chiangmai
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Post by chiangmai on Jan 14, 2021 7:21:33 GMT 7
Here's something for those who are interested, it might give some people ideas of what to do and also what not to do. Attachment DeletedAttachment DeletedI'm broadly happy with the geographic spread but I'm not 100% about the extent of my technology holdings, I mitigate some of that in the knowledge that chip and semi conductor manufacturing comprises a large chunk of it. It's also interesting to note the fairly high cash holdings not only of myself but of the fund managers. Apologies for the heat map, it's a seems to have melted!
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Post by rgs2001uk on Jan 14, 2021 21:13:39 GMT 7
At a quick glance, nothing wrong with it as such, the only thing that jumps out is Linsdell.
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Post by rgs2001uk on Jan 14, 2021 21:21:35 GMT 7
Heres a quick breakdown of my holdings,
Chemicals 8.5% (Croda)
UK Invest 3.5% (Blackrock smaller)
USA 2.5% (Artemis fund managers)
Europe 8.0% (BG Europe/Fidelity European)
Emerg Mkts 4.0% (JP Morgan EM)
Global 73.0%
Thats as of today, it could change tomorrow depending on markets.
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chiangmai
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Post by chiangmai on Jan 15, 2021 6:44:27 GMT 7
LT Global performed exceedingly well for many years but ever since Woodford imploded they've performed less well. Nothing really has changed about their investment style or the nature of their holdings except they became much bigger and perhaps less nimble so I'm happy to accept that all FM's have bad years from time to time. That said I did reduce my holdings from quite a high level, down to their present level and I shall continue to watch and wait and see.
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AyG
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Post by AyG on Jan 15, 2021 16:29:37 GMT 7
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chiangmai
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Post by chiangmai on Jan 15, 2021 16:42:38 GMT 7
Thanks for that. There's nothing there to suggest LT Global is anything to be wary of, in fact it's starting to perform in a similar manner to Terry Smith's Fundsmith which is also a very good fund. The Hargreaves delisting obviously had an impact on LT but so what, it's hard for anyone or thing to perform at those past levels forever.
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Post by rgs2001uk on Jan 15, 2021 21:17:22 GMT 7
I dont hold it, but have seen its name mentioned in dispatches.
Finally after years of procrastinating I offloaded Alliance Trust, in truth, something I should have done years ago, it certainally wasnt sentiment that prevented me, it was more a case of out of sight out of mind, other things to do, etc etc.
On my watch list for this year is Brunner, I believe they have recently had a change of management (AyG you seem to know these things)?
For me, this year will be pretty much, carry on with what I have.
As mentioned above, Fundsmith I also hold.
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AyG
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Post by AyG on Jan 16, 2021 6:42:31 GMT 7
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AyG
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Post by AyG on Jan 16, 2021 17:14:48 GMT 7
A few days ago a friend asked me to critique his portfolio, albeit only giving me the geographical allocation - not the individual holdings. I replied with a few general points which I reproduce here:
I'll only make one comment on chiangmai's portfolio: whilst I still hold SOI I've definitely fallen out of love with it. I'm considering selling it. In the Asia/Pacific space I'm happier with ATR. I also hold PAC (and have done for many years). I don't like the way it's so heavily weighted towards India, but the performance has held up and I won't sell it yet. SOI's manager (Matthew Dobbs) is also leaving this year, so another reason to consider moving on.
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chiangmai
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Post by chiangmai on Jan 16, 2021 18:15:27 GMT 7
I'm very comfortable with my holdings, it took a while to get there but what I have presently seems about right. It also seems to me that an investment portfolio can always be improved, there's always going to be some aspect that can be made better from one person's perspective but that improvement will represent a trade-off for somebody else. I think the answer is to settle on something that you're comfortable with and then stick with it, ever watching and listening, however.
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Post by rgs2001uk on Jan 16, 2021 20:21:15 GMT 7
I'm very comfortable with my holdings, it took a while to get there but what I have presently seems about right. It also seems to me that an investment portfolio can always be improved, there's always going to be some aspect that can be made better from one person's perspective but that improvement will represent a trade-off for somebody else. I think the answer is to settle on something that you're comfortable with and then stick with it, ever watching and listening, however. Its a bit like painting the forth road bridge, . Just when you think you have finished, start all over again. At the end of the day, its all about what you are comfortable with. I am the first to admit, my portfolio isnt for others.
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Post by rgs2001uk on Jan 16, 2021 20:25:57 GMT 7
A few days ago a friend asked me to critique his portfolio, albeit only giving me the geographical allocation - not the individual holdings. I replied with a few general points which I reproduce here: I'll only make one comment on chiangmai's portfolio: whilst I still hold SOI I've definitely fallen out of love with it. I'm considering selling it. In the Asia/Pacific space I'm happier with ATR. I also hold PAC (and have done for many years). I don't like the way it's so heavily weighted towards India, but the performance has held up and I won't sell it yet. SOI's manager (Matthew Dobbs) is also leaving this year, so another reason to consider moving on. , I had better not send you a copy of mine, unless you are on beta blockers. 1, dont know, Bankers Brunner? cash? 2, spare cash and hard to find these days, final salary pension schemes. 3, dont know. 4, yes, global Its. 5, yes, baillie gifford. 6, yes, eg polar capital tech trust, worldwide healhcare trust, scottish mort.
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chiangmai
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Post by chiangmai on Jan 17, 2021 6:32:17 GMT 7
Excellent questions: (1) What defensive assets am I holding?
I don't hold defensive funds but my funds are in 8% cash plus I am likewise.
(2) What protection do I have against rising inflation (e.g. inflation-linked bonds, infrastructure, commercial property)?
Less than 2%. But this would imply bonds and "bonds are a drag on performance". I'm not trying to be smart here, just trying to reconcile the two things.
(3) What is my allocation to small v. large caps?
13% in companies with market cap. under 1 bill., includes 5% in small cap companies.
(4) Am I over exposed to any one investment management style?
dunno.
(5) Do I have too much of my portfolio with a single management company?
No, no more than 12% with Baillie Gifford.
(6) Am I over exposed to sectors with abnormally high (and ultimately unsustainable) valuations (particularly technology and healthcare)?
Yes, technology 12% but this is spread across funds and again spread across manufacturing and technology companies such as FAANG stocks. Healthcare is 4% max. Financial equity instruments is a worry at 16% because I don't know what they are or who is holding them (they're new), futures or calls I imagine.
Trustnet assess the volatility of my portfolio at 68 (out of 100) so fairly low, and that's including the small caps, without small caps it would be 57.
My biggest single holding is 1.2% which I think is Microsoft.
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AyG
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Post by AyG on Jan 17, 2021 9:35:28 GMT 7
(1) What defensive assets am I holding? I don't hold defensive funds but my funds are in 8% cash plus I am likewise. That's a lot of cash inside the funds. I'd be inclined to look at which funds are holding a lot of cash. It's always struck me as unfair that fund managers get paid just to sit on cash. Personally I like to hold defensive funds so that if the markets go down a lot and I need to raise cash I can sell those funds and not crystalise a loss. (2) What protection do I have against rising inflation (e.g. inflation-linked bonds, infrastructure, commercial property)? Less than 2%. But this would imply bonds and "bonds are a drag on performance". I'm not trying to be smart here, just trying to reconcile the two things. Conventional bonds are a drag on performance which is why I only allocate a small part of my portfolio to them (around 3%). Index linked bonds, however, whilst paying out very little at the moment, provide protection not only to one's capital, but also to one's income, should inflation start to rise (which I think inevitably it will). For me they're very much an insurance policy, and for such a policy there are inevitable costs. Infrastructure and commercial property provide some level of protection against inflation: as inflation hits, the companies increase the amount they charge customers, and hence the amount of dividend they pay out. However, they are more equity-like, so there's a greater risk to the capital value.
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chiangmai
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Post by chiangmai on Jan 17, 2021 10:21:44 GMT 7
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