Blackrock MyMap 3 vs Trojan X

MichelleN

Albermarle said:

MichelleN said:

cloud_dog said:

Sorry for chucking charts at you but, I have changed the time period to be the last 6 months which captures the correction quite nicely:


If you go to TrustNet Charting tool you can simply add investments (RHS) and change the timeperiod etc to suit your purpose.

I suppose in fairness to Vanguard,VLS40 would reflect the charting better than VLS20 bearing in mind the others are all nearer 40% equities than 20. Thank you for the charting, exactly what I wanted to look at.

The equity  % of Mymap 3 is moving around significantly . Currently it is nearer to 20% and Mymap 4 is <40% .
These are not passive funds in the normal sense of the word. 

I must admit I didn't realise the MyMap funds altered its equity allocation so much although I did know it is more actively managed than the other multi asset funds. Initially on launch I think the MyMap 3 equity allocation was 34% and MyMap 4 was 53%. 
MyMap 3 held up quite well in Feb/March not too dissimilar to Trojan X so maybe its good that they don't have a static equity structure like the VLS/HSBC funds.
Interesting observation from A_T regarding the Trojan Ethical fund, worth considering.  

Albermarle

When I looked this morning the data on Trustnet and Morningstar regarding MYmap4 was different  One said something like 45% and the other over 60% , unless I was reading it wrong . 

MPN

The MyMap 3/4 funds are most probably the nearest comparison of the ‘fund of funds’ multi asset funds to Trojan X or PNL. However, I personally would still prefer to go with Sebastian Lyon.

bowlhead99

Albermarle said:

When I looked this morning the data on Trustnet and Morningstar regarding MYmap4 was different  One said something like 45% and the other over 60% , unless I was reading it wrong . 

For 31 July, the Morningstar data on asset allocation / top holdings for Mymap 4 is consistent with Blackrock's own factsheet, give or take a couple of basis points here or there (perhaps related to a different sub-class, or simply a data feed issue) 
https://www.blackrock.com/uk/individual/literature/fact-sheet/mymap-4-class-d-acc-accu-gbp-factsheet-gb00bfbfyj57-gb-en-individual.pdf 

The data showing at Trustnet for 31 July Mymap 4 with 60+% in equities is the same as Blackrock's factsheet for Mymap 5 at https://www.blackrock.com/uk/individual/literature/fact-sheet/mymap-5-class-d-acc-accu-gbp-factsheet-gb00bfbfyq25-gb-en-individual.pdf. 

Meanwhile, what Trustnet are showing for 31 July Mymap 5 (77.99% equities, 14.84% fixed income etc) is what's showing on Blackrock's own factsheet for Mymap 6 (https://www.blackrock.com/uk/individual/literature/fact-sheet/mymap-6-class-d-acc-accu-gbp-factsheet-gb00bfbfz140-gb-en-individual.pdf).

On this occasion then, it appears to be an error in Trustnet (FE Fundinfo)'s reporting rather than Morningstar's for the Mymap series of funds.

Albermarle

Thanks Bowlhead for confirming my query over the different % reports .
So Mymap 4 %  seems to move around between 45% and 55% equities , around  half way between VLS 40 and 60 .
It also has a similar UK bias to VLS ,but the difference is that it seems to be less reliant on corporate bonds and more on Govt bonds than VLS (and most of the other similar multi asset funds) Also marginally cheaper and cheaper still than holding one of the WP trusts ( although comparison between multi asset funds and WP trusts is open to debate/preference )

StellaN

My preference would be Trojan X mainly because first and foremost it's aim is to protect your investment. It does exactly that because in the March downturn losses were limited even though it has around a 40% equity allocation.Trojan performed more like a fund with a 20% equity allocation (VLS20 or similar) so that is why it is a very popular wealth preservation fund.

Albermarle

StellaN said:

My preference would be Trojan X mainly because first and foremost it's aim is to protect your investment. It does exactly that because in the March downturn losses were limited even though it has around a 40% equity allocation.Trojan performed more like a fund with a 20% equity allocation (VLS20 or similar) so that is why it is a very popular wealth preservation fund.

I have PNL , which has the same manager of course but I also have multi asset funds . Riding both the WP and MA horses at the same time ! The Mymap funds seem to have performed well, in the shortish time they have existed , against other similar funds but probably because they have a high US equity content.

StellaN

Albermarle said:

StellaN said:

My preference would be Trojan X mainly because first and foremost it's aim is to protect your investment. It does exactly that because in the March downturn losses were limited even though it has around a 40% equity allocation.Trojan performed more like a fund with a 20% equity allocation (VLS20 or similar) so that is why it is a very popular wealth preservation fund.

I have PNL , which has the same manager of course but I also have multi asset funds . Riding both the WP and MA horses at the same time ! The Mymap funds seem to have performed well, in the shortish time they have existed , against other similar funds but probably because they have a high US equity content.

I did consider PNL but decided on Trojan X because for some reason the IT seems to suffer slightly heavier losses during any correction/downturn and this is why I buy a WP fund in the first place. Also, because I invested a six figure sum the 0.5% stamp duty also has some bearing on it.

bowlhead99

StellaN said:

Albermarle said:

StellaN said:

My preference would be Trojan X mainly because first and foremost it's aim is to protect your investment. It does exactly that because in the March downturn losses were limited even though it has around a 40% equity allocation.Trojan performed more like a fund with a 20% equity allocation (VLS20 or similar) so that is why it is a very popular wealth preservation fund.

I have PNL , which has the same manager of course but I also have multi asset funds . Riding both the WP and MA horses at the same time ! The Mymap funds seem to have performed well, in the shortish time they have existed , against other similar funds but probably because they have a high US equity content.

I did consider PNL but decided on Trojan X because for some reason the IT seems to suffer slightly heavier losses during any correction/downturn and this is why I buy a WP fund in the first place. Also, because I invested a six figure sum the 0.5% stamp duty also has some bearing on it.

PNL seemed to hold up quite well for a few days into the crash but had a bit of wobble as it moved to a 3% discount to NAV at some point having been at a 1% premium; that gave the price 4% extra movement compared to its NAV, while an OEIC would not usually have so much movement around the NAV even with some allowance for swing pricing. I generally think the 0.5% stamp is negligible over a 5+ year period and don't worry about it too much, but if you are going to want to move in and out of it to rebalance during market high and low points then perhaps you won't keep all your shares long enough to be able to brush the stamp duty under the carpet.

Presumably with that sort of value you would be using a fixed fee provider and not one that charges on a percentage basis for holding OEICs, so the structural difference doesn't have much of an impact there. PNL's mild outperformance vs Trojan over a 5 or 10 year period was really just a difference of asset positioning for a short time in March to July 2016 around the time of the Referendum; perhaps the Board had a slightly different view to Troy at the time, which ended up being worth a few percent. With the recent changes, there may be less of that 'independence of thought' anyway, so I wouldn't worry about it too much.