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25-04-2019, 08:42 AM
#311
Originally Posted by winner69
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
You've got to get with the program mate and try and get somewhere near the efficient frontier
Yes I'm a value guy as you know but it doesn't hurt to have some stake in the high growth "darling" stocks.
Last edited by Beagle; 25-04-2019 at 08:43 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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14-05-2019, 12:00 PM
#312
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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15-05-2019, 11:38 AM
#313
Member
Originally Posted by Balance
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!
Which index fund would you prefer?
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15-05-2019, 12:41 PM
#314
Member
nz50 but via simplicity, 0.1 MER
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15-05-2019, 01:40 PM
#315
Anyone who can think for themselves can see the Kingfish fund under the current management has been outperforming in recent years http://nzx-prod-s7fsd7f98s.s3-websit...516/299801.pdf
Well worth noting are all the benefits
1. PIE distributions of 8% per annum based on average NTA
2. Ability to buy shares at times at a significant discount to NTA, currently about 10%
3. DRIP whereby people can get shares in lieu of divvy at a 3% discount
4. Regular Warrant programs enabling shareholders to acquire more shares on attractive terms.
Disc: Own heaps of Warrants and will be exercising them on 12 July 2019.
Last edited by Beagle; 15-05-2019 at 01:43 PM.
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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15-05-2019, 02:29 PM
#316
Originally Posted by Balance
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!
I agree. Many years ago I gave Fisher money to invest and kept the same amount to invest myself in the same universe of stocks. After doing much much better than the fund manager two years running I pulled the money out and backed myself to beat their performance in to the future. I've had no regrets of self managing my own and a family members NZ and Australian share portfolios and comparisons with managed fund performances have been extremely favourable. The fees taken by the managers make a huge difference and they are not as "nimble" getting in to and out of small cap companies.
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15-05-2019, 03:59 PM
#317
Exactly. For people like me who are beginners with small amounts to invest, who dont have the skills or knowledge to do it myself, KFL have been a good option for me. I have bugger all shares but the DRIP has enabled me to gain extra shares along the way. While I do feel the performance fees are pretty exorbitant, I am more than happy with how my shares have done over the past few years. They are a small set and forget investment for me which I am happy to sit back and watch grow. If I lose my investment so be it, but if they continue to perform as they have since I bought them, I am happy to sit on them for the foreseeable future and see what happens. Not everyone is a trading geek who has the ability, money or skills to do this for themselves. Some of us are just tadpoles trying to learn a little and hopefully manage to come out with a positive result somewhere down the track.
Originally Posted by Beagle
Anyone who can think for themselves can see the Kingfish fund under the current management has been outperforming in recent years http://nzx-prod-s7fsd7f98s.s3-websit...516/299801.pdf
Well worth noting are all the benefits
1. PIE distributions of 8% per annum based on average NTA
2. Ability to buy shares at times at a significant discount to NTA, currently about 10%
3. DRIP whereby people can get shares in lieu of divvy at a 3% discount
4. Regular Warrant programs enabling shareholders to acquire more shares on attractive terms.
Disc: Own heaps of Warrants and will be exercising them on 12 July 2019.
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15-05-2019, 04:05 PM
#318
Originally Posted by glennj
I agree. Many years ago I gave Fisher money to invest and kept the same amount to invest myself in the same universe of stocks. After doing much much better than the fund manager two years running I pulled the money out and backed myself to beat their performance in to the future. I've had no regrets of self managing my own and a family members NZ and Australian share portfolios and comparisons with managed fund performances have been extremely favourable. The fees taken by the managers make a huge difference and they are not as "nimble" getting in to and out of small cap companies.
Ownership of the company has changed as have the managers who have been outperforming the index for the last 3 years.
I manage most of my own funds myself but for some "strange reason" am unable to buy shares for 90% of their current traded price.
People who almost always point to some index or ETF fund almost always ignore the benefits I've listed in my previous post, reproduced by justakiwi directly above.
Its also well worth noting that the managers fees and their performance fee have been reduced materially since years ago when you were involved.
These guys can be more patient than an impatient Beagle so there are other intrinsic benefits as well or top of the wider diversification their portfolio brings to mine.
I no longer try and pretend I have a mortgage on all the best investment idea's on the NZX.
Last edited by Beagle; 15-05-2019 at 04:06 PM.
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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15-05-2019, 05:23 PM
#319
I suggest the discount is there for a reason. It is largely an offset against the level of fees encountered and expected performance if using the managed fund! I love bargains but don't or haven't in the past considered KFL to be a bargain.
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15-05-2019, 05:29 PM
#320
Each to their own but for mine seeing as the current management team are beating the relevant index after fees and one can buy shares at a 10% discount to NTA then it make sense to me to have some in my portfolio in there to increase my overall portfolio diversification.
Same applies to Barramundi and Marlin whereby I can dramatically expand the diversification of my portfolio by owning overseas shares in a simple structure that pays incredible fully tax paid PIE distributions and no FIF paperwork for me to do !
Aside from that their professional fund managers are FAR more patient as investors than I am so that's a good natural balancing thing right there too.
Last edited by Beagle; 15-05-2019 at 05:33 PM.
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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