AyG
Crazy Mango Extraordinaire
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Post by AyG on May 15, 2019 17:22:32 GMT 7
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Post by rgs2001uk on May 15, 2019 20:45:18 GMT 7
The issue isn’t with Alliance performance, it’s the volume of shares held, I concur, I don’t want 30% of my portfolio in one company. It wasn’t something that was planned, it’s just the way it’s worked out, and the situation needs to be resolved. The easy solution would be to offload and transfer a %age of the shares held and reinvest with stockbroker, what to buy? The easy solution would be to split into SM, Croda,Witan and Monks. Check exit fees (if any) on whoever you are holding them with.
Rather than transfer a % of the shares, it may be cheaper to sell a % of the shares, then move the cash to your stockbroker.
Of those you mention: I'd rather hold Monks and SMT than Alliance.
I'd also rather hold Lindsell Train Global and Fundsmith than Alliance.
All 4 of those are in the same global sector as Alliance.
One simple solution: take say 20% of the 30% in Alliance and give 5% each of those 4. Much better spread, risk, historical performance, quality of fund managers etc etc.
Don't think Witan adds much if you have those 4, and Croda isn't something I'd want to add to if already held - and to be honest wouldn't want anyway as a single company.
It doesnt necessarily have to be all the aforementioned, due dilligence will be done, its not something I will be rushing into. Its almost like the wheel has turned full circle, and I am back where I started with Global Equity Funds.
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Post by rgs2001uk on May 16, 2019 20:42:26 GMT 7
^^^ carrying on from above, this is my uk stockbroker holdings,
UK Equity, 8.5
Global Equity, 54.0
Healthcare, 5.8
Telecomms, 3.4
Technolgy, 5.5
O&G, 10.0
Basic Materials, 12.5
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AyG
Crazy Mango Extraordinaire
Posts: 5,871
Likes: 4,555
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Post by AyG on May 20, 2019 21:52:39 GMT 7
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Post by Fletchsmile on May 21, 2019 12:09:16 GMT 7
I think they've been reading BigMango. We downgraded him quite a while ago. Used to be a buy for me, then downgraded to hold, then reduce.
Article sums up a fair few points quite well.
Have to disagree with the Woodford spokesman's claim that:
Seems to me it has been poorly managed in terms of limit monitoring. Really don't see how they can claim they are set conservatively and adequately stress tested, when you look at the actions that have had to be taken/ have taken to avoid breaching limits. They're banging right up against limits and stretching the rules. Hardly conservative. I think risk management has been poor as mentioned earlier in the thread.
The comment below is well put. As they note the portfolio has shifted significantly from when the fund started out
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Post by rgs2001uk on May 21, 2019 21:23:27 GMT 7
^^^ you should set up The Big Mango IT, .
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AyG
Crazy Mango Extraordinaire
Posts: 5,871
Likes: 4,555
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Post by AyG on May 22, 2019 16:28:42 GMT 7
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Post by Fletchsmile on May 22, 2019 16:52:56 GMT 7
The big difference with Terry Smith is he's moved quickly beyond his area of expertise, and it is more of an ego story.
I have put some money into Fundsmith. But someone nees to bear in mind the fund is less than 10 years old, and been there mainly thru a bull market.
Woodford and Bolton I held for over 2 decades before they moved into other areas. In their case, they moved less for ego, and more for wanting to do something a bit different. Let's be honesy how many of us want to do the same job for 20 years. I never went with Anthony Bolton into his new areas, too big a stretch and unproven when he went into China. Woodford's moves are more of a progression and less about ego. 20+ years of succes in the UK particularly in all share and income sectors. The core of his new funds are also UK. The biggest differences are around 20% into unlisted and his own role so much wider. So progressive steps rather than massive jumps. Looks so far like maybe steps too far. But Woodford and Bolton were far less about ego. Anyone following him for 20 years see the difference in their and Smith's ego.
On the other hand, Terry Smith still hasn't proven himself to be more than a one fund/one trick pony in the good times. I wouldn't and didn't touch FEET. His funds are also more expensive than others.
The article reinforces why I rate Lindsell Train above him. Everything they go into they are focused and have expertise in. Smith is more about his own ambitions
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AyG
Crazy Mango Extraordinaire
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Post by AyG on May 22, 2019 17:24:10 GMT 7
The article reinforces why I rate Lindsell Train above him. Everything they go into they are focused and have expertise in. Smith is more about his own ambitions 'Tis curious you mention Lindsell Train. I had thought about mentioning the Lindsell Train Japanese Equity fund as being a little outside Michael Lindsell's core expertise. That said, he does have a pretty good background in Japan.
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Post by Fletchsmile on May 22, 2019 17:31:05 GMT 7
I only read the Terry Smith article very briefly first time. On a re-read, it really shows he doesn't know what he is doing in the EM sector, and with FEET in general, and is simply just learning as he goes along
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Post by Fletchsmile on May 22, 2019 17:54:24 GMT 7
The article reinforces why I rate Lindsell Train above him. Everything they go into they are focused and have expertise in. Smith is more about his own ambitions 'Tis curious you mention Lindsell Train. I had thought about mentioning the Lindsell Train Japanese Equity fund as being a little outside Michael Lindsell's core expertise. That said, he does have a pretty good background in Japan. Thought for a moment you were going to say as an example of being well within their expertise.
Bit surprised anyone would consider Japan outside their core expertise.
Although UK based now, Lindsell spent about 20 years or so in Japan and Asia with a large chunk of that involved in Japanese equities.
As a fund management group they're of the rare breed that doesn't feel the need to go into everything, and go only where they consider they have expertise (unlike Smith). Their Global fund is a great example. Global but only 4 mainly countries chosen: US, UK, Netherlands and Japan. Japan wouldn't be there fif they didn't think it a core competence
Their Japan fund performance also backs up their experise with stats:
- Consistently one of the top perfomers in sector. 2nd now out of 71 over 5 years.
- Well above sector and benchmarks such as Nikkei225 over 3 years, 5 years, 10 years and since launch. Sector average is broadly in line with the Nikkei 225 index give or take
I've followed their Japand fund for years, the main reason I hadn't invested in their Japan fund though until recently was 1) because of already having a decent exposure to them via LT global (which includes Japan), UK and FGT 2) already had another fund for years. But when that fund manager step down, I'd little hesitation in turning to them for expertise. 3) Haven't always been a fan of the Japan story
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Post by Fletchsmile on May 22, 2019 18:08:07 GMT 7
Legg Mason has the best performing Japan fund over 5 years. I seriously looked at that a while back. The Japanese guy managing it by far beat the pack over 5 years and 10 years and since launch. Main drawback is he has been in the industry for 45 years, so he really can't be that far from retirment. But it was still tempting even though "past performance is no guarantee blah blah..." Plus it's one of the most volatile funds. 36-48 months back he returned over 60% in that 12 month period while the IA sector was negative !!! Makes you wonder if he got it wrong one year. I'm also less keen on Legg Mason as a fund group www.trustnet.com/factsheets/o/gvdj/legg-mason-if-japan-equity-x
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AyG
Crazy Mango Extraordinaire
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Likes: 4,555
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Post by AyG on Jun 4, 2019 6:38:10 GMT 7
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AyG
Crazy Mango Extraordinaire
Posts: 5,871
Likes: 4,555
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Post by AyG on Jun 4, 2019 7:24:54 GMT 7
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Post by Fletchsmile on Jun 4, 2019 10:28:55 GMT 7
Yes, if they're going to suspend withdrawals for a while, then it's pretty normal to stop purchases too. I wouldn't expect there's much demand at this point.
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