Money To The Masses http://moneytothemasses.com Putting you in control Fri, 17 Apr 2015 16:01:15 +0000 en-GB hourly 1 The best funds to access the cheapest global stock marketshttp://moneytothemasses.com/8020-articles/the-best-funds-to-access-the-cheapest-global-stock-markets http://moneytothemasses.com/8020-articles/the-best-funds-to-access-the-cheapest-global-stock-markets#comments Thu, 16 Apr 2015 17:41:08 +0000 http://moneytothemasses.com/?p=18863 I received a lot of great feedback on my research piece last week ‘Finding Value: The cheapest stock markets to invest in now‘. I also received the following question via this month’s Chatterbox. Hi Damien, I found your article on the Cheapest Stock Markets historically interesting. From the list countries like Brazil and South Korea historically...

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best funds for cheap stock marketsI received a lot of great feedback on my research piece last week ‘Finding Value: The cheapest stock markets to invest in now‘. I also received the following question via this month’s Chatterbox.

Hi Damien, I found your article on the Cheapest Stock Markets historically interesting. From the list countries like Brazil and South Korea historically are cheap, but how would you invest in Brazil or specifically South Korea?

It is a great question and I really want to encourage people to put their thoughts and questions down in the Chatterbox section each month as it can help influence the research I produce and therefore give you the insights you are after.

How do you pick a fund that invests in one geographical area?

There are very few funds out there that invest in a single country but there are some. The reason for the lack of supply is the simple lack of demand. Fund houses launch new funds all the time but the type of fund they launch is determined by what they think they can market (sell) and what people seem to be buying. In a lot of ways it is like the fashion industry, apart from you can end up losing your shirt.

With every bubble there comes a glut of new fund launches trying to cash in. In the dotcom boom there was a flurry of tech funds. Then it was the turn of BRIC funds (Brazil, Russia, India and China) when BRIC became the buzz acronym.

A number of fund launches don’t end up producing the interest the fund house had hoped for so they are quietly scrapped. They do this by merging the fund into one of their bigger funds. It’s all a bit hush hush and fund houses use the same technique when a fund underperforms for a long period of time.

In my piece on the cheap global stock markets, along with South Korea and Brazil mentioned earlier, some of the cheapest stock markets in terms of their historic averages are:

  • China
  • Russia
  • Poland
  • Turkey
  • India

In most cases there are few funds that just focus on the countries listed above. Instead the funds that do have exposure tend to invest across a range of different geographical areas. For example they may have 10% of assets in China, another 10% in India etc. These funds provide a diversified and less concentrated (and therefore less risky) way to gain exposure to country specific stock markets. It would always be my preferred way to access these markets. The trouble is that you would have to analyse thousands of funds to work out what their geographical split is and then rank them accordingly. So to save 80-20 Investor subscribers the hassle I’ve done it for you.

Below I’ve listed the funds (unit trusts only) with the greatest exposure to each of the aforementioned stock markets as a percentage of the funds’s assets. Those funds highlighted in green also appear in at least one other table, or in other words they have significant exposure to more than one of the cheap stock markets listed above

How to use these tables

I’ve presented the tables in the same format as those throughout 80-20 Investor. Should you decide that you want exposure to South Korea, like the subscriber mentioned above, then you can see the funds with the highest allocation and how they have performed recently.

China & Japan

If you want to gain exposure to Japanese equities or China’s stock market then simply go to the Best funds by sector section and look for the Chinese or Japanese sectors for fund ideas. These two sectors have an established universe of funds with Henderson China Opportunities and M&G Japan both currently appearing in the Best of the Best selection (80-20 Portfolio).

Russia

Fund nameISIN CodeRussia exposure1 month
return
3 month
return
6 month
return
Max fall in last 6 monthsOngoing charge
Neptune – Russia & Greater RussiaGB00B04H0T5295.5822.534.391.2-30.212.09
Invesco Perpetual – Emerging European GB00B28J0X5155.9715.5625.154.82-19.071.92
Jupiter – Emerging European Opportunities GB003186253449.7213.8814.143.19-15.531.93
JPM – New Europe GB000165512445.613.7313.411.07-16.131.68
Aberdeen – Eastern European EquityGB00B3MPT51343.414.4314.573.96-12.871.91
Allianz – BRIC Stars GB00B0WDH72512.89.6813.2716.65-5.471.99
Templeton – Global Emerging MarketsGB003400919011.027.36.52-0.56-9.871.95
Fidelity – Emerging Europe Middle East and AfricaGB00B29TR9939.99.3410.3314.45-6.151.89

Poland

Fund nameISIN CodePoland exposure1 month
return
3 month
return
6 month
return
Max fall in last 6 monthsOngoing charge
Invesco Perpetual – Emerging EuropeanGB00B28J0X5120.0215.5625.154.82-19.071.92
Jupiter – Emerging European Opportunities GB003186253417.3513.8814.143.19-15.531.93
JPM – New EuropeGB000165512416.113.7313.411.07-16.131.68
Aberdeen – Eastern European Equity GB00B3MPT51311.214.4314.573.96-12.871.91

 

Turkey

Fund nameISIN CodeTurkey exposure1 month
return
3 month
return
6 month
return
Max fall in last 6 monthsOngoing charge
Aberdeen – Eastern European Equity GB00B3MPT5132414.4314.573.96-12.871.91
Jupiter – Emerging European Opportunities GB003186253421.6313.8814.143.19-15.531.93
JPM – New EuropeGB00016551242113.7313.411.07-16.131.68

 

India

Fund nameISIN CodeIndia exposure1 month
return
3 month
return
6 month
return
Max fall in last 6 monthsOngoing charge
Jupiter – IndiaGB00B2NHJ04098.34.068.4826.32-2.131.82
Neptune – IndiaGB00B1L6DT3096.182.327.7523.75-2.342.3
First State – Indian SubcontinentBGB00B1FXTF8685.72.657.724.27-1.941.96
Neptune – Emerging MarketsGB00B2R07G1035.649.313.6618.62-3.142.86
Baillie Gifford – PacificGB000606312629.75.417.9118.14-1.591.54
First State – Asia Pacific SustainabilityGB00B0TY6S2229.63.579.0518.05-1.681.7
Allianz – BRIC Stars GB00B0WDH725299.6813.2716.65-5.471.99

 

Brazil

Fund nameISIN CodeBrazil exposure1 month
return
3 month
return
6 month
return
Max fall in last 6 monthsOngoing charge
Allianz – BrazilGB00B52L0D8510013.972.09-14.98-17.842.19
Aberdeen – Latin American EquityGB00B41QSW2359.78.651.56-13.69-14.442.04
Invesco Perpetual – Latin AmericaGB003302770654.249.152.45-13.09-15.521.75
Neptune – Latin AmericaGB00B1L6F19951.319.23.87-15.7-17.282.16
Threadneedle – Latin AmericanGB000153175448.89.053.56-12.98-15.671.75
First State – Latin AmericaGB00B64TSD3329.69.466.32.7-5.22.02
Allianz – BRIC Stars GB00B0WDH72512.79.6813.2716.65-5.471.99

 

South Korea

Fund nameISIN CodeKorea exposure1 month
return
3 month
return
6 month
return
Max fall in last 6 monthsOngoing charge
Baring – Korea TrustGB000084071910014.2618.2717.54-9.811.69
Melchior – Asian OpportunitiesGB00B06ZV61024.910.6513.923.5-1.922.55
Baillie Gifford – PacificGB000606312623.35.417.9118.14-1.591.54

 

Single country ETFs for the brave

I also suggest that you check out the ETF listings in the Best funds by Sector as there are country specific funds listed there. Just be wary though that a number of these are leveraged (i.e they borrow money to invest) which makes them very risky indeed.

 

 

All performance figures are net of fund charges. The material in any email, the MonetotheMasses.com website, associated pages / channels / accounts and any other correspondence are for general information only and do not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation. See full Terms & Conditions and Privacy Policy
Neither MoneytotheMasses.com/80-20 Investor nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Funds invest in shares, bonds, and other financial instruments and are by their nature speculative and can be volatile. You should never invest more than you can safely afford to lose. The value of your investment can go down as well as up so you may get back less than you originally invested.
Information provided by MoneytotheMasses.com/80-20 Investor is for general information only and not intended to be relied upon by readers in making (or not making) specific investment decisions.
Appropriate independent advice should be obtained before making any such decisions. Leadenhall Learning (owner of MoneytotheMasses.com/80-20 Investor) and its staff do not accept liability for any loss suffered by readers as a result of any such decisions.
The tables and graphs are derived from data supplied by Trustnet. All rights Reserved.

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New pension changes – what are my options?http://moneytothemasses.com/saving-for-your-future/pensions/new-pension-changes-what-are-my-options http://moneytothemasses.com/saving-for-your-future/pensions/new-pension-changes-what-are-my-options#comments Thu, 16 Apr 2015 08:00:58 +0000 http://moneytothemasses.com/?p=18866 New pension changes – what are my options? New pension rules that were introduced in April 2015 mean that some 4.5m people will now have complete freedom to access their pension from the age of 55. Are all pensions affected by these changes? Only those who have a Defined Contribution or personal pension will be able...

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New pension changes – what are my options?
What's your pension pot worth?

Should you cash in your pension?

New pension rules that were introduced in April 2015 mean that some 4.5m people will now have complete freedom to access their pension from the age of 55.

Are all pensions affected by these changes?

Only those who have a Defined Contribution or personal pension will be able to enjoy these new freedoms. With this type of scheme you would normally contribute a monthly amount into your pension pot which will eventually be used to buy an income in retirement. The new rules will allow those who have this type of scheme to access their investment from age 55 (57 from 2028).

Under the new rules people with final salary schemes can transfer their retirement fund to a personal pension in order to access it. However, unfunded public sector pensions, such as the NHS, firefighters and army pensions schemes have stopped letting people transfer out since the new reforms have come in. So actually these people have less freedom than they previously had.

What tax will I have to pay if I cash in my pension pot?

If you cash in your pension pot the first 25% of your investment is totally tax-free, withdrawals above this amount will be liable to income tax at the marginal rate. It is important when thinking of withdrawing amounts in excess of 25% to check your tax liability as managing the timing and amount of any withdrawals can minimise your tax bill. If the amount added to the rest of your income exceeds £42,386 (2015-16) you will pay 40% tax on some of this income.

What tax will I pay if I choose to buy an annuity?

If you buy a pension income using an annuity then you can withdraw 25% of your pension pot tax-free and you are taxed at your marginal rate on any income received from the annuity. If you want the security of a guaranteed income for the rest of your life then an annuity can be useful.

Can I pass on my pension pot tax-free without inheritance tax?

If you die before aged 75, then your pension pot can be passed on tax-free. After this any lump sum due will be taxed at 45% not 55% as previously. If a dependant decides to take an income then this income will be taxed at the recipients marginal rate.

How can your pension is passed onIf you die before age 75If you die after age 75
Lump sumNo tax payable at allSubject to 45% tax if payment made before 6th April 2016

Taxed as income at recipients marginal rate if for payment made after 6th April 2016

IncomeNo tax at allTaxed as income at recipients marginal rate

Are annuities now a bad idea?

Annuities are still an option when looking at pension income but now there are more flexible options available. Purchasing an annuity has not been compulsory since 2011. Many investors may well choose a mix of cash, income drawdown and annuity when planning their retirement income.

What options do I have if I have already purchased an annuity?

In the Budget 2015 it was announced that the ability for existing annuity holders to sell their annuity for cash will be introduced. Although the details are still being decided it is planned that pensioners will be able to cash in their annuity from April 2016.

Are there any other recent changes to pension rules?

From 6th April 2016 the maximum value, known as ‘lifetime allowance’,  that can be paid out by your pension without triggering a tax charge will be reduced from £1.25m to £1m. This figure will rise with inflation from April 2018. Any amount above £1m will suffer a 55% tax charge when it is withdrawn, which is on top of any income tax charges as mentioned above. The annual allowance on pension contributions remains unchanged at £40,000.

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Latest interest rate predictions – when will rates rise?http://moneytothemasses.com/owning-a-home/interest-rate-forecasts/latest-interest-rate-predictions-when-will-rates-rise http://moneytothemasses.com/owning-a-home/interest-rate-forecasts/latest-interest-rate-predictions-when-will-rates-rise#comments Tue, 14 Apr 2015 15:01:39 +0000 http://moneytothemasses.com/?p=12789  This article is continually updated to bring you the latest analysis on when interest rates are likely to rise. You can now enter your email address here to receive updates to your inbox. Also at the bottom of this article I tell you how to quickly calculate the impact of an interest rate rise on your...

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bank of england This article is continually updated to bring you the latest analysis on when interest rates are likely to rise. You can now enter your email address here to receive updates to your inbox.

Also at the bottom of this article I tell you how to quickly calculate the impact of an interest rate rise on your own monthly mortgage payments.

If you are wondering whether you should fix your mortgage rate, but don’t know a mortgage adviser whose opinion you trust, then we’ve team up with an award winning mortgage advisory firm to provide fee-free expert mortgage advice. The service, which I’ve personally vetted, compares thousands of mortgages here* plus you can see the current best-buy mortgages as well.

When will interest rates go up?

In summary: in recent months the market consensus of when the Bank of England’s first interest rate rise would occur has dramatically shifted. At the start of the year the consensus had been for the first rate rise to occur in the second half of 2015 but weak economic data and falling inflation, because of a collapse in the price of oil and a strong pound, has seen this pushed back. Now interest rates are not expected to rise until the start of 2016 at the earliest, but more likely in the summer of 2016. In fact some areas of the market are pricing in interest rates to rise in the latter part of 2016 after Mark Carney suggested that another interest rate cut can not be ruled out! See bullet points below for more detail. Also enter your email address here to receive interest rate updates to your inbox.

The forecasting of the Bank of England base rate has been transformed in recent years. First of all Mark Carney, the Governor of the Bank of England (BOE), issued new ‘forward guidance’ on when the Bank of England will raise interest rates.

This is a policy which he employed during his previous role in Canada’s central bank to try and control the market’s expectations of when interest rates will rise. The reason for doing this is that an expectation of a rate rise is as important as the actual rate rise itself. If a market thinks that the BOE will increase rates then the cost of borrowing throughout the economy will rise. This can prove damaging for a stuttering economic recovery, meanwhile artificially low interest rates also make cash deposits unattractive, which in turn boosts consumer and corporate spending.

Mark Carney originally created a notional link between the UK unemployment rate and the BOE base rate. In a pledge to keep rates lower for longer Mark Carney said that rates would not rise until UK unemployment fell below 7%. But this threshold was hit, somewhat unexpectedly, so Mark Carney had to ditch the unemployment trigger when it looked like a breach was imminent, instead replacing it with 18 economic indicators.

So now Mr Carney has moved the goal posts on when interest rates will likely go up:

  • The BOE has now decided it won’t tie interest rate rises to any particular economic indicator but a range of 18 of them.
  • Throughout 2014 Mark Carney kept the markets guessing over when interest rates are likely to go up again. After much speculation that interest rates would go up in 2015 this now seems unlikely because inflation has now fallen to 0% (the lowest reading since records began)largely due to a plunging oil price.
  • Yet Mark Carney is keeping the market guessing as to what the Bank of England’s next move will be. In his latest inflation report he suggested that the BOE could start printing money again or cutting interest rates further if inflation does not pick up soon! The market wasn’t expecting that at all. Since Mark Carney suggested this inflation has kept falling.
  • At the start of 2015 the market had priced in that interest rates would go up in the second half of 2015 at the very earliest, but now 2016 is looking much more likely.
  • But another reason why a rate rise might seem a more distant prospect is that until recently minutes from the BOE rate setting meetings had shown that two committee members had started voting for a rate rise. Amazingly, minutes from January’s meeting showed that the two dissenters had changed their minds and the committee was now again unanimous on keeping rates on hold. Markets immediately pushed out their predictions of when interest rates will rise back into 2016.
  • But a word of warning, when interpreting its annual survey of household finances, the BOE claimed that the majority of mortgage borrowers could cope with a 2% interest rate rise. Yet, just a year earlier similar survey results were interpreted as showing that borrowers would struggle if rates were raised to 2%. This is a complete change in rhetoric and had been taken as an indication that the BOE would look to increase interest rates by Autumn 2015. But the recent change in voting by the MPC has changed things.
  • Also because of the low inflation figure Mark Carney has had to write to the Chancellor, George Osborne, in each of the last four months to explain why. It was in the first of these letters that Carney suggested that the boost to the economy that the low oil price will give could mean that he will have to in fact increase interest rates again sooner that the market thinks.
  • The uncertainty surrounding the General Election has also impacted when the market thinks interest rates will go up. It is looking increasingly likely that there will be a hung Parliament after May’s election which would be bad for the UK’s short term economic prospects. This in turn would make it less likely that the BOE would want to put up interest rates soon.
  • Either way, Mark Carney keeps reiterating that when rates do rise it will be gradual and, in the medium term, materially below the 5% level set on average by the BOE historically. It is expected that the first interest rate rise will occur in early 2016, at the earliest, to 0.75% followed by further 0.25% increases at regular intervals.

So the current forecast of when interest rates will go up is: Markets are now pricing in the first rate rise (to 0.75%) to occur in the first half of 2016 with interest rates remaining below 2% in 2017. They predict that interest rates will most likely be around 2.5% at the start of 2018.

Whilst the BOE is now claiming that not just one economic indicator will be used in any ‘forward guidance’ of when rates will rise, a range of them will still determine when they actually do put them up. So economic indicators are still important in judging when interest and mortgage rates are likely to rise. Below is a roundup of the most important indicators which will influence when interest rates go up:

So what might influence when rates rise, despite the change in the BOEs ‘forward guidance’  

  • Inflation has unexpectedly fallen – in February the official measure of UK inflation fell to 0%, the lowest figure since records began back in 1988. It remained unchanged at 0% in March as well. That means that the cost of living is exactly the same as it was this time last year. Inflation has tumbled in recent months, the biggest reason being the fall in the price of oil. The oil price has almost halved since last summer meaning cheaper petrol at the pumps for consumers. We have even seen the first petrol stations charging just £1 a litre. Inflation doesn’t look like spiking any time soon either and Mark Carney has admitted as much in his latest inflation report. In fact, Mark Carney correctly predicted that inflation would fall to below 0%. However, if the CPI measure of inflation falls below 0% it will be the first time it has done so in 50 years! Don’t forget that the Bank of England’s target inflation rate is 2% (with anything above 3% or below 1% getting a slapped wrist from the Chancellor). To combat inflation interest rates would be increased but the prospect of low inflation for the foreseeable future has fuelled speculation that the first interest rate rise will now not occur until well into 2016.
  • No official support for a rate rise – between August and December 2014 the Bank of England’s Monetary Policy Committee (MPC), who are the people who decide the UK base rate, were not unanimous in their support for holding interest rates at 0.5%. In fact, 2 out of the 9 committee members consistently voted for a rate rise. However since January’s MPC minutes the voting has once again become unanimous (9-0) for holding rates. This is a dramatic turnaround (a result of fears over falling inflation) and was taken as a sign that the date of the first rate rise has been pushed back at least until 2016. Just months earlier the BOE had been claiming that only 4% of mortgage borrowers would struggle to cope with a 2% rate rise. Such positive PR was seen as suggesting that the BOE was paving the way for interest rates to start going up sooner rather than later. However, within the latest MPC minutes the committee said “it was more likely than not that the Bank Rate would increase over the next three years” amid growing concerns over the strength of the pound, which could cause inflation to fall further. The upshot is that an interest rate rise in early 2016 is now looking far from certain.
  • The UK economy is growing again –  the Office of National Statistics has confirmed that the UK economy grew by 2.6% in 2014 (the best year since 2007) and makes the UK the fastest growing industrialised economy in the world!  Economic growth is already back at its pre-crisis level. However, a growing economy increases the prospect of a rate rise and what has surprised a few people is that Mark Carney is worried that the low oil price could in fact see economic growth rates soar and force an early rate rise.
  • There’s cautious optimism about future economic growth – be it the UK services, manufacturing or construction, official data has pointed to improved signs of economic recovery. However, the services sector which accounts for about 75% of the economy, saw an unexpected slip in activity at the end of 2014. The sector is still growing strongly but it has raised concerns over the prospects for the UK economy. However, if the economic recovery continues to strengthen then interest rates will rise sooner and faster than suggested by the official guidance.
  • Unemployment is falling – The number of people out of work fell by 102,000 to 1.86 million (a six-year low) in the three months to January. The UK unemployment rate now sits at 5.7%, below the BOE’s old ‘forward guidance’ threshold, a threshold the BOE hadn’t expected to be breached until 2016. But interestingly wage growth now finally exceeds inflation – a trend we last saw back in 2009. In fact average earnings grew by 1.8% which is comfortably above the current rate of inflation . A lack of wage growth is a sign of slack in the economy which would make an early rate rise less likely. But if wage growth continues to improve then calls for an interest rate rise will increase.
  • UK economic growth forecasts are being upgraded – such is the optimism for UK economic growth that the British Chambers of Commerce, the BOE as well the International Monetary Fund (IMF) have upgraded forecasts for economic growth. The Chancellor George Osborne even upgraded his forecasts for UK economic growth in his Budget 2015. He now expects the UK economy to grow by 2.5% in 2015, which is slightly higher than the 2.4% he originally forecast in his Autumn Statement.

So should you rush to fix your mortgage now while rates are low?

Fortunately I’ve answered this question in my  post ‘Should you fix your mortgage rate now?‘ But if you want more help or advice then you can contact an award winning mortgage adviser here*.

Interest rate rise / fall calculator – calculate the impact on your monthly mortgage payments

You can quickly calculate the impact of an interest rate rise on your mortgage payments in pounds and pence by using this interest rate rise calculator*. Just make sure you enter the original details of your mortgage, such the original amount you borrowed and the original term. This will ensure that the starting monthly mortgage payment matches yours. Then simply enter different interest rate rises and you will see how your monthly mortgage payments will change. Now that you know the answer don’t just bury your head in the sand about it, take action and review your mortgage options today.

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Where should I invest £50,000 for the best return?http://moneytothemasses.com/saving-for-your-future/investing/where-should-i-invest-50000-for-the-best-return http://moneytothemasses.com/saving-for-your-future/investing/where-should-i-invest-50000-for-the-best-return#comments Mon, 13 Apr 2015 16:11:17 +0000 http://moneytothemasses.com/?p=18844 Where should I invest £50,000 to £100,000? I have inherited £50,000 and want to invest the money to get the best investment returns. I want to run the money myself to keep costs down rather than pay a financial adviser to do it for me. So where is the best place to invest £50,000 for growth? Damien’s response:...

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Where should I invest £50,000 for the best returnWhere should I invest £50,000 to £100,000?

I have inherited £50,000 and want to invest the money to get the best investment returns. I want to run the money myself to keep costs down rather than pay a financial adviser to do it for me. So where is the best place to invest £50,000 for growth?

Damien’s response:

(The following response is by Damien Fahy, one of the most widely quoted investment experts in the UK national press, including The Telegraph and The Sunday Times)

This is a great question. In my response below you will learn how to invest £50,000 whether you are a beginner or a complete novice. I will show you:

  • what the best savings rates are for £50,000
  • the types of assets you could invest in
  • the potential return should you invest £50k
  • how to choose your own portfolio of funds
  • a simple solution for beginners
  • plus I invest £50,000 of my own money so people can see how I actually do it

Best savings accounts for £50,000

The first thing you need to determine is how long your investment timeframe is. Or in other words when will you need to access your £50k. A good rule of thumb is that if you need to access your money within the next 5 years then you should just put your money into a savings account. That is because investing in assets other than cash carry the the risk of your losing money. Therefore the shorter your investment timeframe the greater the likelihood you could be forced to crystalise a loss. Investments move up and down over time so you need to be comfortable with this.

However, cash is a valid investment asset in its own right. If you do decide to put the money in a savings account then you need to make sure to get the best savings rate. If you plan to put £50,000 or more into a savings account then I suggest you download this FREE guide – The biggest mistake made by larger savers*. It contains advice on how to get the best interest rates on your money and how to protect. your savings from the eventuality that your bank or building society goes bust.

If you are over age 65 then without doubt the best home for up to £20,000 of your money would be the 65+ Guaranteed Growth Bonds from National Savings & Investments. Nothing else in the market pays anyway near their rates of interest. However, you will have to tie your money up for up to 3 years to avoid losing any interest.

Aside from that here is a round up of the best savings rates available right now.

If you do opt for putting the money into a savings account then you need to stay on top of things as the interest rate will likely fall over time, especially if the account had an introductory offer.

To get round this I personally use this FREE rate tracker email alert* tool. You simply enter your email address and the details of the savings accounts you choose or currently have (there are no security issues as I’ve been happily using it for over 2 years). Then the system will:

  1. tell you if you are getting a good deal
  2. email you when there are better deals out there than your existing account. Make sure you put in the current balance for each of your savings accounts to get the best out of the tool

If you do opt to put your money in a savings account then you would likely get under 3% interest a year, and even this will be liable to income tax if it is outside of a cash ISA. Remember to ensure that your savings are covered by the Financial Services Compensation Scheme so your money is sage should your bank go bust.

Investment ideas for £50,000

So assuming you are happy with investment risk what types of asset could you invest in?

Buy-to-let property

As a nation we have a love affair with property. Yet, despite what people tell you the reality is that house prices tend to only keep pace with inflation, having increased by just under 3% a year over the last 50 years. However that masks some huge market falls.

Part of the reason for its popularity is that property is relatively easy to understand. You buy a house, get people to live in it for rent. Then you sell it when you get fed up. Well that’s the theory anyway. The problem is that it is seldom that straight forward.  While the average gross rental yield in the UK is around 5% this doesn’t take into account  a whole host of costs. such as the mortgage cost, insurance, letting agent costs (if used), void periods, repairs and eventual selling costs.

The reason people do make money on property is that they often use their money (say £50,000 or £100,000) as a deposit and take out a buy-to-let mortgage to buy the property. Or in other words they leverage their investment. Would you borrow money and invest it in the stock market? The answer would almost certainly be no, but people are more comfortable with the idea when it comes to property.

Buy-to-let’s biggest attraction is that it is seen as low risk and easy to understand. Yet the problem is it’s a difficult investment to manage which is why it is not a great investment for most people.

Investing in assets via funds

Personally I prefer to invest via funds. Funds are collective investments which pool investors money together so they can benefit from economies of scale and reduce costs. There are thousands of funds out there investing money in a range of assets from shares, bonds, commodities and property. Funds are run by a manager whose job it is to analyse a company’s accounts, in the case of funds investing in shares, and pick the best shares to buy.

What this means is that you can then pick the best funds for you and build a portfolio which covers a range of assets such as those mentioned in the next section. Without using funds it would be very difficult to build a diverse and cost effective portfolio if you bought assets directly. The beauty of funds (be they investment trusts, investment trusts or exchange traded funds) is that you can buy and sell them very easily.

I strongly suggest that you download this FREE guide to investing in funds*. It is the best on of its type I’ve come across and tells you everything you need to know about how to invest in funds.

Basic asset types and historic returns

You can invest in funds via a Stocks and Shares ISA or a pension. The beauty of doing so is that you can then build a portfolio of funds to maximise your returns. Below I list two key asset types you will likely invest in and their potential returns.

  • Equities (shares) – these are company shares traded on the stock exchange. Yet as a UK investor you do not just have to invest in UK shares, you can invest in shares from around the world. Some investors do invest in shares directly after researching a company, yet this carries much higher investment risk than investing via a fund as you’d be lumping all your eggs in one or two baskets. For example, a manager of a fund specialising in UK equities would typically invest in between 50 and 100 different companies. Shares are typically medium to high risk investments. According to the Barclays Equity Gilt Study equities have produced an average return of around 5.5% a year over the last 50 years. Yet in that time there have been big market falls as well as rallies.
  • Bonds – bonds are loans to companies or governments that are tradable. They are low risk investments and have historically moved in the opposite direction to equities. Again, there is a whole range of types of bonds from around the world which dictates the types of risks and returns you might expect. Average annual returns from UK bonds over the last 5 years is around 3%.

Follow me as I invest £50,000 of my own money

The key to successful investing is knowing what to invest in and when. This is where the world of financial services tries to pull the wool over people’s eyes. They do this by making out that it is far more complex than it but also overstating their own expertise. For example, most financial advisers have no investment expertise, instead picking from a short list of funds often promoted by the people actually running them.

That’s why no other commentators or IFAs run an open portfolio to show how good they are at investing. It is for this reason that I actually invest £50,000 of my own money for the benefit of 80-20 Investor subscribers. 80-20 Investor is my DIY investing service which teaches people how to run their own money and make sure they are in the best performing funds. I continually update subscribers with the funds I buy and why. Within the first 6 weeks the portfolio is up 4.4% (i.e. over £2,000) as the chart below shows (click to enlarge):

how to invest £50,000

 

How to invest your own money

If you want to run your own money then it is possible to build your own investment portfolio successfully. The three key things that all successful investors do is

  1. keep costs down - they do this by keeping investment charges low
  2. minimise tax – you need to ensure that you pay as little tax on your profits as possible. You can do this by investing in funds within a Stocks and Shares ISA or a pension
  3. stick to a proven investment strategy

The last one is the biggest stumbling block for DIY investors. But what strategy should you choose when running your own money? How can you work out where to invest and when?

I answered these questions by analysing the performance of (plus talking to) fund managers and looking at the tools and strategies the most successful ones use. On top of that thousands of academic papers have been published on the topic some of which have analysed investment markets going back as far as 100 years. Yet it is possible to distil this down so that you can invest your money with just a few minutes effort a month.

It is exactly how I invest my own money (such as the aforementioned £50,000). From my research I discovered:

  • The one thing keeping investment professionals up at night
  • The most important skill in fund management
  • Why fund managers underperform & the 1st advantage DIY investors have over them
  • The second advantage you have over professional fund managers
  • The simple tool to help you beat the market
  • The most important investment lesson you will ever learn
  • The investment process fund managers want to keep to themselves
  • I finally answered the question of whether passive or active investing is best
  • Why you should stop reading the money pages & how to build a portfolio

As a result I created a FREE short series of emails that shows you the techniques and tools to help you succeed at DIY investing. It’s FREE for a limited time only and covers all of the points above and more. Each of the concise emails will take you just 2 minutes to read. The aim is that you can take what is contained in the email series and go run your own money on your own. Plus, you will also receive a FREE ebook ’39 simple ways to pay less tax’.

Alternatively, the simple solution for beginners

But if you want to simply benefit from the cost savings associated with running your own money but don’t want to manage your own portfolio then, there are a couple companies who can manage stocks and shares ISAs on a discretionary basis for a relatively low fee. Nutmeg*, is one of the few companies that do and they have a selection of portfolios where they manage the underlying investment selection for you. You select the portfolio that matches your aims and attitude to risk using a simple online tool. They claim to be able to offer a managed service for the cost of doing it yourself without investment advice from a financial adviser.

 

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Best of the Sunday papers’ MONEY sectionshttp://moneytothemasses.com/news/best-sunday-papers-money-sections http://moneytothemasses.com/news/best-sunday-papers-money-sections#comments Sun, 12 Apr 2015 06:00:48 +0000 http://moneytothemasses.com/?p=16650 12th April 2015 The Independent Weekly Money – round-up of the personal finance stories you may have missed Don’t get burnt by fees and charges on holiday Five questions on: Child Trust Funds The Telegraph Pension profit: use new rules to grab instant 25% returns Men are still charged more than women for car insurance,...

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12th April 2015

The Independent

Weekly Money – round-up of the personal finance stories you may have missed

Don’t get burnt by fees and charges on holiday

Five questions on: Child Trust Funds

The Telegraph

Pension profit: use new rules to grab instant 25% returns

Men are still charged more than women for car insurance, despite EU rule change

How the FTSE performs before and after an election

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Finding Value: The cheapest stock markets to invest in nowhttp://moneytothemasses.com/8020-articles/finding-value-the-cheapest-stock-markets-to-invest-in-now http://moneytothemasses.com/8020-articles/finding-value-the-cheapest-stock-markets-to-invest-in-now#comments Fri, 10 Apr 2015 14:38:05 +0000 http://moneytothemasses.com/?p=18827 80-20 Investor is all about making it easy for subscribers to identify the best investment opportunities. You may recall from the FREE email series you received when you first engaged with 80-20 that one of the investment strategies, other than momentum investing, proven to work is value investing. The value of ‘value investing’ A value investor...

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cheapest stock markets cape80-20 Investor is all about making it easy for subscribers to identify the best investment opportunities.

You may recall from the FREE email series you received when you first engaged with 80-20 that one of the investment strategies, other than momentum investing, proven to work is value investing.

The value of ‘value investing’

A value investor buys shares in companies that he believes are undervalued (that’s why it’s called value investing) by the market on the assumption that when reality catches up with the company fundamentals the share price will be revalued and they will make a profit.

To find value involves scrutinizing company balance sheets and accounts looking for the value that others can’t see, the earning potential that your peers are overlooking. However, determining ‘value’ is subjective and can be hit and miss. The investment landscape is littered with investors who misread the ‘value’ signs and got it wrong. Sometimes things are cheap for a reason and get cheaper as a result. Even value investing gurus like Warren Buffet get it wrong.

The 80-20 Investor algorithm was developed based around momentum, yet ultimately encapsulates the positives of value investing. A value investor may have identified a fund previously, yet will be waiting for the market to catch on. When it finally does the share price will go up, climbing up the share performance tables. At this point 80-20 Investors will buy it and ride the wave upwards.

Yet, the biggest drawback of value investing is finding simple reliable information with which to determine ‘value’.

The best measure of ‘value’

There are a wide range of measures that can be used to help determine a company’s value yet perhaps the most reliable measure, and the one I favour, is something called the Cyclically adjusted Shiller P/E (or CAPE) for short.

It is a measure of value created by Nobel prize winning economist Robert Shiller and received much attention when it effectively predicted the US stock market crash of the late 1990s.

In a nutshell the CAPE measure looks at the price of a share compared to its earnings ability over the last 10 years. The bigger the number the more expensive the share is and the lower the CAPE the cheaper it is.

You can even use the CAPE for entire stock markets to get an overall measure of how expensive the market is, much like Shiller did before the stock bubble burst in 2000. If a market is hugely expensive versus history then it could be a sign of a pending market correction. Similarly if a market is cheap it could be a sign of better days ahead. It all hinges on the market reverting back and forth across an historic median. The CAPE is sometimes used to predict future returns for stock markets based on history, although that has to be taken with a pinch of salt.

However it’s not just about how big or small the CAPE figure is but how it compares to the market’s (or company’s) long term median. So you can see although it is a relatively simple measure, getting hold of the information is almost impossible.

Yet you must bear in mind CAPE is not a crystal ball. Currently the US stock market has a CAPE of 27.74, well above the long term average of 15.9. This makes US shares eye-wateringly expensive and implies an expected annual return of less than zero over the next few years, or in other words to lose investors money.

However, this has been the case for a number of years and the expected correction hasn’t happened because the Federal Reserve has been keeping markets afloat by printing money and keeping interest rates low. Therein lies the problem with value measures. While 80-20 Investors have been making profits in the US stock market value investors have sat on the sidelines. A correction will occur but we have no way of telling exactly when. But that is why I use CAPE to help guide my decisions….

The cheapest stock markets in the world

Yet by combining the 80-20 Investor algorithm with a measure such as CAPE can be incredibly powerful and helpful. For example currently China, Japan and Asian equities feature strongly in the 80-20 Investor Best of the Best funds and its performance has benefited as a result.

Yet when you look at the table below which shows how cheap or expensive stock markets are globally then these very same regions are flashing green from a value perspective as well. This would indicate that conditions for positive future returns looks favourable. On the opposite side of the scale US shares look expensive.

CAPE can be a useful tool in helping inform your asset allocation decisions. It is no real surprise that I reduced my exposure to US tech companies in my £50,000 challenge in light of it.

I’ve painstakingly put together the information below so that you can make sense of it at a glance. The table is ranked from the lowest CAPE to the highest. However, I have then colour highlighted in green those markets that are cheaper than their historical median, while those that are more expensive are in red.

 

MarketCurrent CAPELong term MedianHistorical MinHistorical Max
Russia4.877.14.624.3
Brazil8.8916.48.728.5
Poland10.5514.59.328
Turkey10.8613.26.525.6
Italy10.921.96.453.5
South Korea12.3716.41228.6
UK12.6514.7626.2
Spain12.6915.56.939.1
China14.61810.648.6
France16.2119.36.157.3
Australia17.1616.47.530.4
Thailand17.5320.411.7147.9
Hong Kong1818.18.232.4
Malaysia18.5321.516.335.2
Canada19.4519.1660.3
Germany19.6417.87.857
Taiwan20.4619.111.228.6
India20.5122.91648.8
Indonesia21.4924.19.969.2
Mexico21.523.612.439.3
South Africa21.818.914.526.9
Sweden22.520.54.881
Switzerland23.3519.6756.8
Japan26.763815.491.6
US27.7415.94.844.2

 

 

All performance figures are net of fund charges. The material in any email, the MonetotheMasses.com website, associated pages / channels / accounts and any other correspondence are for general information only and do not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation. See full Terms & Conditions and Privacy Policy
Neither MoneytotheMasses.com/80-20 Investor nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Funds invest in shares, bonds, and other financial instruments and are by their nature speculative and can be volatile. You should never invest more than you can safely afford to lose. The value of your investment can go down as well as up so you may get back less than you originally invested.
Information provided by MoneytotheMasses.com/80-20 Investor is for general information only and not intended to be relied upon by readers in making (or not making) specific investment decisions.
Appropriate independent advice should be obtained before making any such decisions. Leadenhall Learning (owner of MoneytotheMasses.com/80-20 Investor) and its staff do not accept liability for any loss suffered by readers as a result of any such decisions.
The tables and graphs are derived from data supplied by Trustnet. All rights Reserved.

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How to switch a Child Trust Fund into a Junior ISAhttp://moneytothemasses.com/saving-for-your-future/how-to-switch-from-child-trust-funds-to-junior-isas http://moneytothemasses.com/saving-for-your-future/how-to-switch-from-child-trust-funds-to-junior-isas#comments Thu, 09 Apr 2015 13:19:02 +0000 http://moneytothemasses.com/?p=18819 How to switch from a Child Trust Fund to a Junior ISA From April 2015 around six million parents with savings in obsolete Child Trust Funds (CTFs) will be able to switch these funds into a Junior ISA. What are Child Trust Funds? CTFs were introduced in 2002, giving all new parents a £250 voucher...

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How to switch from a Child Trust Fund to a Junior ISA

How to switch from Child Trust Funds to Junior IsasFrom April 2015 around six million parents with savings in obsolete Child Trust Funds (CTFs) will be able to switch these funds into a Junior ISA.

What are Child Trust Funds?

CTFs were introduced in 2002, giving all new parents a £250 voucher to invest in a tax efficient savings or investment plan. Lower earning families received £500, CTFs were scrapped in 2011 and replaced by Junior ISAs. Since their demise the dormant CTF investment have offered a very poor return on investments as product providers focused on the new Junior ISA.

What are Junior ISAs?

Junior ISAs were launched in 2011 and offer better interest rates and a greater choice of investment products than those offered under a CTF. There is a limit to the amount that can be invested annually, currently £4,080 (2015/16), and proceeds cannot be accessed until the child turns 18.

What is changing regarding switching from a CTF to an ISA?

Prior to these changes anyone invested in a CTF was not allowed to switch their money to a new Junior ISA leaving many people forced to remain invested in dormant and poor performing accounts. To compound the problem investors were not allowed to withdraw funds or switch them to the new Junior ISA.

Under the new rules, transfers will work in the same way as ISA switches where the investor can instruct their CTF provider to switch funds into the Junior ISA of their choice. Transfer should be completed within 15 working days for cash accounts and 30 days for non-cash accounts. The full amount of the CTF must be transferred and the provider cannot refuse. To implement a transfer simply complete a transfer request form issued by the Junior ISA provider.

The best junior ISA accounts

If you are looking for a junior ISA here is a roundup of the best junior ISA accounts (cash or stocks and shares versions) available now.

 

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Best of the Sunday papers’ PROPERTY sectionshttp://moneytothemasses.com/news/best-of-the-sunday-papers-property-sections http://moneytothemasses.com/news/best-of-the-sunday-papers-property-sections#comments Mon, 06 Apr 2015 07:00:36 +0000 http://moneytothemasses.com/?p=16656 12th April 2015 The Independent Remember: the planning amnesty ends next spring Stay in Barcelona legend’s villa for just £90 a night Spitalfields factory transformed into gorgeous Georgian home The Telegraph Is this Britain’s perfect home? Is this the most secluded house in the British Isles? Retire in Portugal and reduce your tax

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12th April 2015

The Independent

Remember: the planning amnesty ends next spring

Stay in Barcelona legend’s villa for just £90 a night

Spitalfields factory transformed into gorgeous Georgian home

The Telegraph

Is this Britain’s perfect home?

Is this the most secluded house in the British Isles?

Retire in Portugal and reduce your tax

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Should I get life insurance on my business partner?http://moneytothemasses.com/quick-savings/insurance-2/life-insurance/should-i-get-life-insurance-on-my-business-partner http://moneytothemasses.com/quick-savings/insurance-2/life-insurance/should-i-get-life-insurance-on-my-business-partner#comments Sat, 04 Apr 2015 20:17:23 +0000 http://moneytothemasses.com/?p=18771 Can I get life insurance on my business partner? When we talk about life insurance we are usually referring to insuring yourself or your spouse to protect the family’s financial future if one of you should die. But if you run a business, either as a partnership or limited company, it would make sense to protect that...

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Can I get life insurance on my business partner?

ID-100244662When we talk about life insurance we are usually referring to insuring yourself or your spouse to protect the family’s financial future if one of you should die. But if you run a business, either as a partnership or limited company, it would make sense to protect that business in the event of one party passing away.

What would happen to a business if one business partner died?

  • the business would have to operate without a key person, this could impact on the future of the business in both costs and future business
  • if there is a partnership agreement in place then the deceased’s estate must be paid the of the value of the business putting a financial strain on the business
  • if there is no legal partnership agreement in place then the Partnership Act will automatically dissolve the partnership and the family of the deceased will be entitled to their share of the proceeds
  • with the death a partner banks may want to negotiate new terms for any outstanding loans and may be reticent to agree further loans

Can I  get life insurance on someone other than my spouse?

  • you can  take out life insurance on someone other than your spouse but they must be financially dependent on you, and a business partner would fall into this category
  • life insurance policies can provide funds to purchase the the deceased partner’s part of the business paying the realised funds into the deceased’s estate
  • policies are owned by one partner on another partner’s life or by the business on both or all lives
  • details of the policies should form part of a partnership agreement so there is clarity on what should happen in the event of a death
  • the amount of life insurance should be reviewed regularly to keep the sum assured in line with the value of the business

Further reading:

 

Image: Stockimages

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Damien’s portfolio update: I made back the cost of an 80-20 Investor subscription in just 2 weekshttp://moneytothemasses.com/damiens-portfolio/damiens-portfolio-update-i-made-back-the-cost-of-an-80-20-investor-subscription-in-just-2-weeks http://moneytothemasses.com/damiens-portfolio/damiens-portfolio-update-i-made-back-the-cost-of-an-80-20-investor-subscription-in-just-2-weeks#comments Sat, 04 Apr 2015 16:09:27 +0000 http://moneytothemasses.com/?p=18793 Over a month has passed since I did something that, as far as I am aware, no other investment commentator or analyst has done, that is to invest £50,000 of their own money in the public domain. The reason I did it was so 80-20 Investor subscribers can learn how to run their own money and get the...

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Over a month has passed since I did something that, as far as I am aware, no other investment commentator or analyst has done, that is to invest £50,000 of their own money in the public domain.

The reason I did it was so 80-20 Investor subscribers can learn how to run their own money and get the best out of 80-20 Investor.

So how have I done so far?

I started this exercise by emphasising that this is a multi-year project (5-10 years). Also given that I invested right at the top of the market (the point at which most stock market indices have hit all-time highs) I was prepared for the portfolio value to dip below £50,000 in the short term.

The reality is that the portfolio is sitting on a profit of £917.62 after just the first month (as at 3/4/2015). That is equivalent to a profit of over 1.8%. This is net of all charges and I am happy to publish statements. Over the same period had I invested £50,000 in a FTSE 100 tracker I would have lost over £500 (see the red line in the chart below). In fact, the chart below shows that my portfolio (the blue line) was up around £1,500 after 3 weeks, before the wider market wobble pared these gains, as discussed previously here. Click to enlarge the image.

50k 1st month

 

That means that it took me less than 2 weeks to make enough profit to pay for a 2 year subscription to 80-20 Investor. Given that the FREE trial period is 30 days that would mean that 80-20 Investor would not have cost me a penny if I’d taken some small profits at that point to cover a 2 year subscription.

Obviously I don’t have to pay for 80-20 Investor, but if I did then I would have taken £288 profit to cover the cost, effectively making the service free of charge for two years.

Of course as I always say humility is important in investing and you probably grow tired of me saying it. It is early days still and the market is very jittery at the moment.

Performance breakdown & changes

The table below shows how each fund fared over the period. It is good to see that every one of my selections made money .

 

FundTotal return % from 1st March to 3rd April
Jupiter – European4.87
JPM – Cautious Managed2.13
Neptune – Japan Opportunities2.08
AXA – Framlington Global Technology1.81
Fidelity – Multi Asset Defensive1.77
Majedie – UK Income0.45
Fundsmith – Equity0.28

 

In addition, among the biggest contributors in terms of risk were my low risk selections namely JPM Cautious Managed and Fidelity Multi Asset Defensive. Once again these funds appear in the latest 80-20 Investor Best of the Best list and I will maintain them in the portfolio for now.

The same goes for Jupiter European which was my top performing pick, perhaps unsurprisingly, off the back of Eurozone QE. The fund was up 4.87% and interestingly is now characterized as a medium risk fund by our algorithm (previously high risk) and I cover this in more detail on my monthly 80-20 Investor Portfolio analysis here.

Despite my reticence to invest in UK equities I picked the Majedie UK Income fund as it was (and still is) lurking just outside the Best of the Best funds. My faith was rewarded because although the fund returned just 0.45% the average UK equity fund lost 0.53%.

However, as stated in my recent research piece FTSE 100 – Where will it go next & how will the Election affect it? General Elections are seldom positive for UK equities in the months that follow. Of course, history doesn’t always repeat itself. Yet UK equity funds are still finding it difficult to break into the Best of the Best selection as better momentum prospects lie elsewhere globally. That is why I am going to switch out of this fund and into the Artemis Global Select fund. It principally invests in shares in the US, Europe, Japan and Asia so still helps diversify my holdings,. Asian equities have gained momentum of late as the emergence of an Asian equity fund in this month’s Best of the Best selection proves.

Within the high risk area I still like Neptune Japan Opportunities for its ability to hedge out exposure to the Yen, as I explained here when I originally designed this portfolio. The fund made 2.08% since I bought it which is pleasing.

My last high risk holding, which is the AXA Framlington Global Technology fund, got off to a flier, up 4% in the first 3 weeks of ownership. However, weak economic data in the US, geopolitical risks in Yemen and the Middle East as well as simple profit taking by traders saw technology stocks give back all those gains before bouncing a little.

Clearly technology shares are vulnerable to  a correction so I am happy to take a little profit by selling half my holding in the AXA fund.

Missed opportunity

When I built the portfolio last month I said at the time:

‘As I highlighted in my research piece Buyer beware this Chinese New Year Chinese equities tend to perform better in the second half of the year so I am going to hold off investing for now’.

Well the average fund Chinese fund made over 7% in the last month, making it the best performing sector, because of expectations of a looser monetary policy in China which would cause shares to rally. If you compare the 80-20 Best of the Best selection versus my £50,000 portfolio the former outperforms largely due to its exposure to Chinese equities. The chart below shows my £50,000 portfolio (blue line) versus the 80-20 Best of the Best selection (red line). Click the image to enlarge it.

Screen Shot 2015-04-04 at 17.05.43

So I missed a trick there. But therein lies a good DIY investing lesson, sometimes ignorance is bliss as explained in my recent newsletter.  But have I missed the boat and will I be investing in Chinese equities now?

Given the sharp rally in Chinese equities in the last couple of weeks I would expect some kind of sell-off. However, I am prepared to take some money out of my other high risk play AXA Framlington Global Technology and invest it in Henderson China Opportunities which has been in the ‘Best of the Best’ selection for some months now. Also it helps diversify my holdings and moderates my exposure to US shares which have faltered of late ahead of the next company earnings reporting season.

So my portfolio at the time of writing is

 

 

Fund% allocation
Jupiter – European14
JPM – Cautious Managed15
Neptune – Japan Opportunities14
AXA – Framlington Global Technology14
Fidelity – Multi Asset Defensive15
Majedie – UK Income14
Fundsmith – Equity14

 

And will become:

 

Fund% allocation
Jupiter – European14
JPM – Cautious Managed15
Neptune – Japan Opportunities14
AXA – Framlington Global Technology7
Fidelity – Multi Asset Defensive15
Artemis Global Select14
Fundsmith – Equity14
Henderson China Opportunities7

 

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