PHE and PHT

Cappo

Just had a look at my numbers and I’m pretty much back to where I was at the start of the year, including >10% in the past two weeks. So, whatever sorcery it is you’re up to over there - keep it up!

2BToo

Impressive figures on the 'performance' thread. Bravo Adam.

Is there any more news on the possible future of PHE?

pete_esp

Hi Adam,

Probably a newbie question but is Cobens Tech a different fund to PH tech?

Cheers
Pete

Adam Kay

It’s going to have a rebrand, Pete. The pistonhead days are long gone so is IM. It’s Quai and Cobens. Regards

PeterT

Hi Adam, so other than the name, PHT and Cobens Tech are exactly the same?

Regards

Adam Kay

Hi Peter, yes that is correct. We have one technology portfolio . The rebranding and name changes will occur in due course-the portfolio mandate/objectives will stay as they are.

PeterT

Hi Adam, and no 'administrative' cost differencies? .. or if we invested in both, the same account would be used?

Adam Kay

Hi Peter,

To clarify, there is one technology portfolio, not PHT and Cobens Tech. I use the name 'Cobens' simply because we are no longer associated with Pistonheads, we are Cobens.

Apart from the new thresholds on investment/switching and the move to WBS, no other changes.

PeterT

HI Adam, many thanks for clarifying.

and yes, since the 'IM' days now a trading name... with Cobens / Astute, It's certainly time to do some spring cleaning.

As is said, onwards and upwards. Many thanks again.

pete_esp

Thanks for clarifying Adam

Adam Kay

All YTD and net of fees:

Cobens Tech +34.5%
Lifestyle +22.24%

Fundsmith -4.14%
Nest Sharia +8.26%
ARK Innovation (Cathy Wood) -0.96%
FTSE +5.4%

xera

Adam, stellar performance thanks again.

On Cobens Tech, what are your long term views as there continue to be such divergent views on tech and valuations. Ive seen your rationale for your investments and they all are sound, but as we've seen this year in particular markets seem more driven by emotions, sentiment, rumours and orange tan (latter having a limited lifespan of influence).

Do you think CTech has a defined end date before its perhaps not as strong a proposition, or will it be a permanent strategy?

Adam Kay

Hi V,

When we launched in 2022 (and the forum is a good record for this) I said something along the lines:

I argued that technology was transitioning into a dominant innovation cycle likely to deliver sustained alpha and above-market earnings growth over the coming decade.

I havent changed my mind. The mandate for the portfolio is pure tech and businesses that benefit from its heavy use.

New opportunities present themselves along the way and we have been very active, moving away from some names and investing in others. Bio tech as well which has been a good investment also.

One should try and ignore geo political noise-yes it can be quick and profound at times but good companies correct just as quickly.

At the end of the day, investors conflate 'tech is a bubble' with some companies are a bubble. Look at AMD. The also-ran which gets some good news and it doubles-why? It's not rational but we get back to psychology. The 3 legged dog which wins 1 race and all of a sudden it's the champ. Crowdstrike is trading at a multiple of 150, so is Palantir. I can't tell you why, it makes no sense to me. But I can be sure that one wrong move and the stock will get battered-again.

The market is a pool of undervalued and overvalued companies. I have my own measures to gauge what a good investment is and im very happy with what we hold.

xera

Thanks - makes sense. Just trying to keep up with knowledge / questions