I am experimenting with a series of shorter videos covering specific asset classes and investment trust sectors. The notes this week include the second of these, looking in more depth at the performance and future of infrastructure trusts, including the larger renewables trusts.
Video overview This is a link to the latest video. Please note that throughout the video I make a recurrent mistake, confusing the two trust tickers GCP and GRP and (embarrassingly) getting their names the wrong way round - just goes to show that recording videos in one take can be a hazardous venture. My apologi...
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I am experimenting with a series of shorter videos covering specific asset classes and investment trust sectors. The notes this week include the first of these, together with a short summary of my current thinking about the market cycle.
Market overview Once again I have reason to be grateful for technical analysis, which has kept me from making too grievous a mistake in thinking about the equity and bond markets so far this year. The essential message from the charts has been; don't rush to judgment and in particular don't buy too readily the argument that both equity and bond prices are...
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Jonathan Davis reviews the four Money Makers model portfolios:
Growth portfolio Income portfolio Handbook portfolio Defensives portfolio
The slides accompanying this video presentation are available for download (PDF). The current holdings in each portfolio are summarised in the attached spreadsheet, together with an indication of which of them are - or have been - holdings of Jonathan Davis and his family in the past. Please note that the numbers are unaudited and subject to a more detailed review when I move the data to a new provider, after which I hope it will be quicker and easier t...
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Growth portfolio review In normal times the Money Makers portfolios are designed as buy and hold portfolios for the medium to longer term, so their make up tends to change little from one year to the next. However this time around I think a change in strategy is called for. Having decided back in 2009-10 that low interest rates and financial repression were here to stay, I was happy to let the long duration trusts in the growth portfolio, the oldest of the four, continue to compound merrily away for years without much need to rebalance from year to year. In the new climate however, for a varie...
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This seems a good moment to review how the various Money Makers portfolios are performing. I say a good moment because having been very cautious at the start of the year there are some signs that sentiment has taken a turn for the better in the last two weeks; bond yields have stabilised and are down from their peak, while equity markets have rallied somewhat. Gold meanwhile continues to range sideways. Commodities and specialist alternative asset trusts have been the standout strong performers this year. Could this be a turning point of some duration? Short answer: it is possible, but I am a...
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This is my latest review of the Money Makers Handbook portfolio which has featured in all five editions of the Investment Trusts Handbook, having been launched in January 2017 and so now celebrating its fifth anniversary. Although I sometimes describe it as a model portfolio, it is not really that, but rather an honest attempt to illustrate how picking a diversified selection of the best sector-leading trusts within an overall asset allocation and risk tolerance framework should be capable of delivering good returns in most market conditions.
Jonathan Davis Results to date Results to date h...
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Please do not share the video with others outside the Money Makers circle. For some accompanying notes and thoughts on this review, please see the Editor's Notebook from 10th July 2021 - link here. https://youtu.be/LovLcOfxwes ...
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As promised I have recorded a short(ish) video explaining how the model portfolio which has featured in the Investment Trusts Handbook since its launch four years ago has performed both over the last 12 months and since initiation. Although I describe it as a model portfolio, it is not strictly speaking that, but rather an honest attempt to illustrate how picking a diversified selection of sector-leading trusts within an overall asset allocation and risk tolerance framework is capable of delivering good returns. Results to date have been good, but not spectacular, turning an initial investment...
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