FE Trustnet
Issue 53 / July 2019
MULTI-MILLIONAIRES
Do multi-manager funds
offer value?
STRANGER THINGS
The trusts investing
in obscure assets
(DON’T) DO IT YOURSELF
Is DIY investing
too risky?
Fund, Pension, Trust / Sector Profile / Stockpicker / What I Bought Last
ISSUE 53
CREDITS
FE TRUSTNET MAGAZINE IS
PUBLISHED BY THE TEAM
BEHIND FE TRUSTNET IN
SOHO, LONDON
WEBSITE: www.trustnet.com
EMAIL: editorial@financialex-
press.net
Editor’s letter
A
s the fallout
from the
suspension
of the Woodford
Equity Income fund
continues, the latest
edition of FE Trustnet
Magazine focuses on
liquidity issues. In
this month’s cover
story, Rebecca Jones
finds £16.4bn has
flowed from UK funds
over the past year
and asks if it could
cause a Northern
Rock-style run on
the sector, while
Hannah Smith looks
at some of the illiquid
areas of the market
that the closed-
ended structure of
investment trusts
allows them to
access. I look back
Anthony Luzio
Editor
T: 0207 534 7652
FE Trustnet Magazine
will take a break for
summer but we will
be back in September.
Until then, enjoy
reading,
Having bond exposure in
a world of uncertainty Multi-millionaires Data hub
The ability for income-seekers
to invest in equities and bonds
can be beneficial, particularly
in the current climate, says
Henderson High Income
Trust’s David Smith
Javier Otero
Art direction & design
W: www.feedingcrows.co.uk
Editorial
Gary Jackson
Editor (FE Trustnet)
T: 0207 534 7680
Rob Langston
News editor
T: 0207 534 7696
Eve Maddock-Jones
Reporter
T: 0207 534 7676
Mohamed Dabo
Reporter
T: 0207 534 7634
Photos supplied by iStock
asks if multi-manager
funds are worth the
extra charges, Square
Mile’s Daniel Pereira
reveals why he is
buying the T. Rowe
Price Global Focused
Growth Equity fund
and Unicorn UK
Growth’s Alex Game
names three UK stocks
that are disrupting
established industries.
Anthony Luzio
Editor
Contents
CONTACTS:
Sales
Richard Fletcher
Head of publishing sales
T: 0207 534 7662
Richard Casemore
Account manager
T: 0207 534 7669
Constance Candler
Account manager
T: 0207 534 7668
at the warning signs
about Woodford that
the financial press
missed and ask how
this should affect your
investment process in
the future. Amid the
ongoing controversy,
John Blowers asks
whether DIY investing
has become too risky.
In our regular
columns, Adam Lewis
P. 20-23
The high charges on multi-
manager products ensure
the fund houses will be taken
care of. But, asks Adam Lewis,
do they really offer value for
money to the end investor?
P. 38-45
The naked emperor
16
Parched!
Rebecca Jones investigates
whether the suspension of
Woodford Equity Income could
be the “canary in the coal mine”
of a bigger liquidity crisis
P. 4-11
Streaming the future
Scottish Mortgage’s Tom
Slater considers Amazon’s
prospects in the changing
world of new media
P. 12-15
Stranger things
Hannah Smith names three
trusts investing in obscure
areas that would be completely
off-limits were it not for their
closed-ended structure
P. 16-19
(Don’t) do it yourself
The controversy over Neil
Woodford has highlighted the
problems of DIY investing. John
Blowers asks – is it worth the risk?
Taking on the
establishment
Unicorn UK Growth’s Alex
Game names three UK stocks
that are disrupting established
industries
P. 24-31
P. 56-57
Fund, pension, trust
P. 32-37
P. 46-47
P. 48-55
Anthony Luzio attempts
to explain why no one in
the financial press spotted
potential problems with the
Woodford Equity Income fund
until it was too late
Rathbone Global
Opportunities, Investec
Diversified Income and Fidelity
China Special Situations
find themselves under the
spotlight this month
In numbers: Woodford Equity
Income’s liquidity crunch
What I bought last
48
Square Mile’s Daniel Pereira
says T. Rowe Price Global
Focused Growth Equity’s
punchy target means it is not
for the faint-hearted
P. 58-59