Discussion
Hope this isn't considered excessive thread necro, but the "small cap" investment trust hinted at at the last shareholders meeting has now been announced as https://smithson.co.uk .
0.9% fee (on share price, not NAV, due to launch in October with IPO closing on the 16th and first dealing on the 19th.
0.9% fee (on share price, not NAV, due to launch in October with IPO closing on the 16th and first dealing on the 19th.
xeny said:
Hope this isn't considered excessive thread necro, but the "small cap" investment trust hinted at at the last shareholders meeting has now been announced as https://smithson.co.uk .
0.9% fee (on share price, not NAV, due to launch in October with IPO closing on the 16th and first dealing on the 19th.
Interesting, I presume it'll be a bit like the existing BG Global Discovery fund which, to me, is a star performer and helps with diversification..0.9% fee (on share price, not NAV, due to launch in October with IPO closing on the 16th and first dealing on the 19th.
xeny said:
Hope this isn't considered excessive thread necro, but the "small cap" investment trust hinted at at the last shareholders meeting has now been announced as https://smithson.co.uk .
0.9% fee (on share price, not NAV, due to launch in October with IPO closing on the 16th and first dealing on the 19th.
Interesting. If you’ll indulge me; what’s the difference between a 0.9% of share price fee, versus 0.9% NAV?0.9% fee (on share price, not NAV, due to launch in October with IPO closing on the 16th and first dealing on the 19th.
It's an investment trust, so a company that invests in companies. The share price is the "host" company share price. The NAV is the pro rata'd share price of the companies that it invests in.
An IT that is in favour or doing well tends to trade at a premium to NAV, while one out of favour trades at a discount. Look at the morningstar graphs for say SMT and ALAI for examples of a premium and discount respectively.
An IT that is in favour or doing well tends to trade at a premium to NAV, while one out of favour trades at a discount. Look at the morningstar graphs for say SMT and ALAI for examples of a premium and discount respectively.
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hstewie said:
hstewie said: Anyone else find it slightly nuts that the likes of Sainsbury's and Xerox qualify as "Smaller Companies"?
...yep, its insane....I used to work for a US tech company which was termed a "small cap" because it was under $2 Billion revenue per year ....need to be over $10Billion revenue to be a "large" company apparently ...I think it is more defensive, but not sure it is WAY more defensive - there's a fair bit of tech in there (paypal, facebook etc) just better balanced with healthcare etc. I like fundsmith and it is still our single largest holding (other than shares in my former employer which are restricted) but I recently sold some that was in my wife's ISA and bought a couple of fixed income securities with the proceeds. I would probably have sold more but didn't want to pay the CGT, which I appreciate is a first world problem...
bhstewie said:
hstewie said: I thought it was a bit of a rotation to value combined with the impact of the pound going from around $1.20 to $1.32.
It's about level with a world tracker for the past 12 months so I'd be cautious of saying it's done badly.
Nothing goes up forever.
This.It's about level with a world tracker for the past 12 months so I'd be cautious of saying it's done badly.
Nothing goes up forever.
The majority of Fundsmiths shares are based in the USA and a fair % of the last few years growth was due to the weak GBP, as the GBP strengthens them some of these gains from a weak GBP will be reversed.
bhstewie said:
hstewie said: I thought it was a bit of a rotation to value combined with the impact of the pound going from around $1.20 to $1.32.
It's about level with a world tracker for the past 12 months so I'd be cautious of saying it's done badly.
Nothing goes up forever.
An accurate / succinct explanation.It's about level with a world tracker for the past 12 months so I'd be cautious of saying it's done badly.
Nothing goes up forever.
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