Buy Capital Gearing Trust?

aroominyork

Albermarle said:

Interesting. I did not know 'Dry Powder' was an official term !

It's usually the term used by politicians in the Commons when they need something to perk them up.

k_man

Albermarle said:

Interesting. I did not know 'Dry Powder' was an official term !

The other WP IT often mentioned, Personal Assets is much more US orientated . Which is why I have both.

For reference, currently both hold similar UK at around 20%

masonic

k_man said:

Albermarle said:

Interesting. I did not know 'Dry Powder' was an official term !

The other WP IT often mentioned, Personal Assets is much more US orientated . Which is why I have both.

For reference, currently both hold similar UK at around 20%

Last time I looked (which was not that long ago), UK equities were only 8% of PNL, while international equities made up 30% of the fund. I was going by this: https://www.patplc.co.uk/Portals/0/Literature/Quarterly Report/PAT/2022/Q1/PAT Investment Report - January 2022.pdf

Going back to the interim report from October 2021, there were only a few non-US international equities, Nestle (Switzerland) @ 3%, Franco Nevada (Canada) @ 2.2% and Pernod-Ricard (France) @ 0.5%, so it is reasonable to suppose that the US equities make up a little under 24% of the current fund, which is three times the UK weighting.

Unless you have some more detailed and/or up to date information?

k_man

The comment was based on details from HL:

https://www.hl.co.uk/shares/shares-search-results/c/capital-gearing-trust-plc-ord-25p-shares

Countries UK 21.92%

https://www.hl.co.uk/shares/shares-search-results/p/personal-assets-trust-plc-gbp12.50-ord

Countries UK 18.12%

After your response though looking at Trustnet, that show PNL at 7% UK

(Doesn't show region split for CGT).

HL may split other non equities by region too.

Albermarle

According to the info on the Fidelity platform ( powered by Morningstar info )

CGT    40% UK ,  8% US

PNL     15% UK   69% US

aroominyork

k_man said:

HL may split other non equities by region too.

They clearly do. HL's country breakdown accounts for c.68% of the holdings. I do not know which asset classes they exclude... the maths suggest the linkers but it would be curious to exclude linkers but include cash.

Anyway, that is exactly why I contacted the fund manager - it is the location only of the risk assets that concerns me; the current bout of inflation is quite global, and global linkers are less volatile than UK ones so at the moment I do not really mind what country they are in.

Albermarle

According to the info on the Fidelity platform ( powered by Morningstar info )

CGT    40% UK ,  8% US

The Fidelity geographical % adds up to nearly 99%.

k_man

Clear as 😁

masonic

k_man said:

Clear as 😁

It's not unusual for such breakdowns to be wildly inaccurate, especially when dealing with different asset classes / holdings that include other funds, etc. It pays to go back to the fund prospectus / annual reports to get the full picture.

aroominyork

masonic said:

k_man said:

Clear as 😁

It's not unusual for such breakdowns to be wildly inaccurate, especially when dealing with different asset classes / holdings that include other funds, etc. It pays to go back to the fund prospectus / annual reports to get the full picture.

But to work through the list of equity holdings and their geography is a long task. The fund manager's approximation is good enough for me, especially when the bottom line is 'mostly UK '.