I’ll start by telling you my trades. I was a bit overweight in UK Equity Income Funds and selected two for reduction using five year total returns on U.K. funds as a benchmark. The two which I reduced were Threadneedle Equity Income and JO Hambro UK Equity Income – good records when purchased but not in a particularly good place today, with total returns of 24 and 25%. Trojan did better at 32%, Lazard Global 28%, and an Aberdeen Standard (formerly Standard Life) European Equity Income surprised at 52%.

But the Castlefield UK Buffettology fund put on 100%. As this fund has been taking in net new money for the past few months I thought it would be best to catch the wave before any visits from the ghost of Gerald (Gerry) Tsai – who attracted too much money after he left Fidelity to set up his own shop.

Happy to buy another fund with a Buffett like approach, as Findlay Park American has done extremely well over time and the two leading lights – Messrs Findlay and Park – were early Buffettologists going back to 1998 when their fund started as FP American Smaller Companies Fund. Also hearing that value driven Quant funds are not doing so well recently, as humans have been doing better than the algorithms. That makes sense to me, as there are too many value traps around for my liking.

Anyway the price I paid for the Castlefield fund – institutional income class – was 327.54p. The annual charges are an eye watering 1.23%, so they had better prove their value within 18 months or they will face the order of the boot.

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