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Rathbone Global Opps
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countrymum
Posted: 07 May 2022 08:50:09(UTC)
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Canvassing opinions as a general sounding board please, because I find discussion and alternative viewpoints very helpful in consolidating my own mind.

For broad context, I hold Rathbone Global Opps at c.9%, held as a broad Global fund aka part of my "haystack" holdings (currently portfolio is c. 50% "haystack").

Apologies for not having the technical skills to post graphs, but charts clearly show that historically (5yrs) this has outperformed broad global tracker (hence in my view worth the fees) and yet 6mth performance is what could be described as "pretty poor" (other more floral language could also apply) vs generic trackers.

Viewpoints therefore please as to what to do - I'm guessing chat will focus around the general and repeated topics of stick with your holdings / move into cheap trackers / cut your losses / hold the line etc. etc. but all viewpoints welcome with the caveat of the below.

NB of course with hindsight I should have used my crystal ball, sold at high profit in, say, Jan 22, and smugly taken the gains without suffering the recent losses. Clearly I haven't done that so please lets not dwell on what should have / could have been......
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8 users thanked countrymum for this post.
kim shillinglaw on 07/05/2022(UTC), Sheerman on 07/05/2022(UTC), Phil 2 on 07/05/2022(UTC), Rob B on 07/05/2022(UTC), Lindisfarne on 07/05/2022(UTC), Mike Johnson on 07/05/2022(UTC), Jesse M on 07/05/2022(UTC), Guest on 11/05/2022(UTC)
Rory Barr
Posted: 07 May 2022 09:01:44(UTC)
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As you almost imply, I doubt anyone will post anything you don't already know in terms of the options, and their pros and cons.

That said, I'll kick-off with the first one that comes to mind: would you buy it today at the current price and in the current total value you hold? If yes, then hold, if no, sell, and buy what you think is a better option for that 9% at current prices. Another variant is if you wouldn't buy that much at the current value, is to sell some, and hold on to some.

Hope that's constructive and helpful.
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7 users thanked Rory Barr for this post.
Robin on 07/05/2022(UTC), countrymum on 07/05/2022(UTC), Phil 2 on 07/05/2022(UTC), ANDREW FOSTER on 07/05/2022(UTC), Sheerman on 07/05/2022(UTC), Rob B on 07/05/2022(UTC), Lindisfarne on 07/05/2022(UTC)
Apostate
Posted: 07 May 2022 09:08:41(UTC)
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I'm loathe to touch any active funds at present - especially those with a record of post-2008 outperformance. It feels like now that was almost entirely down to money-printing - it was great to ride that surf but the tide is out now.

If I was going to pick an active fund it would one started relatively recently that is not weighed-down by legacy holdings which have reached their peak valuations. But that would really be guessing and I would not commit too much.

Index trackers only for me at the moment. At least then you know you're not doing worse than average.
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ANDREW FOSTER
Posted: 07 May 2022 09:08:51(UTC)
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NVIDIA, Google, Amazon, Microsoft etc.

There are two questions to consider. Firstly, what are such constituents going to do over the next few months and secondly, are the FM's going to switch out of them to something else.

I would not like to offer an opinion on either, you might need to decide and make a call on that yourself. But if you think the constituents are going to be lower in 6 months but the FM will keep them, then the course of action becomes obvious (if painful) .

It's still currently well up on pre-Covid levels. At the moment...
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countrymum on 07/05/2022(UTC), Sheerman on 07/05/2022(UTC), Lindisfarne on 07/05/2022(UTC)
Raj K
Posted: 07 May 2022 09:24:13(UTC)
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Personally if you resonate with the way the manager selects companies and what he is saying given the current environment then I would be inclined to stick with it. I don’t hold it myself but think the manager talks a lot of sense. I watch his interviews and such. I believe he is focused on fundamentals and does not try switch between styles to try and outperform in every period. Remember share prices will always follow fundamentals in the long term.

Not sure how you will work out the current value of his portfolio unless he declares thinks like the free cash flow yield etc. and other metrics, like the way they do at Fundsmith .

I also think the fund has outperformed all the way from 2003 to date so that is positive.
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Sheerman on 07/05/2022(UTC), Lindisfarne on 07/05/2022(UTC), countrymum on 07/05/2022(UTC)
Bry Hay
Posted: 07 May 2022 10:27:12(UTC)
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I hold this fund (c15%) and am also deliberating. He's a decent fund manager with a good track record, he's been actively tweaking the fund to include "picks and shovels" but at a PE of 28.8 (the last time I looked) it is ultimately still a bet on growth. No exposure to China if you think that's a risk or opportunity in coming months also.

Like others I've reduced my exposure to pure growth significantly over last few weeks / months but this holding remains. Suspect I'll trim at next opportunity in this bear market but will keep say 10% and look forward to better times... he says optimistically.

I should add that I note his 1 month performance takes him to 204 (from c 500) in the citywire global blend hit parade from 498 at 3 months, so perhaps some recent improvement. Slightly surprised it's described as a blend fund though to be honest... and for reference pop pickers, RL Global Equity Select is at #17.

Rathbone
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Lindisfarne
Posted: 07 May 2022 11:05:48(UTC)
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Out of my PF of 4, Rathbone is 25%, and is making me think a bit. I would buy it again now, and so having held it for nearly six years, I think I will keep and cross my fingers, I guess the Tech element will go down further, but I cannot see any way but up overtime for it's Tech holdings, as Tech now runs the world. I like the Manager.
I was very happy with it on 31st Dec after 5.5 years.
I don't have the knowledge or experience to know where to put the money if I sold/reduced, and could afford to lose my small (by Forum standards) PF if the world collapsed.
CGT 35%
Rathbone 25%
MWY 25%
Brunner 15%

CGT I bought for the reasons most of us( apart from Bulldog) did, and will keep.
MWY I would buy again having had for over 4 years
Brunner, I am not sure as it has down down since I bought it at a few months ago, but it is a well respected Trust, so think I will keep.
I don't think what I have are bad Funds/Trust - others might disagree.

Just wish I was younger(smile)
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Bulldog Drummond
Posted: 07 May 2022 11:06:41(UTC)
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I haven't looked at the fund but I suspect that growth will be in for a rough ride for quite some time.
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countrymum on 07/05/2022(UTC), Lindisfarne on 07/05/2022(UTC)
countrymum
Posted: 07 May 2022 11:08:41(UTC)
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Thanks all, your thoughts are much appreciated. Specific comments thus far that highlight a couple of my dilemmas:

ANDREW FOSTER;221707 wrote:
It's still currently well up on pre-Covid levels. At the moment...

Yup. Currently I'm up on initial investment (albeit significantly less-of-an-up (technical term) than was showing 6mths ago) and I don't want to go into negative territory (obvs)

Raj K;221711 wrote:
Personally if you resonate with the way the manager selects companies and what he is saying given the current environment then I would be inclined to stick with it. I don’t hold it myself but think the manager talks a lot of sense.

I agree, but I sometimes worry I am too much of a sucker for a good narrative.
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Aminatidi
Posted: 07 May 2022 11:25:39(UTC)
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There are a lot of good narratives.

If I watch ten presentations/talks/interviews/whatever by fund managers I can't think of many (any?) occasions when I've thought "god what a load of shit".
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8 users thanked Aminatidi for this post.
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