Have the "wealth preservation" funds become more defensive / bond-oriented?

hallmark

Just looking at the portfolios of CGT, PNL and RICA on AJ Bell:

CGT 64% bonds (and 5% cash)
PNL 65% bonds (and 10% gold)
RICA 57% bonds (and 3% cash)

I couldn't swear to it but I don't remember them being so defensive previously.

RCP is actually short on bonds which highlights just how different it is from the others even though they're often called a WP fund.

I hold all of them (and am about 10% down overall)

Linton

hallmark said:

Just looking at the portfolios of CGT, PNL and RICA on AJ Bell:

CGT 64% bonds (and 5% cash)
PNL 65% bonds (and 10% gold)
RICA 57% bonds (and 3% cash)

I couldn't swear to it but I don't remember them being so defensive previously.

RCP is actually short on bonds which highlights just how different it is from the others even though they're often called a WP fund.

I hold all of them (and am about 10% down overall)

CGT allocations are given in the monthly factsheets - https://www.capitalgearingtrust.com/reports-and-documents/
Since the end of 2021 until the end of Feb this year CGT has increased its government bond+corporate debt holdings from 48% to 67%.  The majority of the bond holdings are UK and US IL bonds.

Albermarle

CGT and PNL have certainly reduced their equity % significantly . If I remember correctly they are usually in the 30% to 40% region, but currently only 17% and 25% respectively. Maybe they are nervous about the outlook for equities ?

Nor sure where your 10% down comes from though. Maybe related to when/how you invested.
PNL is only down 3.6% in the last 12 months and is 19% up over 3 years. It's price peaked at 505p and is now 475p , which is a 5% drop minus dividends paid out.
CGT is down 8% in the last year, but 14% up over 3 years. It's peak price to today is about 6% down minus dividends paid. 
RICA's performance is better still. 

hallmark

Thanks guys. Useful info that confirms I wasn't imagining it.

Just checked the precise figures, I'm actually 8.99% down overall.  I bought equal amounts of each in June 2022 and then Aug 2022 & currently they're:

CGT -8.79%
PNL -2.89%
RCP -23.00%
RICA -1.44%

Albermarle

hallmark said:

Thanks guys. Useful info that confirms I wasn't imagining it.

Just checked the precise figures, I'm actually 8.99% down overall.  I bought equal amounts of each in June 2022 and then Aug 2022 & currently they're:

CGT -8.79%
PNL -2.89%
RCP -23.00%
RICA -1.44%

It is debatable whether RCP is a WP fund, and a 23% drop pretty much confirms that !

masonic

Albermarle said:

CGT and PNL have certainly reduced their equity % significantly . If I remember correctly they are usually in the 30% to 40% region, but currently only 17% and 25% respectively. Maybe they are nervous about the outlook for equities ?

CGT has been at a little under 20% in equities for quite some time. You need to look beneath the headline figure on the factsheet as it had a significant holding in REITs and other such securities it bundled in with the equities. It looks like they've been ditching property exposure recently. PNL has dropped from ~1/3 to 1/4 equities. Both have been rotating into bonds as interest rates near their peak. I haven't checked where they've been going in terms of duration, but expect that is lengthening from the ultra-short position they were in this time last year.