chiangmai
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Post by chiangmai on Jul 10, 2019 16:31:49 GMT 7
I think FS nailed it in post 23 above.
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AyG
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Post by AyG on Jul 10, 2019 17:48:31 GMT 7
What is happening with Lindsell Train? down in 2 days from 20 quid to 13.45 as of this morning. That is one hell of a sudden drop. Surely this is not all from not being included on HL's 50 best pals list? Tempting to dip a toe in the water here Roughly half the value of the Lindsell Train investment trust is from investment in the Lindsell Train company. (a) the company's value has taken a big hit after being dropped from HL's bum chums list. (b) it was trading at a ridiculous premium to NAV - largely predicated upon the notional value of Lindsell Train. This is simply an example of the price returning (albeit slightly) to rationality. Incidentally, the fall is nothing compared with what we'll see should Lindsell or Train breath his last.
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AyG
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Post by AyG on Jul 11, 2019 11:39:15 GMT 7
Thanks for the suggestion, but not really what I'm looking for. I figure that if active fund managers can really outperform, then they should be able to run a concentrated portfolio of top quality names with very little turnover. There's evidence this approach works from the likes of Lindsell Train Global Equity (29 holdings), Castlefield CFP SDL UK Buffettology (34 holdings), and Lazard Global Equity Franchise (26 holdings). I was really hoping to find something similar in investment trust form and global. (Finsbury Growth & Income Trust is similar with a mere 21 holdings, but is very heavily UK-centric.) Alliance Trust has 203 holdings, so doesn't really fit the bill. It's had a lot of problems in the past, but does seem to have turned things around by making itself a Witan clone (albeit with slightly better recent performance). I also harbour a personal grudge against Towers Perrin who advised an investment bank I worked for to put all the employee pensions with Equitable Life. I'm not one to forgive and forget. They won't ever get a penny of my money.
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Post by Fletchsmile on Jul 15, 2019 13:02:30 GMT 7
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Post by rgs2001uk on Jul 15, 2019 21:55:16 GMT 7
I am reminded of those boiler rooms boys, aka, Barclays Wealth. Years ago I was invested with an independant uk stockbroker, the shysters from barclays bought them out, and used them as nothing more than a front to peddle their wares. Thankfully I had an advisory acount and not a suckers discretionary account, I soon fled to pastures new.
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Post by rgs2001uk on Jul 15, 2019 21:57:36 GMT 7
Thanks for the suggestion, but not really what I'm looking for. I figure that if active fund managers can really outperform, then they should be able to run a concentrated portfolio of top quality names with very little turnover. There's evidence this approach works from the likes of Lindsell Train Global Equity (29 holdings), Castlefield CFP SDL UK Buffettology (34 holdings), and Lazard Global Equity Franchise (26 holdings). I was really hoping to find something similar in investment trust form and global. (Finsbury Growth & Income Trust is similar with a mere 21 holdings, but is very heavily UK-centric.) Alliance Trust has 203 holdings, so doesn't really fit the bill. It's had a lot of problems in the past, but does seem to have turned things around by making itself a Witan clone (albeit with slightly better recent performance). I also harbour a personal grudge against Towers Perrin who advised an investment bank I worked for to put all the employee pensions with Equitable Life. I'm not one to forgive and forget. They won't ever get a penny of my money.Good man, I thought it was only me. I will effin bad mouth barclays wealth at every opportunity i get.
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88
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Post by 88 on Jul 16, 2019 14:59:29 GMT 7
AG Barr has taken a nasty kick in the jimmies. Down 30% on a profit warning.
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AyG
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Post by AyG on Jul 16, 2019 21:17:00 GMT 7
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Post by Fletchsmile on Jul 17, 2019 18:22:13 GMT 7
There's a similar note on Lindsell Train Investment Trust (LTIT) monthly factsheet for June www.lindselltrain.com/~/media/Files/L/Lindsell-Train-V2/reports/ltit/LTIT_Latest.pdfJuly's Factsheet may be interesting if I can remember to look at it when it's out To see what they write about the drop in LTIT's share price a week or so back in July What they should also expand on a little and make a bit clearer is that: -LTIT owns 25% of Lindsell Train Limited ("LTL"). -That 25% investment by LTIT in LTL represents nearly half of LTIT itself (47%) i.e. LTIT is tying up nearly half its money in a 25% share in LTL. The two facts are there, but maybe in July they should focus more on the fact that almost half the fund is invested in LTL which was a factor in the large swings in LTIT's price in early July. It's not so much that LTIT is used to support LTL. That is clearly listed in the objectives of LTIT. What is more important in this situation is that it costs nearly half the fund to do that, and creates a significant concentration risk on LTL which is an unquoted company.
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Post by Fletchsmile on Jul 17, 2019 18:33:26 GMT 7
Just following on: LTIT's investment objectives are shown at the site below: www.lindselltrain.com/funds/lindsell-train-investment-trust-plc/investment-objective-and-approach.aspxThey do flag that they can take a stake of up to 25% of LTL BUT: The part on diversification states: For me I think that needs expanding on given how material the investment in LTL is. The investment may have been less than "15% by value of its gross assets at the time of investment" BUT they really should flag better that the investment in LTL represents 47% of gross assets nowThat 47% is material and a highly important fact to be made aware of.
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Post by Fletchsmile on Sept 6, 2019 11:33:32 GMT 7
First new purchase in 2 years - that really is low turnover. LT Global remains a concentrated fund with only 26 holdings. The funds performance speaks for itself. ==================================================================== Lindsell Train Global pounces on Prada in first buy for two yearsNick Train and Michael Lindsell snap up shares in luxury goods company in first buy for £9 billion Global fund since 2017. Star fund managers Nick Train and Michael Lindsell have snapped up shares in Prada (1913.HK) in their first new buy for the £9 billion Lindsell Train Global Equity fund in nearly two years. The position in Prada marks the fund managers' first new holding since the bought shares in Hargreaves Lansdown (HRGV) for the top-performing fund in October 2017. Train and Lindsell, who manage the fund with James Bullock, run a concentrated portfolio, with Prada taking the number of stocks in the fund to 26. contd. .... citywire.co.uk/wealth-manager/news/lindsell-train-global-pounces-on-prada-in-first-buy-for-two-years/a1265140?ref=wealth-manager-new-latest-news-test1-list
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AyG
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Post by AyG on Sept 6, 2019 19:26:54 GMT 7
The funds performance speaks for itself. It's a style that has undoubtedly worked well for the past few years. There's no guarantee that the style will continue to outperform if/when markets turn. Whilst I hold the fund and FGT, I'm not going to fill my boots with them.
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Post by Fletchsmile on Sept 7, 2019 17:08:44 GMT 7
The funds performance speaks for itself. .... Whilst I hold the fund and FGT, I'm not going to fill my boots with them.
I thought you didn't like star fund managers
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chiangmai
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Post by chiangmai on Dec 25, 2019 7:44:03 GMT 7
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AyG
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Post by AyG on Dec 25, 2019 9:36:40 GMT 7
.... Whilst I hold the fund and FGT, I'm not going to fill my boots with them. I thought you didn't like star fund managers This recent analyst downgrading illustrates why I don't like star fund managers. The funds attract too much money and potentially become capacity-constrained. Morningstar covered the downgrade yesterday at www.morningstar.co.uk/uk/news/198455/nick-train-downgraded-by-morningstar-analysts.aspxLT did recently release an article pointing out that the stocks they invest in are mostly highly liquid, very large cap, so the size of the fund is less of an issue than for other strategies. That said, I doubt that applies to the holdings in Manchester United and Celtic, both of which are apparently teams of pig bladder kickers. Seems a bit esoteric to me. Of my 25 offshore investments, year to date FGT comes in at #9 and Lindsell Train Global Equity at #14. So, not too bad. However, I was surprised to see that Henderson European Focus [HEFT] and Henderson Eurotrust [HNE] have both performed better than FGT YTD. I'm not sure to what extent accounting in Sterling has here. (Don't ask why I hold both HEFT and HNE. It's an historical accident and isn't rational.)
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