Temple Bar Investment Share Discussion Threads

[chc15] 02/10/2020 10:11

Yes sure, there are a few good ones, Lindsell train, baillie gifford and fundsmith. Quite simply, if u can't beat the index, then no point paying high fees for failure. Once all recovers in a few years, I'll be going full index, 60/40.

[panshanger1] 02/10/2020 09:57

It's all bout stock picking !I think Nick Train over at FGT is a value investor- buying under appreciated cos at a reasonable price where they can sustain earnings growth over the long term Don't see many tech cos in his trust and he has a superb track record

[chc15] 02/10/2020 09:47

Disagree, this trust along with many others have been found out, active management and value investing have failed, been sold a pup. Style investing is over now.

[vacendak] 02/10/2020 09:38

Ninety One had a sweet deal, from the link I sent earlier, they get paid until April 2021. If the suspicions of willingly choosing losers are in any way corroborated, they should have difficulties finding a new job after that.

Value is still an option to play, but it must be done actively I think, like AVI do with AGT and AJOT. They take stakes then at the very least write strongly worded letters to the management. They can also call on special resolutions to try to at least change things a bit.

Otherwise going down the path of "the marjet is wrong, but I am always right" should be done on a very focused portfolio, 20-30 stocks I would say with very sound analysis of those stocks: Lot of manpower, lot of work. It is unlikely that the latest bet on Rolls-Royce was a thoroughly researched one.

[chc15] 02/10/2020 09:13

Yep I told u, Ninety One knew they were being dumped, and sabataged this trust, shocking.

[essentialinvestor] 02/10/2020 08:43

So is RR. and thats done a lot more than 15% in the last few days.

[orinocor] 02/10/2020 08:39

Bayer down 15% the last 2 days It's one of their big holdings at over 4% of the folio.
Other top ten holdings like BP, Shell, IWG also getting creamed.

[chc15] 01/10/2020 10:46

Why the hell did they buy rolls royce, and sell Grafton, total muppets.

[vacendak] 30/9/2020 12:27

The story of the change of managers. The board was pretty busy in the end, too bad they kept quiet for so long.

[chc15] 28/9/2020 11:13

Inv styles are just silly and irrelevant now, it should be unconstrained.

[poikka] 27/9/2020 15:56

I can't knock value investing, but for such an investment style to ignore other 'opportunities' would be a mistake. I think it was KIT that did just that by being completely out of miners after the last downturn

[chc15] 24/9/2020 12:18

Maybe, but any influence 1607 can bring is a good thing, hopefully they can sort the board out, who have been incompetent. Hoping 1607 will increase their stake.

[essentialinvestor] 24/9/2020 12:02

How is there an activist opportunity?, % discount is not wide enough.

[chc15] 24/9/2020 09:11

The news of 1607 purchasing is more interesting than RWC. 1607 are an activist holder, so hopefully they will pressure the board more now, and possibly build a larger stake. I may start buying again via the shareplan now.

[chc15] 24/9/2020 08:17

Ninety One just sabotaging this trust now..

[topvest] 23/9/2020 19:28

I do agree that it's not the right time to throw the "value style" out. Not 100% convinced with RWC though as the choice who seem a tad value trap orientated as well. Time will tell.

[chc15] 23/9/2020 17:26

Yes odd it's been announced so late. 1607 capital, they can't be happy, they losing loads, not sure they are activists, hope so!

[vraic] 23/9/2020 16:45

This 5.05% Bought mid August new holder?

[dbskinflint] 23/9/2020 15:17

I agree with CHC15 but who knows maybe Covid plus everything else will be the catalyst for the revival but I am not holding my breath

[chc15] 23/9/2020 14:26

I think too much damage has been done to the trust by Ninety One. Will be a long recovery here. I keep hearing Value is coming back, but who knows, it hasn't done well for 10 years now. I'm disappointed they have chosen a new mgr with the same process that failed before. Specific investment style mgrs do not work anymore.

[vacendak] 23/9/2020 13:34

ADVFN seems to have removed the trick with capitalising one letter in the "https" prefix. In my post, the www. seems to work.
The link is no longer active though.

[poikka] 23/9/2020 13:13

No idea why the brackets appear, above, but anyway the article can be seen under 'news' at top of the page.

[poikka] 23/9/2020 12:53

This answers most questions.

[...]

I do believe that value investing is due for a better period, and agree with the new managers in that respect; furthermore, in a couple of years, certain stocks bought at current levels will provide fantastic yields within that time scale - just hope that the reserves hold out long enough.

In the meantime, as said, there's a juicy yield.

[vacendak] 23/9/2020 11:51

I thought I had heard of them before from being managers to WTAN or sub managers for FCIT (Foreign & Colonial), but no...

They seem to be doing a bit of everything:
www.rwcpartners.com/uk/what-we-do/

It all depends on how they plan the transition. If they dump/cash-in everything, even at serious loss to NAV and replace the lot with their picks or if they somehow agree with the current bets. Apart from the decision to cut the dividend, there is not much information.

Purves and Lance were at Shroders until 2010, they had been on the Shoders "Institutional Specialist Value Funds" team.

They have not given any indication with regards to the focus of the coming portfolio. Will it be 30-40 stocks high conviction? Will they play with silver/gold ETFs as Mundy did? Will it be value + activism as with AGT (run by AVI)?

The switch from Witan Pacific to Baillie Gifford China Growth was more informative when it came to saying what the new vehicle would do.

[dbskinflint] 23/9/2020 11:17

Any views on how good the new managers are? They look uninspiring to me but that could be due at least in part to the value style which has not been effective lately. My view is dump and take the hit or long term (5years?) hold but any insights welcome