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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? 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?
Another random internet bloke here so don't look for anything deep and meaningful. However, PHE was my first venture into buy and hold shares / funds when I first started investing with IM. Up until then it had just been general tracker "funds" or very specific shares that I was personally interested in and happy to dabble with. I found it quite exciting and interesting to keep an eye on the various shares. I put my full SIPP pension into it and I think I did quite well with it at the time.
PHR was the eye opener for me when I could see that folk who knew what they were doing (ie not me) could more actively spot things that were likely to do well over a specific or variable period of time and if I held on to their coat tails and tried to learn a bit about what and why I could do ok as well. Not too long after PHT began I moved everything out of PHE and the other Global funds and into PHT / IML. Again, I think I've done ok out of that but the rational for it was, after chatting things through, that I was fairly comfortable with the risk/reward/volatility side of things and was ok with a medium/longer term outlook. Clearly I'm now hanging off Adam (and others) coat tails but for now that's not an uncomfortable feeling.
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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
@Nik-Burrows said in PHE:
ed out or see a better deal, it is a different beast to PHE. i.e. it is more actively managed
The 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
Just a bump for this comment from Nik, as I still have a chunk in PHE, and am interested in plans for a more active/interventionist management. Still significantly up over time, but I can't help comparing with performance of the much larger chunk in PHT... I appreciate the different strategies involved in the two.
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FWIW, I took a fair chunk out of my PHE holding this week and divided it between PHT and IML.
@2BToo Snap
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Any news on PHE chaps. Looking at the factsheet it's shown a 1Y loss in a market that has generally risen
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Grant, Iām not sure what you mean. Please do elaborate.
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Equity is pretty much in line with Fundsmith. It's always been highly correlated.
A Money Market product is capped and obviously predictable but to say MM outperforms is true of what, 1 yr. Investing isn't about 1 year.
We publish the holdings. It's constant with the mandate. I've posted here many times about what is driving the market in recent times. It's not pizza and toothpaste (at the moment). It's silicon, bits and bites(at the moment) however there is a place for these assets and the investors that hold them like certain attributes such as low volatility and the safety of a brand. I have a standing offer to discuss one on one, many take me up on that.
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Forgive me wading into this discussion but I think there may be a bit of nuance here. I understand that PHE is set up to do tolerably well across lots of different market conditions. A bit of a jack-of-all-trades, and hence it masters none. PHT is more spicy and has gone like a stabbed rat of late but that's because it's much more focussed on things which are currently in favour. In 5/10/15 years time PHT may be nowhere, but PHE will still be trogging along.
I think that if you're always into the latest thing and are happy to take rougher patches head on then stick it in PHT. If you're more of a fire-and-forget mentality then PHE is your puppy, and you can be pretty sure that it'll have done well when you come to take the cash out some time in the future.
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ahem. Of late Mr O would suggest weeks or months. It's done well for years and has consistently outperformed all other Tech funds.
At least that I know of.You could show someone the numbers and they will say 'yep all tech has done well', as if to say, that's just tech. No it isn't, it's exceeded all benchmarks and all peers.
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When I first joined IM back in 2020 PHE was like the poster child, it had been what PHT is now, I invested in it, but it had seemed to have lost the umph, so I sold it in May 2024. I do still hold about Ā£12.60 (dividends that came in), and it just seems to fluctuate up and down around that figure, my brother has stayed invested in PHE even though back then I suggested he moved it, only last week he was moaning that it wasn't doing well. I simply reminded him that I'd suggested he move his funds when I did, and that he should do it now.
Whilst the individual portfolio's are managed, at the end of the day we managed what makes up our portfolio's and if we're not happy with how something is doing we have the option of moving it around, and hoping it goes in the correct direction.
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Adam
Re "Equity is pretty much in line with Fundsmith. It's always been highly correlated."
My decision is already made
But what Fundsmith ate you using as a comparator?
According to google fundsmith equity has given a 0.8% return over the last 12 months
According to my spread sheet phe is down a whopping 26.6% over the same time frame.
Either your using a different comparison, my spreadsheets buggered or something else is awry.
Tia
G
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Grant,
I wasn't attempting to persuade you one way or the other. It's your choice, as always. And yes your figures are wrong. Perhaps your excel file hasn't taken into account the withdrawals you have made
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Afternoon Adam
Thanks for the clarification, you nailed it, I forgot to subtract my annual withdrawal, wot a muppet, too many beers last night.Ps I know you weren't trying to persuade me one way or the other, it's outside your remit.
Cheers again and enjoy your weekend
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Adam
Re "Equity is pretty much in line with Fundsmith. It's always been highly correlated."
My decision is already made
But what Fundsmith ate you using as a comparator?
According to google fundsmith equity has given a 0.8% return over the last 12 months
According to my spread sheet phe is down a whopping 26.6% over the same time frame.
Either your using a different comparison, my spreadsheets buggered or something else is awry.
Tia
G
