The Art of Investing in Smaller Companies – P 30
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www.whatinvestment.co.ukWhat FOR Investment A WEALTHIER FUTURE Issue 424 July 2018 £4.50 The art of investing in smaller companies – P 30 Emerging Profit from Wine Markets How looking beyond the China and India are catching blockbuster vintages can the US, but are they worth deliver corking returns investing in? – Page 36 – Page 50 WI.JULY.2018.Cover.indd 1 21/06/2018 16:07 NEED INVESTMENT GUIDANCE? Why not join thousands of investors and benefi t from all our independent analysis and insight? Subscribe www.whatinvestment.co.ukWhat FOR Investment A WEALTHIER FUTURE Issue 423 June 2018 £4.50 and get Britain’s Buffetts issues How can you profit 12 from the UK managers inspired by the legendary American investor for the price – P 14 of 10 > Unit Trusts 1 | >| The Last Word | Peter Elston behaviour of, say, numbers or Hubris is the greatest challenge planets or elementary particles or rocks or plants or people. Our new columnist argues that being a non- Successful investing, on the other conformist and not following the crowd can be hand, necessitates disagreement. The Aging bull The Empire Trust For me to give myself a chance uncomfortable but can also produce good returns of beating my competitors, and thus the market, the last thing I should do is agree with them. I The bull market might be The British Empire Trust I am not exactly sure how I have one was just lucky. Probably seek out where they are huddled ended up as a chief investment best to assume you were lucky. together, such as government getting older but there is is one the UK’s most o cer. Looking forward at the There is no downside to doing Unit Trusts bond positioning currently, investment landscape, I generally this, and it does not and do precisely the Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield only see potential for things to cost anything - what still opportunities – Page 18 consistent ITs – page 44 opposite. go wrong. Looking back at my a great investment! It “It is possible £ £ £ £ £ % % £ £ £ £ £ % % This however requires career, my investment mistakes is possible that there FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD that there was one to be completely Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk dominate my memories. Many, was skill involved, but £ £ £ £ £ % % £ £ £ £ £ % % skill involved, but comfortable being apart perhaps even most, of them were let this inflate your FTSE 100 99 - 103 - 117 - 137 - 180 --- Old Mutual Asian Equity Inc R GBP Acc 104 29 108 80 140 61 132 70 - - 0.94 - from the crowd. This a long time ago, but they still portfolio not your head. let this inflate is hard, as it is human FTSE All Share 99 - 104 - 119 - 142 - 190 --- Old Mutual Invesco Perpt Asian U2 GBPAcc 103 37 119 29 169 5 - - - - - 1.29 haunt me, both in my waking The uncertainty in your portfolio not nature to want to conform Old Mutual Pacific Equity R GBP Acc 104 33 108 82 139 63 150 40 - - 1.02 - hours and in my sleep. I’m a investing manifests itself your head” (IA) ASIA PACIFIC EXCLUDING JAPAN and be part of a group. worrier - managing people’s hard in the largely random Pictet-Asian Equities Ex Japan I USD 106 14 127 9 163 13 187 8 222 32 1.08 - There is a famous saying Aberdeen Asia Pac Eq Enh Idx B GBP Acc 102 49 115 45 - - - - - - - 2.50 earned savings is an austere and movement of stock Principal Asian Equity I Acc USD 102 47 121 25 153 25 155 35 236 22 1.74 - in Japanese, Deru kugi great responsibility, second only prices. It can however Aberdeen Asia Pacific Equity I 101 62 113 59 132 79 133 68 239 18 1.12 1.05 wa utareru, which means ‘A Robeco Asian Stars Equities F £ 103 40 115 48 - - - - - - 1.01 - to undertaking. also relate to something equally Aberdeen Global Asia Pac Eq X Acc GBP 101 63 113 63 132 80 133 69 229 27 1.27 - protruding nail gets hammered Furthermore, my career fundamental – no one can agree Royal London Asia Pac ex Jpn Tracker Z 101 68 109 77 140 58 142 53 211 41 1.05 2.69 down’ - a stern warning to non- Aberdeen Global Asn Smllr Coms X Acc GBP 99 83 107 84 122 89 117 75 297 6 1.42 - progression has hardly been whether investing is an art or a Santander Pacific Basin (Ex Jpn) Eqs A 103 43 113 61 148 33 165 21 215 39 1.05 1.91 conformists. You will also find Allianz Total Return Asian Equity C Inc 99 86 120 28 138 64 165 22 237 21 1.24 1.25 conventional. Although I spent science. Some say it is one, some that many animals operate in Schroder Asian Alpha Plus Z Acc 105 23 125 14 162 16 171 18 334 1 0.96 0.85 long stints at two big firms, I the other, some both. Some Aviva Investors Apac Eq MoM 1 2 GBP Inc 102 54 113 56 139 62 145 48 178 52 1.31 1.23 groups too, while the dissidents Schroder Asian Income Maximiser Z Acc 100 80 107 83 138 65 140 58 - - 0.96 7.13 also spent a number of years in even say it is neither! I perish. AXA Rosenberg Asia Pacific ex Japan Z 102 55 115 47 142 48 142 52 226 29 1.09 1.58 between on an Indonesian island challenge you to think Schroder Asian Income Z Acc 100 76 110 71 142 50 154 37 333 2 0.95 3.70 I think I have my father to Baillie Gifford Pacific B Acc 108 6 132 2 155 22 187 7 261 13 0.79 0.38 trying to build a food business. of another pursuit Schroder Instl Pacific I Acc 101 58 109 78 137 68 135 64 249 14 0.51 2.74 thank for any humility I might Baring ASEAN Frontiers I GBP Acc 113 1 122 21 142 52 135 65 - - 1.25 - How can such neuroticism and where there is such Scottish Widows Pacific Growth A 102 51 113 57 141 54 143 49 202 46 1.65 1.37 have and my school boarding www.whatinvestment.co.ukWhat FOR Investment A WEALTHIER FUTURE Issue 423 June 2018 £4.50 wanderlust constitute suitable uncertainty. Baring Eastern I GBP Inc 110 3 134 1 169 6 192 4 235 23 1.02 0.15 house for turning me into SLI Asian Pacific Growth Plat 1 Acc 103 42 116 41 146 38 164 24 241 16 - 1.21 CIO material? For what it is something of a rebel. Boarding BGF Asian Dragon D2 104 28 117 36 158 18 185 9 - - 1.09 - When the editor and I were worth, I think SLI Pacific Basin Trust 104 31 118 33 146 40 161 26 232 25 0.86 1.16 schools generally are horrific BlackRock Asia D Acc GBP 104 35 117 38 152 26 - - - - - 0.90 discussing this opportunity to investing is ‘art’ not Smith & Williamson Oriental Growth B 107 7 127 8 173 1 178 16 - - - 1.22 institutions – it is I believe pen The Last Word column, he ‘science’. Science BlackRock Asia Special Situations D Acc 101 59 117 39 162 15 - - - - - 1.03 completely wrong for children SSgA Asia Pacific ex-Japan Eq Tracker 101 67 109 79 141 56 137 63 218 33 0.90 - Britain’s recalled a presentation at which involves broad Emerise Pacific Rim Equity R/A USD 104 27 109 73 130 84 114 76 154 56 1.80 - to be apart from their parents Stewart Investors Asia Pacific B Acc GBP 100 71 105 90 134 72 165 23 300 5 1.04 1.05 a well-known and respected agreement – but they can also nurture F&C Pacific Growth 2 100 78 110 70 144 45 156 34 167 54 1.10 1.81 Buffetts fund manager was asked to about the T. Rowe Price Asian ex-Japan Eq Q GBP 104 32 119 31 146 37 157 33 235 24 1.17 - How can you profit traits that are useful in certain Fidelity Asia Focus W-Acc-GBP 105 15 123 19 156 20 159 28 237 20 1.19 - from the UK managers name what he thought was the T. Rowe Price Asian Opps Eq Q GBP 106 13 123 20 158 19 - - - - 1.17 - professions. I learned at the age inspired by the biggest challenge investors faced. Fidelity Asia Pacific Opps W GBP Acc 104 30 116 43 167 10 - - - - - 0.93 legendary American of thirteen to despise my lazy Templeton Asian Growth W(acc)GBP 101 61 110 67 130 85 125 74 201 47 1.34 - Inflation? Growth? Valuations? Fidelity Asia W Acc 105 20 124 17 165 12 183 12 279 9 - 0.89 investor and nasty boarding masters. Threadneedle Asia Z Acc GBP 104 25 122 22 150 29 170 19 216 37 0.91 1.43 – P 14 Politics? “Hubris”, came the Ever since, I have had what I Fidelity Asian Dividend W Acc 103 44 110 69 145 42 - - - - - 1.82 simple and immediate response.