Baillie Gifford is Bonkers

Filo25

I have about 16% of my SIPP spread across a few of their ITs, they fall very much at the highly volatile/growth end of the portfolio.

Prism

Thrugelmir wrote: »

Two of the funds have major weighting in the FANGS. The other has a sizable holding in Ocado.

Little point investing with hindsight. Identifying opportunities earlier is the name of the game.

If you take SM it is still heavily invested in Amazon, Alibaba and Netflix (amongst others) as the managers believe that the growth of those large companies are nowhere near over. When a company looks like they have peaked, they reduce the holding percentage or sell. I leave it up to the managers of the fund to work out the opportunites so hopefully its always a good time to invest in their funds. Can they continue to capture the early upside of these growth companies, I have no idea? BG do seem better than most at the moment however.

Thrugelmir

Prism wrote: »

If you take SM it is still heavily invested in Amazon, Alibaba and Netflix (amongst others) as the managers believe that the growth of those large companies are nowhere near over.

Also has a sizable unlisted portfolio. These holdings will only be revalued infrequently. As a consequence rerating of shares is somewhat more subjective. Than funds which hold all listed investments and therefore NAV can be recalculated on a daily basis.

Alexland

Yesterday there was a considerable 'thump' after the annual shareholder report for Monks came through the letterbox. Having poured over it today I remain impressed with the new management team's thinking and stock selection. I really don't think it is fair to say that BG are just riding the Nasdaq index.

aroominyork

Alex, have you (to save me the effort) looked at whether there is any material difference between Global Alpha Growth, which I hold, and Monks?

grey_gym_sock

Alexland wrote: »

Yesterday there was a considerable 'thump' after the annual shareholder report for Monks came through the letterbox.

perhaps there should be a "passive" investment vehicle which invests cash proportionately to the weight of a company's annual report

Sue58

A_T wrote: »

Indeed. Monks have only recently shown good performance by going heavy on NASDAQ listed stocks. Really if you like this kind of approach you might as well use a NASDAQ tracker ETF.

The same goes for other celebrated ITs. Really over the long term they're not doing anything special.

That's amazing, I must admit I'm quite stunned at how well the HSBC FTSE 250 tracker has done compared to the 'as you put it' the celebrated IT's. I always thought the 'celebrated' IT's were in the main doing a very credible active management job compared to a tracker.

Alexland

aroominyork wrote: »

Alex, have you (to save me the effort) looked at whether there is any material difference between Global Alpha Growth, which I hold, and Monks?

Well apart from the differences in structure and use of leverage they share 9 top holdings but with slightly different percentages. The recent total return for the OIEC versus the trust NAV roughly match but the trust share price has performed better as the discount closed.

According to the shareholders report the trust has been able to issue new shares for the first time in 55 years as they were waiting for a slight premium to benefit existing shareholders. Also the trust has been required to increase its dividend from 1.25p to 1.40p as the minimum dividend requirements to retain trust status have increased.

Alex.

aroominyork

Well, that much I can see for myself. I thought maybe you'd do a deeper dive. Truth is, I've been contracted to look for a prodigy to eventually succeed bowlhead. I'm afraid you fell at the first hurdle.

Alexland

aroominyork wrote: »

Well, that much I can see for myself. I thought maybe you'd do a deeper dive. Truth is, I've been contracted to look for a prodigy to eventually succeed bowlhead. I'm afraid you fell at the first hurdle.

Harsh - the management team is the same and the strategy is the same so the differences will be tiny so what were you expecting me to say? Are your employers arranging bowlhead an unfortunate accident?

Alex.