| Spring is in the air! It’s really lovely to see the days drawing-out and some sunshine back. Snowdrops have been lovely this year and the daffodils and other bulbs will be out soon. It’s a year now since Russia invaded Ukraine and we can but hope and pray that something resolves soon over that awful affair. Do watch for year-end planning like ISA and Pension contributions for example and using your Capital Gains Tax allowance if you can. I am pleased to report that the change of custodian for our clients’ assets noted in the October investment report is soon to take place and that should present new opportunities for us all. Naturally clients’ assets are as protected as they were before (indeed with a new custodian (FIS) which is significantly bigger than Winterflood’s (WBS Services) which we have been using). Pension cases are also leaving Gaudi as part of that switch and Quai Administration, with which we have had a connection since that Firm’s inception, is the new trustee and policy administrator. Indeed, FIS has chosen Quai as its pension provider for the whole of the UK! We are very happy to endorse that and clients do not need do anything. FIS is a quoted company worth $40billion and readers may know it because it swallowed ‘Worldpay’ last year! As at last September it employed ‘78,000 in 49 countries’ and serviced $7.7trillion of assets’.  Dog funds So last year the sums held in ‘dog funds’ (those which chronically under-performed) rose to £19.1billon at the end of December, up from £10.7billion at the end of June. The figures are somewhat surprising too as a large chunk was in the UK sector but it is suspected too many had little in energy, banks and defence so they missed those big gains and had too much in the areas like Technology and ‘ESG’ which fell the hardest. How did your funds do? Our accounts did fine. As ever, ‘tomorrow’ is more important that yesterday but a good handle on reasons ‘why’ or ‘why not’ is also necessary first!  More good news Sad but good news in that The Investment Company Plc in which we hold a useful stake, has announced that it is also undertaking a strategic review which is likely to lead to the winding-up of the Company. It is doubly sad in that there was a future for it but the present Board did not seem to ‘do’ anything to try to stimulate any great interest to eliminate the discount at which the shares have been trading compared to the market value. I can’t recall any specific contact either… However, we must not be ungrateful at the news. The discount in this small Trust is and was another reason for the investment and holding onto it in the first place. Last week’s discount’s removal by a liquidation would result in a 28% uplift for shareholders, an extra bonus ‘for nothing’. It’s an unusual portfolio dominated by gold as a hedge against global uncertainties and whilst that has held it back somewhat over the last few years, it held it in very good stead in 2022. It’s up 11% since the news. This is our third wind-up in 2023 already of Trusts trading at a discount and whilst we may have to wait some months for the outcomes, all are welcome bonuses on top of the underlying funds’ performances (good or bad!) and exposure to the markets too, whilst we wait. Our clients will remember that we had predicted that there would be a continuing stream of such events – there will be more but we cannot predict which ones and when but patience will be rewarded! Remember, these bonuses do not apply to index tracking funds or open-ended funds as most investors have mainly.  St James’s Place Curious latest information suggests the average adviser owes the parent company £111,000.SJP advisers owe company average of £111k each Each of its salesman is of course restricted to selling only the range of products accessible to St James’s Place and on its terms for initial and annual charges, etc and not an unfettered, independent range.  Chooseday – Tuesday 21 February The last morning went well on 21 February and it was good to welcome guests to share some company and coffee. The next one is at 10.30am till noon on 7 March – feel free to come along and join us! My best wishes Philip J Milton DipFS CFPCM Chartered MCSI FPFS FCIB Chartered Wealth Manager Fellow Of The Personal Finance Society, Fellow Of The Chartered Institute Of Bankers |
Spring investments
