North America

Introduction to North America

North American funds focus on companies that are domiciled in the United States and Canada. These could be companies that generate the majority of their revenues domestically or those that have extensive revenues from outside North America. The US market is the largest and broadest in the world and therefore fund managers have a large selection of stocks and sectors from which to choose.

The benchmark indices are the S&P 500, the Dow Jones industrial average and the technology-focused Nasdaq. Among the major constituents of the S&P 500 are the technology giants of Apple and Microsoft, oil majors Exxon Mobil and Chevron, plus consumer goods groups Johnson & Johnson and Proctor & Gamble, but many fund managers prefer to focus on smaller or mid cap stocks.

The North American market is usually seen as more 'defensive' than other markets - it tends to hold its value even when times are tough. However, because it is large and liquid and there are a lot of market participants, it is also seen as extremely efficient. There don't tend to be as many mispricing opportunities for active managers to exploit. North America managers follow a variety of styles, some prioritising high growth companies, others preferring more 'value' names trading at cheaper prices.

The tax treatment of investments is subject to tax law and HMRC practice which are subject to change. The value of investments may be affected by exchange rate movements where the underlying investments are not denominated in Pounds Sterling.

Investment Trusts

Name1 Year (%)3 Years (%)5 Years (%)DiscountNAV
Blackrock North American Income Trust Plc ORD 1P47.6646.80--2.38149.04Buy
Canadian General Investments GBX21.9523.2035.46--Buy
Gabelli Value Plus Trust PLC22.84---5.06119.29Buy
JP Morgan American IT plc34.0157.01121.80-3.49345.04Buy
JP Morgan US Smaller Companies IT PLC Ord 2.5P24.0142.62171.44-13.00241.39Buy
JZ Capital Partners 6%CULS 2021-----Buy
JZ Capital Partners Ord25.3520.2475.44-38.40784.06Buy
JZ Capital Partners ZDP 2022-----Buy
Jupiter US Smaller Companies PLC Ord 25P29.2813.5398.88-10.33836.44Buy
Middlefield Canadian Income Trust I38.3710.5039.85-9.83106.47Buy
North Atlantic Smaller Companies IT22.2067.17141.69-14.032,893.40Buy
Private Equity Investor Plc-10.27-6.215.40-26.00224.31Buy
The North American Income Trust plc Ord 25p51.2745.13116.55-9.461,179.10Buy

ETFs

Name6 Months (%)1 Year (%)3 Years (%)5 Years (%)CurrencySector
DB X-Trackers MSCI USA Index UCITS ETF 1C GBP18.6335.9766.50143.53GBXEquity - USABuy
DB X-Trackers S&P 500 Inverse Daily UCITS ETF GBP1.08-3.19-15.76-49.21GBXEquity - USABuy
DB X-Trackers S&P 500 UCITS ETF 1C GBP18.1936.4967.84145.03GBXEquity - USABuy
ETFS Russell 2000 US Small Cap GO UCITS ETF GBP25.0236.6049.55140.55GBPEquity - USABuy
First Trust US Large Cap Core AlphaDEX UCITS ETF GBP17.1333.9558.46-GBXEquity - USABuy
HSBC MSCI USA GBP18.2135.3665.23137.71GBXEquity - USABuy
LYXOR UCITS ETF CANADA (S&P TSX 60) D GBP19.7333.0816.5125.06GBXEquity - North AmericaBuy
Lyxor UCITS ETF Dow Jones Industrial Average D USD5.6316.3326.33-USDEquity - USABuy
PS Dynamic US Market UCITS ETF GBP17.4128.3456.83150.26GBXEquity - USABuy
PS EQQQ Nasdaq 100 UCITS ETF GBP21.1438.3191.01175.19GBXEquity - USABuy
PS FTSE RAFI US 1000 UCITS ETF GBP19.4636.2360.55143.59GBXEquity - USABuy
SPDR S&P 500 UCITS ETF GBP17.9636.1867.33-GBPEquity - USABuy
SPDR Russell 2000 US Small Cap UCITS ETF GBP26.8935.28--GBPEquity - Small Cap USABuy
SPDR Russell 3000 US Total Market UCITS ETF GBP18.9835.12--GBPEquity - USABuy
SPDR S&P US Dividend Aristocrats UCITS ETF GBP18.3746.1371.54-GBPEquity - USABuy
Source MSCI USA USD6.9016.7833.49100.62USDEquity - USABuy
Source Russell 2000 USD13.8117.1020.2098.69USDEquity - USABuy
Spdr S&P 500 Low Volatility UCITS ETF GBP15.2938.9574.11-GBPEquity - USABuy
UBS ETF - MSCI USA UCITS ETF (USD) A Dis6.8016.5432.6599.03USDEquity - USABuy
UBS ETFs plc - MSCI USA SF UCITS ETF (USD) A Acc GBP18.4335.5265.38-GBXEquity - USABuy

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