My IT (Income & Growth) Portfolio - July Update

[richfool]

This is an update on my Investment Trust portfolio as at 5th April 2023. Note it includes income and growth trusts with the main focus on income (88% of the total value, (growth 12% of the total value).


Over the year the total value of the portfolio increased by: 9.56%

Looking over this portfolio, I am somewhat surprised by the increase. However I noticed that you didn't use the word "gain". Did you inject new money to your portfolio during the year? Otherwise I'm puzzled at the increase.
Your large traditional UK and Global ITs did reasonably well - with total returns in the 1 to 7% range - with MYI an outlier at 11.3%. But your property ITs tanked - from around -11% to -35%. And yes there were some other wins, but also losses. I just couldn't work out where an overall gain of 9.5% could come from.
PS thanks for the list. I'm much more heavily loaded with US and world Index ETFs - and they are all in negative territory by around 1% to 5% over the past year.

Scotia, Thank you for highlighting that. You are indeed right to be surprised.

Apologies. Upon checking my figures, I inadvertently took the 2021 figure, instead of the 2022 figure, as my starting point. Upon reworking that through it produces a fall of -4.56% over this last year.

(Note - I had some of the income remitted to my bank, during the year, as opposed to being re-invested, which will tend to cloud the performance issue).

I am conscious that I am light on the US. (MCT isn't really US). I gain some exposure through BRSA, otherwise currently I rely on the global trusts having a higher exposure. I have pondered, on and off, about adding another US trust such as NAIT, or even JAM for growth. I just haven't found the right one. (BRSA does have a broader remit than the US alone).

[scotia]

Apologies. Upon checking my figures, I inadvertently took the 2021 figure, instead of the 2022 figure, as my starting point. Upon reworking that through it produces a fall of -4.56% over this last year.

So I am now a bit less embarrassed by confessing that I had a loss of -6% in my ISA over the past year
Some more detail - I am overweight in USA large cap and underweight in UK large cap (FTSE 100). My exposure in the UK is chiefly in FTSE 250 or smaller ITs and OEICS. For the rest of the world, I have world trackers, and a small sprinkling of region specific ITs. I also have a modest flutter in Baillie Gifford ITs (SMT and EWI). I don't hold any bonds or property investments.
Looking over these components, the US large cap investments were down a few percent, and I missed out on the modest (about 6% gain) UK FTSE 100 over-performance (after many years of under performance). The UK smaller companies area was not the place to be - down by more than 20%. The Baillie Gifford ITs fluttered down even further - but then in previous years they have climbed spectacularly. I wait and hope

[richfool]

Apologies. Upon checking my figures, I inadvertently took the 2021 figure, instead of the 2022 figure, as my starting point. Upon reworking that through it produces a fall of -4.56% over this last year.

So I am now a bit less embarrassed by confessing that I had a loss of -6% in my ISA over the past year
Some more detail - I am overweight in USA large cap and underweight in UK large cap (FTSE 100). My exposure in the UK is chiefly in FTSE 250 or smaller ITs and OEICS. For the rest of the world, I have world trackers, and a small sprinkling of region specific ITs. I also have a modest flutter in Baillie Gifford ITs (SMT and EWI). I don't hold any bonds or property investments.
Looking over these components, the US large cap investments were down a few percent, and I missed out on the modest (about 6% gain) UK FTSE 100 over-performance (after many years of under performance). The UK smaller companies area was not the place to be - down by more than 20%. The Baillie Gifford ITs fluttered down even further - but then in previous years they have climbed spectacularly. I wait and hope

Hi Scotia,
Yes, I would think your being overweight in the USA (large cap) won't have helped the performance of your portfolio. And as I understand it, the USA is still out of favour. Similarly UK small and mid-caps will have been a downside. I have avoided the latter for a few years now, after being caught with Mercantile during a previous time when they were out of favour. So I rely on whatever exposure UK general trusts give me (to small and mid caps), - e.g. LWDB, MRCH & DIG (which is probably not a lot). I moved out of and stayed away from Baillie Gifford trusts like SMT and Monks when the Covid boom abated. My only holding now from that stable is Scottish American which is somewhat more diversified and not so technology focused.

My holding of JEGI has recovered well during the year and as you alluded to above, MYI has done well. My best longer term performers are: BERI, GRID, MCT, EGL and JGGI. I did a small top-slice of BERI (my top-performer) during the year, but tended to regret it afterwards.
Biggest losers: the property coys: API, EPIC, PHP and WHR, plus EAT.

During the last year I topped up MYI and BUT the most, (from my sales of other trusts and part of my dividends), with smaller top-ups of HINT, LWDB, MRCH, FCIT, BRSA, AAIF and NCYF. Of the losers, I made a small top up of EAT, and more recently of (property trusts): PHP and WHR.

I was pondering adding a USA trust, or a multi-asset trust with US exposure, but haven't found a suitable animal yet.. I can't say I see markets going anywhere other than sideways or possibly down over the next year or so, so am tending to sit tight with an eye to caution. OK if the Russia Ukraine war resolves itself, then I would expect some upside, particularly from Europe.

Let me know if you come across any suitable trusts. ( hold RICA, but sold PNL).

Regards

[richfool]

Picking up on this long not updated thread, I suppose a quick summary of my portfolio as it stands currently, would be appropriate:

I've have now ventured into ETF's and bonds (see below).

I've tinkered with my UK G&I holdings:- They now consist of: DIG, LWDB, EDIN and Shires.

My Global Growthers consist of: Brunner and Alliance, plus a recent addition of ETF VEVE as a means of comparison/benchmark.

Global G&I's: JGGI, MYI and SAIN.
*US: BRSA. Canada: MCT
Europe: JEGI and EAT.
Asia Pacific: holdings reduced to just: AAIF
Energy/Commodities/Miners: BERI
Bonds: NCYF. Bond ETF's: VGOV and VUTY.

* I did contemplate adding VUSA (ETF) to increase my US exposure, but decided to rely on the above average exposure provided by VEVE, along with the Global Growthers and Global G&I's.

Plus a collection of renewable energy companies and property REIT's (the latter including: API, PHP, WHR).

Currently under consideration is: MATE (see: viewtopic.php?p=638390#p638390