@peejay2 As you can see from my post on 10/1/25, I entered 2025 with a defensive / bearish mindset. US10 year treasury bond yields looked like they had bottomed and were rising (recent peak of 4.79% on 14/1/2025). Share markets were a bit 50/50 on whether it was temporary dip or the start of a longer downtrend / reversal. We now know that the S&P 500 is nearly breaking 6100. It pays to be patient and not over-react.
So in January I sold off a couple of low-performing funds in my super, and took profits on a couple of share positions (including HMC and WMI).
As part of that defensive mindset, I decided to buy a physical gold ETF (PMGOLD) and a Gold Miners ETF (GDX) in my super. I also entered back into RF1 at $3.30 post the recent Unit Purchase Plan, and switched into the Munro Global Growth Small & Mid Cap Fund from another manager (thanks for the mention about Qiao Ma). To my surprise the gold related investments have been the standout performers over the last month.
RE: SB2. I get what you mean about this being a possible never ending discount to NTA trap. However I see at least three catalysts for a re-rate.
1) WAM continue to increase their holding and raise the public profile of this LIC.
2) They IPO one or two of their unlisted holdings and they go ballistic post IPO. Gregg said IPOs were targeted for 2H FY25. See link below re: IPSI.
3) They declare a maiden dividend. Gregg said this was likely in 2H FY25.
https://hotcopper.com.au/threads/ann-sb2-investment-report-nta-update.8363943/page-11?post_id=77353942
