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Aminatidi
Posted: 04 February 2021 18:05:13(UTC)
#115

Joined: 29/01/2018(UTC)
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Trudy Scrumptious;150415 wrote:
Aminatidi;150413 wrote:
Looks from the latest factsheets like a couple of small new holdings in Pernod Ricard and Moodys.

I suppose I can't complain when my money is in a "protect and try to grow" fund but it does look like PNL is lagging CGT and RICA a little right now.

Hmm.


Do you have any thoughts on the MFS Meridian Prudent Capital fund ? Performance and volatility in line with the all weather funds. I've got a chunk but don't have the confidence to make it one of my core holdings like CGT, PNL & RICA.


Confidence is an interesting one.

A bit like yourself there are lots of funds where I look and they're interesting but there's a "been there done that" factor to those three where they just feel a bit more "established" to the point I'm quite happy with 30-40% in them if "established" is the right word to use.

Whatever the word it means I sleep well enough.

I think sometimes it's just reality that things can go sideways and I don't know if those sort of funds are ones where it's sensible to switch just because it's gone sideways for a little while.

Not as if it's full of junk.

Valuation as at 31-Jan-21
Unilever £60,752,416 4.4%
Diageo £38,713,923 2.8%
British American Tobacco £29,663,015 2.1%
Experian £6,006,600 0.4%
UNITED KINGDOM £135,135,954 9.8%
Microsoft £73,404,977 5.5%
Alphabet A £57,931,618 4.7%
Philip Morris International £46,689,857 3.4%
Medtronic £40,469,993 2.9%
VISA 'A' £43,314,290 3.2%
American Express £33,223,982 2.5%
Berkshire Hathaway £28,562,400 2.1%
Agilent Technology £29,178,630 2.1%
Becton Dickinson £26,269,531 1.9%
Moodys £6,796,161 0.5%
Procter & Gamble £19,305,374 1.4%
UNITED STATES £405,146,813 30.2%
Nestle £52,119,888 3.8%
SWITZERLAND £52,119,888 3.8%
Franco Nevada £28,131,817 2.0%
CANADA £28,131,817 2.0%
Pernod Ricard £6,897,315 0.5%
EUROPE £6,897,315 0.5%
Gold Bullion (Bars) £133,738,226 9.4%
GOLD £133,738,226 9.4%
US Index Linked Bonds £481,038,565 34.4%
INDEX LINKED BONDS £481,038,565 34.4%
Cash and UK T-Bills £136,217,904 9.7%
Direct Property (Walker Street) £2,080,402 0.1%
Direct Property (Chester Street Mews) £60,000 0.0%
SHAREHOLDERS' FUNDS £1,380,566,885 100.0%
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Robin on 04/02/2021(UTC), 7upfree on 04/02/2021(UTC)
Robin
Posted: 04 February 2021 18:52:41(UTC)
#116

Joined: 06/07/2009(UTC)
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I do like PNL as a core holding, held it for a number of years before but I'm currently using Trojan Ethical which looks good so far.
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7upfree on 04/02/2021(UTC), Laurence O'Brien on 05/02/2021(UTC)
Laurence O'Brien
Posted: 04 February 2021 18:56:35(UTC)
#118

Joined: 04/12/2014(UTC)
Posts: 943
Performance has been sluggish over the past few months but it’s still up 5+% over the last year. It’s doing the job I want it do do so I’m happy to hold.
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7upfree
Posted: 04 February 2021 20:44:11(UTC)
#114

Joined: 15/03/2018(UTC)
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Trudy Scrumptious;150415 wrote:
Aminatidi;150413 wrote:
Looks from the latest factsheets like a couple of small new holdings in Pernod Ricard and Moodys.

I suppose I can't complain when my money is in a "protect and try to grow" fund but it does look like PNL is lagging CGT and RICA a little right now.

Hmm.


Do you have any thoughts on the MFS Meridian Prudent Capital fund ? Performance and volatility in line with the all weather funds. I've got a chunk but don't have the confidence to make it one of my core holdings like CGT, PNL & RICA.


22% cash and a chunky conventional bond exposure. Might be better off with cash and LS40?

Has a fairly conventional feel to it.

Buffet always says when weighing up an investment: is this better than buying more of a coca cola, etc.

I don't think I could answer the question in the affirmative in this case.
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Trudy Scrumptious on 05/02/2021(UTC)
SF100
Posted: 04 February 2021 20:56:18(UTC)
#119

Joined: 08/02/2020(UTC)
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Laurence O'Brien;150435 wrote:
Performance has been sluggish over the past few months but it’s still up 5+% over the last year. It’s doing the job I want it do do so I’m happy to hold.

Quote:
Occasionally it is useful to be reminded that
share prices are merely the result of an
agreement between a marginal buyer and
seller. This does not mean the market is always
right or that the price signals are always an
accurate reflection of value. Quite the contrary.
We seek to avoid wasting assets as well as
speculative valuations, contingent on high
growth in unproven cash flows. Vertiginous
share prices should give the prudent vertigo,
not ‘FOMO’.
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7upfree on 04/02/2021(UTC)
7upfree
Posted: 04 February 2021 21:07:23(UTC)
#117

Joined: 15/03/2018(UTC)
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Robin;150434 wrote:
I do like PNL as a core holding, held it for a number of years before but I'm currently using Trojan Ethical which looks good so far.


I was not really aware of this fund. It's a good complimentary choice for PNL and the OEIC equivalent. Thanks for sharing. Multi asset ethical is a good shout.
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Robin on 04/02/2021(UTC)
Robin
Posted: 04 February 2021 21:59:43(UTC)
#121

Joined: 06/07/2009(UTC)
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No worries, I came across it on this forum earlier last year and it now sits at around a 15% holding for me. It is promising but to be held across market cycles I would think - I like that it has a younger manager - Charlotte Yonge, one to watch. (Sounds obvious, but if anyone is tempted, when it comes to buying, don't press the wrong button as very easy to select Trojan Ethical Income which is a different fund of course.)
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SimonHughes on 05/02/2021(UTC), 7upfree on 05/02/2021(UTC)
Aminatidi
Posted: 05 February 2021 08:37:34(UTC)
#120

Joined: 29/01/2018(UTC)
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Laurence O'Brien;150435 wrote:
Performance has been sluggish over the past few months but it’s still up 5+% over the last year. It’s doing the job I want it do do so I’m happy to hold.


And that's the thing I remind myself of.

I've made a few comments about people complaining that Fundsmith had "only" managed 18% at one point last year.

Deepest recession in history (I think?) and a "wealth preservation" fund "only" gains 5%

First world problems?
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5 users thanked Aminatidi for this post.
Chalky W on 05/02/2021(UTC), Vind on 05/02/2021(UTC), Robin on 05/02/2021(UTC), Tim D on 05/02/2021(UTC), SoBo65 on 05/02/2021(UTC)
Vind
Posted: 05 February 2021 09:56:49(UTC)
#122

Joined: 23/01/2019(UTC)
Posts: 219
Good posts on expectation management.
I've noticed this trust has periods of flat performance, or even slight dips, but it delivers what its target market needs it to long term
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Aminatidi
Posted: 16 February 2021 19:29:42(UTC)
#123

Joined: 29/01/2018(UTC)
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Interestingly just checked and Personal Assets is 10% behind Ruffer and Capital Gearing on 5 year returns.

Absolutely fascinating looking at the graph how these three have twisted and turned and suddenly Ruffer has gone from villain to (sort of) hero in the space of a couple of months whilst Personal Assets seems to be just flat.

Short-termism maybe but decisions decisions.
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