sage in the hills
26 Oct 2016
Ashtead JPM Income and Capital Growth Inv Tr has SOLD its holding of Ashtead .... how interesting,still JPM , yet one holds and a big hold, .... while the other sells .....Still not convinced.(source : Half Yearly report of JPI )SAGE
sage in the hills
25 Oct 2016
Re: Current portfolio, and performance .... Well, if the share selection is quality, and portfolio is in line with others............ and there are plenty of buyers, because they like it, ...................and it is well managed ...... then the discount should narrow and go to premium ...and we shall be happy .......... (watch this space )SAGE
cimbom
24 Oct 2016
Re: Current portfolio, and performance .... From Trustnet, over 3 months, Henderson Smaller NAV up 10.3%, share price up 9.7%, JMF NAV up 8.4%, share price down 1.6%... Like I said for no apparent reason JMF discount widened by 10%, hence it is not a matter of share selection.Share selection is Crystal Amber... up 27% on both counts whatever the share may be.
sage in the hills
24 Oct 2016
Re: Current portfolio, and performance .... Have a look at the 3 month comparison chart between HendersonSmaller Cos and JMF, ie,since August ....... there you will see a mega divergence in performance ......whether its due to stock selection, currency reading , discount phenomena or whatever.Its this 'bottom line' that counts, always, and whatever.SAGE
holland44
24 Oct 2016
Re: Current portfolio, and performance .... I'm still hanging in there with JMF, but it has had a torrid time: heavily done after the Brexit vote, and 10% down in the last few weeks after a recovery. Trusts do however need to be given time to get over poor patches, and the performance hasn't been that bad: over 1 year in the All Companies sector, according to Trustnet, JMF is ahead of well-respected trusts like Mercantile and James Henderson's HOT, but well behind Mark Burnett's IVPU and Fidelity Special Values. As regards stock selection, the managers have made some quite hefty commitments in their Top 10 holdings: over 10% of the trust is in Ashtead and Microfocus alone, so any slip in those shares is going to have a disproportionate effect. But I don't pretend to be a better selector of holdings than any trust's managers, so unless you have genuine convictions and can identify a trust that is more in line with your preferences, I suggest all one can do is hold JMF and trust in its track record (assuming you want to stay invested in the UK economy).
cimbom
24 Oct 2016
Re: Current portfolio, and performance .... I take your point that JMF is not doing well but it shares the last spots in the sector with Schroder Midcap and Woodford Patient Capital. Incidentally Schroder is even at a bigger and most attractive 20% discount.... I might be tempted.Rather than individual shares in the top ten, if you check the top sectors JMF invests, earnings are dependent on largely UK based consumer services and financial sector companies (plus industrial sector). These are going to reamin very dependent on outcome of Brexit and not have USD income like oil/energy sector, however a good Christmas sales could do wonders on consumer services and financials too.
sage in the hills
24 Oct 2016
Re: Current portfolio, and performance .... Hi cimbom,The point is, the rest of FTSE 350 are also equally vulnerable to exchange rate issues ; so we cant use exchange issues as an excuse just for JMF.Security WeightMicro Focus International plc Ordinary 10p 6.19%JD Sports Fashion plc Ordinary Shares 1.25p 4.36%Ashtead Group plc Ordinary 10p 4.35%Rightmove plc Ord 1p 2.79%Smith (DS) Ordinary 10p 2.52%BGEO Group plc Ordinary GBP0.01 2.49%WH Smith Plc Ordinary 22 6/67p shares 2.46%Auto Trader Group plc Ordinary 1p 2.22%Smurfit Kappa Group Plc 2.21%Card Factory plc Ordinary 1p 2.16%Apart from Microfocus, i dont know about you, but i would question whether there weren't other better bets than the other 9 . What do you think ?SAGE
cimbom
24 Oct 2016
Re: Current portfolio, and performance .... Firstly 17.5p of the fall from 980p was the shares going ex-dividend on 7th October just before my comment. NAV on the date of my comment was 1002p, now 995p. Hence it appears that the discount widened from ~2% to ~12% for which there may be a reason, mainly related to currency exchange worries. Therefore there is nothing to agree or disagree about my comments it was stating the facts then, so is this one now.
sage in the hills
24 Oct 2016
Re: Current portfolio, and performance .... .... since you commented here, cimbon, this one has gone from 980p down to 880p .....so am afraid i cant agree with you ....Furthermore, with rest of FTSE 350 going up, it appears they may have some duff stoch selections in JMFSAGE
cimbom
09 Oct 2016
Re: Current portfolio, and performance ........ It appeared to struggle however is now coming good again. All UK stocks that do not earn in USD would be shaky during Brexit process.
sage in the hills
09 Oct 2016
Current portfolio, and performance ........ Ok, so what do we think of the performance over last 18 months ? ....and ..... the potential of the current portfolio ?SAGE
cimbom
23 Dec 2015
JMF at a premium This is the first time ever I have seen JMF trading at a premium to NAV. Coming from 1 17 % discount, spectacular performance over the past year NAV up 24%, price up 41%.
72_fastback
22 Dec 2015
Re: Article This is a fine IT - and note that the outperformance of the FTSE 250 only really started when the current fund managers took over, so well done Georgina Brittain and Katen Patel.I think it has helped that they have been overweight the housing sector, which has been stonking along.This, BRSC, JEO, BGFD and SOI have all been trucking along pretty well.
holland44
03 Dec 2015
Re: Article Never mind a 52-week high detected by some US-based automated system: JPM has hit a 5 year high! It's been tracking up pretty relentlessly since July 2012, besides the small/mid-cap slump in 2014, and it made a big jump when the Tories were elected last May.Of possible interest from its charts (see Analysis>Technical Insight here, for those who aren't aware) is that its long-term KST crossed its signal line upwards on 30 Nov. This was a positive sign in October 2012, after which the SP rose strongly for 18 months. However I don't find this KST very useful for attempting to time purchases and sales: it's so slow to indicate, there can be long time lags between the crossovers. For example by the time it crossed downwards in August 2014, you'd have already made some significant losses. Similarly, if you waited until last week's positive crossover, you'd have missed all of the 2015 rally. A better broad indicator may be when the Longterm KST peaks or troughs: when it turns seems to be a good time to buy or sell.Anyway, I've got 13% of my portfolio in JPM. It's the best trust I own over one year, the third best over three years, after Oryx International and Baillie Gifford Japan, and third-equal best with HSL over five years, so it's a keeper.
texasslim
02 Dec 2015
Re: Article The article is largely incomprehensible but the IT is a good one. I'm up 18% since buying on the summer dip. A bit of luck involved there but I see this one going up as the UK economy improves.
