AyG
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Post by AyG on Jul 4, 2021 12:29:06 GMT 7
There was a post a few weeks ago which I haven't been able to track down. It was along the lines that MNP has disappointed since the poster (possibly chiangmai?) bought it.
Anyway, it's sprung back to life, and YTD is a gnat's whisker shy of up 11%. Amongst the investment trusts I hold, that puts it in third place behind HEFT (13.4%) and CLDN (12.2%). That's out of 16 trusts I currently hold. Over one month it's top of the pile at 8.8%.
It just underlines that one needs to take a long term view and not switch and swap willy-nilly.
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Post by rgs2001uk on Jul 5, 2021 20:12:46 GMT 7
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chiangmai
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Post by chiangmai on Jul 8, 2021 8:07:41 GMT 7
There was a post a few weeks ago which I haven't been able to track down. It was along the lines that MNP has disappointed since the poster (possibly chiangmai?) bought it. Anyway, it's sprung back to life, and YTD is a gnat's whisker shy of up 11%. Amongst the investment trusts I hold, that puts it in third place behind HEFT (13.4%) and CLDN (12.2%). That's out of 16 trusts I currently hold. Over one month it's top of the pile at 8.8%. It just underlines that one needs to take a long term view and not switch and swap willy-nilly. Guilty as charged. The sole reason was because I have this rare knack of being able to buy at the exact peak, not everyone can do that you know. I've talked to Martin and gave him a stern dressing down, he's now cleaned up his act....no need to thank me.
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chiangmai
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Post by chiangmai on Jul 31, 2021 7:52:26 GMT 7
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AyG
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Post by AyG on Jul 31, 2021 9:38:10 GMT 7
^^^ Can't read the article (do you actually pay for The Telegraph website?), but can guess its content. Bad news for the likes of Scottish Mortgage (5.1% Tencent, 3.8% Alibaba, 3.7% Meituan).
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chiangmai
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Post by chiangmai on Jul 31, 2021 12:25:57 GMT 7
^^^ Can't read the article (do you actually pay for The Telegraph website?), but can guess its content. Bad news for the likes of Scottish Mortgage (5.1% Tencent, 3.8% Alibaba, 3.7% Meituan). That's correct, can't say the warnings weren't there. I used to subscribe to the DT but then cancelled about six months ago. Because they took an extra months premium from my card I gave them a tongue lashing, their response was to give me the year for free! Are they hard up for subs or what!
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AyG
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Post by AyG on Jul 31, 2021 13:33:59 GMT 7
Are they hard up for subs or what! A phrase that is equally applicable to the Thai junta today.
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Post by rgs2001uk on Jul 31, 2021 23:06:52 GMT 7
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Moobin
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Post by Moobin on Aug 5, 2021 20:21:14 GMT 7
^^^ Can't read the article (do you actually pay for The Telegraph website?), but can guess its content. Bad news for the likes of Scottish Mortgage (5.1% Tencent, 3.8% Alibaba, 3.7% Meituan). Right click and then select View page source or Ctrl +U and then scroll down. Not a nice format but you can actually read the article. This is the method I use for many subscription sites I use when it is not worth the money to subscribe. First couple of paragraphs are pasted below. <div class="articleBodyText section"> <div class="component article-body-text article-body-text--drop-cap article-body-text--drop-cap-comment " data-test="article-body-text"> <p>Beijing would like us to believe that the <a href="https://www.telegraph.co.uk/technology/2021/07/08/chinas-communist-leaders-bring-new-generation-technology-capitalists/">great purge of China's technology sector</a> is akin to Teddy Roosevelt's subjugation of the US robber barons a century ago.</p> <p>Roosevelt’s <em>Trust Busters</em> confronted the Rockefellers and JP Morgans before the First World War, breaking up Standard Oil, US Steel, and the railway monopolies. His Square Deal is the best known of America's episodic responses to overweening and abusive corporate power, each aimed at preserving the country’s Jeffersonian spirit and preventing the rise of an entrenched oligarchy.</p> <p>Xi Jingping is doing the exact opposite. His purpose is to bring all centres of rival power under tight control and <a href="https://www.telegraph.co.uk/business/2021/07/07/xi-jinpings-totalitarian-regime-cannot-coexist-democratic-world/">reassert the total political monopoly of the Communist Party</a>. He is striking on multiple fronts at once, and the tally so far is a 43pc fall in the Hang Seng Tech index since the peak in February. </p> <p>It is presented as a form of commercial cleansing, a necessary step to ensure data protection against predatory business elites, as well as a blow for consumer rights and the spirit of equality. “I don’t believe for one moment that these are the true motives,” said Roger Garside, a former British diplomat in Beijing and author of books on Xi and Deng Xiaoping. </p> <p>The clampdown has no regulatory consistency and is better understood as an intimidation campaign: a preemptive move by Xi’s faction within the Communist Party to eliminate threats.</p> <p>It began with the <a href="https://www.telegraph.co.uk/business/2021/01/10/jack-ma-gets-hard-lesson-real-boss-china/">Maoist 'rectification' of Alibaba's Jack Ma</a> - a Davos fixture who wrongly thought himself a big enough superstar to stray safely from Xi's party line - and has culminated (but not ended) in the carnage of the last three weeks. Tencent and Alibaba are both down 40pc from their highs, which matters for global investors. These two stocks make up 10pc of the MSCI Emerging Market index.</p> </div> </div> <figure itemscope="true" data-test="article-body-image" itemtype="https://schema.org/ImageObject" data-js="article-body-image" itemprop="image" class="article-body-image section"> <meta itemprop="url" content="/content/dam/business/2021/01/07/TELEMMGLPICT000248010693_trans_NvBQzQNjv4BqpVlberWd9EgFPZtcLiMQf0Rf_Wk3V23H2268P_XkPxc.jpeg"/> <meta itemprop="width" content="2500"/> <meta itemprop="height" content="1563"/>
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Post by rgs2001uk on Aug 11, 2021 20:56:48 GMT 7
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AyG
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Post by AyG on Aug 12, 2021 5:06:32 GMT 7
^^^ Pretty much the same for me. My investment trusts recently returned to the high point valuation of February, and now are a couple of percent over that. Year to date I'm up 6.8% (excluding income), which I'm happy with. In fact, only one of my holdings is in negative territory, HDIV. I really should take my own advice and not hold bonds.
Turning to MNP, it's my second best Trust performer YTD, up 15.3%. (The best is CLDN, up 16.4%.) Pretty sure I wouldn't have predicted those two as winners back at the turn of the year.
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chiangmai
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Post by chiangmai on Aug 12, 2021 8:05:23 GMT 7
JPM EM is an interesting fund that I've held for quite some time. I especially like the way that at times they switch investments from EM to established markets, at one point earlier this year they were 35% in the US, now only about 20%.
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AyG
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Post by AyG on Aug 12, 2021 9:42:09 GMT 7
JPM EM is an interesting fund that I've held for quite some time. I especially like the way that at times they switch investments from EM to established markets, at one point earlier this year they were 35% in the US, now only about 20%. I'm not sure where you're getting your information from, but it's wrong. If you're talking about JMG (JPMorgan Emerging Markets Investment Trust plc), it is only allowed to invest in Emerging Markets or up to 10% cash. The equivalent fund, JPM Emerging Markets Fund, must invest at least 80% of its assets in equity securities of emerging markets companies. There's no way it could ever be 35% in the US. Currently it's not even in the top 10 regions according to the fact sheet. Theoretically, it might be hiding in the "others" category (5.8%), but I very much doubt it. Looking at the last annual report (January this year), there was precisely zero in the US.
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chiangmai
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Post by chiangmai on Aug 12, 2021 13:19:23 GMT 7
JPM EM is an interesting fund that I've held for quite some time. I especially like the way that at times they switch investments from EM to established markets, at one point earlier this year they were 35% in the US, now only about 20%. I'm not sure where you're getting your information from, but it's wrong. If you're talking about JMG (JPMorgan Emerging Markets Investment Trust plc), it is only allowed to invest in Emerging Markets or up to 10% cash. The equivalent fund, JPM Emerging Markets Fund, must invest at least 80% of its assets in equity securities of emerging markets companies. There's no way it could ever be 35% in the US. Currently it's not even in the top 10 regions according to the fact sheet. Theoretically, it might be hiding in the "others" category (5.8%), but I very much doubt it. Looking at the last annual report (January this year), there was precisely zero in the US. I hold the fund, not the IT and my information about the geographic allocation comes from HL, I update my spreadsheet with it monthly. As of today, 19.8% US, four months ago, 32.3% US.
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AyG
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Post by AyG on Aug 12, 2021 16:39:38 GMT 7
^^^ Then the HL information is hopelessly wrong. The fund most certainly does not have 19.8% in the United States. The JP Morgan fact sheet is at am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/international-equity/FS-EME-A.PDF and suggests 4.0% in the US. The latest semi-annual report (as of end-April 2021) is at am.jpmorgan.com/JPMorgan/TADF/4812A0607/SAR?site=JPMorgan . It shows a single US holding (EPAM Systems Inc.) at 3.3%. I think what's happening is that HL is wrongly classifying ADRs (American Depository Receipts) as being "United States". They are traded in the United States, but the exposure is 100% to the non-US company. Frankly, it's quite shocking that HL should make such a basic error. Anyway, I suggest you ditch HL for analysis and use Morningstar UK instead. Far more reliable and accurate.
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