Totally agree. Over time I've begin to believe that simple indexed ETFs are for the base of a portfolio often the best option. I do think actively managed funds have a place but market dynamics are forever changing and you can never become wedded to a fund, if you're embracing actively managed funds its better to focus what is available through ETFs for ease of purchase/selling and if for an extended period they can't show significant outperformance its not worth the risk. Most of my MFG selling's have been allocated to the Hyperion HYGG. Individual stocks have their place for those who are confident they have information and understanding beyond that of the market consensus but this becomes harder for a fund managing 100b.
I also think leveraged ETFs like the 3x SnP500 UPRO are worth as much consideration if not more than actively managed fund. A portfolio that was simply 80% indexes, 10% crypto and 10% UPRO I think is likely to outperform anything you'll see in the MFG funds and it doesn't require as you put it betting on the guy to find the needle in the haystack.
I don't think Hamish got lucky over the prior decade, he clearly has the ability to consistently outperform I just think his macro understanding over the past 18 months has been way off base and the risk of being overly defensive in a monetary policy fuelled recovery wasn't considered properly. The China stock decision I can't understand, I still think it has to be down to someone thinking that they hesitancy and perceived risks towards Chinese stocks were a result of arbitrary racism or something and that they'd be the ones to see through it. Unfortunately they haven't seen through much of anything recently.
MFG Price at posting:
$34.93 Sentiment: Hold Disclosure: Held
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