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Mr Spock
Posted: 17 January 2022 16:44:44(UTC)
#1751

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Re Rathbone, I think that's right, although a bit surprising/disappointing given the not so high exposure to tech and lower concentration. This is an excellent fund IMO, so I am not too worried.
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Lindisfarne on 17/01/2022(UTC), Chalky W on 20/01/2022(UTC)
Marney
Posted: 20 January 2022 11:56:45(UTC)
#1752

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That's a huge fall for Rathbones Global Opps. It's quite worrying, I must say and the forecast for the year looks like it will worsen.
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Lindisfarne on 20/01/2022(UTC)
Lindisfarne
Posted: 20 January 2022 12:13:02(UTC)
#1753

Joined: 27/06/2014(UTC)
Posts: 813
Marney;204045 wrote:
That's a huge fall for Rathbones Global Opps. It's quite worrying, I must say and the forecast for the year looks like it will worsen.



It is still falling, as is Mid Wynd
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Mr Spock
Posted: 20 January 2022 12:19:19(UTC)
#1758

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I am not happy either but I would assess the performance on (at least) the semester personally.

Best thing is stop looking on a daily basis, this is a fund not an individual stock.
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Lindisfarne on 20/01/2022(UTC), Marney on 20/01/2022(UTC)
smg8
Posted: 21 January 2022 08:23:47(UTC)
#1754

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Lindisfarne;204052 wrote:
Marney;204045 wrote:
That's a huge fall for Rathbones Global Opps. It's quite worrying, I must say and the forecast for the year looks like it will worsen.



It is still falling, as is Mid Wynd


Rathbone Global Opps wouldn't surprise me. Just look at the top holdings. I know he's rotated out of tech a bit, but top holdings are still long duration expensive stocks, the nature of which have taken the biggest battering. The expensive stuff in the portfolio is the long duration stocks, the sensible stuff is quality, which has also taken a battering. If you look at Q4 2018 the fund dropped 16%, so it always has potential to tank pretty hard.

Mid Wynd semi surprises me, but it's hampered by being an IT so the premium dropping is going to contribute to movement. They've moved toward value, and are very value conscious, so I'd have expected it to hold up a little better. But the OEIC version is only down 5% for the year, so compared to other quality growth peers it's done well, based on the fact it's cheap quality growth. I always see MWY as quite sensible/cheap so hopefully over time it plays out. I'd try not to worry too much about how this one looks on a day to day basis.
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4 users thanked smg8 for this post.
Lindisfarne on 21/01/2022(UTC), Sheerman on 21/01/2022(UTC), Mr Spock on 21/01/2022(UTC), Fig Lee on 21/01/2022(UTC)
Wayne Hurdman
Posted: 21 January 2022 09:26:01(UTC)
#1759

Joined: 31/01/2020(UTC)
Posts: 438
Rathbones I am disappointed with and the portfolio loss is climbing daily, to the point of which I almost sold out a few days ago, I didn't however and am now a further 2 or 3% down. I also hold some Blue Whale and Fundsmith so these funds are hurting.
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Nickc
Posted: 21 January 2022 09:52:51(UTC)
#1760

Joined: 08/01/2021(UTC)
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Rica doing its job today!
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New Simon T on 21/01/2022(UTC)
Andy JR
Posted: 21 January 2022 10:16:32(UTC)
#1761

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It’s been doing well this last month, one of the few greens in the sea of red, BATS another one.
I notice VSL & HONY holding up nicely too.
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Nickc on 21/01/2022(UTC)
Mr Spock
Posted: 21 January 2022 12:01:52(UTC)
#1755

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smg8;204215 wrote:
Lindisfarne;204052 wrote:
Marney;204045 wrote:
That's a huge fall for Rathbones Global Opps. It's quite worrying, I must say and the forecast for the year looks like it will worsen.



It is still falling, as is Mid Wynd


Rathbone Global Opps wouldn't surprise me. Just look at the top holdings. I know he's rotated out of tech a bit, but top holdings are still long duration expensive stocks, the nature of which have taken the biggest battering. The expensive stuff in the portfolio is the long duration stocks, the sensible stuff is quality, which has also taken a battering. If you look at Q4 2018 the fund dropped 16%, so it always has potential to tank pretty hard.

Mid Wynd semi surprises me, but it's hampered by being an IT so the premium dropping is going to contribute to movement. They've moved toward value, and are very value conscious, so I'd have expected it to hold up a little better. But the OEIC version is only down 5% for the year, so compared to other quality growth peers it's done well, based on the fact it's cheap quality growth. I always see MWY as quite sensible/cheap so hopefully over time it plays out. I'd try not to worry too much about how this one looks on a day to day basis.


On the other hand, RGO "only" fell 7% in 1Q20 when the world appeared to come to an end. I don't like the performance either but a) this is a fund very well run and b) performances should be assessed on a medium term basis. Granted, if one bought this fund with the idea that it would protect against market falls, it would be disappointed at the moment. My opinion, of course. Re Artemis, I don't particularly like the fund house but it is without doubt a decent fund. That said my new monies are going to the passives (Fidelity IW, Vanguard All Cap etc.) - I am not clever enough managing styles, PE etc. across multiple funds!
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3 users thanked Mr Spock for this post.
smg8 on 21/01/2022(UTC), Sheerman on 21/01/2022(UTC), xiang zou on 21/01/2022(UTC)
smg8
Posted: 21 January 2022 15:33:03(UTC)
#1756

Joined: 26/04/2020(UTC)
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Federico F;204281 wrote:


On the other hand, RGO "only" fell 7% in 1Q20 when the world appeared to come to an end. I don't like the performance either but a) this is a fund very well run and b) performances should be assessed on a medium term basis. Granted, if one bought this fund with the idea that it would protect against market falls, it would be disappointed at the moment. My opinion, of course. Re Artemis, I don't particularly like the fund house but it is without doubt a decent fund. That said my new monies are going to the passives (Fidelity IW, Vanguard All Cap etc.) - I am not clever enough managing styles, PE etc. across multiple funds!


I certainly agree it has been a good fund, with a good long term track record etc and of course we shouldn't be assessing YTD performance of funds on 21st January.

But the reason it didn't fall much in 1Q20 is due to the fact it had a lot of tech at the time, and the market moved toward tech/stay at home and rerated that investable universe. As such there are a lot of funds that gave the impression of being "lower risk" because they did well in that sell off - Blue Whale, SMT, etc.

This sell off is driven by different factors, and it seems to be that the higher the PE ratio fund the bigger the hit. The aforementioned "lower risk" funds are some of the hardest hit. As such I'd expect Rathbone Global Opps to be nearer the top of the casualties than the bottom, as it's an out and out growth fund (the opposite applied last time, value funds sold off hardest this time value funds are in positive territory for the year).

I should imagine this wobble/sell off may lead to many reassessing what risk appetite they have and how they categorise their holdings accordingly.
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9 users thanked smg8 for this post.
Monty Claret on 21/01/2022(UTC), Sheerman on 21/01/2022(UTC), Ramondo on 21/01/2022(UTC), Mr Spock on 21/01/2022(UTC), Lindisfarne on 21/01/2022(UTC), Dexi on 21/01/2022(UTC), Jesse M on 21/01/2022(UTC), Chans on 21/01/2022(UTC), NoMoreKickingCans on 21/01/2022(UTC)
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