV performers for a second consecutive month.
They were helped by the further strengthening in the gold price, while Geiger Counter Ltd (LON:GCL), the uranium investor, had benefited from the price of the nuclear metal benefiting from constrained supply, and BlackRock World Mining (LON:BRWM).
The rally in value stocks is benefitting Scottish Investment Trust PLC (LON:SCIN), QuotedData said, while shares in Symphony International Holdings PLC (LON:SIHL) rose after AVI, managers of AVI Global Trust, called for a shake-up of its board in a bid to narrow its discount.