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PHE doesn't seem to have made as much of a recovery since the Trump Tariff turmoil as the other PH portfolios and the indices have.
Is it just down to bad luck with regard to the constituent stocks being particularly vulnerable to Trump's meddling?
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@dingg yep - mine too
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Never see any news or updates other than on tech shares
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We will try to add some updates on the PHE holdings.
It is a less active portfolio with a “buy and hold” mandate as opposed to the Tech holdings that are more active and are in a faster moving and changing part of the market.
This always mean that there is more to report in the Tech area as, it is a more actively managed portfolio, and the stocks are subject to far more speculation and market fluctuation so create more “news” and updates.
Consideration is being given to widen the mandate of PHE to allow for a more active management approach and we will share details of any planned changes as they develop -
🦷 Colgate‑Palmolive (CL) – Recent Highlights
Strategic push in India
CEO Noel Wallace confirmed India as Colgate’s top priority, targeting the fast-growing middle class to drive long-term expansion
economictimes.indiatimes.com
Coca‑Cola (KO) – What’s New?Sales hit by Hispanic consumer pullback
Recent reports highlight a significant drop in North American sales (–3%), partly due to declines among Hispanic customers following social-media-fueled false claims and immigration enforcement fearsMeanwhile Starbucks Piloting protein-enhanced cold foam
Testing in five U.S. stores is underway for a new protein‑infused cold foam, tapping into health-conscious consumer trends and expanding the innovation pipeline
sounds delicious -
Thanks Nik/Adam
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Asking generally (i.e others on here and not just Nik/Adam); what are people's views on PHE? It is indeed quite a drag on the portfolio at the moment and it forms a fair chunk of what I have.
I'm seriously wondering whether to move some things out of PHE into something else (of course this then throws up the question of where to move it to). What are other people's views?
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It's certainly had a bad run this year, It's the biggest draw on my portfolio at the moment, Adam (or Nik) hinted its due a revamp, let's hope it will be sooner rather than later.....
It's certainly had a bad run this year, It's the biggest draw on my portfolio at the moment, Adam (or Nik) hinted its due a revamp, let's hope it will be sooner rather than later.....
Yup, I think that a revamp was hinted on here a while back.
Can Adam or Nik give any idea when that re-vamp may be?
FWIW, my calcs suggest that PHE is down about 17% since the peak earlier on this year. Fundsmith (the reference point I use for better or for worse) is down about 7.2%.
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From a fundamentals perspective. You have Stocks like KO, NIKE, Dominos which are trading at valuation multiple of 25+ yet have low and some zero growth. Effectively trading like a bond. It's not hard to see why the market is rotating away from these names. We did well to take weigh off of Netflix and Colgate at the highs.
The facts are if you take a reasonable time frame, say 5 years. Tech has outperformed PHE by 350%. What I would suggest is everyone makes up their own minds based on their appetite for volatility, time frames and objectives. Don't listen to "Dave' on the internet. I'm more than happy to talk to anyone about their holdings. But asking questions on forums is one thing, acting on advice/opinion of others isn't productive imo. Particularly those that have no experience but purport otherwise
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There are some platform changes due at some point in the next quarter-it's in development at the moment. Once this is complete we will be making some changes to portfolio names, rationalising some, mandate and composition to some. I can say portfolio's like Index, IML, Tech have been working exceptionally well so apart from some name changes I don't see anything else here. Big picture we have Optimum which has a purpose(target dated) similar to IML so it may not make sense to run both range of products. No decisions have been made yet. So don't worry, there will be some tweaking not wholesale change.
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From a fundamentals perspective. You have Stocks like KO, NIKE, Dominos which are trading at valuation multiple of 25+ yet have low and some zero growth. Effectively trading like a bond. It's not hard to see why the market is rotating away from these names. We did well to take weigh off of Netflix and Colgate at the highs.
The facts are if you take a reasonable time frame, say 5 years. Tech has outperformed PHE by 350%. What I would suggest is everyone makes up their own minds based on their appetite for volatility, time frames and objectives. Don't listen to "Dave' on the internet. I'm more than happy to talk to anyone about their holdings. But asking questions on forums is one thing, acting on advice/opinion of others isn't productive imo. Particularly those that have no experience but purport otherwise
From a fundamentals perspective. You have Stocks like KO, NIKE, Dominos which are trading at valuation multiple of 25+ yet have low and some zero growth. Effectively trading like a bond. It's not hard to see why the market is rotating away from these names. We did well to take weigh off of Netflix and Colgate at the highs.
The facts are if you take a reasonable time frame, say 5 years. Tech has outperformed PHE by 350%. What I would suggest is everyone makes up their own minds based on their appetite for volatility, time frames and objectives. Don't listen to "Dave' on the internet. I'm more than happy to talk to anyone about their holdings. But asking questions on forums is one thing, acting on advice/opinion of others isn't productive imo. Particularly those that have no experience but purport otherwise
Thanks - that's helpful.
That's a big difference in performance between Tech and PHE. Maybe I am getting more of an appetite for riskier investments and should be looking at moving some stuff from PHE to PHT. (If nothing else then it'll guarantee that PHE jumps like a startled kangaroo and hence will benefit everyone who stays in it ....
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Risk is probably not what you think it is. The way the industry measures risk is by volatility because it's easy to calculate and is symmetric. So a stock which has risen 100% in 5 years is more risky than one which has risen 50%? The risk to be more concerned about are tail-risk, liquidity risk and permanent loss of capital(you bought a bad stock). Traditional measures do not capture that.
How to mitigate. Quality DD and a long term appetite. Don't do anything foolish like listening to some guy off the internet
In early April you had MU, KLAC, NVDA at $62, $550, $87 and we know some in the market capitulated and sold when perhaps doing the opposite would have worked out better.
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Thanks - that's a helpful set of comments about risk. I need to research tail-risk and liquidity risk but get the picture.
I know I am dangerously prone to taking things into my own hands and have to actively resist buying things that "Dave" on the internet suggests. Sadly I am not always successful ... and have bought a chunk of M&G shares this very morning in the hope that they will do well and pay some nice dividends on the way! Why? Because last week I read an article which commented that they are a good thing ....
(In fairness, I only got into investing on a whim and probably deserve all I get, eh?)
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A-I think getting into investing is a great idea(as history has proven), the younger the better and it's almost never too late
B-I think you've done pretty well,
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Just to add my couple of pennies worth :
PHE has a "buy and hold" mandate with a view to hold mega cap, established business that show solid fundamentals in an established business model and so should offer solid returns over a longer period. i.e. it is a "steady ship" over a longer term. It has suffered hits with economic uncertainty in recent times but is likely to ride this out. This is what the buy and hold mandate provides for.
PHT by contrast seeks growth in developing sectors. The original mandate was not for a Tech portfolio but for a portfolio that actively seeks growth, it was felt that the Tech sector was the place we thought this would happen and so PHT was launched.
It takes a more managed position, so we take a position if we see an opportunity, then trade out and replace if we either got it wrong, feel it has topped out or see a better deal, it is a different beast to PHE. i.e. it is more actively managedThe broader review of PHE will likely be at mandate level to decide if more active management should be considered and given the changes that the Tech sector in particular had brought to markets do we look at the type of companies we would look to hold rather than trade. In recent times additions to PHE would have probably come from a similar pool to the Tech holdings and created some duplication of holdings
More will follow on PHE plans later in the year
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Asking generally (i.e others on here and not just Nik/Adam); what are people's views on PHE? It is indeed quite a drag on the portfolio at the moment and it forms a fair chunk of what I have.
I'm seriously wondering whether to move some things out of PHE into something else (of course this then throws up the question of where to move it to). What are other people's views?
Asking generally (i.e others on here and not just Nik/Adam); what are people's views on PHE?
Just another chap on the internet (so don't listen to me), I sold all my PHE holding in May 2024, I just felt it wasn't performing well anymore. Chunk went in PHT and the other into IML.
Was it the correct decision, no real idea (but sounds like it may have been), but I need very good growth if I want to retire early in three years, so happy with the risk/volatility.
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