- Taking advantage of the rare reduction in premium to add to Scottish Mortgage Trust (SMT)
- Selling some of the individual European stocks to buy the Ashoka India Trust (AIT)
- Selling all of my holding in Fundsmith’s Emerging Market Trust (FEET) and the iShares European Property Yield ETF (IPRP)
- Adding to HSBC’s FTSE 250 tracker, buying Baillie Gifford’s UK Growth Fund (BGUK), and adding to the Vanguard Small Cap Index Fund
I sold my holding in FEET as it has been a disappointing investment, which when coupled with its incredibly high fees means it had to go. I appreciate past performance is no guide blah blah blah but the trust would have to outperform exceptionally from this point to make it worth the cost of ownership.
Buying AIT is based on long-term faith in India and the fact that this trust has a performance fee model, which I prefer to the alternative.
Overall the changes give me another incremental move to lower fees, and shift a few % of the portfolio from income to growth, hoping that there will be moves in the coming 12 months to make-up for the recent sharp falls.
I’m keeping faith in the UK on the basis that a Brexit deal will be done, and that the people and business community of this country will do what they do well and to the best of their ability in-spite of the worst efforts of the self-serving duplicitous politicians that we are unfortunate enough to have, both in Government and opposition.