It’s been a so-so year for the Bearbull income portfolio, whose value grew by around 8.7 per cent in the 12 months to October. That excludes income distributions worth 4 per cent of the fund’s value following its re-capitalisation a year ago, which bring the combined return to 12.7 per cent.
Ordinarily, a double-digit real return should be welcome. Over the same period, we’re also ahead of the fund’s historic benchmark, the FTSE All-Share, which managed a total return of 12.1 per cent.
For UK-based retail investors, it’s hard to think past the domestic stock market yardstick. Of course, for the self-invested, marking one’s homework is a perk, even if it lowers standards. Maybe it’s just habit. Despite the footsie’s lost lustre, its daily price moves still occupy a slot next to the weather in news bulletins.