Wots your portofolio - NEW VERSION

RubyBish

john_kane wrote: »

20% absolute return from cavesomething).

Cazenove Absolute Equity?


Also I can see the Marlborough ETF Absolute Return in the H-L list as B0CKJS8.

wombat42_2

john_kane wrote: »

hats off to the fund manager for this year so far, especially the last 6 weeks where he's done a great job of dodging a lot of the downturn.

the all commodities etf is up 10% in the past 12 months whilst this etf fund is up 40%.

the 1.6% or so annual management fee has already been well worth it.

the global growth etf has outperformed the global growth sector by a significant amount, shame on h-l they wont let people invest in the absolute return fund to complete my trio (every month any profit i have i invest 50% marlborough commodities etf, 30% marlborough global growth etf, 20% absolute return from cavesomething).

Bizarre that Marlborough Commodity ETF fund isnt an H&L recommended fund.

jon3001

john_kane wrote: »

hats off to the fund manager for this year so far, especially the last 6 weeks where he's done a great job of dodging a lot of the downturn.

Yes - they've done very well lately. I've bought the FAIG ETF but it took a lot of the recent brunt. Anyone know what the Marlborough fund did differently?

My default fund choice errs towards passive investing unless I've got strong evidence that a manager can get a long-term edge in his sector. It was a bit early yet for be to buy Marlborough especially given the extra expense. I had heard that commodity pools usually get most of the upside in a boom and can get limit the downside (e.g. using put options). I don't know if Marlborough are making any use of the short ETFs.

wombat42_2

jon3001 wrote: »

Yes - they've done very well lately. I've bought the FAIG ETF but it took a lot of the recent brunt. Anyone know what the Marlborough fund did differently?

My default fund choice errs towards passive investing unless I've got strong evidence that a manager can get a long-term edge in his sector. It was a bit early yet for be to buy Marlborough especially given the extra expense. I had heard that commodity pools usually get most of the upside in a boom and can get limit the downside (e.g. using put options). I don't know if Marlborough are making any use of the short ETFs.

The Marlborough fund allows Short ETFs. Also I guess the active management helped to limit losses in the downturn and the fact that they can hold cash. See:
http://www.marlboroughfunds.com/docs/!!!!!!/!!!!!!-MICA.pdf
http://www.marlboroughfunds.com/docs/mmc/MMC-MICA.pdf

jon3001

Top Ten Holdings at 1 August 2008 %
POWERSHARES DB SECTOR COMMODITY 9.15
[... snip 8 holdings... ]
ETFS SHORT ENERGY 2.64

Indeed, our indicators told us to expect such a move and we took steps to dampen the volatility through increasing our cash levels and buying a small number of short energy, oil and wheat ETCs. As a result, having let the index run ahead of us, we delivered a higher return over the full year to the end of July.

Stacey Ash - 07/08/08

Very interesting. If they're adding this to their strategy mix then, from what I understand, it could give them a lot of the advantages that professionally run commoditiy pools have. I may just have to reconsider my position on FAIG!

wombat42_2

jon3001 wrote: »

Top Ten Holdings at 1 August 2008 %
POWERSHARES DB SECTOR COMMODITY 9.15
[... snip 8 holdings... ]
ETFS SHORT ENERGY 2.64



Very interesting. If they're adding this to their strategy mix then, from what I understand, it could give them a lot of the advantages that professionally run commoditiy pools have. I may just have to reconsider my position on FAIG!

It is the least risky pure commodity vehicle there is - lower risk than FAIG.

Investec Enhamced Commodities
http://www.h-l.co.uk/fund_research/security_details/sedol/B2QVXH8.hl
sounded even better as it allowed shorting and any mixture of pure commodities and commodity stocks - trouble is that it sank 16% during July. I think it is actually about two thirds stocks but much more agri than JPM nat res.

I think there is actually a small amount of commodity stocks in the Marlborough fund.

john_kane_2

thanks very much for all your posts.

didnt even realise they could hold short etfs, figured they were just holding cash.

super to see they still do the monthly updates, i thought they had stopped those as the links on the website no longer showed them i believe.

interesting to see this being launched:

http://www.h-l.co.uk/fund_research/security_details/sedol/B2QNSJ1.hl

summary by FT:

http://www.ftadviser.com/InvestmentAdviser/Investments/AssetClass/Commodities/News/article/20080602/01d400e0-2cc5-11dd-a236-0015171400aa/Castlestone-rolls-out-UcitsIII-version-of-Aliquot-fund.jsp

it says:

The Aliquot Commodity fund returned 56.3 per cent over three years until 31 April 2008, outperforming the Dow Jones AIG Commodities index's return of 36.9 per cent and the S&P GSCI Commodity (TR) index's return of 33.8 per cent, according to Bloomberg.

worth the extra annual fees, plus no initial fee (why i dont like etfs).

though does it matter its an offshore fund?

thanks again

john

wombat42_2

john_kane wrote: »

thanks very much for all your posts.

didnt even realise they could hold short etfs, figured they were just holding cash.

super to see they still do the monthly updates, i thought they had stopped those as the links on the website no longer showed them i believe.

interesting to see this being launched:

http://www.h-l.co.uk/fund_research/security_details/sedol/B2QNSJ1.hl

summary by FT:

http://www.ftadviser.com/InvestmentAdviser/Investments/AssetClass/Commodities/News/article/20080602/01d400e0-2cc5-11dd-a236-0015171400aa/Castlestone-rolls-out-UcitsIII-version-of-Aliquot-fund.jsp

it says:

The Aliquot Commodity fund returned 56.3 per cent over three years until 31 April 2008, outperforming the Dow Jones AIG Commodities index's return of 36.9 per cent and the S&P GSCI Commodity (TR) index's return of 33.8 per cent, according to Bloomberg.

worth the extra annual fees, plus no initial fee (why i dont like etfs).

though does it matter its an offshore fund?

thanks again

john

The Aliqout fund is an investment trust and therefore slightly geared. Also you will get zapped by H&L dealing charges (£100 each time you buy or sell I think) plus stamp duty. Unit trusts like the Marlborough fund are slightly lower risk. The Marlborough fund had a name change so it moved from Ifunds to marlborough website. Offshore funds are not allowed in ISAs or SIPPs.

cheerfulcat

wombat42 wrote: »

The Aliqout fund is an investment trust and therefore slightly geared.

FWIW, it's an OEIC, not an investment trust. Edited to add, so no dealing charges/stamp duty.

Also you will get zapped by H&L dealing charges (£100 each time you buy or sell I think) plus stamp duty.

HL dealing charges are tiered; lowest £9.95 and highest £29.95 depending on the size of the deal.

Offshore funds are not allowed in ISAs or SIPPs.

Sorry, that's not quite right either.

john_kane_2

thanks for your replies.

why would i pay dealing charges and stamp duty on this fund? is it because it is offshore? what are the implications of it being offshore - is it that if it went bust i couldnt reclaim any money?

john