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  1. #301
    Legend Balance's Avatar
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    Quote Originally Posted by kiwico View Post
    When it comes to the fees and return of capital, a holder is effectively being charged 1.25% of gross asset value (reduced by 0.10% for every 1% of under performance relative to the change in the NZ 90 Day Bank Bill Index with a floor of 0.75%) to be paid their own capital back as a "dividend".

    No thank you.

    Fund returned 213% return over 13 years according to KFL - so compounding return of 6% pa.

    NZ50 performed 266% over the same period - so compounding return of 7.75% pa.

    Difference = 1.75% pa.

    You don't have to be a Warren Buffett to know that someone pocketed that 1.75% difference - without adding one iota of added value in the investing cycle!

  2. #302
    Legend Balance's Avatar
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    https://www.forbes.com/sites/laureng.../#317d23d9286b

    Warren Buffett has said it before and he'll say it again: Don't try and beat the market with pricey, actively-managed funds. You're better off with a boring, low-cost index fund.

  3. #303
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  4. #304
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    Quote Originally Posted by Balance View Post
    Fund returned 213% return over 13 years according to KFL - so compounding return of 6% pa.

    NZ50 performed 266% over the same period - so compounding return of 7.75% pa.

    Difference = 1.75% pa.

    You don't have to be a Warren Buffett to know that someone pocketed that 1.75% difference - without adding one iota of added value in the investing cycle!
    So, if you bought the NZ50 index (as in tracked the companies and moved positions company by company with zero brokerage and no index fund management fees then you win. However, if you want a high dividend income without the overheads of managing a portfolio and paying retail brokerage, then maybe KFL is not such a bad deal.
    I guess it is horses for courses but for most investors, taking a position in the top 50 companies on an index basis and maintaining the movements (after brokerage) is not an economic proposition unless they have a pretty large amount to invest with a very sharp brokerage deal and the time to do the work.
    Last edited by SilverBack; 03-08-2017 at 09:19 PM.

  5. #305
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    I see Mrs Fisher in the New Years Honours for services to business!

  6. #306
    Legend Balance's Avatar
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    Quote Originally Posted by Sideshow Bob View Post
    I see Mrs Fisher in the New Years Honours for services to business!
    Well deserved.

    I pick Rod Petrocevic for knighthood next year for services to the finance industry.

    Eric Watson is due for an OBE for services to the bra industry?

  7. #307
    ShareTrader Legend Beagle's Avatar
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    http://www.sharechat.co.nz/article/f...ainfreighthtml

    Kingfish materially outperforming the market, pretty cool.
    Disc: Hold Kingfish warrants and intend exercising them in July as a cheap entry to KFL shares.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  8. #308
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    And KFL holds 13% of their holdings in ATM.

  9. #309
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by 777 View Post
    And KFL holds 13% of their holdings in ATM.
    That weighting might have risen "a bit" since 31 March lol
    Details of their other holdings are here http://nzx-prod-s7fsd7f98s.s3-websit...633/298744.pdf
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  10. #310
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Beagle View Post
    That weighting might have risen "a bit" since 31 March lol
    Details of their other holdings are here http://nzx-prod-s7fsd7f98s.s3-websit...633/298744.pdf
    Probably their biggest holdings are the stocks that make up the ‘growth’ line on that chart from Harbour you were touting the other day (highlighting the ‘value’ line)

    Good to see you cheering on stocks with outrageously high multiples
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

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