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Thread: BeeBop does UK

  1. #76
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    For me, Investment trust have outperformed. BUT I have been careful on my purchase value e.g I buy when they are below their average price/NAV AND I select strong performance over 1 yr, 3 yr, 5 yr and 10 yrs. SMT has outperformed over the long-term so I am guessing that you bought in on a high. I own MNKS (little brother to SMT) and it has performed exceedingly well for me. I chose it over SMT as it is more diversified and is less exposed to the high tech stocks that have suffered recently. Of course, both SMT and MNKS are long term holds, not for those that can’t weather a down year. SMT has certainly outperformed it’s global passive index (Global IT) over 10 years.

    The two screenshots below are of SMT and come from www.trustnet.com

    434EA2AC-2682-4C0B-A9A2-D61B1222E0C2.jpg
    56787411-EACD-49DE-9D3D-0696AFEE2246.jpg



    I read this article only a day or so ago, and I think it provides good reading on the topic https://www.trustnet.com/news/745751...06ead-77298025

    I do have one ETF (on the US exchange), and it is IGF which is an infrastructure fund. I purchased this as an ETF as I couldn’t find any Investment Trust that clearly outperformed the index. There are many listed trusts that are merely index trackers (and I have held them too until I wised up to the indicators, in fact, I think that my Merchants is barely better that tracking the FTSE100 but it is more reliable in a downmarket and has a better yield and 130 yr strong performance history).

  2. #77
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    Quote Originally Posted by nizzy View Post
    BB, enjoy the break and hope you make to Oban and Stewart Is. Wonderful winter weather at moment and with Trump & Xi talking again, we can expect markets to remain upbeat for a little longer...
    Nizzy;

    Thank-you, I have booked and paid for the trip over - super keen on visiting Ulva Island there too.

    Thankfully, I have been super busy so have not been spending too much time looking at the markets....mostly focused on preparing another wee property and have been in my ‘grease monkey gloves, swandri, beanie, and 1994 car with old tapes beating out of the ‘stereo’ with my wind-down windows!!...that is what I call a holiday.

  3. #78
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    Quote Originally Posted by voltage View Post
    BB you use investment trusts, how do they now compare with the many ETFs available. I use Scottish Mortgage as my active manager with a low MER below 0.5%,. I have a few specialist ITs in biotech and health but have been disappointed.
    Voltage

    in my morning reading today, I have just read this article and thought of your post. I have done very nicely out of JEO, and as an IT it has performed way above its passive index meaning that its fees are not really an issue (for me). However, my big issue is always being aware of its holdings; in particular its very high exposure to Wirecard and by a lesser amount RELX (the main reasons I bought in) AND the fund manager’s name/reputation.

    https://citywire.co.uk/investment-tr...+Insider+Daily

    Recently, Neil Woodford’s Fund has been a disaster for investors. Many investors went with him due to his reputation and he was confident, forgetting (in my opinion) that he was managing other people’s money and that the fund was more of a “patient” fund (you may or may not get the pun). Many, also, believe in Nick Train’s fund which has around a 100% premium on it, again, investors piling in on the brand and history alone. We all know what happens to those who think the past predicts the future. So for me, I am a constant watcher of the fantastic funds as I don’t want the manager to be the value....it should be the holdings.

    Short Update on Folio

    On another note: I sold my index fund IGF on the NASDAQ 30 minutes ago. It has performed very nicely in my four month holding, was in USD, and the GBP has just dropped again (or more likely the USD has strengthened), so the money is going over to my child’s school fees, 0% interest, forward school fees account, to pay for the 2020/2021 fees, which puts me nearly two years paid up in advance. The cash in the hand, where there is a financial target to meet is fundamental to my sanity and ability to invest. I can buy some more IGF in another market lull when I am gathering USD again.

    And today is my last morning of wearing my grease-monkey gloves, old beanie, and driving the old car. I have to done my shirt, blazer, and jump on an aeroplane again ready for a bit of face-to-face property work for a couple of days.....soon after, though, I get my kid off an unaccompanied minor flight from the UK, we slip on our Swandri’s, gummies, beanies, and get ourselves to Stewart Island. The financial market can palpitate all it wants as I will have no short-term bad debt, I have school fees, and have cold hard cash in my pocket from selling old stored stuff on trademe!

    All the best, and enjoy investing, just don’t look short, or get caught short!

  4. #79
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    A bah humbug now....I finally took the bullet and sold my Jupiter India fund. I got a bit caught out with this one due to the takeover of Internaxx which meant that I got hit with increased fees due to the non-compliance of the unit trust (note: I don’t like unit trusts, I prefer listed investment trusts). In addition to that, the fund has not performed well due to the manager having predominantly domestic stocks in India which are not enjoying the growth that the export sector is getting.

    As I am trying to concentrate the growth folio, it made sense to sell this. It is a tiny holding and the holding costs are about GBP100 per year, the same cost as my entire folios costs for using Internaxx. So a 14.10% loss has been swallowed (but hasn’t really dented the bottom line just my ego).

    Now the challenge is where to put the funds....I think I will add to my CAML (Central Asia Metals) holding as it has no stamp duty, pays around 5.5% dividend, is kind of emerging, is well undervalued, and increases my exposure to commodities.

  5. #80
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    Default I had returned to fundamentals for a wee bit

    Over the past three months, I have turned my hand to hard manual labour, and a bit of outdoor hiking. With the markets in the state they have been in, it was a good solution to prevent any mishandling by me. My wee sojourn to Stewart Island was superb and a short stop in both Gore and Invercargill added a lot of interest: thoughts are stirring about a return to rural roots which may actually be a possibility if this accidental property developer pulls off the biggest project in their lifetime (and doesn't end up in a desperate state in the process). The little unit I "lightly refreshed" is now rented, my NZ car stored with gumboots and tools inside, I have finished hiking 100 miles in more northern climes and have returned to the heat of the Middle East and my large iMac with spreadsheets and accounts to complete.

    So where are my share folios now? The UK based growth one is essentially where it was in early June, the more conservative one is up a tad, and my NZ folio is up considerable thanks to my penchant for high yield purchases. Other than my opportunistic buy and sell of a US listed global infrastructure fund, I have kept my active fingers off the folios. Exchange rates have been superb for me at the moment with both the NZD and the GBP achieving good lows, I was able to fund one renovation without taking on debt and nearly complete cash gathering for the 2021/2022 academic year (important risk mitigations for the family). Meanwhile with the drop of the OCR, the NZ folio skyrocketed for me. So much so, that now I am beginning to wonder if it is even worth holding on to it as I only really have one growth stock in the folio - maybe I should revert to my old practice of "banking the gains" into a mortgage? Hmmm not the best yield approach but it may well allow me to sleep better at night - the yields on the shares are now barely better than a good bank deposit and the share prices are possibly fair to overvalued. Sometimes I wish someone could tell me what to do! Let us see what happens over the next two weeks or so.

    And will Saudi retaliate against Iran, even more jets flying over head now: not only the US grey ones, but also the more local white ones...watch those oil prices!
    Invest well and stay patient and take a risk here and there.
    BeeBop.

  6. #81
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    If you're keen on the U.K. maybe have a look at US Treasury Bills/Bonds (3-7 and >20 years) denominated in GBP thru an Irish-domicile ETF.

    CU71 and IBTL have done OK for me YTD

  7. #82
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    Quote Originally Posted by GTM 3442 View Post
    If you're keen on the U.K. maybe have a look at US Treasury Bills/Bonds (3-7 and >20 years) denominated in GBP thru an Irish-domicile ETF.

    CU71 and IBTL have done OK for me YTD
    I will take a look at both of those. I have quite a bit of GBP cash earning 0% sitting on the sidelines that is looking for a fairly conservative and less volatile home...both of those options may be stamp duty free too.

    BeeBop

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    Just remember that it's bl**dy sensitive to the exchange rate.

    GBP/USD can be a two-edged sword.

  9. #84
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    Quote Originally Posted by GTM 3442 View Post
    Just remember that it's bl**dy sensitive to the exchange rate.

    GBP/USD can be a two-edged sword.
    Agree, but for me the GBP is the final resting place for the money: independent school fees, hopefully university fees, and most probably a house all to be paid out for in the UK. I think we are lucky (at the moment) with the benefit of a USD income stream - on the right side of timing.

    Also happy for the current USD/NZD exchange rate too, makes a bit of a change from around six years ago!

  10. #85
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    Quote Originally Posted by BeeBop View Post
    Agree, but for me the GBP is the final resting place for the money: independent school fees, hopefully university fees, and most probably a house all to be paid out for in the UK. I think we are lucky (at the moment) with the benefit of a USD income stream - on the right side of timing.

    Also happy for the current USD/NZD exchange rate too, makes a bit of a change from around six years ago!
    My preference is holding USD in these turbulent times. Can't say much about the GBP as it's been relatively flat to the NZD for the past 5 years, though there's more potential for the GBP to plummet over Brexit.

    School fees? What's wrong with public schools?

    The NZD is weak to the USD because the NZ economy isn't doing well and potentially we could see under $0.50 in the next 2 - 5 years. How does this translate to the person that has lots of USD or GBP cash? Well you may benefit on the exchange rate but you realise that you do live in NZ and everything you consume and do will go up in price. Inflation is tied to NZ's currency because we simply can't produce everything and since most imported products are based in USD, the retailers are forced to raise prices, and thus inflation becomes a problem.

    On the grand scheme, NZ residents won't be doing as well as overseas residents like in N. America. We are plagued with over-regulations, FMA, FIF, AML, etc. The only charm NZ has left is investing in real estate, where the gains can be tax free. But for most places around the world, the principle residence is tax free.

  11. #86
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    Default Bl**dy Boris - Bl**dy Brexit

    Quote Originally Posted by GTM 3442 View Post
    If you're keen on the U.K. maybe have a look at US Treasury Bills/Bonds (3-7 and >20 years) denominated in GBP thru an Irish-domicile ETF.

    CU71 and IBTL have done OK for me YTD
    I had to move quite fast yesterday to get shot of these two bond ETFs and lock in the gains when the GBP went above USD1.24. I hope that it's not a one-day wonder!

    I left the money in the GBP-denominated S&P500 ETF though.

    Now comes the issue of what to do with all those pounds. . .

  12. #87
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    Quote Originally Posted by GTM 3442 View Post
    I had to move quite fast yesterday to get shot of these two bond ETFs and lock in the gains when the GBP went above USD1.24. I hope that it's not a one-day wonder!

    I left the money in the GBP-denominated S&P500 ETF though.

    Now comes the issue of what to do with all those pounds. . .
    Currency changes get me but the opportunities at the moment are high and you are quick (as you seem to have been). If you felt like keeping your pounds and knew which way the GBP was going to go in the future, there could be some good opportunities in the UK market itself as there is a lot that is currently undervalued plus some significant swings e.g. take a look at Lloyds on Friday, it finished up 12% and that was from lunch-time (paying around 5% at the pre-lift yield). Small caps are going well too....although, if it were me, I would probably explore some kind of GBP denominated EFT that had predominantly UK based companies AND it paid a good dividend (?IUKD). Maybe the GBP will recover enough before the NZD does and the money can be transferred back to NZD if that is a better home for it.

    I am not good in bonds and wonder if the values will start to come down exactly when I buy them. Yours look good but much of the gain has been made?

    Unfortunately for me, I have been absolutely absorbed in my 'other' project where I need to dig and fill some big holes in the ground.

    Sold up some good yielders on the NZX as the values had got too high and the cash was better used in reducing my risk exposure e.g. how high can CEN go? Thanks to SCL (bought on its Jan 3 low), Milford div income, and Mr Orr; you lined up nicely for me. But I am sad to have sold as they are good long term holds but me, I, at this point, have a better investment use for the money.

  13. #88
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    Hi Beebop, you seem to have great knowledge on investment trusts. I own: BIOG.LSEBiotech Growth Trust, WWH.LSEWorldwide Health and Templeton Emerging. I have been quite disappointed the returns with these specific trusts and wonder if it is more prudent to have a couple of global investment trusts. Any recommendations? I do own Scottish Mortgage. What sites do you use for info on ITs?

  14. #89
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    Voltage: I really can't recommend anything and neither would I want to (nor should you take anyone's recommendation as often that is how you can go wrong) but I can say that you do have the "popular" ones and they are the ones I avoid, for no good enough reason other than usually at a premium. For instance, two years ago one youthful chap, who was full of information and 'experience' told me I was doing things wrong and I should be in Neil Woodford's Funds....yeah, right mate! He did put his money where his mouth was and invested his modest earnings into the fund (and only that fund); needless I say anymore?

    If you read through this conversation you will see the ones that I own and I own them for good reason but they are my reasons, my risk and in some cases my future gazing (speculation) and I could be as wrong as I am right. Also, and early learning for me was to purchase when they are on a discount to their "normal pattern"....not just on a discount to NAV but running well below where they historically have been without a good reason. SMT at the moment is probably at a low due to the global financial angst and you do seem to be quite focused on tech/growth. I didn't choose SMT but selected its more balanced counterpart (own much of the same but more diversified); MNKS.

    I use: lemonfool . co . uk and morningstar . co . uk and trust net . co .uk as my main references/data sources amongst other solid sites/magazines (investor's chronicle).

    I really don't want to rehash what I have said before.

    I no longer have any major emerging market funds (I lost out on India because I wasn't patient enough), I changed my WWH to BBH, I did have a healthcare property fund but it was taken over ($$$$ for me), and I have MNKS instead of SMT. My strongest performance has been from MNKS followed by a small cap fund called BlackRock Throgmorton and my Japan fund has done nicely but has stagnated of recent times...have bought more.

    I suspect you could have bought at a market high point? The past year has really delivered very little in these types of funds - that is why I have some dividend payers. AND why I have activities in other markets e.g. the NZX has delivered very very nicely especially on those shares that were bought when everyone else was running.

    At the moment, if you are at least treading water or up around 5 - 10% on the past year, maybe it isn't too bad on a global fund basis. On the NZX....the story can be double that for those with more focused share selections.

    Then again, good old global balanced dividend paying ETFs...I loved my short hold in IGF on the US market (just the exchange rate benefits for me were too good not to sell!).

  15. #90
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    Voltage: I just happen to be in a coffee shop drinking coffee (as one tends to do) and reading the 13/9/2019 issue of Investors Chronicle (I buy my issues on my NZitunes account) and your funds were reviewed. Seem IC have dropped BIOG due to performance issues but I suggest you download the magazine’s issue and read for yourself.

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