Member Info for Walp

LLL, I agree. SMT is certainly less volatile recently.

I guess that's going to be a logical parallel to more positive sentiment which will improve unless inflation is to remain fixed at highs (which they won't because this will inevitably lead to world economic collapse).

Sure, something else could come along to rock the boat again, but I definitely agree that things seem more measured now.

Another indicator is that comparative to my other "tech" closed ended investment trust holdings ATT and PCT, SMT are (and have for some time) either roughly matched or exceeding those other daily performances.

I guess this does indicate possibly more trust sentiment for the SMT management team in addition to rising confidence in the future returns of this type of investment.

It all feels a bit better than it did 6 months ago in my mind...

I hold both, but at the moment would recommend ATT, Frogster. Slightly less of the big stuff in there. They have actually (I believe) performed slightly better than pct since Nov 21.

Nothing wrong with PCT either, so why not divide your investment across both?

I actually seem to remember it was finally sorted out via AJ Bell, DorsetLSE...

It's a long shot, but maybe contact them. I see no reason that the fund is still not in existence somewhere, and I'll bet they did the underwriting.

Barclays never mentioned that AJ Bell basically did everything under their Barclays label, and so it may be worth discussing it with them?

As looking after investments is their domain you will find them much more professional and helpful (I would hope).

Just a thought...

Similar not solar ..

I'm guessing you tried to contact the Banking Ombudsman (or solar) should anything even exist, DorsetLSE?

My personal experience with them also makes me well understand why you would feel it better just to give up, but I'm thinking there just has to be a way to hold them to account for this.

It is absolutely disgusting.

I believe Barclays Wealth was under the same division as Barclays Stockbrokers, DorsetLSE.

I had similar problems when leaving them, I think down to the same relative issues.

Once Barclays dumped the old format (which I think was before 2011), I had loads of "connect" issues which involved AJ Bell (as essentially Barclays then used AJ Bell under the Barclays label, meaning Barclays had little to actually do with the Stockbroking side at all).

When I had my problems trying to transfer out after the change they "lost" holdings and screwed up the link for certain dividends to follow me to my transfer destination. My transfer organisation (Interactive Advisor) sorted it out eventually constantly contacting Barclays and coming against the same brick walls, although it was not their responsibility...

As Barclays had restructured everything, no one seemed to know anything or care in the slightest.

I would agree with you re Barclays now, although at one time they where a decent provider.

Words fail me as to the ineptitude if Barclays tbh, and I urge all to steer well clear. They are really expensive now anyway (under the "SmartInvestor" label), and seemed to be chasing an ultra simplistic quick and expensive trading platform that has poor backup and customer service.

I gave up after 5 years of being on the new platform, as my costs had spiralled, yet all of the intelligence (the old interface was in depth with loads of tools and info) and support had disappeared. Knowledgeable staff you could once ring became faceless morons who knew nothing.

They still hadn't got an app after 5 years of being with them, and although they advertised that you could see your accounts by joining internet banking and in that app, this was not even possible unless you also had a Barclays bank account (which they admitted when you actually spoke to them).

Absolutely hideous outfit ..

Meconopsis, absolutely agree re II (Interactive Investor).

It's just increased in cost to £10.99 per month / per account from £9.99 which they have held at this for many years. And that's it... You are given free trades every month also (should you ever need them).

I have an ISA and SIPP with them and it adds up to £264 per year, which is peanuts considering the amounts invested.

Swapped to them from Barclays when Barclays shifted down from a top end quality provider at reasonable cost down to "Smart Investor", which is basically a dumbed down and glitchy version of HL.

Trouble was swapping from them to II.. Barclays "lost" my ISA and "lost" dividend payments that happened during the transition.

II were amazing at sorting this and Barclays absolutely woeful. After about a year I got some compensation out of them.

II usually have a joining offer in which fees are waived for 6 months...

LLL, Thanks for your lengthy and very useful explanation re Fundsmith for me today.. I have gone with the I class Acc (as you hold), but only after reading through all the bumph as to the differences.

Income strikes me as similar to dividends, which I always feel would be better reinvested for quite a few reasons.

I do actually agree with you on the lesser likelihood of legislation causing particularly big problems to the big hitters, but in my personal case I realised I just held too much in those big hitting companies across different ITs and just wanted to dilute risk a little more.

Fundsmith holds a lot less in terms of that lot and plenty of unique concerns comparative to my others, and that's fairly attractive to me in 3 ways; spreading risk, reducing the outright amount ultimately invested in a relatively small handful of mega big companies (those being currently targeted as discussed), and last (but not least) buying into other tech to hold long term that won't be hammered directly every time China and the West get tough on each other.

Thanks to you for initially bringing the investment to my attention, and every one else on here who has commented on my questions :)

I'm with you on positivity for Moderna, Washerupper.

Fab Frogster!! Yes.. Unfortunately Interactive Investor offer around 8 Fundsmith accounts, 6 that follow the same funds with the fluctuation in ocf and (a letter off Terry for those marked T).. that made me laugh a bit!

I have purchased the I fund, and despite no one knowing think it a sensible diversification for me from PCT which appears even more highly exposed to China and US regulation than ATT..

I'll prob do more to diversify, but this seems sensible to start.

Sure, Fundsmith has wallowed a bit in recent years, but has however seemed far less volatile than SMT for example.

This to me suggests that it is a trusted and rated investment (seems Morningstar still rate it 5 stars) that only appears to me depressed for the obvious factors effecting future returns (is the dreaded high inflation).

I really think it will rise as SMT once things become more assured which will attract investment.

Thankyou to all on here bringing it to my attention and for the other advice in buying in.

The constant legal challenges on monopoly supercompanies does worry me a little I have to admit .

Also quite where China is going, Gawd only knows... I do however fear that current conditions may induce quite a tip dependent on (specifically) China's reaction to them.

I have always considered China an incongruous investment choice from a Western perspective despite seeing too much opportunity there in the past to dissuade me from investing...

Maybe times are changing a bit...

Gawd ! How confusing...

I've read through all the bumph re the 3 different Fundsmith Accumulator funds (I, T and R) and it seems both I and T are preferred as they have the lower charges (R is the older version with higher charges but which pays a small loyalty bonus).

It seems T us the same as I, but us more expensive because you buy that directly from Fundsmith itself, but get the "bonus" of a regular newsletter from Terry himself!!

I'm thinking to simply buy Fundsmith "I" Accumulation, but do wonder if anyone on here did differently...

Actually I think the one I should be buying is marked Fundsmith Equity I (the letter i) Accumulation?

There appear to be subtle differences?

Thanks Frogster .

I s made the necessary decision and sold some holdings (actually PCT not ATT having carefully deliberated things, and am now looking to buy Fundsmith...

Problem is there are around 4 accumulator funds on offer!

I'm thinking I'm looking to buy the one marked "Fundsmith Equity / Accumulation", not the ones marked also "A" and "T"?

I also see ATT as a reasonable investment so certainly would sell all . I actually probably have too much in ATT (around 33% of my holdings,which is why I'm thinking perhaps a sensible diversification given the current threats re large American monopoly companies and China (all prevalent in top ATT holdings) versus a fund remaining in tech yet having no fingers directly in China and only a few fingers in companies open to a potential future legislation burning. .

I'm thinking perhaps a sensible diversification which might diversify at the same time as spread risk..

I guess that's all we can do as investors as of course there are no guarantees…

I feel the likelihood (as before) will be that legislation will fail to significantly dent the futures of the biggies, but it does remain a big question mark (plus the legislators seem to keep coming back at them).

Last question... I note an "ongoing charge" which covers the cost of the fund... (Fundsmith Equity GBP).. I understand this, but wondered how the payment is effected? Im assuming they simply subtract it from any profits?

Thankyou :)

Thanks CL and Frogster.

Silly question I could have googled I guess, but I was wondering how people on here felt about those differences.

I've only ever bought It's that are closed ended down to perceived worries as goes profits depletion (as I understand closed ended trusts retain 15% of profits rather than paying the lot to individual companies), but thinking on this now, Im not sure how a trust such as this (investing in so many companies) would cause open ended to be a significant worry...

I guess rewarding companies with their full earned returns might also be seen to be more likely to ensure continuing success?

I'm asking this lot as have slight concerns re ATT, a similar closed ended trust to SMT.. Their top holdings include all the biggies in the sights currently as goes fair competition legalities...

I'm playing with the idea of reducing there and tipping into Fundsmith instead.

I do also see Meta and Microsoft in their top holdings, but a quick glance suggests them (to me at least) to be far better set up against these emerging legal threats to monopolies...

Both ATT and Fundsmith appeared to have almost matched performances over the last 4 years (excepting a period of greater froth re ATT just pre Nov 21.

Doing as above doesn't strike me as a terrible idea, as it appears to me it will steer from China, diversify my holdings plus limit any damage from big monopoly legislation?

Does that sound reasonable or am I overthinking the threat of regulation do members here think??

Actually. Found an explanation (never invested "income" before), and I would guess accumulation would be the sensible and more profitable thing...?

Any more info on Fundsmith or ideas (even pitfalls, if any) would be wonderful!

Rethinking my last comment and on the basis of SMT holdings (which seem reasonably balanced in terms of the threats I was talking of in my last post), I'm definitely think they are better placed that ATT and PCT to weather things..

It's a definite hold for me.

A question to LLL, if I may (or any that know)... I see Fundsmith is open ended IT (I do tend to buy closed), any thoughts on this at all in terms of security (I ask only because it would be new to me)?

Also, I not there are two formats for buying in.. Accumulation or Income...

Can someone explain the difference?

Many thanks.

Fair enough CP.. In all honesty I am reflecting myself this morning on the upcoming legal threat to the biggies (Amazon, Microsoft, Google etc), which does (along with the current China rumpus) leave me slightly less optimistic as goes SMT...

I'm thinking this is a concern quite a few investors will have in these generalised ITs that do have investment in China (even small) such as also PCT and ATT.

Events always show undue worry over Western/China trade issues which naturally resolve (as neither side wish to become poorer via endless tit for tat), although I do worry slightly more as goes the Western ability to deregulate the biggies, whether to do so is right or wrong...

Looking at the markets today I think those fears are reflected.

Fundsmith I note are up whilst SMT and the two mentioned above are down.

Not massively surprising I suppose...

CP, I guess I'm just trying to say that most collective tech investments are at a similar low sentiment point now, and so on that basis selling SMT (having less faith in it than perhaps other similar funds) and buying another in its place wouldn't be as silly as it sounds for you.

I have to admit looking at the performance of Fundsmith (for example), I feel they too will be poised for upwards movement once the same set of rubbish depressing these type of investment lifts.

On that basis I'm not sure selling over personal worries and opinions concerning current holdings has to necessarily a mistake.

I do think still you'll be fine holding (and hopefully won't sell once they lift slightly to the price you paid), and this is because I think they will continue upwards as conditions lighten in terms of the concerns they happen to be.

You would then conceivably find yourself in-between shifts as buying becomes more expensive.

It's a natural urge to hold to get what you paid back, but when viewed logically with the conviction that better opportunities are elsewhere, it never really makes sense.

I am holding SMT, but then it's my opinion that they stand to make a fair bit more before that long, but no one knows..

I am genuinely trying to be helpful :)