Email of the day on my personal portfolio
Comment of the Day

December 10 2013

Commentary by David Fuller

Email of the day on my personal portfolio

“You mentioned again today how attractive you find Japan, China, and possibly India. But I have not seen you buy anything in these markets. (Maybe I missed it.) Are you considering buying anything in these markets?  Also, may I ask for some suggestions as to what to invest in these markets? Thanks very much in adv. The web site must be frustrating for both of you, but I am sure it will be sorted out soon.”

David Fuller's view

Sure, I mention everything I do in my portfolio, for reasons of full disclosure, although it was never intended to be a model portfolio.  That would not be fair or realistic for subscribers, because what I do might not be appropriate for anyone else, and it would put pressure on me which would be unhelpful for any of us.  For this reason, I no longer list my top-10 personal holdings. 

In reverse order, I have been investing in India, illustrated here by the India National (Nifty 50) since 2003, adding occasionally on dips.  My last purchase was at least a couple of years ago, via the discount offer which I discussed in answer to an email yesterday for the heavily discounted JPMorgan Indian Investment Trust.  It is shown at a discount to NAV of -15.77 by Bloomberg today.  My main China position is the Atlantis China Healthcare Fund which I have mentioned on a number of occasions, including recently. It is somewhat overextended but still consistent and China’s overall market is inexpensive. I also hold the JPMorgan Chinese Investment Trust, also mentioned recently, which currently trades at a discount to NAV of 11.52% according to Bloomberg.  Regarding Japan, I am somewhat embarrassed to mention it.  After the Nikkei crash in 1990-1991, I opened a monthly pound cost-averaging position in Mrs Fuller’s name, hoping it would encourage her interest in the stock market.  Needless to say its performance put her to sleep and I conveniently forgot about it.  However, those cost averaging positions add up and now that Japan is in a bull market it is appreciating.  I should probably switch the money to the Atlantis Japan Growth Investment Trust, which currently sells at a 6.39% discount to NAV.

Incidentally, the Chart Library, which still has plenty of bugs although they are being reduced on a daily basis so it is becoming useful once again, contains lots of investment vehicles for various markets.  Many of these have been contributed by knowledgeable subscribers so it is a valuable resource.  However, please do your own due diligence.  

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