Participaciones del usuario Luis Angel Hernandez - Fondos

Luis Angel Hernandez 21/01/21 20:36
Ha respondido al tema True Value anual de True Value
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Luis Angel Hernandez 20/01/21 20:04
Ha respondido al tema Fondo inversion Lindsell Train Global Funds
Comentario mensual y carteraPortfolio Manager’s Comments What can we say of 2020 and its finale? With much of Europe plunging into a fresh series of lockdowns as I type, the light at the end of the tunnel currently seems a little fainter than just a month ago. And yet, defying the gloom, global markets have proven rebelliously resilient. In GBP terms, the MSCI World index ended the year not just up, but strongly so, returning +12% in 2020. That's good for a normal year (the 50 year long-term average being c.9%) let alone one ravaged by COVID. It is no rebound either, following on from the index's robust 2019 showing of 23%. But this rosy picture masks a dramatic (and well documented) divergence. Companies with activities directly curtailed by COVID controls have been thwacked, whilst those possessing the technology to facilitate new modes of lockeddown living have thrived. Illustrating this, the US's S&P500 ended the year returning 15% in GBP terms, and the Nasdaq an astonishing 41%. In contrast the UK's FTSE100 lost 11%. Tritely, tech companies now dominate the US market, with the S&P500's top-seven spots all taken by familiar tech giants, each of which rose by at least a third in 2020. In comparison the UK's big, listed offerings don't exactly teem with microchips - none of the FTSE100's top 10 constituents could really be considered a technology company. And so, global markets are in turn transforming, with these seven US tech stocks now contributing 15% of the MSCI World's entire market cap. But here at Lindsell Train we are not known as tech investors. The fast pace of change and consequent paucity of heritage-rich constituents means the sector is not a natural home for us. We consciously underweight it - at least as defined by most index providers. However, I think here it is important we are clear with what we really mean by the word. Much like 'quality', 'tech' feels like another woolly investment catchall; capturing companies with wildly differing business models - and resulting moats that range from superficial (think low barrier to entry, capitally intensive, commoditising hardware) to profound (e.g., branded, network-effected, winner-takes-all IP and software). For investors looking for long-term compounders, these two groups could not be more different. We avoid the former but are openly enthusiastic of the latter - seeing them not simply as tech providers, but as content owners, networks, marketplaces and platforms. These are tested, intangible asset, intellectual property-driven business models, employed by companies that are also exploiting the modern tools available to them. Some of 2020's market winners will fit into the first of the above camps, some the latter. Some will fall away after the short-term shot of optimism fades; others will make good on this once-in a generation opportunity and consolidate dominant market shares into impregnable economic fortresses. Over the past decade we have initiated holdings in several 'tech' names that we are confident fit this second set. By and large, these have driven our performance this year, though clearly we could have had more. (We might weakly protest that several others are monitored from the safety of our investment universe, but in 2020 a FANG in the portfolio would have been worth considerably more than two in the watch-list.) As such your Fund (after a helpfully strong +4% December) ended the year roughly in line with the index, suffering a narrow 57bps shortfall. A glance at our victors and losers lays bare the above dynamics. Our top five performers over the year (in local currencies) were PayPal returning 117%, Prada 59%, Nintendo 55%, Intuit 46% and eBay 41%, and all (with the arguable exception of Prada which benefited from the quick recovery in China) are clear digital winners - each leading their respective industries, offering valuable services or diversions to locked-down customers. Our bottom three consisted of Celtic FC -38%, Juventus FC -35% and World Wrestling Entertainment -25%. i.e., our three sports franchises, all of which rely to a greater or lesser extent on live performances and interactions - most of which have been put on hold (or at the very least, socially distanced). Walt Disney's 25% return (most of which came in December as bullish targets were announced for Disney+) and RELX's -4%, represent curious hybrids of the two. Both provide compelling, digitally delivered content, but also seek monetisation through physical events (parks and sports in Disney's case, conferences in RELX's). In the middle are our consumer stalwarts that, all things considered, held up pretty well (e.g., Mondelez returning 9%, PepsiCo 12% or Unilever 4%), taking share through difficult circumstances in pretty much every reported instance. Again though, those with physical 'on-trade' (i.e., pubs and bars) exposure suffered in the short-term (e.g., Diageo -8% or Heineken -9%) and it was these relatively large positions (vs. the small weightings to sports franchises) that held us back the most. So, as investors how should we prepare for the next unexpected event? Sadly we can’t know for sure, but chasing last year's champions without long-term foresight already feels parachronistic. Some will have predicted the pandemic (some always do), but it is probably only now that most barn doors are being nailed shut. Instead, we look to stable companies with solid balance sheets, decades (if not centuries) of operating experience and truly desirable products. Differentiated products that should transcend technology-driven shifts in distribution or delivery. We took that view pre-COVID, took it during the crisis (during which we made almost no changes to the portfolio) and - as conscious as ever of our inability to foresee future black swans - still take it today. 
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Luis Angel Hernandez 20/01/21 19:52
Ha respondido al tema Fundsmith Equity Fund: El fondo de Terry Smith
Como todos rumoreaban la nueva posición es LVMH. Los otros movimientos han sido estosWe sold our stakes in Clorox and Reckitt Benckiser and purchasedstakes in Nike and Starbucks during the year. Clorox and ReckittBenckiser traded strongly due to the rush to purchase increasedquantities of household cleaning products, personal cleaning productsand OTC medicines. Me gusta también la parte de las megatendencias que cree que se acelerarán a partir de que salgamos de esta pandemia
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Luis Angel Hernandez 20/01/21 19:42
Ha respondido al tema B&H Renta Fija C FI
Carta Semestral de B&H: 
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Luis Angel Hernandez 19/01/21 21:00
Ha respondido al tema Seguimiento del Okavango Delta
Aquí la carta mensual y la cartera:
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Luis Angel Hernandez 19/01/21 20:51
Ha respondido al tema Esfera capital
A partir de hoy se ha informado a la CNMV que toda la información de patrimonio, valor liquidativo y partícipes saldrá en el Boletín de la Bolsa de Madrid
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Luis Angel Hernandez 18/01/21 23:03
Ha respondido al tema Seguimiento de Lonvia Capital
Intenté contratar el small caps en R4 pero ahora sale un error de solo para profesionales. A ver si cuando sea trasapasable lo ofrecen
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