Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

Choice of Global Growth IT

Closed-end funds and OEICs
scotia
Lemon Quarter
Posts: 3561
Joined: November 4th, 2016, 8:43 pm
Has thanked: 2371 times
Been thanked: 1943 times

Re: Choice of Global Growth IT

#158455

Postby scotia » August 10th, 2018, 10:36 am

I'm into Edinburgh Worldwide (EWI) for my bit of excitement - with more mundane ITs as a significant back up.

richfool
Lemon Quarter
Posts: 3492
Joined: November 19th, 2016, 2:02 pm
Has thanked: 1195 times
Been thanked: 1280 times

Re: Choice of Global Growth IT

#158483

Postby richfool » August 10th, 2018, 11:44 am

scotia wrote:I'm into Edinburgh Worldwide (EWI) for my bit of excitement - with more mundane ITs as a significant back up.

Funny you should mention EWI. I did in fact recently take a piece of EWI in my non sheltered share dealing account, - on the basis that it was targetting small entrepreneurial companies, rather than the big established companies and included a wide range of sectors such as internet software and services, biotechnology, pharmacetical, marketing retail, electronic equipment, healthcare. I thought it would diversify me away from the big tech companies and as you say add a touch of excitement/spice. Definitely a growth trust, with no dividend yield.

richfool
Lemon Quarter
Posts: 3492
Joined: November 19th, 2016, 2:02 pm
Has thanked: 1195 times
Been thanked: 1280 times

Re: Choice of Global Growth IT

#234587

Postby richfool » July 7th, 2019, 2:06 pm

I have just been reviewing global growth trusts and re-visited this thread. (Monks and EWI are both at premiums of c 3%.)

A trust that attracted my attention is Mid Wynd, currently at a premium of 2.8% and a yield: 1.08%. It has a global growth & income mandate and quite broadly focused. Sectors include biotech, scientific, medical, healthcare, technology. Holdings include: Microsoft, LVMH Moet, Thermo-Fisher, Boston Scientific, Comcast, Avery, Fresnius Medical Care, Nestle, Mastercard.

I note Mid Wynd is now managed by Artemis.

Mike88
Lemon Slice
Posts: 969
Joined: November 4th, 2016, 6:17 pm
Has thanked: 112 times
Been thanked: 271 times

Re: Choice of Global Growth IT

#234615

Postby Mike88 » July 7th, 2019, 3:52 pm

Presumably the Lindsell Train IT is out of favour because of its premium (despite recent events) or what about the equivalent Global UT?

richfool
Lemon Quarter
Posts: 3492
Joined: November 19th, 2016, 2:02 pm
Has thanked: 1195 times
Been thanked: 1280 times

Re: Choice of Global Growth IT

#235459

Postby richfool » July 10th, 2019, 9:11 am

77ss wrote:
richfool wrote:

So, yes I do think the duplication of Taiwan SCMC is excessive, and presents an increased risk if anything untoward affected that stock. (As Bruce Stout holds it, I trust it is among the safer stocks to hold (wink!).)


I wouldn't get too hung up about this kind of thing. It depends upon your overall portfolio, but if you have 3% (say) in an IT, and the IT holds 5% (say) in any given share, then your exposure to that share, via that IT is just 0.15%. You just have to do the arithmetic. Glancing at your figures above, it looks as though you have a bit under 1% in Taiwan SCMC (I haven't done the arithmetic) - and that is assuming that you only have those 8 ITs in your overall portfolio.

Having said that, like Dod101, I do try to keep my few ITs in different sectors of the 'investment universe'. Health, IT, midcap, smallcap, property, private equity......


77, any thoughts on Mid Wynd?

I have just been reviewing global growth trusts and re-visited this thread. (Monks and EWI are both at premiums of c 3%.)

A trust that attracted my attention is Mid Wynd, currently at a premium of 2.8% and a yield: 1.08%. It has a global growth & income mandate and quite broadly focused. Sectors include biotech, scientific, medical, healthcare, technology. Holdings include: Microsoft, LVMH Moet, Thermo-Fisher, Boston Scientific, Comcast, Avery, Fresnius Medical Care, Nestle, Mastercard.

I note Mid Wynd is now managed by Artemis.

77ss
Lemon Quarter
Posts: 1271
Joined: November 4th, 2016, 10:42 am
Has thanked: 233 times
Been thanked: 414 times

Re: Choice of Global Growth IT

#235475

Postby 77ss » July 10th, 2019, 9:55 am

richfool wrote:
77ss wrote:
richfool wrote:

So, yes I do think the duplication of Taiwan SCMC is excessive, and presents an increased risk if anything untoward affected that stock. (As Bruce Stout holds it, I trust it is among the safer stocks to hold (wink!).)


I wouldn't get too hung up about this kind of thing. It depends upon your overall portfolio, but if you have 3% (say) in an IT, and the IT holds 5% (say) in any given share, then your exposure to that share, via that IT is just 0.15%. You just have to do the arithmetic. Glancing at your figures above, it looks as though you have a bit under 1% in Taiwan SCMC (I haven't done the arithmetic) - and that is assuming that you only have those 8 ITs in your overall portfolio.

Having said that, like Dod101, I do try to keep my few ITs in different sectors of the 'investment universe'. Health, IT, midcap, smallcap, property, private equity......


77, any thoughts on Mid Wynd?

I have just been reviewing global growth trusts and re-visited this thread. (Monks and EWI are both at premiums of c 3%.)

A trust that attracted my attention is Mid Wynd, currently at a premium of 2.8% and a yield: 1.08%. It has a global growth & income mandate and quite broadly focused. Sectors include biotech, scientific, medical, healthcare, technology. Holdings include: Microsoft, LVMH Moet, Thermo-Fisher, Boston Scientific, Comcast, Avery, Fresnius Medical Care, Nestle, Mastercard.

I note Mid Wynd is now managed by Artemis.


As it happens, I have looked at Mid Wynd recently. A good performance over the past 5 years, but I decided that it didn't really add anything for me - and its a bit small.

It may suit you - it depends on what else you hold. For me, a major holding in FCIT, allied to smaller ones in ATT, SOI and WWH seems to cover the same bases - geograpically and sectorally. Better average yield too - if that matters to you.

richfool
Lemon Quarter
Posts: 3492
Joined: November 19th, 2016, 2:02 pm
Has thanked: 1195 times
Been thanked: 1280 times

Re: Choice of Global Growth IT

#416394

Postby richfool » May 31st, 2021, 5:11 pm

Dod101 wrote: (Re: Alliance:)
richfool
I attended its AGM a few weeks back and I think the answer to your questions is yes, yes and yes. The whole of the past management has gone and instead of being self managed it is now taking a multi manager approach monitored by Willis Towers Watson. They had two of their eight managers give a presentation after the formal business and they were very impressive. One of the managers was from London and the other from Toronto. As it happens we sat next to each other at lunch and he was a guy about 60 or so, quiet and unassuming. I have since checked with a cousin of mine who is an accountant and lives in Hamilton Ontario. She knows of his firm and it has an excellent reputation. Lord Smith the new Chairman of Alliance has a good reputation as a no nonsense Scottish business type.

I think each of the managers is asked to invest in 10 of their best ideas but maynbe a bit more, can't remember. They have a lot of small investments in Emerging Markets which I think they manage themselves.

They I think no longer have any directly held property and are planning to dispose of other legacy assets such as private equity and the Liontrust holding which they acquired when they sold their Alliance Trust Investments to Liontrust. They have an informal Discount control mechanism and say they would like to see the discount at no more than 5%.

So it is different which I like and quite refreshing after all the comings and goings of the last few years. I am quite sceptical but came away from the AGM reassured. It holds very few of the 'usual suspects'

I am not recommending it but I bought into it again last year and again at the beginning of this year and am happy with it so far.

Dod

I thought I would resurrect this thread and quote Dod's post in particular, to seek some views on the following:

I/we have been constructing an ISA for my wife, using IT's, mainly aimed at longer term growth, but not overly aggressive or risky. We are currently wanting to add one further global growth trust to her existing holdings. Within that global growth sector, she currently holds, Monks and SMT, (Monks being the larger holding). [For guidance, in the global G&I sector, she holds: JGGI and SAIN, and within Asia Pacific sector: PHI and JAGI].

We have arrived at a shortlist of: Alliance, Brunner or Mid Wynd.

I like Alliance, in view of Dod's comments above, and because, since its revamp a couple of years back, it uses a the multi manager approach drawing on a range of other specialist fund managers, overseen by Willis Towers Watson. It has also shed its old legacy holdings. I have some reservations in that it's top ten holdings include many of the FAANG stocks, which are also held by SMT, Monks and JGGI (currently held in my wife's portfolio). I like that it has a modest dividend yield c 1.5% (as opposed to nothing).

I am drawn towards Brunner (BUT), as it has recently shed the drag caused by Aviva wanting to sell its large holding, which has now gone and thus the discount of some 18% has reduced to c 9%, giving the trust the better short-term performance of the three. The long standing manager, Lucy McDonald has moved on, but the current managers seem to know what they are doing. It seems to hold a mix of holdings that don't overlap with the more usual (techy/FAANG type) holdings of SMT, Monks, or JGGI. Brunner (BUT) pays a dividend yield of c 2.0% (to console one in periods of low capital growth/market corrections/falls etc).

Mid Wynd has shown good past performance and holds a number of more cautious technology stocks, so not significantly overlapping with SMT, Monks or JGGI. Negligible dividend yield.

We are looking for an actively managed trust that compliments her existing holdings, rather than significantly overlaps with their holdings.

MaraMan
Lemon Slice
Posts: 497
Joined: November 22nd, 2016, 3:30 pm
Has thanked: 219 times
Been thanked: 228 times

Re: Choice of Global Growth IT

#416398

Postby MaraMan » May 31st, 2021, 5:34 pm

Not much help really but I went through the same exercise fairly recently and decided to go mainly with Mid-Wynd and a smaller holding in Witan. I wanted to avoid the overlap you mention as I have fairly significant holdings in SMT and Monks, as well as SAIN,PHI and JAGI.

MM

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Choice of Global Growth IT

#416405

Postby Dod101 » May 31st, 2021, 5:56 pm

Mid Wynd holds Alphabet, Amazon, Microsoft and Apple in its top 30 holdings so you can't get away from them it would seem. They seem to have agood international spread as indeed does Alliance.

I bought into Alliance on 10 Jan 2018 at £7.60. They now stand at £9.75 if that helps. They actively manage the portfolio so their holdings will vary quite a bit.

Dod

richfool
Lemon Quarter
Posts: 3492
Joined: November 19th, 2016, 2:02 pm
Has thanked: 1195 times
Been thanked: 1280 times

Re: Choice of Global Growth IT

#416435

Postby richfool » May 31st, 2021, 7:12 pm

I've just been doing an "X-ray" of their respective holdings. Brunner seems to have the lowest overlap of the trusts in contention. Brunner's overlaps were (2): Microsoft (overlap with Monks & SAIN), and TSMC (overlap with JAGI & SAIN).

Whereas Alliance overlaps were (4): Alphabet (with Monks & JGGI), Amazon (SMT, Monks & JGGI), Microsoft (Monks & SAIN), and Mastercard (JGGI).

Mid Wynd's overlaps were (3): Alphabet (with Monks & JGGI), Amazon (with SMT, Monks & JGGI), and TSMC (with JAGI & SAIN).

That tends to suggest Brunner as the least conflicted!

richfool
Lemon Quarter
Posts: 3492
Joined: November 19th, 2016, 2:02 pm
Has thanked: 1195 times
Been thanked: 1280 times

Re: Choice of Global Growth IT

#416509

Postby richfool » June 1st, 2021, 8:31 am

MaraMan wrote:Not much help really but I went through the same exercise fairly recently and decided to go mainly with Mid-Wynd and a smaller holding in Witan. I wanted to avoid the overlap you mention as I have fairly significant holdings in SMT and Monks, as well as SAIN,PHI and JAGI.

MM

We were coming down to Brunner or Mid Wynd, but as she seems to have most of the main contenders (global growth stocks) already covered, perhaps she should add BRGE (Blackrock Greater Europe) as a growth contender.

77ss
Lemon Quarter
Posts: 1271
Joined: November 4th, 2016, 10:42 am
Has thanked: 233 times
Been thanked: 414 times

Re: Choice of Global Growth IT

#416510

Postby 77ss » June 1st, 2021, 8:35 am

richfool wrote:.....
I/we have been constructing an ISA for my wife, using IT's, mainly aimed at longer term growth, but not overly aggressive or risky. We are currently wanting to add one further global growth trust to her existing holdings. Within that global growth sector, she currently holds, Monks and SMT, (Monks being the larger holding). [For guidance, in the global G&I sector, she holds: JGGI and SAIN, and within Asia Pacific sector: PHI and JAGI].

We have arrived at a shortlist of: Alliance, Brunner or Mid Wynd.

.....


Have you looked at Bankers (BNKR)?

I hold MNKS, FCIT, JGGI, PHI and JAGI and recently decided to add BNKR; a slightly better performing analogue of FCIT.

Similar to Alliance, but less US and less tech tilted (I have quite enough tech in other holdings - notably ATT).

richfool
Lemon Quarter
Posts: 3492
Joined: November 19th, 2016, 2:02 pm
Has thanked: 1195 times
Been thanked: 1280 times

Re: Choice of Global Growth IT

#416549

Postby richfool » June 1st, 2021, 11:23 am

77ss wrote:
richfool wrote:.....
I/we have been constructing an ISA for my wife, using IT's, mainly aimed at longer term growth, but not overly aggressive or risky. We are currently wanting to add one further global growth trust to her existing holdings. Within that global growth sector, she currently holds, Monks and SMT, (Monks being the larger holding). [For guidance, in the global G&I sector, she holds: JGGI and SAIN, and within Asia Pacific sector: PHI and JAGI].

We have arrived at a shortlist of: Alliance, Brunner or Mid Wynd.

.....

Have you looked at Bankers (BNKR)?

I hold MNKS, FCIT, JGGI, PHI and JAGI and recently decided to add BNKR; a slightly better performing analogue of FCIT.

Similar to Alliance, but less US and less tech tilted (I have quite enough tech in other holdings - notably ATT).

Thanks 77ss, I have flirted with Bankers before, as you say less tech. I was however put put off by its lower capital performance as compared to the others. Though that was likely due to its lower exposure to tech and the US. It does also pay a dividend yield of 1.88%.

So we are currently pondering leaving wife's global growth exposure as it is and instead adding BRGE (Blackrock Greater European Growth), or adding Mid Wynd or Bankers.

Backache
2 Lemon pips
Posts: 220
Joined: November 8th, 2016, 7:26 pm
Has thanked: 17 times
Been thanked: 85 times

Re: Choice of Global Growth IT

#416724

Postby Backache » June 1st, 2021, 11:34 pm

richfool wrote:I am considering increasing my exposure to global growth and (in particular) technology, but still maintaining as broad a spread as possible in terms of sectors and geographically. Thus I don't want to invest in Scottish Mortgage or trusts like Polar Technology, as they are too focussed on technology.


By Global growth do you mean the official sector or the opportunity for growth?.
If the latter you could consider Smithson, although officially a smaller companies find it's style is very much growth orientated. In it's short existence it has been fairly successful and it has about 46% technology exposure but with probably little overlap with your other holdings.

richfool
Lemon Quarter
Posts: 3492
Joined: November 19th, 2016, 2:02 pm
Has thanked: 1195 times
Been thanked: 1280 times

Re: Choice of Global Growth IT

#416753

Postby richfool » June 2nd, 2021, 9:19 am

Backache wrote:
richfool wrote:I am considering increasing my exposure to global growth and (in particular) technology, but still maintaining as broad a spread as possible in terms of sectors and geographically. Thus I don't want to invest in Scottish Mortgage or trusts like Polar Technology, as they are too focussed on technology.


By Global growth do you mean the official sector or the opportunity for growth?.
If the latter you could consider Smithson, although officially a smaller companies find it's style is very much growth orientated. In it's short existence it has been fairly successful and it has about 46% technology exposure but with probably little overlap with your other holdings.

Backache, This was a new (related/similar) question about my wife's ISA holdings, not a continuation of the original OP question.

We were seeking a broadly based global growth IT, to add to her long term growth, lower risk, portfolio, which would minimise any overlap of holdings with her existing holdings of: Monks, SMT, JGGI, JAGI, SAIN and PHI. Thus, preferably one avoiding too much exposure to the FAANG stocks, - Amazon, Alphabet, Microsoft, etc.

This was the new question, from about about half a dozen posts back:

I/we have been constructing an ISA for my wife, using IT's, mainly aimed at longer term growth, but not overly aggressive or risky. We are currently wanting to add one further global growth trust to her existing holdings. Within that global growth sector, she currently holds, Monks and SMT, (Monks being the larger holding). [For guidance, in the global G&I sector, she holds: JGGI and SAIN, and within Asia Pacific sector: PHI and JAGI].

We have arrived at a shortlist of: Alliance, Brunner or Mid Wynd.

I like Alliance, in view of Dod's comments above, and because, since its revamp a couple of years back, it uses a the multi manager approach drawing on a range of other specialist fund managers, overseen by Willis Towers Watson. It has also shed its old legacy holdings. I have some reservations in that it's top ten holdings include many of the FAANG stocks, which are also held by SMT, Monks and JGGI (currently held in my wife's portfolio). I like that it has a modest dividend yield c 1.5% (as opposed to nothing).

I am drawn towards Brunner (BUT), as it has recently shed the drag caused by Aviva wanting to sell its large holding, which has now gone and thus the discount of some 18% has reduced to c 9%, giving the trust the better short-term performance of the three. The long standing manager, Lucy McDonald has moved on, but the current managers seem to know what they are doing. It seems to hold a mix of holdings that don't overlap with the more usual (techy/FAANG type) holdings of SMT, Monks, or JGGI. Brunner (BUT) pays a dividend yield of c 2.0% (to console one in periods of low capital growth/market corrections/falls etc).

Mid Wynd has shown good past performance and holds a number of more cautious technology stocks, so not significantly overlapping with SMT, Monks or JGGI. Negligible dividend yield.

We are looking for an actively managed trust that compliments her existing holdings, rather than significantly overlaps with their holdings.

Backache
2 Lemon pips
Posts: 220
Joined: November 8th, 2016, 7:26 pm
Has thanked: 17 times
Been thanked: 85 times

Re: Choice of Global Growth IT

#416872

Postby Backache » June 2nd, 2021, 5:34 pm

richfool wrote:This was a new (related/similar) question about my wife's ISA holdings, not a continuation of the original OP question.


Apologies, Hadn't read the thread properly.
I have been a long term holder of Alliance Trust and think it is a decent IT but I must admit I would probably not add to it nowadays when trackers are so cheap it is basically a large cap generalist trust with quite a large number of holdings If I was looking for an active fund I would go for something a bit more niche or just buy a tracker at lower cost.

richfool
Lemon Quarter
Posts: 3492
Joined: November 19th, 2016, 2:02 pm
Has thanked: 1195 times
Been thanked: 1280 times

Re: Choice of Global Growth IT

#429840

Postby richfool » July 23rd, 2021, 8:33 am

As Alliance features in this thread, and I can't find a separate thread for Alliance, I'll post a copy of this here:

Alliance Half Year Results just out:
Performance Highlights

For the six months to 30 June 2021, the Company’s Net Asset Value (NAV) Total Return was 14.8% outperforming its benchmark, the MSCI All Country World Index (MSCI ACWI) which returned 11.1%
The Company’s Total Shareholder Return (TSR) of 11.1% reflected a widening of the discount from 3.5% at the start of the year to 6.7% at the end of June
Between 1 April 2017, when WTW was appointed Investment Manager, and 30 June 2021, the Company’s NAV Total Return and TSR were 58.4% and 56.6% respectively, against 57.2% for the benchmark
A second quarterly dividend of 3.702p, an increase of 3% on last year, will be paid in September and the Board expects to extend the Company’s 54-year track record of increasing ordinary dividends
The Board is reviewing the level of the Company’s dividend to assess if and how a more attractive and sustainable level of distributions may be provided to shareholders in the future
Reflecting our goal of transitioning the portfolio to net zero greenhouse gas emissions by 2050, we will be introducing exclusions on investing in stocks with significant exposure to thermal coal and tar sands

“We are pleased to have comfortably outperformed our benchmark index in the first half of 2021. With the increasing spread of returns between companies, it is now becoming much more of a stock pickers’ market, which plays to the strengths of our diversified yet high conviction approach to investing.

We recognise that the Company’s delivery of a sustainable, rising income is particularly important to many of its shareholders and are proud that the Company has been able to increase its total ordinary dividend for 54 consecutive years. With increased dividends expected as a result of the global economy re-opening, and the further flexibility that the conversion of the Company’s £645.3m merger reserve provides, the Board has started a review of the level and funding of its dividend payments. It will examine if and how the Company could deliver a more attractive and sustainable level of dividend to shareholders, without changing the investment strategy.

Although excluding stocks with significant exposure to thermal coal and tar sands will not result in significant divestments, it reinforces our ambition to have the portfolio managed to achieve net zero greenhouse emissions by 2050 or earlier. The portfolio’s carbon footprint is already 32.8% lower than the benchmark and this decision helps to keep us on the right track.”

https://www.investegate.co.uk/alliance- ... 0000H7657/

Dividend announcement:
Alliance Trust PLC announces the declaration of a second interim dividend for the year ending 31 December 2021 of 3.702 pence per share payable on 30 September 2021 to shareholders on the register on 3 September 2021. The ex-dividend date is 2 September 2021.

https://www.investegate.co.uk/alliance- ... 0000H7658/


Return to “Investment Trusts and Unit Trusts”

Who is online

Users browsing this forum: No registered users and 9 guests