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Joe Soap
Posted: 04 December 2021 09:18:14(UTC)
#971

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Dave123 Jones;197852 wrote:
smg8;197618 wrote:

Is it just me that thought he didn't sound convinced himself that fund size isn't a problem?


Your right check out what he says from about 22:30 or so for a couple of minutes, he admits that fund size is a handicap and that they can no longer invest in some of the companies they once could.

And that's why, as he said, they launched Smithson. He goes on to explain why SSON is an investment trust.
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Aminatidi on 04/12/2021(UTC), Jesse M on 04/12/2021(UTC)
Aminatidi
Posted: 04 December 2021 09:32:52(UTC)
#979

Joined: 29/01/2018(UTC)
Posts: 5,865
Funny thing is when they started mentioning private equity and the one company he'd like to own I thought "Bet he says Mars".

So I must be learning something.
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ANDREW FOSTER
Posted: 04 December 2021 09:42:35(UTC)
#980

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Well I've held FS for a while but I'm getting concerned now about some of the holdings and general trajectory.

Paypal has been in decline and their dabble into crypto looks reckless. They had to buy a lot to populate their walled garden and rumour is they bought at near peak prices (BTC 60ish) but then sold to their punters at 45ish taking a horrific loss. FS have 8% Paypal

Amazon... has been flat lining for a long while. Why buy in now? Don't get it.

Philip Morris Unimpressive. Seems (like BP) to be bent on abandoning it's core business. Negative over 5 years.

Although things have been "OK" this year it's been frankly poor compared to the S&P and doesn't even beat my benchmark (Dev World ex-UK). But I feel the choices are generating enough of a furrowed brow to think it will repeat that next year. Simply shifting to the S&P is likely to give a better return I think, with less volatility.

I've taken a tricky decision to start to wind it down and move to pastures new. Long term it's been my second most consistent holding but I feel it's starting to do a Lindsell Train now.

Not sure where I will put it thought yet, may just sprinkle amongst my other holdings.
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11 users thanked ANDREW FOSTER for this post.
smg8 on 04/12/2021(UTC), David Locke on 04/12/2021(UTC), Jet Set Willy on 04/12/2021(UTC), Joe Soap on 04/12/2021(UTC), Tim D on 04/12/2021(UTC), Jesse M on 04/12/2021(UTC), Neelam Sharma on 04/12/2021(UTC), Guest on 04/12/2021(UTC), Chans on 06/12/2021(UTC), Harry Trout on 09/12/2021(UTC), Lu Mingyan on 11/11/2024(UTC)
eain
Posted: 04 December 2021 09:45:45(UTC)
#990

Joined: 29/10/2012(UTC)
Posts: 321
Similar plan, not sure whether to keep a small holding though.
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smg8
Posted: 04 December 2021 10:49:53(UTC)
#981

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ANDREW FOSTER;197880 wrote:
Well I've held FS for a while but I'm getting concerned now about some of the holdings and general trajectory.

I've taken a tricky decision to start to wind it down and move to pastures new. .


For what it's worth I will be out of it at the end of the year as per earlier posts.

No rush, deliberately taking my time over decisions rather than leaping from one fund to the next these days.

It's not really a performance thing for me - no one had an issue with performance when it was 4% ahead of the global index 6 weeks ago.....

It's more to do with risk reward moving forward, I think there are other lower risk options that will achieve similar returns and I think there are other similar risk options that will return more. I of course appreciate I could be totally wrong and that others will have a very different view, which I respect.

I also had concerns on fund size before buying and it's only getting bigger, with Terry Smith confirming it's a problem it makes it an easy decision.

Still been a great long term performer though, and I am still waiting for anyone to show us a fund that has been more consistent over the years.
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6 users thanked smg8 for this post.
David Locke on 04/12/2021(UTC), Jet Set Willy on 04/12/2021(UTC), Tim D on 04/12/2021(UTC), Jesse M on 04/12/2021(UTC), ANDREW FOSTER on 04/12/2021(UTC), Guest on 04/12/2021(UTC)
Aminatidi
Posted: 04 December 2021 11:14:22(UTC)
#991

Joined: 29/01/2018(UTC)
Posts: 5,865
Must admit that whilst I think the concerns about Fundsmith seem a bit overblown I have been paying attention to the funds mentioned on this thread and others.

My focus has always been on "won't make me poorer" v "won't make me quite as rich".

Pity there's no decent free X-Ray out there as when you want to check for overlap it's increasingly difficult and there does seem a lot of commonality in the holdings across these funds which I guess is to be expected.
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Frank Marquis
Posted: 04 December 2021 11:50:05(UTC)
#982

Joined: 14/12/2012(UTC)
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ANDREW FOSTER;197880 wrote:
Well I've held FS for a while but I'm getting concerned now about some of the holdings and general trajectory.

Paypal has been in decline and their dabble into crypto looks reckless. They had to buy a lot to populate their walled garden and rumour is they bought at near peak prices (BTC 60ish) but then sold to their punters at 45ish taking a horrific loss. FS have 8% Paypal

Amazon... has been flat lining for a long while. Why buy in now? Don't get it.

Philip Morris Unimpressive. Seems (like BP) to be bent on abandoning it's core business. Negative over 5 years.

Although things have been "OK" this year it's been frankly poor compared to the S&P and doesn't even beat my benchmark (Dev World ex-UK). But I feel the choices are generating enough of a furrowed brow to think it will repeat that next year. Simply shifting to the S&P is likely to give a better return I think, with less volatility.

I've taken a tricky decision to start to wind it down and move to pastures new. Long term it's been my second most consistent holding but I feel it's starting to do a Lindsell Train now.

Not sure where I will put it thought yet, may just sprinkle amongst my other holdings.


Feels like you are talking more about share price rather than the underlying business for all of these. All of these companies had strong growth over the last few years:

Paypal - Be wary of internet rumours especially that one.
Amazon - why would you not want to buy a high performing company at a cheaper price?
PM - the financials don't exactly paint the same picture and what's not to like about IQOS?
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2 users thanked Frank Marquis for this post.
Jesse M on 04/12/2021(UTC), Dan L on 05/12/2021(UTC)
SimonHughes
Posted: 04 December 2021 12:00:31(UTC)
#992

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Aminatidi;197908 wrote:
Must admit that whilst I think the concerns about Fundsmith seem a bit overblown I have been paying attention to the funds mentioned on this thread and others.

My focus has always been on "won't make me poorer" v "won't make me quite as rich".

Pity there's no decent free X-Ray out there as when you want to check for overlap it's increasingly difficult and there does seem a lot of commonality in the holdings across these funds which I guess is to be expected.


List your holdings and weight of each and I will plug it into a "watchlist" on ii and create an X-Ray for you and list the main findiings.
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Aminatidi on 04/12/2021(UTC), smg8 on 04/12/2021(UTC)
Aminatidi
Posted: 04 December 2021 12:17:15(UTC)
#993

Joined: 29/01/2018(UTC)
Posts: 5,865
SimonHughes;197922 wrote:
Aminatidi;197908 wrote:
Must admit that whilst I think the concerns about Fundsmith seem a bit overblown I have been paying attention to the funds mentioned on this thread and others.

My focus has always been on "won't make me poorer" v "won't make me quite as rich".

Pity there's no decent free X-Ray out there as when you want to check for overlap it's increasingly difficult and there does seem a lot of commonality in the holdings across these funds which I guess is to be expected.


List your holdings and weight of each and I will plug it into a "watchlist" on ii and create an X-Ray for you and list the main findiings.


Simon thanks, that's very kind but I've managed to get most of it done via Trustnet and Excel.

Trustnet doesn't list Fundsmith percentages but I think even MorningStar struggles there.

Not too fussed when it's 2% holdings in each fund but want to check when it's 2 funds each holding 8% in Microsoft as a top holding etc.

I was just playing around in the HL portfolio analyser and it's still trying to use Flash.

How can the UK's biggest platform still not have a decent portfolio analyser?

Rant over :)
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1 user thanked Aminatidi for this post.
SimonHughes on 04/12/2021(UTC)
mark spurrier
Posted: 04 December 2021 13:34:19(UTC)
#994

Joined: 17/01/2018(UTC)
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I think an II research account gives you access to the Mstar portfolio tool
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1 user thanked mark spurrier for this post.
Aminatidi on 04/12/2021(UTC)
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