I have recently executed a Lasting Power of Attorney and chosen three attorneys. One of them is very indecisive.
“Switch the life support machine off … no, switch it back on.” It must be in our genes because I have already changed my mind about adjusting my portfolio. Yesterday morning I was at home awaiting delivery of Essential Supplies but I was a busy bee. I sold all the Scottish Mortgage in my pension. I still hold some in my own name; selling that would crystallise a lumpy tax charge. Sticking to the plan, I put half the proceeds into Personal Assets Trust. However, a friend told me about a fund I had not heard of: Herald Investment Trust. So I broke two rules simultaneously: not sticking to the plan and taking a tip.
My friend says he is a long term holder of Herald and his father before him, although it was only launched in 1994. It has potential overlap with Scottish Mortgage as its mission is:
“to achieve capital appreciation through investments in smaller quoted companies in the areas of communications and multi-media. Investments will be made throughout the world. The business activities of investee companies will include information technology, broadcasting, printing and publishing and the supply of equipment and services to these companies”.
It’s quite small, only a bit more than £1 billion, the fees are the wrong side of 1% but it is at an 8% discount. Incidentally it doesn’t seem to pay a dividend but its short and long term performance is stellar. Take a look.
A lot racier than Personal Assets and McInroy & Wood Balanced Fund, more like whizzing down the Cresta run – hope I’m not a casualty at Shuttlecock corner.
Did I mention Essential Supplies? Essential before hurtling down the Cresta at more than 80 mph if you are record holder Lord Wrottesley with whom I have a double connection. We were both born in Hatch Street nursing home in Dublin and are both descended from the Stratfords. He is braver than me. To round things off, I first met my indecisive attorney in Hatch Street where she had just hatched.
