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  • FIRST POST
    • Dird
    • By Dird 16th Oct 16, 6:50 PM
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    Dird
    Seeing the full list of holdings?
    • #1
    • 16th Oct 16, 6:50 PM
    Seeing the full list of holdings? 16th Oct 16 at 6:50 PM
    Everywhere I look seems to show the top 10 holdings of a particular fund (even the fund websites), is there nowhere showing all the holdings?
    Mortgage (Nov 15): £79,950 | Cashback sites: £785 | Current accounts: 15
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Page 1
    • george4064
    • By george4064 16th Oct 16, 7:40 PM
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    george4064
    • #2
    • 16th Oct 16, 7:40 PM
    • #2
    • 16th Oct 16, 7:40 PM
    There is no requirement for funds to reveal their entire portfolio, however some fund managers do reveal it out of choice. (CF Woodford Equity Income is an example of a FM that reveals the whole portfolio).

    Are you looking for a specific fund or just asking in general?
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2016 - #045
    • MatthewAinsworth
    • By MatthewAinsworth 16th Oct 16, 7:46 PM
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    MatthewAinsworth
    • #3
    • 16th Oct 16, 7:46 PM
    • #3
    • 16th Oct 16, 7:46 PM
    Does it track an index? I assume that what's in the relevant index is roughly what I hold
    • Dird
    • By Dird 16th Oct 16, 7:49 PM
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    Dird
    • #4
    • 16th Oct 16, 7:49 PM
    • #4
    • 16th Oct 16, 7:49 PM
    Are you looking for a specific fund or just asking in general?
    Originally posted by george4064
    Fundsmith. I was curious if it has a stake in Berkshire
    Mortgage (Nov 15): £79,950 | Cashback sites: £785 | Current accounts: 15
    Mortgage (Nov 16): £76,486 | £30k in 2016 #96: £27,530 (91.7%)
    • george4064
    • By george4064 16th Oct 16, 7:55 PM
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    george4064
    • #5
    • 16th Oct 16, 7:55 PM
    • #5
    • 16th Oct 16, 7:55 PM
    Fundsmith. I was curious if it has a stake in Berkshire
    Originally posted by Dird
    Check if Fundsmith let you register on their website, some FMs let registered users download the full portfolio.

    Another thing you could try is have a look through the fund's reports & accounts. I know some funds that post top 40 holdings in the annual report, which is better than top 10 but not as good as the whole portfolio.

    Otherwise you could just contact Fundsmith and ask them, no harm in that.
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2016 - #045
    • MatthewAinsworth
    • By MatthewAinsworth 16th Oct 16, 7:55 PM
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    MatthewAinsworth
    • #6
    • 16th Oct 16, 7:55 PM
    • #6
    • 16th Oct 16, 7:55 PM
    I think fundsmith is actively managed from an advert I saw? Bear in mind warren buffet recommends you just track an index, let other people pay for research and piggyback
    • bigadaj
    • By bigadaj 16th Oct 16, 8:20 PM
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    bigadaj
    • #7
    • 16th Oct 16, 8:20 PM
    • #7
    • 16th Oct 16, 8:20 PM
    I think fundsmith is actively managed from an advert I saw? Bear in mind warren buffet recommends you just track an index, let other people pay for research and piggyback
    Originally posted by MatthewAinsworth
    You might want to check terry smith record with this fund over the past few years.
    • Scarpacci
    • By Scarpacci 16th Oct 16, 10:00 PM
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    Scarpacci
    • #8
    • 16th Oct 16, 10:00 PM
    • #8
    • 16th Oct 16, 10:00 PM
    Fundsmith does not have a stake in Berkshire Hathaway. You can check this because of a U.S. requirement to submit a list of U.S. fund holdings to the SEC each quarter (a 13-F), which you can find on the SEC's website. As of last reporting, Fundsmith holds 17 U.S. equities and Berkshire Hathaway is not one of them. The 13-F is also how "whale watchers", as they call themselves, keep tabs on what Buffett and others are buying.

    I don't think Berkshire Hathaway, as it is today, is what Fundsmith would look for. It's a very large company that has a need to deploy lots of capital. That has led it to invest in railroads and energy companies, where there's always a need to reinvest capital at predictable (often regulated) returns. This is quite different to the Fundsmith "type" of company that usually needs to only reinvest a portion of its earnings at the higher rates of return found in consumer, health care, technology sectors, before returning the rest to shareholders.
    This is everybody's fault but mine.
    • bowlhead99
    • By bowlhead99 16th Oct 16, 10:42 PM
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    bowlhead99
    • #9
    • 16th Oct 16, 10:42 PM
    • #9
    • 16th Oct 16, 10:42 PM
    I think fundsmith is actively managed from an advert I saw?
    Originally posted by MatthewAinsworth
    No sh itsherlock, that's why he wants to know whether or not it has an investment in Berkshire because he can't look it up on the index.

    Bear in mind warren buffet recommends you just track an index, let other people pay for research and piggyback
    Warren Buffet has never given Dird a personalised recommendation, and does not track an index himself when constructing his massively successful investment portfolio that his investors pay him and his team to construct.
    • MatthewAinsworth
    • By MatthewAinsworth 17th Oct 16, 5:15 AM
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    MatthewAinsworth
    Why have buffet and smith done well when other managers haven't? I suppose someone always will outperform - superior research, strategy or luck maybe?

    I just don't get why buffet isn't saying "go fundsmith" or saying that he'd entrust his estate to it, maybe he sees index as safer as managers can change?
    • Dird
    • By Dird 17th Oct 16, 8:39 AM
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    Dird
    I just don't get why buffet isn't saying "go fundsmith"
    Originally posted by MatthewAinsworth
    He probably hasn't heard of him/looked at his fund. Same with Woodford & other people across the ocean. I can't actually remember him mentioning any fund manager at all in any YouTube video

    He's in the view of "invest in America" though. Fundsmith has less than 60% in US holdings so that's 40% wasted
    Last edited by Dird; 17-10-2016 at 8:43 AM.
    Mortgage (Nov 15): £79,950 | Cashback sites: £785 | Current accounts: 15
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    • AnotherJoe
    • By AnotherJoe 17th Oct 16, 9:24 AM
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    AnotherJoe
    Everywhere I look seems to show the top 10 holdings of a particular fund (even the fund websites), is there nowhere showing all the holdings?
    Originally posted by Dird
    If its not in the top ten, why does it matter? Lets say for sake of argument that Fundsmith* had a 0.73% holding in Berkshire. So what ?

    If you want to invest in Berkshire there are better ways of doing it than picking a fund that has a tiny percentage of it. If you dont want to invest in it, again, if its not in the top ten holdings, it doesn't matter as the percentage would be very low.

    * FWIW it seems very unlikely it would, Fundsmiths proposition is to hold shares in a small number of companies that meet the criteria they want. Its not a fund of funds setup, so to hold funds within it would go against its core reasoning.
    Last edited by AnotherJoe; 17-10-2016 at 9:27 AM.
    • Linton
    • By Linton 17th Oct 16, 10:33 AM
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    Linton
    Why have buffet and smith done well when other managers haven't? I suppose someone always will outperform - superior research, strategy or luck maybe?
    Originally posted by MatthewAinsworth
    Some possible reasons why Fundsmith has done well....

    1) Most managers are constrained by the scope of their fund. Because of his reputation in the industry Terry Smith was able to define his own broad scope.
    2) The fund has a simple strategy and keeps to it
    3) It invests in a small number of companies and so is able to understand them in detail.
    4) Solid more defensive companies have done well since the 2008/2009 crash so the strategy has been appropriate for the economic conditions.

    Fundsmith also has an Emerging Markets IT run on similar lines which has only been going for 2 years. In the past 12 months it was 9th out of 10 EM ITs. In the previous 12 months it was 5th out of 10. So perhaps the strategy has its limitations.
    • Dird
    • By Dird 17th Oct 16, 11:26 AM
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    Dird
    If its not in the top ten, why does it matter?
    Originally posted by AnotherJoe
    I've been watching their annual meetings over the weekend. Thought it would be interesting for him to explain why it doesn't qualify as a "very good company" given how much he praises Buffett
    Mortgage (Nov 15): £79,950 | Cashback sites: £785 | Current accounts: 15
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    • coyrls
    • By coyrls 17th Oct 16, 12:04 PM
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    coyrls
    I've been watching their annual meetings over the weekend. Thought it would be interesting for him to explain why it doesn't qualify as a "very good company" given how much he praises Buffett
    Originally posted by Dird
    His
    approach rules out most businesses that do not sell direct to consumers or which make goods which are not consumed at short and regular intervals.
    (From the Fund's "Owners Manual").
    • Scarpacci
    • By Scarpacci 17th Oct 16, 12:56 PM
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    Scarpacci
    I've been watching their annual meetings over the weekend. Thought it would be interesting for him to explain why it doesn't qualify as a "very good company" given how much he praises Buffett
    Originally posted by Dird
    If you search for Terry Smith interviews or his writing/reports, there's a few mentions of Warren Buffett but usually in the context of the investor Buffett was before, not Berkshire Hathaway today. That's not necessarily a criticism from Terry Smith - I think he's of the common view that BH has to invest that way due to its size today.

    If you take away Warren Buffett (which of course will happen some day), would Terry Smith usually own an insurance company (Geico), reinsurer (Gen Re), American railroad (BNSF), an energy company (MidAmerican)? I don't think Fundsmith would, so why own Berkshire?

    Berkshire Hathaway does also have a share portfolio, but to the extent it does overlap with Terry Smith's ideas (maybe Coca-Cola and IBM could be the type of companies they'd own - although Fundsmith holds neither), why not just do it yourself? If you wouldn't hold Wells Fargo or Phillips 66, why invest in Berkshire Hathaway to do so?

    I can't see how Fundsmith could follow its maxims and hold Berkshire Hathaway, even if Terry Smith does respect Warren Buffett's investing legacy.
    This is everybody's fault but mine.
    • AnotherJoe
    • By AnotherJoe 17th Oct 16, 5:54 PM
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    AnotherJoe
    I've been watching their annual meetings over the weekend. Thought it would be interesting for him to explain why it doesn't qualify as a "very good company" given how much he praises Buffett
    Originally posted by Dird
    No one is saying it isn't "a very good company" but that isnt the only criteria. There are lots of "very good companies", FS only pick a handful, and owning one that doesn't fit their criteria in any way at all apart from being "a good company" would be a good reason to start with !

    Otherwise on your reasoning he should also buy into any other investors fund he also thinks has good management, and then he would have a fund of funds setup, which isn't what he is about.
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