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D Bergman
Posted: 06 November 2021 18:13:19(UTC)
#869

Joined: 22/03/2018(UTC)
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smg8;193634 wrote:


Interesting, I have always (since first finding the forum) tried to keep your "do something different" approach in mind, that's part of what kept me away from FS for so long in the first place.

Blue Whale is a bit too much a of a bet on US mega cap tech for me to see it as a true Fundsmith competitor in the traditional sense of the word (65% of the fund in tech and communication services). But maybe that is indeed what the future is with digital disruption permeating all aspects. In the same way TS thought compounding would come from consumer staples 10 years ago, Yiu thinks it is going to come from ASML, Nvidia, Atlassian etc.

The Blackrock fund is $500mn ish, and the Carmginac one a tiny £54mn. And I'd say broadly speaking away from this forum (and even in parts of this forum) no-one has ever heard of either fund, compared to Fundsmith or Lindsell Train.



I did look at FP Carmignac a while back but it didn't seem different enough to invest in - as you say a tiny fund, but the main assets are still Microsoft, Paypal, Novo Nordisk Google, Intuit, etc - all the usual suspects.

It could do better than FS or Blue Whale, but I somewhat doubt it, as it feels a bit like a tribute act.

Personally, if I'm to invest in growth/quality as a supplement or replacement for some of my FS, I need something with more conviction.
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2 users thanked D Bergman for this post.
smg8 on 06/11/2021(UTC), Keith Stewart on 07/11/2021(UTC)
Bulldog Drummond
Posted: 06 November 2021 18:18:31(UTC)
#868

Joined: 03/10/2017(UTC)
Posts: 6,253
smg8;193634 wrote:


The Blackrock fund is $500mn ish, and the Carmginac one a tiny £54mn. And I'd say broadly speaking away from this forum (and even in parts of this forum) no-one has ever heard of either fund, compared to Fundsmith or Lindsell Train.

There are thousands of funds out there, far too many of them. Not being Mystic Meg, these days I am allocating most sales and new money to some specialised trackers in sectors that I fancy. If nothing else, I save on fees.
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King Lodos
Posted: 06 November 2021 19:08:08(UTC)
#867

Joined: 05/01/2016(UTC)
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smg8;193634 wrote:
King Lodos;193598 wrote:


I think if there is an art to buy-and-hold active fund investing, it would be doing what you're doing – identifying tomorrow's Fundsmiths and at least rotating a bit into them.

I always say Fundsmith isn't the same fund it was when it was an 1/8th the size .. And I dumped SSON pretty early, because by the time it IPOed, it wasn't a small fund anymore (I think the plan on paper was the right one).

I'd say Blue Whale's proving it's got an edge in size and agility so far .. I always recommend reading online investment journalism from the previous bull market (15 years ago), because all the Fundsmith and SMT equivalents being talked about back then became this era's IFA-favourite closet trackers .. And it's because they all get a reputation, they all get too big, and they all become cash-cows so long as they avoid ever appreciably underperforming .. So there's an incentive not to stray far from the market




Interesting, I have always (since first finding the forum) tried to keep your "do something different" approach in mind, that's part of what kept me away from FS for so long in the first place.

Blue Whale is a bit too much a of a bet on US mega cap tech for me to see it as a true Fundsmith competitor in the traditional sense of the word (65% of the fund in tech and communication services). But maybe that is indeed what the future is with digital disruption permeating all aspects. In the same way TS thought compounding would come from consumer staples 10 years ago, Yiu thinks it is going to come from ASML, Nvidia, Atlassian etc.

The Blackrock fund is $500mn ish, and the Carmginac one a tiny £54mn. And I'd say broadly speaking away from this forum (and even in parts of this forum) no-one has ever heard of either fund, compared to Fundsmith or Lindsell Train.


I assume all these funds (certainly Blue Whale) have a fairly high turnover .. So in the case of Blue Whale, it could be long-term conviction bet, but these hedge fund guys can change their minds fairly quickly.

I like that at the moment, because the way inflation goes from here probably dictates everything .. I'm sometimes pulled up for quoting "Everything's a bet on inflation" – and it is: long duration vs short, growth vs value, stocks vs bonds, cash vs gold, US vs Russia.

So, whether smaller funds can adapt to where things go or not, I think the large funds are much more likely to be fixed bets – being that it's much more expensive and much slower to reposition .. The advantage as a retail investor is you can turnover a portfolio in 3 minutes (where a fund might take 3 weeks)
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4 users thanked King Lodos for this post.
smg8 on 06/11/2021(UTC), Maggie Chase on 07/11/2021(UTC), Harry Trout on 07/11/2021(UTC), Guest on 07/11/2021(UTC)
Keith Stewart
Posted: 07 November 2021 07:08:04(UTC)
#891

Joined: 24/05/2019(UTC)
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45 pages of naval gazing.
Yet Fundsmith keeps doing the business year after year.
Let's look at this year's laggards - BNKR, MNKS, FCIT, EWI, SAIN and the hopeless Linsell Train Global.
Not a mention of their poor performance but just the usual vultures circling hoping for dear old Terry and Julian to fail.
20% ytd.
Suck it up guys and gals, there's still two months to go.
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3 users thanked Keith Stewart for this post.
Joe Soap on 07/11/2021(UTC), Guest on 07/11/2021(UTC), Mike Stone on 10/11/2021(UTC)
Aminatidi
Posted: 07 November 2021 08:16:07(UTC)
#894

Joined: 29/01/2018(UTC)
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Keith Stewart;193676 wrote:
45 pages of naval gazing.
Yet Fundsmith keeps doing the business year after year.
Let's look at this year's laggards - BNKR, MNKS, FCIT, EWI, SAIN and the hopeless Linsell Train Global.
Not a mention of their poor performance but just the usual vultures circling hoping for dear old Terry and Julian to fail.
20% ytd.
Suck it up guys and gals, there's still two months to go.


For what it's worth Keith I have about 30% in Fundsmith and whilst I think that some of the pre-occupations some people seem to have with it are slightly strange I also quite appreciate the fact it makes me curious enough to keep questioning why I hold it and why I have such a high allocation to it.
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3 users thanked Aminatidi for this post.
smg8 on 07/11/2021(UTC), Jesse M on 07/11/2021(UTC), Guest on 07/11/2021(UTC)
Joe Soap
Posted: 07 November 2021 08:26:29(UTC)
#896

Joined: 24/01/2010(UTC)
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Aminatidi;193679 wrote:
Keith Stewart;193676 wrote:
45 pages of naval gazing.
Yet Fundsmith keeps doing the business year after year.
Let's look at this year's laggards - BNKR, MNKS, FCIT, EWI, SAIN and the hopeless Linsell Train Global.
Not a mention of their poor performance but just the usual vultures circling hoping for dear old Terry and Julian to fail.
20% ytd.
Suck it up guys and gals, there's still two months to go.


For what it's worth Keith I have about 30% in Fundsmith and whilst I think that some of the pre-occupations some people seem to have with it are slightly strange I also quite appreciate the fact it makes me curious enough to keep questioning why I hold it and why I have such a high allocation to it.

Breaking my self imposed silence here. Having doubts is healthy and normal routine a degree. What you must not do is listen to those who try to look clever and offer nothing useful to help you decide what the best course of action is. Usually, but not always of course, the thing to do is nothing. Try to wind down the anxiety a notch and trust the managers to do their job.

As already said, there's 45 pages of mostly nonsense here. There's absolutely nothing new to add. Including this post.
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7 users thanked Joe Soap for this post.
Keith Cobby on 07/11/2021(UTC), Aminatidi on 07/11/2021(UTC), Fell Walker on 07/11/2021(UTC), Keith Stewart on 07/11/2021(UTC), Andy Picken on 07/11/2021(UTC), john brace on 07/11/2021(UTC), Mike Stone on 10/11/2021(UTC)
bédé
Posted: 07 November 2021 08:28:59(UTC)
#892

Joined: 26/09/2018(UTC)
Posts: 7,895
Keith Stewart;193676 wrote:
45 pages of naval gazing.
And for what benefit?
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Aminatidi
Posted: 07 November 2021 08:36:49(UTC)
#897

Joined: 29/01/2018(UTC)
Posts: 5,865

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Joe Soap;193681 wrote:

Breaking my self imposed silence here. Having doubts is healthy and normal routine a degree. What you must not do is listen to those who try to look clever and offer nothing useful to help you decide what the best course of action is. Usually, but not always of course, the thing to do is nothing. Try to wind down the anxiety a notch and trust the managers to do their job.

As already said, there's 45 pages of mostly nonsense here. There's absolutely nothing new to add. Including this post.


Oh I agree with that entirely I meant more "Oh someone's criticising it again I'll just check. Yeah still averaging about 18% a year with minimal volatility that'll do for me if it keeps doing that".
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2 users thanked Aminatidi for this post.
Fell Walker on 07/11/2021(UTC), Joe Soap on 07/11/2021(UTC)
Keith Cobby
Posted: 07 November 2021 08:47:26(UTC)
#907

Joined: 07/03/2012(UTC)
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Always an interesting debate though. Of the many thousands of funds, this forum continues to obsess over FS, SMT, and CGT. The big issues will always continue to be, active v passive, and equities v bonds.
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4 users thanked Keith Cobby for this post.
smg8 on 07/11/2021(UTC), Bulldog Drummond on 07/11/2021(UTC), Jesse M on 07/11/2021(UTC), Guest on 07/11/2021(UTC)
Keith Stewart
Posted: 07 November 2021 08:57:45(UTC)
#895

Joined: 24/05/2019(UTC)
Posts: 277

Thanks: 48 times
Was thanked: 675 time(s) in 212 post(s)
Aminatidi;193679 wrote:
Keith Stewart;193676 wrote:
45 pages of naval gazing.
Yet Fundsmith keeps doing the business year after year.
Let's look at this year's laggards - BNKR, MNKS, FCIT, EWI, SAIN and the hopeless Linsell Train Global.
Not a mention of their poor performance but just the usual vultures circling hoping for dear old Terry and Julian to fail.
20% ytd.
Suck it up guys and gals, there's still two months to go.


For what it's worth Keith I have about 30% in Fundsmith and whilst I think that some of the pre-occupations some people seem to have with it are slightly strange I also quite appreciate the fact it makes me curious enough to keep questioning why I hold it and why I have such a high allocation to it.


And i've told you before that a global tracker would be a far better investment for you.
You wouldn't keep second guessing yourself every other day.
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1 user thanked Keith Stewart for this post.
Aminatidi on 07/11/2021(UTC)
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