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09-07-2017, 09:07 AM
#5251
Member
Salt fund returns of 14% including fees since inception is good but after tax the return would drop by 30%! Fees and tax reduces the real returns to individuals of managed funds significantly. "Buy and monitor" investors like many of us don't have the issue of tax and our only cost is brokerage. Individual investors have an inherent advantage over funds..sorry off topic.
Disc - holder of SUM and RYM
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09-07-2017, 12:14 PM
#5252
 Originally Posted by James108
They have outperformed the NZX50/ASX200 over the last 3 years (since their inception). Looks like they are achieving fine so far..
Don't overlook that Salt don't set out to make huge returns all the time - rather to make positive absolute returns under all market conditions.
At the top of every bubble, everyone is convinced it's not yet a bubble.
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09-07-2017, 02:06 PM
#5253
Originally Posted by James108
They have outperformed the NZX50/ASX200 over the last 3 years (since their inception). Looks like they are achieving fine so far..
S&P/NZX50 Gross Index is up 50% over 3 years... Even in gross terms the fund has barely kept pace with the market they operate in...
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09-07-2017, 02:46 PM
#5254
Originally Posted by hardt
S&P/NZX50 Gross Index is up 50% over 3 years... Even in gross terms the fund has barely kept pace with the market they operate in...
Salt 73% Australia and 27% NZ
Fund 3 year return 14.0% pa v blended ASX / NZX of 10.4% pa
Just saying
At the top of every bubble, everyone is convinced it's not yet a bubble.
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09-07-2017, 06:43 PM
#5255
That is the situation with Ryman and Summerset. Our issueis not their management capability but their balance sheets andvaluation now that the housing market has turned
I take that with a grain of...let me see...SALT. The national stat's suggest the market has not turned and RBNZ at a national level are still expecting real estate to increase 7% in the year ahead.
Some so called experts have myopic vision when it comes to real estate and think the stat's for Auckland are a proxy for the whole country.
If some people got off their chuff and had a look they would see there's a big difference between some villages and SUM others. SUM are a far nicer living environment than others.
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
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09-07-2017, 07:14 PM
#5256
Originally Posted by Beagle
I take that with a grain of...let me see...SALT. The national stat's suggest the market has not turned and RBNZ at a national level are still expecting real estate to increase 7% in the year ahead.
Some so called experts have myopic vision when it comes to real estate and think the stat's for Auckland are a proxy for the whole country.
If some people got off their chuff and had a look they would see there's a big difference between some villages and SUM others. SUM are a far nicer living environment than others.
Salt people must have been sucked in by the Herald and other media ....aided and abetted by a few bank employed economists / commentators.
Yep, the property market in the media and in reality poles apart.
Good opportunity for decent long term investment returns here.
(Be interesting when likes of Salt need to cover their short positions)
At the top of every bubble, everyone is convinced it's not yet a bubble.
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09-07-2017, 07:24 PM
#5257
Originally Posted by Beagle
...
Some so called experts have myopic vision when it comes to real estate and think the stat's for Auckland are a proxy for the whole country...
...and one of the issues for Auckland is that there may be pent up demand as new dwellings have not kept pace with the increase in population.
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10-07-2017, 09:34 AM
#5258
Originally Posted by winner69
Salt people must have been sucked in by the Herald and other media ....aided and abetted by a few bank employed economists / commentators.
Yep, the property market in the media and in reality poles apart.
Good opportunity for decent long term investment returns here.
(Be interesting when likes of Salt need to cover their short positions)
Yes indeed mate, when she turns upward it could be quite swift. Haven't looked but I presume SALT are based in Australia ? as a lot of selling pressure lately has come in the afternoon when the Aussie market is trading.
Originally Posted by Bjauck
...and one of the issues for Auckland is that there may be pent up demand as new dwellings have not kept pace with the increase in population.
Agreed. With immigration running at 72,000 per annum, around half of them wanting to settle in Auckland and Labour trailing by miles in the polls and a serious systemic shortage of builders I can't see the overall situation changing to a material degree in the foreseeable future.
We'll get some more visibility on how their development margins are tracking on 15 August.
Last edited by Beagle; 10-07-2017 at 11:10 AM.
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
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10-07-2017, 01:00 PM
#5259
Who knows - maybe today is the day? SUM movement ... up to 4.78. I would hate to be short on SUM  !
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"Prediction is very difficult, especially about the future" (Niels Bohr)
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10-07-2017, 02:05 PM
#5260
Originally Posted by Beagle
. Haven't looked but I presume SALT are based in Australia ?
They are a NZ outfit
https://www.saltfunds.co.nz/
with mainly NZer's in their team
https://www.saltfunds.co.nz/our-team-1/
Last time I heard of them they got all vocal about the NPT selling out to KPG and ended up winning that stoush.
For clarity, nothing I say is advice....
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