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smg8
Posted: 07 March 2025 13:17:56(UTC)
#48

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Dunno;336813 wrote:


Sounds to me like you’ve squared your own circle and you had your answer in your original post…steady consistent middle of the road plodders like the two equity income funds you say you favour, Fidelity Global Dividend and Guinness GEI. Call off the search for the holy grail, buy those and come back in 10 years…or in 1 year when presumably you’ll face the same dilemma again.


You're probably right, will mull it over for the next month anyway and if the market keeps dropping will just add to existing holdings and worry about it another time!

The sensible equity options that appeal are those 2, whilst also just increasing my holdings in existing multi assets and perhaps adding one of those to the SIPP seems logical too. Small cap passive semi tempts me as a long term option.

It continues to surprise me how few global style agnostic non factor bet options are out there, but I guess if you're too middle of the road you become a bit like a tracker and if you're "selling" active management you need a USP.

Appreciate the suggestions from everyone, many thanks.
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Sheerman on 07/03/2025(UTC)
Bob Macondale
Posted: 07 March 2025 13:53:21(UTC)
#51

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smg8;336822 wrote:
Dunno;336813 wrote:


Sounds to me like you’ve squared your own circle and you had your answer in your original post…steady consistent middle of the road plodders like the two equity income funds you say you favour, Fidelity Global Dividend and Guinness GEI. Call off the search for the holy grail, buy those and come back in 10 years…or in 1 year when presumably you’ll face the same dilemma again.


You're probably right, will mull it over for the next month anyway and if the market keeps dropping will just add to existing holdings and worry about it another time!

The sensible equity options that appeal are those 2, whilst also just increasing my holdings in existing multi assets and perhaps adding one of those to the SIPP seems logical too. Small cap passive semi tempts me as a long term option.

It continues to surprise me how few global style agnostic non factor bet options are out there, but I guess if you're too middle of the road you become a bit like a tracker and if you're "selling" active management you need a USP.

Appreciate the suggestions from everyone, many thanks.


Smg, have you considered holding fire and seeing whether Rutters new fund (old RLGES) becomes available in the not too distant future. I appreciate there is another thread on this, but maybe this is the obvious route to go down, I know it is a new fund, but he took the whole team with him and his track record speaks for itself.
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smg8 on 07/03/2025(UTC)
Rocky_W
Posted: 07 March 2025 14:14:42(UTC)
#56

Joined: 12/06/2018(UTC)
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I like Ranmore (deep global value) and Winton Trend (global multi-asset long/short trend following) for my cash-inflow--capped portfolios.

My SIPP and ISA are roughly:
HSBC FTSE All-World Index 20%
Ranmore Global (global value) 20%
All weather (bonds, active value and gold; CGAR, Trojan and a small amount in Ruffer ) 40%
Winton Trend 20%

GIA portfolio:
HSBC FTSE All-World Index C Inc. 25%
HSBC FTSE 100 Index Income C 25%
Fidelity Index Europe ex UK P GBP Income 25%
Fidelity Index Japan P Inc 25%
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smg8 on 07/03/2025(UTC), Newbie on 07/03/2025(UTC), Cm258 on 07/03/2025(UTC)
smg8
Posted: 07 March 2025 14:32:42(UTC)
#52

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Bob Macondale;336829 wrote:

Smg, have you considered holding fire and seeing whether Rutters new fund (old RLGES) becomes available in the not too distant future. I appreciate there is another thread on this, but maybe this is the obvious route to go down, I know it is a new fund, but he took the whole team with him and his track record speaks for itself.


Yes good question, it was one of the few actives I felt comfortable holding knowing they aren't going to do anything too crazy with my money, and ticks the style agnostic box.

When I first bought RLGES it was specifically their record of holding up in falling markets over 20 years of running their strategy that attracted me (as opposed to outperformance potential on the upside) so it ticked my boxes then and it seems logical it does now too.

It feels a bit riskier with it being a new fund, small fund shop etc compared to when it was under the Royal London banner so I don't think it would ever be quite as big a holding (I think I had £150k - £170k in at peak, would probably only consider half of that).

So yes it would seem a good sensible home for some £'s and fairly buy and forget. But it's not available for now so I don't know if it will even be a consideration!
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Tug Boat
Posted: 07 March 2025 14:41:46(UTC)
#57

Joined: 16/12/2014(UTC)
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STS. It doesn’t shoot the lights out and it doesn’t drop much in a downturn like the last few weeks. Pays 3% divi too.

BNY Mellon GI is another along these lines.
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smg8 on 07/03/2025(UTC)
Daniel B
Posted: 07 March 2025 19:09:36(UTC)
#49

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I have been following this thread with interest because your predicament seems similar to my own. Although my pot is smaller than yours, I think we are a similar age and have a similar investment outlook. Like you, I am searching for a suitable home for next year's ISA contributions and potentially some additional SIPP contributions to be made this year of the tax year-end.

I was particularly struck by the following comments:

smg8;336793 wrote:
Anything that's done really well is just as likely to do really badly at some point. Steady consistent middle of the road plodders is more my cup of tea these days, even if it means lower returns.


smg8;336822 wrote:
It continues to surprise me how few global style agnostic non factor bet options are out there, but I guess if you're too middle of the road you become a bit like a tracker and if you're "selling" active management you need a USP.


Would you perhaps be more comfortable putting the whole lot into an MSCI AC World / FTSE All World tracker and being done with it? (You could then add a %age allocation to short-term bonds if you were wanted to reduce volatility). A simple one or two fund portfolio would certainly end up being "style agnostic non factor", and would probably also be a "middle of the road plodder" rather than a shoot-the-lights-out top performer.

Essentially, I am asking whether all this research we undertake to optimise our portfolio really adds any value. Would we better to stick it all in the plainest vanilla tracker available and find something else to do with our time?
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smg8 on 08/03/2025(UTC)
DIY Investing
Posted: 07 March 2025 19:53:42(UTC)
#58

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So if I’ve understood correctly, you aren’t bothered about outperforming, but you want something different to the index that adds some diversification without just leaning towards a factor. Here is a few ideas.

Caveat for those who will not like these ideas - these have not outperformed. I know. That’s not why I suggest them. Outperformance is not what is being sought out here. ‘Different’ appears to be. So:

Conservative Picks:

FCIT - it’s on a bit of a discount, it has a bit of private equity and it isn’t horribly expensive considering that you would be getting a bit of leverage and some less liquid stuff that would come with wider spreads.

Fidelity Global Special Situations - it has some M7 sure, but not as much as the index and its weightings towards those stocks are very different to the cap weighting in a tracker. The downside is that, like all Fidelity actives, it’s bloody expensive, especially if holding on a platform that doesn’t cap fees for funds.

Slightly more ‘out there’ Picks:

Lindsell Train Global Equity - It’s fairly style agnostic (despite popular opinion, they aren’t really value managers). It’s been out of favour and maybe that’s a good thing. It’s very different to the benchmark.

MYI - well…it’s different! Maybe a bit value/dividend oriented. But it’s quite unique in its approach.

AGT - it’s nothing like the index! Also on a bit of a discount.
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Rob B on 07/03/2025(UTC), Jay P on 07/03/2025(UTC), smg8 on 08/03/2025(UTC)
smg8
Posted: 08 March 2025 10:26:53(UTC)
#50

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Daniel B;336869 wrote:


Essentially, I am asking whether all this research we undertake to optimise our portfolio really adds any value. Would we better to stick it all in the plainest vanilla tracker available and find something else to do with our time?


For me, a global tracker makes sense as the heart of a growth portfolio with a long timescale.

I've held a global tracker for 11 years, aside from a stint in 2020/2021 where I spent far too long trying to be clever identifying things that would "outperform" a tracker (actually to a high level of success in 2020, but of course that was pot luck). I realised it's a futile exercise, and trying to identify these funds which may outperform in advance is a waste of time that I could be spending doing other things.

Personally I am getting to a point where I am beginning to think about keeping hold of what I've got to some extent, and not solely growing it. Hence things that are more diversified or offer absolute type returns (irrespective of a benchmark) may make sense - if not right now, perhaps in the nearish future.

So really it's not about finding "better" than a global tracker per se, it's about finding "different". A global tracker will still form a significant holding, particularly in my SIPP which has a longer timeframe than my ISAs. So you may find for you just cracking on with an all-world index fund is indeed a very simple and right answer!
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Johan De Silva on 08/03/2025(UTC)
smg8
Posted: 08 March 2025 10:36:09(UTC)
#59

Joined: 26/04/2020(UTC)
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DIY Investing;336873 wrote:
So if I’ve understood correctly, you aren’t bothered about outperforming, but you want something different to the index that adds some diversification without just leaning towards a factor. Here is a few ideas.

Caveat for those who will not like these ideas - these have not outperformed. I know. That’s not why I suggest them. Outperformance is not what is being sought out here. ‘Different’ appears to be. So:

Conservative Picks:

FCIT - it’s on a bit of a discount, it has a bit of private equity and it isn’t horribly expensive considering that you would be getting a bit of leverage and some less liquid stuff that would come with wider spreads.

Fidelity Global Special Situations - it has some M7 sure, but not as much as the index and its weightings towards those stocks are very different to the cap weighting in a tracker. The downside is that, like all Fidelity actives, it’s bloody expensive, especially if holding on a platform that doesn’t cap fees for funds.

Slightly more ‘out there’ Picks:

Lindsell Train Global Equity - It’s fairly style agnostic (despite popular opinion, they aren’t really value managers). It’s been out of favour and maybe that’s a good thing. It’s very different to the benchmark.

MYI - well…it’s different! Maybe a bit value/dividend oriented. But it’s quite unique in its approach.

AGT - it’s nothing like the index! Also on a bit of a discount.


Thanks DIY, always welcome your inputs.

So your suggestion show you definitely understand the brief!

My comments on them as below;

FCIT - v sensible buy and forget, no style/factor bias, not going to do anything dumb. It's a closet tracker (not in a bad way), but would perhaps see this as a bit "like for like" vs buying an index fund? More of an instead of as opposed to something that supplements it. I also have an aversion to IT's. But anyone who for whatever reason absolutely doesnt want a global tracker but wants a broad basket of global stocks that will do about the same then it's a good shout.

I actually had a look at Columbia Threadneedles multi asset offering (headed by Paul Niven who runs FCIT) as you are broadly getting similar stock selection with the same research. Relatively interesting, but not sure.

Fidelity Gbl Special Situations - same as above really. Good shout, mix of value, growth, quality. Problem is (a) as you say the fee and (b) it has 2 new managers, 1 of which was schooled at Baillie Gifford and has a rubbish track record. Ran some rubbish funds at Liontrust that were massive bets on uber growth, underperformed, got shut down and now Fidelity hand him a big mandate. Odd.

MYI - never looked, but IT's dont float my boat

LTGE - have slagged it off far too much to buy it haha. I don't like Nick Train's approach where he seems stuck in the 00's, and dont see how anyone running a quality fund can have seen Man Utd as a good investment. But this kind of thing (good exposure to markets beyond the US) is interesting and hits the brief.

AGT - if I didn't not like IT's this would be a consideration - doing something way different to the index, would be seeing it as generating absolute/idiosyncratic returns and unlikely to do anything dumb with my money. I might just do a bit more digging on this as they did launch an OEIC with the same mandate not long back. Good shout

For anyone interested and in a similar quandary, JPM have now got a GBP share class of JPM Global Focus - the OEIC of JGGI. Once upon a time I thought an OEIC of JGGI would be something I'd buy, but since they've gone US and big tech mad I'm a bit less sure. They started buying Tesla in 2024 which seems odd for their mandate. But others may have a more keen interest.

Cheers DIY, will do a bit of reading on AGT this weekend.
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DIY Investing on 08/03/2025(UTC), Guest on 09/03/2025(UTC)
JohnW
Posted: 08 March 2025 11:44:34(UTC)
#60

Joined: 14/01/2012(UTC)
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I hold JGGI and ALW with each standing at over 20% of my portfolio. But was a little worried at how the Magnificent 7 were quite large in both, so looked for an alternative. I usually aim to hold a mixed bag of 12 IT's but as I had recently dropped to 11 I did not particularly want to sell an entire IT, so I sold a little of both JGGI and ALW to drop them both to below 20% of my portfolio, and with the money brought IGET, which holds a far lower percentage of Mag 7 stocks. So thats sorted my self imposed maximum percentage per IT of 20% and lowered my Mag 7 risk. IGET now forms 5.3% of my portfolio with JGGI and ALW both standing at 18.3%.
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Jay P on 08/03/2025(UTC), smg8 on 08/03/2025(UTC)
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