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Portfolio Critique

Index tracking funds and ETFs
GeoffF100
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Re: Portfolio Critique

#473556

Postby GeoffF100 » January 16th, 2022, 4:56 pm

mark85 wrote:Was having a look at iweb, appears to have some poor reviews online but maybe this is more to do with simplistic platform it offers. Going with HSBC All World tracker at .13% pa how many trades would be optimal per year?.

I have had an account with iWeb for many years. No serious problems. Nothing wrong with the platform. They appear to be overloaded with transfers in though. Quarterly investments should be fine.

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Re: Portfolio Critique

#473630

Postby 1nvest » January 16th, 2022, 9:06 pm

GeoffF100 wrote:
mark85 wrote:Was having a look at iweb, appears to have some poor reviews online but maybe this is more to do with simplistic platform it offers. Going with HSBC All World tracker at .13% pa how many trades would be optimal per year?.

I have had an account with iWeb for many years. No serious problems. Nothing wrong with the platform. They appear to be overloaded with transfers in though. Quarterly investments should be fine.

Been thinking of opening multiple account my/our'selves. Since ii introduced £10/month fees it is a niggle that previously free (when TD Waterhouse) now costs.

Did consider a joint family general account but trying to read through HMRC's tax-rules book is a nightmare and deemed it best to keep things separate for 4 family members general and ISA (and SIPPs). Yes in one context less than a grand/year brokerage fees can be small relative to larger sums invested, but is still a niggle that in your wallet its a modest/significant amount.

Bet that if/when we do transfer that will be the time when iWeb shortly thereafter decides to revise its charges.

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Re: Portfolio Critique

#473645

Postby AsleepInYorkshire » January 16th, 2022, 10:33 pm

mark85 wrote:Have read other similar posts but was wondering what people’s thoughts are on how this portfolio I am planning to hold long term will fair.

Key Points
- Secure engineering job in early 30s
- £100,000 currently invested in S&S ISA with ii
- Total yearly contribution going forward - £20,000 ISA limit thus monthly - £1667
- Interactive Investor Platform Yearly Fees total £120
- Transaction fees as regular investor £0 for purchases – monthly investment
- Yearly rebalancing of portfolio asset allocation
- 100% equity

Initial Portfolio Allocations
Based on VRWL/ VRWP Allocations
North America 62.60%
Europe 16.30%
Pacific 10.80%
Emerging Markets 10.10%
Middle East 0.20%

Investment forecasts seems to suggest that EM/EU excluding UK more likely to outperform over the course of next 5 years. US despite dominating over the course of the past significant number of years with elevated valuations estimated to underperform.

VHVG VANGUARD FUNDS PLC FTSE DEVELOPED WORLD UCITS ETF 0.12% cost – 80% allocation
VFEG VANGUARD FUNDS PLC FTSE EMERGING MARKETS UCITS ETF 0.22% cost - 15% allocation
FTSE Developed Europe UCITS ETF 0.10% cost - 5% allocation

Total fees – inclusive of platform/ investments with £2000 addition throughout the year approximately - £289. Equivalent 1% IT/Fund fees would equate to approximately £1320 – I appreciate that there are cheaper options but 1% didn’t seem unduly unfair.

Based on a 5% annualised return: Portfolio will be worth very approximately £408,820. (~£5627 will have been spent on fees, with £108200 interest accrued). Not inflation adjusted.

I pay less than 1% on my S&P 500 holding in my Standard Life Pension. I pay a little more on my fund in small UK companies.

May I suggest you think laterally about your long term future with regard to investments and savings. And please don't think I am criticising your progress to date. We have a 14 year old daughter and we've been encouraging her to think about saving from an early age. We have been supporting her with her JISA, which is financially tough on us, but it's what we want to do.

I wonder if you should review your options with regard to investing in a pension. Noting of course that there's a timeline restriction which could be increased by future governments. Investing is a personal journey. We all have to choose the route which we feel the most comfortable and suitable for our needs. I won't ask what your income is or what your personal circumstances are. Not my business.

There are some advantages of investing in a pension. They may not be for you though. If you are earning above £50K then your tax advantages are very good. Below that there may still be some tax advantages.

I'm not selling pension investing by the way. Merely and Foolishly just nudging you to think about how they may fit your investing strategy. Upon my death my pension will pass to my good lady. And upon her death "our" pensions will pass to our daughter. Upon receipt she has no IHT to pay on them. She can draw down from them immediately and pay tax as if the drawdown amount is an earning.

If you earn say £40K per year you could (by example) take £20K out of your ISA and put it into a pension. It would attract a 25% tax rebate at source or the equivalent of £5K. Which is a significant increase on your projected 5% growth which on £20K would be £1K. Again noting that the money is locked in until you are 57 currently. But the 5K will attract compound interest.

The distinct advantage of a pension is it has a tax free allowance (currently) of £1.07M.

I am not putting forward an argument for pensions. That's for you to decide

AiY(D)

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Re: Portfolio Critique

#473860

Postby TUK020 » January 17th, 2022, 4:27 pm

If you are fortunate enough to earn between 100-123k, these tax advantages become compelling.
For gross earnings above 100k, you personal allowance is withdrawn on a sliding scale, giving you a marginal tax rate of 60%.
If you suppress your gross earnings to 100k by contributing any extra to a pension, the government is in effect matching anything you put in with one and a half times as much.

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Re: Portfolio Critique

#474217

Postby LooseCannon101 » January 18th, 2022, 8:52 pm

Hariseldon58 wrote:For the OP I’d just go for an All World tracker.
There is an HSBC All World tracker at .13% pa, it’s a fund but there are no costs to hold with ii.

A very small bias to EM and Europe is likely to make very little difference, I wouldn't overthink it, just invest monthly, year in and year out, you’ll get there.


I agree with the above post. Keep it simple, invest monthly, do not re-balance, and repeat for 30+ years. The results will be amazing.

I have been investing in a highly diversified global growth equity investment trust (FCIT) for the past 20 years and averaged about 8% per year on a total return basis (dividends re-invested). Why make things complicated?

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Re: Portfolio Critique

#474324

Postby GeoffF100 » January 19th, 2022, 9:31 am

LooseCannon101 wrote:
Hariseldon58 wrote:For the OP I’d just go for an All World tracker.
There is an HSBC All World tracker at .13% pa, it’s a fund but there are no costs to hold with ii.

A very small bias to EM and Europe is likely to make very little difference, I wouldn't overthink it, just invest monthly, year in and year out, you’ll get there.

I agree with the above post. Keep it simple, invest monthly, do not re-balance, and repeat for 30+ years. The results will be amazing.

I have been investing in a highly diversified global growth equity investment trust (FCIT) for the past 20 years and averaged about 8% per year on a total return basis (dividends re-invested). Why make things complicated?

If you want to control risk, you will need to rebalance. Nobody knows the future. Anyone who thinks that they do will amazed by what happens, unless they make a very lucky guess. Future returns could be good or bad. We do not know.

My portfolio as grown at about 8% during retirement over the last 20 years. I have had an average of about 50% in savings accounts. I have not allowed for cash in and out, so that number cannot be compared with other people's returns. Nonetheless, I have not done badly.

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Re: Portfolio Critique

#482404

Postby LooseCannon101 » February 23rd, 2022, 6:41 pm

GeoffF100 wrote:
LooseCannon101 wrote:
Hariseldon58 wrote:For the OP I’d just go for an All World tracker.
There is an HSBC All World tracker at .13% pa, it’s a fund but there are no costs to hold with ii.

A very small bias to EM and Europe is likely to make very little difference, I wouldn't overthink it, just invest monthly, year in and year out, you’ll get there.

I agree with the above post. Keep it simple, invest monthly, do not re-balance, and repeat for 30+ years. The results will be amazing.

I have been investing in a highly diversified global growth equity investment trust (FCIT) for the past 20 years and averaged about 8% per year on a total return basis (dividends re-invested). Why make things complicated?

If you want to control risk, you will need to rebalance. Nobody knows the future. Anyone who thinks that they do will amazed by what happens, unless they make a very lucky guess. Future returns could be good or bad. We do not know.

My portfolio as grown at about 8% during retirement over the last 20 years. I have had an average of about 50% in savings accounts. I have not allowed for cash in and out, so that number cannot be compared with other people's returns. Nonetheless, I have not done badly.


Rebalancing whilst having a large amount in cash, dramatically reduces one's overall returns in the long term. I am willing to have 95% of my life savings in a highly diversified global growth equity investment trust, with only 5% in cash. Cash is great for the short term, but a lousy hedge over the long term e.g. 10 years+.

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Re: Portfolio Critique

#482411

Postby GeoffF100 » February 23rd, 2022, 7:47 pm

LooseCannon101 wrote:
GeoffF100 wrote:
LooseCannon101 wrote:
Hariseldon58 wrote:For the OP I’d just go for an All World tracker.
There is an HSBC All World tracker at .13% pa, it’s a fund but there are no costs to hold with ii.

A very small bias to EM and Europe is likely to make very little difference, I wouldn't overthink it, just invest monthly, year in and year out, you’ll get there.

I agree with the above post. Keep it simple, invest monthly, do not re-balance, and repeat for 30+ years. The results will be amazing.

I have been investing in a highly diversified global growth equity investment trust (FCIT) for the past 20 years and averaged about 8% per year on a total return basis (dividends re-invested). Why make things complicated?

If you want to control risk, you will need to rebalance. Nobody knows the future. Anyone who thinks that they do will amazed by what happens, unless they make a very lucky guess. Future returns could be good or bad. We do not know.

My portfolio as grown at about 8% during retirement over the last 20 years. I have had an average of about 50% in savings accounts. I have not allowed for cash in and out, so that number cannot be compared with other people's returns. Nonetheless, I have not done badly.

Rebalancing whilst having a large amount in cash, dramatically reduces one's overall returns in the long term. I am willing to have 95% of my life savings in a highly diversified global growth equity investment trust, with only 5% in cash. Cash is great for the short term, but a lousy hedge over the long term e.g. 10 years+.

If you are happy to lose most of your money in a crash, and wait in vain for decades in the hope that it will recover, 95% equities is fine.

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Re: Portfolio Critique

#482482

Postby tjh290633 » February 24th, 2022, 9:26 am

GeoffF100 wrote:If you are happy to lose most of your money in a crash, and wait in vain for decades in the hope that it will recover, 95% equities is fine.

Provided that you were not in trackers, recovery has been reasonably quick in every drop since 1974. Often dividend income has been little affected, 2008-10 being the exception. Riding out the storm has been a better option.

TJH

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Re: Portfolio Critique

#482499

Postby DelianLeague » February 24th, 2022, 10:21 am

Hello Mark85,

Congratulations for being in such a great position and thinking about the future. I really like your 'Key points' I have added my personal thoughts.
Key Points
- Secure engineering job in early 30s - Very employable, from the trades/Maintenance up up the professional.
- £100,000 currently invested in S&S ISA with ii - Very good platform.
- Total yearly contribution going forward - £20,000 ISA limit thus monthly - £1667 - Amazing you can do this in your early 30's.
- Interactive Investor Platform Yearly Fees total £120 - Right on.
- Transaction fees as regular investor £0 for purchases – monthly investment - This is a very good use of the ii platform.
- Yearly rebalancing of portfolio asset allocation - Why would you want to bother?
- 100% equity - I am all for this at your age.

You seem pretty swathed on. The only thing that I would do different is not bother with balancing different ETF's to make a portfolio. I am with the poster that thought just one world index fund might be better, such as the HSBC one.

I personally think that this would be simpler and easier. I would also say that the Vanguard Global all cap (Acc) index fund is excellent. It simply buys the complete market. No rebalancing. It is a little more expensive than the HSBC fund but that is because it is truly global and also holds small cap shares. If I remember, the HSBC fund doesn't hold small cap and that is how they have kept the charge down lower than the Vanguard.

They are based in the UK and are in pounds.

Simple and effective long term growth within an ISA with low charges, What's not to like.

Good luck, D.L.

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Re: Portfolio Critique

#482540

Postby GeoffF100 » February 24th, 2022, 11:49 am

tjh290633 wrote:
GeoffF100 wrote:If you are happy to lose most of your money in a crash, and wait in vain for decades in the hope that it will recover, 95% equities is fine.

Provided that you were not in trackers, recovery has been reasonably quick in every drop since 1974. Often dividend income has been little affected, 2008-10 being the exception. Riding out the storm has been a better option.

Much bigger exceptions were the 1929 crash and the 1980 crash in Japan.

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Re: Portfolio Critique

#482545

Postby mc2fool » February 24th, 2022, 12:09 pm

mark85 wrote:
GeoffF100 wrote:iWeb is cheaper than II, and is likely to be at least as safe. With a relatively small portfolio, by the standards of this board, you could afford to go with Freetrade. It is unlikely that they will go bust, and you will almost certainly be paid out in full by the FSCS if they do.

Was having a look at iweb, appears to have some poor reviews online but maybe this is more to do with simplistic platform it offers.

It's curious how one often hears that complaint about IWeb but rarely about the Halifax or Lloyds share dealing platforms -- and yet they are all but identical (and all operated by Halifax Share Dealing), the main difference between them being that IWeb is orange themed, Halifax blue and Lloyds olive green. I can only conclude that there's something about the orange colour, along with them being the cheapest of the Lloyds owned brands, that elicits such comments.

I use both II and IWeb and, yes, IWeb is simpler and easier to use than II, which can sometimes be quite convoluted. II does have the advantage that it can deal in "professional" investments (provided you pass the appropriateness assessment) whereas IWeb only caters to "retail" investors.

However if all you want is "vanilla" shares/ETFs/ITs/OEICs of the sort you've mentioned then IWeb is more than fine, and personally I'd suggest that you put future ISA money into IWeb, to spread broker risk (small as it may be).

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Re: Portfolio Critique

#482588

Postby 1nvest » February 24th, 2022, 2:21 pm

LooseCannon101 wrote:
Hariseldon58 wrote:For the OP I’d just go for an All World tracker.
There is an HSBC All World tracker at .13% pa, it’s a fund but there are no costs to hold with ii.

A very small bias to EM and Europe is likely to make very little difference, I wouldn't overthink it, just invest monthly, year in and year out, you’ll get there.


I agree with the above post. Keep it simple, invest monthly, do not re-balance, and repeat for 30+ years. The results will be amazing.

I have been investing in a highly diversified global growth equity investment trust (FCIT) for the past 20 years and averaged about 8% per year on a total return basis (dividends re-invested). Why make things complicated?

BMO who manage the FCIT (and others) fund also provide savings accounts https://www.bmogam.com/gb-en/retail/plans-explained/ £72/year for a ISA account, £48/year for a general account. Can only trade their funds but I guess eliminates brokerage risk. No trading fees I believe if you trade online. Might even be able to have holdings converted to certificated form ???

Ireland tax ETF's higher than other choices, 44% standard tax rate on gains with a 8 year forced tax event (so if you buy and hold its like having sold/repurchased after each 8 years along with a 44% tax liability). Their capital gains tax allowances are also really low, around £1000/year only. Many states seem to dislike ETF's and if that trend expands more generally then Investment Trusts could out-shine ETF's, more so if there are large pent-up capital gains.

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Re: Portfolio Critique

#483570

Postby AWOL » March 1st, 2022, 3:56 pm

tjh290633 wrote:
GeoffF100 wrote:If you are happy to lose most of your money in a crash, and wait in vain for decades in the hope that it will recover, 95% equities is fine.

Provided that you were not in trackers, recovery has been reasonably quick in every drop since 1974. Often dividend income has been little affected, 2008-10 being the exception. Riding out the storm has been a better option.

TJH


I am a little confused as to what you're recommending over trackers as your statement seems to suggest that there is a better option than trackers and if so I'd like to know what it is and why it is a better bet than the market. What has recovered reasonably quickly thank trackers?

I am not challenging your statement I just don't understand what this better option is that has recovered better than trackers/index investing. My studies have resulted in me migrating to developed world index tracking over the years so clearly my understanding has suggested this is a good approach.
Last edited by AWOL on March 1st, 2022, 4:00 pm, edited 1 time in total.

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Re: Portfolio Critique

#483572

Postby AWOL » March 1st, 2022, 3:59 pm

mc2fool wrote:I use both II and IWeb and, yes, IWeb is simpler and easier to use than II, which can sometimes be quite convoluted. II does have the advantage that it can deal in "professional" investments (provided you pass the appropriateness assessment) whereas IWeb only caters to "retail" investors.

However if all you want is "vanilla" shares/ETFs/ITs/OEICs of the sort you've mentioned then IWeb is more than fine, and personally I'd suggest that you put future ISA money into IWeb, to spread broker risk (small as it may be).


I must say that iWeb has been fine for my ISA as has SIPPdeal/AJ Bell/Youinvest for SIPP investments so I am wonder where people run into difficulties with iWeb as it must be some sort of administration that I haven't done. They were a little slow with a transfer I did but the problem was apparently with the other provider.

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Re: Portfolio Critique

#483620

Postby tjh290633 » March 1st, 2022, 9:03 pm

AWOL wrote:
tjh290633 wrote:
GeoffF100 wrote:If you are happy to lose most of your money in a crash, and wait in vain for decades in the hope that it will recover, 95% equities is fine.

Provided that you were not in trackers, recovery has been reasonably quick in every drop since 1974. Often dividend income has been little affected, 2008-10 being the exception. Riding out the storm has been a better option.

TJH


I am a little confused as to what you're recommending over trackers as your statement seems to suggest that there is a better option than trackers and if so I'd like to know what it is and why it is a better bet than the market. What has recovered reasonably quickly thank trackers?

I am not challenging your statement I just don't understand what this better option is that has recovered better than trackers/index investing. My studies have resulted in me migrating to developed world index tracking over the years so clearly my understanding has suggested this is a good approach.

Having a sensible portfolio of dividend paying shares, or unit funds, I sailed through every bear market bar 2008-10 by staying fully invested. The FTSE100, being a follower of fashion, dumped the failed dot-com shares and was too late to share in most of the recovery after the bear market. Look how long it took for the FTSE100 to get back to its December 1999 level. It got there in February 2015. My unitised portfolio income unit got back to its previous level in November 2005, and was at almost twice that level when the FTSE100 had recovered.

I haven't checked their records, but I suspect that Witan IT had recovered much more quickly and FCIT likewise. Of course they are more widely invested than the UK market, but that is what ITs are for.

TJH

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Re: Portfolio Critique

#483659

Postby AWOL » March 2nd, 2022, 4:50 am

tjh290633 wrote: The FTSE100, being a follower of fashion, dumped the failed dot-com shares and was too late to share in most of the recovery after the bear market. Look how long it took for the FTSE100 to get back to its December 1999 level. It got there in February 2015. My unitised portfolio income unit got back to its previous level in November 2005, and was at almost twice that level when the FTSE100 had recovered.

I haven't checked their records, but I suspect that Witan IT had recovered much more quickly and FCIT likewise. Of course they are more widely invested than the UK market, but that is what ITs are for.

TJH


Thanks. I am relying on the global diversification of MSCI World but wonder how your portfolio would compare. I have ignored ignored UK benchmarks for some time. I should check the historic record but still try too get some sleep now :D

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Re: Portfolio Critique

#483729

Postby tjh290633 » March 2nd, 2022, 10:24 am

AWOL wrote:Thanks. I am relying on the global diversification of MSCI World but wonder how your portfolio would compare. I have ignored ignored UK benchmarks for some time. I should check the historic record but still try too get some sleep now :D

I have comparable total return figures for my own portfolio and Witan, F&C and Alliance Trust over the periods when I have been investing in them for my grandchildren.

Witan since Dec 2001 has an IRR of 9.4%, I have 8.5%, the FTSE100TR gave 5.6%
FCIT since Jun 2003 has an IRR of 13.6%, I have 9.5%
ATST since Apr 2004 has an IRR of 9.9%, I have 9.0%

That begs the question why am I not 100% in those ITs, and the answer is that I prefer the income that I get.

TJH

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Re: Portfolio Critique

#483767

Postby GeoffF100 » March 2nd, 2022, 11:32 am

tjh290633 wrote:
AWOL wrote:Thanks. I am relying on the global diversification of MSCI World but wonder how your portfolio would compare. I have ignored ignored UK benchmarks for some time. I should check the historic record but still try too get some sleep now :D

I have comparable total return figures for my own portfolio and Witan, F&C and Alliance Trust over the periods when I have been investing in them for my grandchildren.

Witan since Dec 2001 has an IRR of 9.4%, I have 8.5%, the FTSE100TR gave 5.6%
FCIT since Jun 2003 has an IRR of 13.6%, I have 9.5%
ATST since Apr 2004 has an IRR of 9.9%, I have 9.0%

Here are the corresponding figures for MSCI world:

https://www.msci.com/documents/10199/f0 ... b03288b523

Trackers for those indexes have not been available in the UK until much more recently than that. The FTSE world indices are better indices to track, but have not been around for so long. If you buy at the top of a bubble (and we could be near that now) you will get hammered, and your portfolio may not recover for 30 years or more. That is why people buy a mixed portfolio of equities and bonds. Nonetheless, bonds are also over-priced at the present time. Welcome to investing.

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Re: Portfolio Critique

#483861

Postby AWOL » March 2nd, 2022, 4:56 pm

GeoffF100 wrote:Trackers for those indexes have not been available in the UK until much more recently than that. The FTSE world indices are better indices to track, but have not been around for so long. If you buy at the top of a bubble (and we could be near that now) you will get hammered, and your portfolio may not recover for 30 years or more. That is why people buy a mixed portfolio of equities and bonds. Nonetheless, bonds are also over-priced at the present time. Welcome to investing.


I wasn't suggesting that 100% equities is for everyone although the ideal allocation will depend on multiple variables such as drawdown rate, timeframe, final portfolio target value, valuation, etc.

I was suggesting that trackers are not a bad recommendation compared to global ITs, here is my preferred global index fund:

Image

Regarding MSCI versus FTSE it's a matter of taste but I would be careful about mixing EM and DM trackers across both although I don't invest in EMs for various reasons such as state interference.


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