"A run of five consecutive years of outperformance ground to a halt for the LSE:WTAN:Witan Investment Trust in 2016. Not since 2011, when Europe was close to imploding, have the third-party active fund managers that Witan employs slipped behind ..."
"Marcus Phayre-Mudge has been the lead manager of this Money Observer Rated Fund since 2011. The majority of the portfolio is in continental shares, led by holdings in Germany and France. The trust can also invest in physical property, all of ..."
Since Sterling has devalued versus euro by around 12% since Brexit, then any European assets (60% of the fund) would be valued at higher sterling value. Also since this is an IT there is no pressure to sell. So price fall is purely down to sentiment. Yield is decent too so yes could be time to buy.
Try is mostly invested in uk and europe - brexit effect
f global property is only about 7pc in europe - mostly yankland and the row
f global up 20pc now
try down 17pc now
(on what i paid that is)
i will continue holding as i think the fall is temporary and overdone - though the moves by sl to halt trade in its property portfolio, and moves by others to impose a discount on anyone withdrawing dont taste nice at the mo
Well I thought so and have bought this week. A mixture of charts looking good, wee divi imminent, had my eye on it for a while to balance PF, like the fact that John Barron has written good things in past. But as ever what do I know , we'll see..
The MP and former stockbroker John Baron likes TRY for his Spring and Thematic model portfolios at www.johnbaronportfolios.co.uk. He includes other more UK-focused property trusts in the other portfolios. You can find his rationales under "Trusts of the Moment", e.g. FRCE and SLI.
Hi, thanks for taking the time to reply. Fairly new to this, taken my asset allocation from Monevator's Slow & Steady Model Portfolio for my SIPP. I have property asset allocation currently invested in Blackrock Global Property Securities Equity Tracker D, which has gone down by 6.57% since bought back in February this year. Recent edition of Money Observer on ITs was encouraging on TR Property (with a NAV discount around 9%) and so I wondered whether to sell around £5K of tracker (at a small loss) and invest in TR Property instead...
What prompts you to think it might be a good time?
From a chart perspective, it might be a good time: the SP has recently dropped heavily several times through the 50 week moving average, and this has generally provided a support, at least in the period since July 2012. The Intermediate KST appears to have bottomed out after a long period through 2015 of underperformance and has just crossed its signal like, and the MACD is bobbling along around zero after a long decline.
The trust has a good reputation, but I don't get the impression we 're on the brink of a boom in European property and the wider economy. If I were a new medium-term investor in TR Property, I'd drip-feed over, say, six months just to be on the safe side.
"There is a growing interest in investing in commercial property again. Property prices and rents appear to be reviving as the UK economy recovers. UK investors have an interesting relationship with property. Home ownership in the UK is high and ..."
Clearly Sigma holders are the main beneficiary of the merger. Ordinary holders get 0.4% uplift in NAV, although not worth a lot if the discount rises. Also, the Sigma dividend is lower so we might see some downward pressure on our dividend. Don't think it's worth voting for this.
I have had the prospectus for this tribute to the Grand Old Duke of York. Am I missing something, or is this a poor deal for ordinary share holder? If the sigma share discount has been about 10% higher than for the ordinary share, why is there only a 2% discount?
Seems to have been on a slow and steady recovery albeit still underperforming overall market index and Land Securities PLC.
I notice the board has decided to consolidate the useless Sigma shares & portfolio back into the main TR Property fund. This had all been Marcus Phayre-Mudge's idea a few years ago and was a complete disaster. Not only did Sigma underperform, but it also made the accounts unnecessarily complicated. As noted in my last post the board's response to this debacle was to promote Marcus Phayre-Mudge as manager of the entire TR Property fund.
This is my second largest holding, built up since the price was about 40p. With the increase in dividend over the years, reinvested via the savings plan, I'm happy to be holding a good profit and a dividend of 7%.
i only wish I had invested more.
My largest holding is RIT Capital Partners, which, although having a small dividend, is also a big winner.
I only wish I hadn't dabbled with AIM shares that have been a big disappointment!!!
Its been ages since I posted on here as I've been analysing, investing and enjoying the banking sector recovery and have been posting on LLOY bb.
Went to the TRY AGM last month. Very sorry to see Chris Turner is retiring but I guess it was inevitable and will happen to all of us. Congratulations to him and his sterling record.
But his replacement Marcus Phayre Mudge has not exactly shown he is up to the job. He has been running the Sigma fund since its inception and its record has been abysmal (I cannot insert the chart here but if you look at it you will see he has lost +30% shareholder value, has underperformed his benchmark and nor does the future look promising). I would have thought that kind of track record would immediately disqualify a candidate for promotion - but not in the eyes of the TR Property board it seems. At the AGM Marcus' responses to questions were mere waffle, and chairman Peter Salsbury excused Marcus' poor performance with words along the lines of "Sigma has operated during a challenging period". In other words he may as well have said "We think Mudge will be an OK manager one day when the market is going up but underperforms when the market isn't doing so well."
So we may as well be in a tracker. In fact we would have been better off in a tracker as the Sigma chart shows.
I managed to catch up with Marcus over sandwiches at the AGM. Nice, nice guy. Don't get me wrong. But he doesn't come across as able to hold his own nor even remotely enthusiastic about his subject. In fact I would use the word 'robotic'.
I know he has been waiting in the wings for a long time but has the board even thought about the possibility - obvious to me and one or two other shareholders - that Marcus might not be the man for the job? TR Property has too good a track record under Chris Turner to risk handing it over to a phayreweather manager. I am sure Mudge has a role, but not as the guy in charge.
Sorry Marcus if you read this or it is shown to you. I mean none of it personally. I ONLY want to see TR Property maintain its superb track record and avoid TRY following the same performance chart as Sigma.
I too bought at this price some time ago but not to worry the sector is now pretty stable and good value going forward. No one could have foreseen the depths to which the banks had got themselves or the complete incompetence of the FSA in allowing them.
Lotcangrorong - "malarkey" is a good word. At the height of the commercial property cycle they created this useless second class of share to give Marcus Phayre Mudge a job which has not only underperformed everything including its own benchmark but has also served to complicate what had previously been an easy to read annual report.
I'm still in on TRY although have significantly reduced my holdings. Thank goodness for diversification where my other investments have kept my head above water.
Yes the share price is attractive at present but I am not buying in just yet. This is because I think there are other sectors which will recover before commercial property. Commercial property lags the main economy. It is not until the main economy starts prospering, expanding and recruiting that commercial property will become attractive.
So I will keep a small holding in TRY but most of my investments are elsewhere for the time being. But I will be only too happy to return to TRY once we have signs of the above general economic improvements, which may not be for a few years.
I am going through the annual report at present. It arrived last week. The Sigma issue makes the accounts extremely confusing as effectively the commentary is doubled up for Ord & Sigma and the accounts appear to consolidate Ord & Sigma together. As I am predominantly an Ord shareholder I am finding it confusing to split out Ord figures. An additional aggravation is that Sigma performed abysmally and underperformed its benchmark.
Chris Turner points out we may not have reached the bottom yet. But accurately pinpointing the bottom is of course impossible even for the experts. I agree it is a good time to add. Unfortunately I was adding all last year and no longer have any spare cash to buy!! But if I did I would be buying now. However bear in mind that TR Property, Land Securities and British Land all reported recently and are all pessimistic about a quick recovery.
Laxeys have said they have funds of £1bil to purchase commercial property as they now see value in the market.
I hope this calls the bottom of the market.
A rise tomorrow similar to the one today would be a tonic to my battered property portfolio.
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