Disclosure – Non-substantive Research
This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour.
The purpose of our portfolios is to demonstrate the attractive qualities of investment trusts and highlight those funds we think best illustrate them. Three years on from their launch, we thought it was high time we reviewed whether our picks have lived up to our hopes, and considered whether we should be making any changes to our selections.
We have assumed an equal weighting to each trust in the portfolios, as we are assuming the notional investor is a non-professional, selecting a simple basket of trusts for the long run ('fire and forget'). However, it is at least as valid to consider the portfolios as shortlists of trusts we think display the relevant desirable characteristics.
We believe that the average investor is likely to trade too much thanks to behavioural biases, and so our intention is always to make the minimal amount of trades and limit how much we second-guess short-term market movements.
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