TRUSTNET
EDITOR’S LETTER
14
Issue 33 / October 2017
THE NEVER-ENDING STORY TOO CLOSE TO HOME THE SUBSTITUTE
The funds you should
never sell Uncomfortable truths
about retirement Reinvesting profits
from asset sales
IN THIS ISSUE
tment
When to sell out of an inves
T
ISSUE 33
CREDITS
TRUSTNET MAGAZINE (FORMERLY
INVESTAZINE) IS PUBLISHED BY
THE TEAM BEHIND FE TRUSTNET IN
SOHO, LONDON.
WEBSITE: WWW.TRUSTNETDIRECT.COM
EMAIL: [email protected]
30
HIS ISSUE OF TRUSTNET MAGAZINE
considers every aspect of selling out of an
investment. My cover story looks at the
reasons why you should pull the plug on a
fund or investment trust, while an article from Emily
Perryman asks what you should do with the profits from
asset sales. Meanwhile, Daniel Lanyon finds out if there are
any funds you should hold in perpetuity.
One part of the market that many investors have been selling out of
recently is IA UK All Companies funds, as concerns mount over the
deadlock on Brexit talks. Adam Lewis considers whether there is any
merit in recycling this money into the AIC UK All Companies sector,
where the perceived headwinds for its open-ended counterpart have
made its trusts look more attractive in terms of widening discounts.
In our regular features, John Blowers reveals some uncomfortable
truths about what sort of lifestyle the average UK pension pot will pay
for in retirement, Fidelity’s Eugene Philalithis explains why he has
bought M&G European Loan and EdenTree’s Thomas Fitzgerald names
three blue-chip technology stocks that offer good value for long-term
investors.
6
Enjoy reading,
26
CONTACTS:
Anthony Luzio
Editor
T: 0207 534 7652
Anthony Luzio
Editor
Trustnet Magazine
Art direction & design
Javier Otero
W: www.feedingcrows.co.uk
Editorial
Gary Jackson
Editor (FE Trustnet)
T: 0207 534 7680
Rob Langston
News editor
T: 0207 534 7696
Lauren Mason
Senior reporter
T: 0207 534 7625
Jonathan Jones
Reporter
T: 0207 534 7640
22
Sales
Richard Fletcher
Head of publishing sales
T: 0207 534 7662
Richard Casemore
Account manager
T: 0207 534 7669
Photos supplied by Thinkstock
and Photoshot
Cover illustration: Javier Otero
In association with:
PULLING THE PLUG Anthony Luzio finds out when you should call time on a fund you own P. 2-5 / CROUCHING
TIGERS, HIDDEN DRAGON China appears not to have learnt the lessons of the Asian debt crisis in the late
1990s, writes Janus Henderson’s Mike Kerley P. 6-7 / THE SUBSTITUTE Emily Perryman finds out what you
should do with the profits you make from the sale of assets P. 8-10 / WE ARE RESOLUTE James Anderson of
the Scottish Mortgage Investment Trust discusses the importance of having faith in your convictions P. 12-13
/ THE NEVER-ENDING STORY Daniel Lanyon asks if there are any funds you should never sell out of P. 14-16 /
FUND, PENSION, TRUST TM Cavendish AIM, Baillie Gifford Japan and Neptune Income find themselves under the
spotlight this month P. 18-20 / BACK-UP PLAN Investors pulling money out of the IA UK All Companies sector
may wish to consider putting it back into the closed-ended equivalent where discounts are widening, writes
Adam Lewis P. 22-25 / TOO CLOSE TO HOME John Blowers reveals some uncomfortable truths about the type
of social life you will be able to afford with the average UK pension pot P. 26-28 / BOUNCING TECHS EdenTree’s
Thomas Fitzgerald says sell-offs in blue-chip technology stocks often represent a buying opportunity for long-
term investors P. 30 / WHAT I BOUGHT LAST Fidelity’s Eugene Philalithis reveals why he has bought M&G
European Loan for his Fidelity Multi Asset Income fund P. 31