Well. With the way that markets have performed today (today, when I started the post, but it is now yesterday - reminds me of Philip K Dick somehow…) then I’m tempted to suggest golding on for a bit and then topping up the existing holdings!
Of the three ITs mentioned, I’d plum for BRCI by a process of elimination.
Whilst the Russian market might be cheap on some measures it is dominated by Oils and Banks, and the companies tend to have major (even majority) shareholders, and some of these will have ties to the State. If the problems were purely economic then these factors would be less of an issue. Even political problems might present an oportunity - but only if the politics can be thought of as rational, and I don’t think that this is the case right now, nor for the forseeable future. So unless you’re after a über-contrarian suggestion then I’d eliminate JRS.
BRWM I’m eliminating simply because it concentrates on more on the basic resources side of things, i.e. mining and the like. Because much of the current market travails are to do with the oil price then I do think that a recovery here will bring a major benefit to BRWM. The London Mining incident is irrelevant to this thinking too.
So BRCI would be my choice because it covers both mining and oil.
As it is, I went for NCE and CMHY, so potentially closer to the sharper end of things! There is some overlap in the portfolios but this doesn’t bother me because the holdings are just small speculative punts.
If you did want to look at another trust that is on a discount, but not really a contrarian play, then Hansa Trust. It has recently changed its investment methodology, so the jury might still be out on whether this is a good or a bad thing (I have a holding from before this change was introduced). Still holds some oil service companies and majors; Brazil shipping; esoteric fund holdings (some indirectly held); dual share structure; vested interests control the company with just over 50% of the voting shares, therefore with only 17% of the company’s capital; no discount control (something that makes a pleasurable change in my view!). Might be worth a peruse.