Temple Bar Investment Share Discussion Threads

[orinocor] 15/5/2020 16:39

With the portfolio being 6% gold and 20% gilts/cash you would expect to see a more resilient performance in the down days.

[jfinvestments] 15/5/2020 14:43

Kingfisher at risk of falling into the S&P 'fallen angel' category won't help, with about 3% of portfolio there. The bigger issue isn't the day to day volatility, it is the long term plan in place. Is there one?

[orinocor] 15/5/2020 13:35

The NAV is tumbling fast. Today's announcement wont't be pretty.

[shalder] 13/5/2020 22:41

Plus portfolio management in complete disarray, so future investment policy and stock selection a total unknown (despite co comments) can't see any narrowing of the discount any time soon. Better value elsewhere in the UK income sector imo.

[jfinvestments] 13/5/2020 17:30

Oil , DIY stores and Gilts. Top 10 is a bit of a shocker really. I'm sure things will turn around in time, but it is either a big loss or a long term hold with reduced rewards. The portfolio dividends are 40% down, so that will more than likely be reflected in the future dividend payments.

[jfinvestments] 13/5/2020 14:25

Below £7 and likely to be cutting dividends in the future. Anyone else regretting investing here?

[orinocor] 07/5/2020 08:29

I bought these yesterday for the 1st time then checked the top ten investments last night. I don't know why but they had a nightmare yesterday, down on average 3%, when the FTSE was flat! Sold this morning as I think there are better ITs than this one and at bigger discounts.

[poikka] 01/5/2020 08:35

They're certainly going to have to dig into reserves to continue paying the divi, but a year out and this won't be looking so bad.

His obsession with builders merchants was well founded, IMO, but then he went over the top with Capita, and he did have some pretty big bets.

Shame the bug came along.

[jfinvestments] 01/5/2020 07:49

I'm all about the value approach, it can work and now is the time to be doing it. But I worry about this investment.

[spoole5] 30/4/2020 11:51

Mundy sold GSK who maintained their divi and kept RDSB. This guy should never work again in the industry.

[aurelius5] 23/4/2020 09:28

Maybe the bigger question is how much longer the big ITs can remain invested predominantly in Britain, where too many companies fit that Fundsmith description. For sure, there are good businesses here - AZN, DGE, ULVR, RB - but successive governments have allowed too many quality firms to be sold off and the pool has shrunk.

[chc15] 22/4/2020 17:02

True he tripped up with the large CPI holding, this destroyed the portfolio before the pandemic really started, then was too slow to react. Ultimately the board are incompetent and have panicked- so all need sacking. For me, 'Quality' is the way to go, Value has failed.
Fundsmith comments are so true:
“Shares in companies that are lowly rated are so mostly for good reasons – because their businesses are heavily cyclical, highly leveraged, they have poor returns on capital and/or they face other structural or management issues."

[shieldbug] 21/4/2020 10:25

Same happened to European Investment Trust which I also held.

Abandoning "value" during a market crash is idiotic. It just shows that the so called directors haven't got a clue what they are doing. What they have done is basically vandalism.

There is no comparison to be made between Mundy and Woodford. I sold Woodford when I realised he was investing in cold fusion - totally out of his depth. Mundy tripped up once while Woodford was totally "off beam".

[topvest] 20/4/2020 22:08

All the big value names are being sacked at the moment. First Neil Woodford (albeit he had a massive speculative style drift taking him well away from value), then his successor at Invesco and now Mundy. Unfortunately, the value style just hasn't been working for over a decade now. However, at this point of value capitulation, maybe this is where value starts to out-perform. I'm a value investor at heart, but I couldn't invest in many of the things Mundy puts in his portfolio which is why I invested in the investment trust. I guess that with a 12m notice period, they are giving Mundy and Ninety-One a chance to be vindicated. Anyway this is a nice trust which has stuck rigidly to its principles and I do hope it recovers. Mundy deserves better than this in my view.

[chc15] 20/4/2020 16:39

It's all happening with this trust atm, 12 month notice though..

[topvest] 18/4/2020 18:20

Yes, very sad. Let’s hope he’s better soon.

[chc15] 17/4/2020 11:42

Oh dear, mundy is off sick, hope he gets better, but probably better to have 2 others at the wheel

[aurelius5] 09/4/2020 17:55

Munday is taking a lot of stick from armchair commentators who are understandably disappointed with the short term problems here. Nevertheless in the 20 years to the top of the market two months ago, this trust trebled your capital and increased the dividend above the rate of inflation. It's a good long term performance. I agree with Munday's longer term view of rising inflation. It's quite possible that there will be further falls across the market but long term investors could do worse than start to accumulate.

[shieldbug] 31/3/2020 13:36

The manager actually made a good bet on a recovering economy. All the economic indicators in February supported his bet. Problem is he did not foresee the impact of the virus until too late. The Trust has sold quality stocks in favour of value. The new bet is that value offers a greater return than quality. Over 3 to 5 years I expect they will be proved right.

[wskill] 26/3/2020 16:15

A little oversold not too keen on investment choices Barclays would not be in any investment portfolio of mine.