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Harry Trout
Posted: 10 August 2023 07:41:56(UTC)
#179

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Andrew1952;275197 wrote:

I see your TG23 Gilts matured on July 22nd.

Could you remind us what the total return was, when you bought it and at what price ?

No problem Andrew, here are the details

140423 Gilt Purchase
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Jimmy Page on 10/08/2023(UTC)
Harry Trout
Posted: 22 August 2023 07:24:06(UTC)
#182

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Copied over from Transactions thread to keep everything in one place

Harry Trout;277091 wrote:
Aminatidi;277036 wrote:

Harry mind if I ask how you're judging the rollover?

i.e. that £60K matures do you think you'd just roll it into TN24 or TN25 or are you looking further out?

Interested in a real world example of how people are "playing" the interest rates v gilt yield game.

No problem, yes I saw your deliberations on gilts the other day

I will probably be looking to stay with shorter dated while the calculated IRRs are higher than longer dated.

Unlike you I'm looking for income rather than capital gain. Our gilts are in SIPPs and ISAs so taxation is not a concern. We have a smaller amount in GIAs but these are earmarked for future ISA subscriptions.

I like income because one of my objectives is to build our investment income to exceed our expenses now that I am in retirement. These expenses exclude school fees which are in separate deposit accounts and are thus "paid". I am a few months away from a situation where investment income > expenses on a rolling 12 months basis.

We have a gilt ladder (weighted towards short dated) in that I have spread things out to get regular opportunities to re-think and check if I'm happy with our asset allocation and assess how much income we need.

In other words, there are a lot of moving parts !! But to answer your question, I am going for shorter dated gilts generating income for our SIPPs and ISA.

Longer term I think we will move to a heavier equity allocation once income > / = expenses

However if longer dated gilts started producing higher IRRs than shorter (>5% say) there is no reason I wouldn't buy some of those.

Hope this answers the question

Harry
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Jimmy Page on 22/08/2023(UTC), dlp6666 on 22/08/2023(UTC), Aminatidi on 30/08/2023(UTC)
Learner
Posted: 30 August 2023 15:31:20(UTC)
#183

Joined: 04/08/2023(UTC)
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Would you buy T23 now which matures in 7 days time?
If not I'll stick with getting TG24 and T24.
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Thrugelmir
Posted: 30 August 2023 16:33:52(UTC)
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Learner;277822 wrote:
Would you buy T23 now which matures in 7 days time?


If you check the current market price I suspect that it's almost trading at parity with nominal value. Given the short timeframe to maturity.
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Learner on 30/08/2023(UTC)
SF100
Posted: 30 August 2023 17:23:08(UTC)
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Learner;277822 wrote:
Would you buy T23 now which matures in 7 days time?.
No, you would very probably lose money due to the commission it'd cost to buy it.

Also be aware of this from gov.co.uk:

"For gilts, the 'ex div' period is 7 business days before the coupon date"

meaning you may not get the final coupon upon maturity.
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Learner on 30/08/2023(UTC)
Harry Trout
Posted: 02 September 2023 08:39:19(UTC)
#186

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Here are my transactions for August

Aug 23 Summary

Still enjoying this new style of investing - transacting less and thinking more about what returns I need linked to an Excel spreadsheet that I have mentioned before and continue to develop.

More passive trackers and a greater focus on asset allocation which is providing some much needed structure. Of late, it feels like I am agonising less about what to do and instead just keeping to the plan.

And here are the results of the share portfolio, my basket of individual company stock picks:

SP v VWRL Aug 23
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Helen L on 02/09/2023(UTC), Mr GL on 02/09/2023(UTC), Vital Signs on 11/09/2023(UTC)
Harry Trout
Posted: 18 September 2023 06:13:44(UTC)
#187

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Copied over from the "Whisky & Water" thread to keep everything in one place

Harry Trout;279484 wrote:
Tim D;279468 wrote:
And I'm really keen for someone to explain how if zero interest on cash deposits when inflation was 2% was a terrible deal, how 5% on cash deposits when inflation is 7% is fill-yer-boots time.

For me personally I like 5%+ on cash because our personal inflation is running lower than 5% (I monitor it closely)

I like the fact that 50%+ of our assets are currently growing risk free at a faster rate than our costs. The other 50%, the equities part, should do that too but with greater volatility along the way ......

You can say that equities / CGT etc deliver more than 5% longer term. However, with kids at private school and University still to fund, sequence of returns risk is a real risk for us

Unless I'm missing something of course

EDIT: In other words, "Win By Not Losing"
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Harry Trout
Posted: 02 October 2023 17:41:33(UTC)
#188

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Here are my transactions in Hargreaves Lansdown for September

Sep 23 Summary

A quiet month as I get more confident of letting the 50:50 asset allocation do it's thing, thus tinkering less

On the transactions thread I wrote at the time about the switches from Money Market Funds to ERNS in September so won't repeat it here. And I remain happy to be in short term gilts (2 years and less) for now.

My latest feeling is that I will be using income received to nudge equities or non-equities back to their 50% level as that income arises. I think I would likely only sell to rebalance if / when something more significant happens with equities and the position gets to more like 55% : 45% say.

So for as long as global equities continue in this sideways pattern, I plan to nudge and nurdle here and there using income received. It's a bit dull but I'm coming to appreciate the smoother ride.

I remain interested in my portfolio of individual stocks, the progress of which is anything but smooth. Here is performance to date since September 2012 when I bought my first individual stock ......

SP v VWRL Sep 23

For context, the share portfolio is roughly 10% of our overall wealth (inc house) and I haven't added any new capital to it since April 2022.

I won't add any new capital until I can justify it i.e. come up with a convincing thesis as to why my approach might outperform VWRL. Same goal as when I started this thread just over 3 years ago, I still enjoy the challenge.
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L.P. on 03/10/2023(UTC), Martina on 04/10/2023(UTC), RWVet on 22/10/2023(UTC), Cm258 on 24/10/2023(UTC)
Harry Trout
Posted: 24 October 2023 16:03:49(UTC)
#189

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In my HL GIA transferred roughly £14k of OEICs that have been underperforming to Mrs Trout.

These have accumulated gains of roughly £6k so this is to make use of her CGT allowance. First time I've transferred units, very efficient by HL, took 5 working days from request by e-mail to completion today.

The OEICs transferred were

- R&M UK Smaller
- Jupiter UK Mid Cap
- Ninety One UK Smaller
- Schroder UK Dynamic Smaller
- Stewart Investors Asia Pacific Leaders

Funds will go towards her £2,880 HL SIPP contribution, £4,000 HL LISA and Vanguard S&S ISA for 23_24

By crystallising GIA accounts we think we have maybe 8 or 9 more years of ISA & £2,880 SIPP contributions for both of us depending on future returns. Current plan is to continue to use the Vanguard platform to force investment into passives / reduce fiddling. Also reduces HL platform risk.

Health permitting by the time I hit State Pension age (11 years) everything will be in ISAs and SIPPs, apart from the family home and a car !!

EDIT: I am partially offsetting the risk of selling UK Smaller at a low by buying some VMID in Vanguard.
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Harry Trout
Posted: 02 November 2023 17:13:30(UTC)
#190

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Transactions for October 2013

Oct 23 Monthly Summary

The allocation to equities has dropped month on month because (in order of £ importance)

1. Equities had a bad month (VWRL down 3.6%);

2. I transferred some equities from my GIA to Mrs T to fund her £2,880 SIPP contribution, her £4,000 LISA and to part fund her 23_24 Vanguard ISA;

3. I sold some equities in my GIA to part fund my 23_24 Vanguard ISA ; and

4. I sold some Amazon shares and haven't reinvested the proceeds yet.

And here are the results for the sub portfolio of individual stocks which I started in September 2012

Oct23 SP v VWRL
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6 users thanked Harry Trout for this post.
Guest on 02/11/2023(UTC), North Star on 02/11/2023(UTC), Newbie on 02/11/2023(UTC), mdss68 on 02/11/2023(UTC), Jay P on 02/11/2023(UTC), Martina on 02/11/2023(UTC)
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