chiangmai
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Post by chiangmai on Jan 20, 2021 5:40:16 GMT 7
Thanks for that rgs. I'm undecided which is the better US smaller companies fund, Artemis, JPM or T K Rowe Price so I shall have to ponder this.
Worldwide Healthcare looks interesting but I'm already nicely covered on the healthcare side of things and I sure as poo don't need any more technology holdings.. Yep, US small caps is definitely the gap I will try to fill, that'll leave me with 15% small caps, 25% mid caps and 60% large caps (approx). But I think I ight wait until after the inauguration, just in case that throws up any nasty surprises. Ha ha ha, too much info, I will stick with Artemis for the time being. Thanks for the pointers, but have other fish to fry at the moment. Ponder, , I am trying to suss out out where to park the proceeds of Alliance Trust.How long to give Brunner before it gets offloaded, everyone is allowed a bad year or two, but I am watching it like a hawk, and it will be sold in a heartbeat, that leads to more problems, where to put the proceeds, see above. Next on the agenda Croda seems to be up and down like a bargirls knickers these days, have done well out of it over the years, maybe the time has come for us to part ways, more problems, where to park the proceeds. Never had these problems in my poor student days. I remember that Fletch had a similar problem some time back but I can't recall what his solution was, I'm looking through past threads to try and find out but it's not simple, you might try sending him a note.
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AyG
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Post by AyG on Jan 20, 2021 7:31:16 GMT 7
where to park the proceeds. I don't think you've mentioned holding Martin Currie Global Portfolio Investment Trust [MNP]. It might be the sort of thing you'd like. I've been thinking about it for a few weeks. Not bought it yet. It has a bit of technology in its top 10 holdings - Microsoft & Adobe. Not my favourite companies, but there's a reasonable case to be made for both of them (much more so than Facebook, Tesla et al., which are definite red flags for me, IMHO). There's also a chunky weighting towards healthcare (29%). It's relatively light on the US (43%), and fairly concentrated with 30 holdings. www.martincurrie.com/uk/global-portfolio-trust/portfolio
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GavinK
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Post by GavinK on Jan 20, 2021 8:42:48 GMT 7
I remember that Fletch had a similar problem some time back but I can't recall what his solution was, I'm looking through past threads to try and find out but it's not simple, you might try sending him a note. I recall discussions about parking spare cash in Baillie Gifford Strategic Bond B Inc Fund.
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chiangmai
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Post by chiangmai on Jan 20, 2021 10:15:12 GMT 7
Yes, thank you, that's the one.
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Post by rgs2001uk on Jan 20, 2021 21:08:13 GMT 7
where to park the proceeds. I don't think you've mentioned holding Martin Currie Global Portfolio Investment Trust [MNP]. It might be the sort of thing you'd like. I've been thinking about it for a few weeks. Not bought it yet. It has a bit of technology in its top 10 holdings - Microsoft & Adobe. Not my favourite companies, but there's a reasonable case to be made for both of them (much more so than Facebook, Tesla et al., which are definite red flags for me, IMHO). There's also a chunky weighting towards healthcare (29%). It's relatively light on the US (43%), and fairly concentrated with 30 holdings. www.martincurrie.com/uk/global-portfolio-trust/portfolioThanks AyG, we had this conversation a while back. bigmango.boards.net/thread/16187/mnpI appreciate, times markets and opinions change, that looks like exactly what I am looking for. I am looking for something I can hold for at least the next 5 years, not looking for SM or Polar Capital type performance.
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AyG
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Post by AyG on Jan 20, 2021 21:13:49 GMT 7
Thanks AyG, we had this conversation a while back. I guess my memory isn't quite what it once was. Is it really over 4 months that I've been looking at MCP? I guess so.
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Post by rgs2001uk on Jan 20, 2021 21:14:18 GMT 7
I recall discussions about parking spare cash in Baillie Gifford Strategic Bond B Inc Fund. Thanks for that. Looks similair to Bankers IT which I already hold. At this moment in time I am probably too top heavy in BG funds. Thanks for your help.
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Post by rgs2001uk on Jan 20, 2021 21:30:52 GMT 7
Thanks AyG, we had this conversation a while back. I guess my memory isn't quite what it once was. Is it really over 4 months that I've been looking at MCP? I guess so. Time and tide wait for no man, your good self included AyG. I hope your stocks are performing better than your memory, .
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AyG
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Post by AyG on Jan 21, 2021 4:58:37 GMT 7
Yesterday's news for MNP
That suddenly makes it that little bit more attractive to me.
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chiangmai
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Post by chiangmai on Jan 21, 2021 7:28:00 GMT 7
An old debate but one that was still unresolved in my mind, until I came across a three-year-old comparison of LT Global vs Fundsmith...I hold both (or rather I did). The 80% correlation was the clincher for me, one of them should go but on what basis do you select the winner, fees, concentration risk, fund size, geography, allocation etc? I eventually decided to keep Fundsmith and let LT Global go, don't ask me why, I just did, so there. Actually, I think it was mostly the high level of holdings in Japan vs the low levels in the US that tipped the scale. Interesting anyway, if nothing else the article demonstrates some useful criteria for fund evaluation. pensioncraft.com/fundsmith-lindsell-train-vanguard-value-which-best/
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Post by rgs2001uk on Jan 21, 2021 20:16:39 GMT 7
Yesterday's news for MNP That suddenly makes it that little bit more attractive to me. Come on in, the water is lovely, I bought some today, strike while the iron is hot, dont over analyse things, dont tink too mutt, . I think of this in much the same way as Mid Wynd and Fundsmith, buy it and throw in the back of the drawer, no fuss no drama, no spectacular gains, a regualr plodder, suits me.
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Post by rgs2001uk on Jan 21, 2021 20:19:35 GMT 7
An old debate but one that was still unresolved in my mind, until I came across a three-year-old comparison of LT Global vs Fundsmith...I hold both (or rather I did). The 80% correlation was the clincher for me, one of them should go but on what basis do you select the winner, fees, concentration risk, fund size, geography, allocation etc? I eventually decided to keep Fundsmith and let LT Global go, don't ask me why, I just did, so there. Actually, I think it was mostly the high level of holdings in Japan vs the low levels in the US that tipped the scale. Interesting anyway, if nothing else the article demonstrates some useful criteria for fund evaluation. pensioncraft.com/fundsmith-lindsell-train-vanguard-value-which-best/Nowt wrong with FS old bean, I hold it myself, see previous comments, ref Mid Wynd and Martin Currie, plodders wont get rich over night, but wont lose my ass over night.
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chiangmai
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Post by chiangmai on Jan 22, 2021 6:06:11 GMT 7
There are three few gaps in my holdings that I'm interested in seeing if they can/should be filled if anyone has any clues:
- Industrial Resource. metals and mining - Real Estate - Energy and Utilities
And now that I've added US smaller companies my US allocation has increased to 38% of my holdings, I think that's OK because of the size and predominance of the US market plus my UK allocation is only 10%. Given that much of the FTSE 100 constituents has US earnings, that trade-off in geographic allocation seems reasonable.
Finally, having sold LT Global I'm underweight in Japan. BG has a new Japanese fund which may be of interest so I'll take a look. The problem with Japan is that it either comes as standalone, in which case the FM has little flexibility if the going gets tough. Alternatively, it gets bundled in with Asia and I already hold 18% of Asia/Asia Pac (developed and emerging).
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AyG
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Post by AyG on Jan 22, 2021 12:50:24 GMT 7
^^^
"Gaps in my holdings" is a very odd expression. Just because an asset class exists doesn't mean you should hold it. Indeed, the more asset classes you hold, in all probability the more mediocre your portfolio performance will be. In fact, you might just as well pack it all in and buy a broad based tracker.
In any case, your existing fund managers will (in most cases) already be able to include these asset classes in their portfolios. Buy buying more you're simply going overweight. Do you have strong conviction that these classes will outperform? And do you really think you know better than the existing fund managers for the fund you hold?
Looking at your categories:
- metals and mining is very volatile and I can't really see a reason to expect good long term growth (except, perhaps, in the very specialised area of rare earths). - real estate is good if you want to guard against inflation, but is that for you a priority? - energy is a sector in decline. Coal and oil are dying. I see a bit more hope for "green" energy sources.
Anyway, if you're determined, have a look at BRWM and EGL. (I hold or have held both.)
As for selling LT Global, were you aware that Michael Lindsell started out with Japanese equities and has a phenomenal knowledge and reputation in that area? Now that you feel you're underweight, you could just buy his Lindsell Train Japanese Equity fund. However, I can't help buy feeling you'd have been better off sticking with their Global fund because, as you say "as standalone ... the FM has little flexibility if the going gets tough".
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chiangmai
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Post by chiangmai on Jan 22, 2021 14:24:45 GMT 7
^^^ "Gaps in my holdings" is a very odd expression. Just because an asset class exists doesn't mean you should hold it. Indeed, the more asset classes you hold, in all probability the more mediocre your portfolio performance will be. In fact, you might just as well pack it all in and buy a broad based tracker. In any case, your existing fund managers will (in most cases) already be able to include these asset classes in their portfolios. Buy buying more you're simply going overweight. Do you have strong conviction that these classes will outperform? And do you really think you know better than the existing fund managers for the fund you hold? Looking at your categories: - metals and mining is very volatile and I can't really see a reason to expect good long term growth (except, perhaps, in the very specialised area of rare earths). - real estate is good if you want to guard against inflation, but is that for you a priority? - energy is a sector in decline. Coal and oil are dying. I see a bit more hope for "green" energy sources. Anyway, if you're determined, have a look at BRWM and EGL. (I hold or have held both.) As for selling LT Global, were you aware that Michael Lindsell started out with Japanese equities and has a phenomenal knowledge and reputation in that area? Now that you feel you're underweight, you could just buy his Lindsell Train Japanese Equity fund. However, I can't help buy feeling you'd have been better off sticking with their Global fund because, as you say "as standalone ... the FM has little flexibility if the going gets tough". Thanks for all that. What I wrote was, "I'm interested in seeing if they can/ should be filled", your reply answered that in part and my morning trawl answered the rest. So it's not a case of filling every gap, it's more about an exploration to see if those gaps should be filled. The answer is probably not. Yes I am aware of Michael Lindsell's start in Japan but I wanted to rid myself of one or the other and I came down in favour of keeping Fundsmith. I think I may just leave Japan as it is, it's only 3% but there's no compelling reason to take it higher, especially since there's no suitable product that jumps out. But thanks again for your comments, for me this is all about exploration of what is possible versus desirable and I hadn't walked down the road above previously.
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