PHE and PHT
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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.
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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.
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A Adam Kay locked this topic
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A Adam Kay unlocked this topic
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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% -
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?
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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.