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Seneca Global Income & Growth Trust

Closed-end funds and OEICs
Aminatidi
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Seneca Global Income & Growth Trust

#234506

Postby Aminatidi » July 7th, 2019, 8:27 am

Does anyone hold or have a view on SIGT or their OEIC equivalents?

I'm looking for something reasonably cautious to park some new money and possibly some money from existing 100% equity holdings.

This is in the flexible sector and appears to have a "cautious" mandate yet still appears to have a higher degree of risk than, say, CGT, PNL, or RICA.

StOmer
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Re: Seneca Global Income & Growth Trust

#234514

Postby StOmer » July 7th, 2019, 9:23 am

I can't help too much but I believe they were previously known as Midas when I lost a pile of money in two of their supposedly more cautious holdings. Liverpool based iirc, they bought into Woodford Patient Capital not long before it blew up. I have read many good things about the new company and their IT is in the Flexible Investment sector rather than Global Growth, hence it should give more protection on the downside. Probably a fair buy if you go for it.

Aminatidi
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Re: Seneca Global Income & Growth Trust

#234518

Postby Aminatidi » July 7th, 2019, 9:54 am

StOmer wrote:I can't help too much but I believe they were previously known as Midas when I lost a pile of money in two of their supposedly more cautious holdings. Liverpool based iirc, they bought into Woodford Patient Capital not long before it blew up. I have read many good things about the new company and their IT is in the Flexible Investment sector rather than Global Growth, hence it should give more protection on the downside. Probably a fair buy if you go for it.


Thanks and yes, I believe there was a change in 2012 to a more cautious mandate.

In the OEIC sector there is of course a lot of choice in the more cautious sector, less so in the Investment Trust equivalent.

Not that it has to be an Investment Trust but I do prefer the lower platform charges and "real-time" ability to buy and sell even as an investor v a trader.

I hear good things about Miton Global Opportunities which is also in the flexible sector and it has an oddly low FE rating but I suspect it would utterly tank in a stress situation.

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Re: Seneca Global Income & Growth Trust

#234519

Postby ffacoffipawb64 » July 7th, 2019, 9:57 am

Aminatidi wrote:Does anyone hold or have a view on SIGT or their OEIC equivalents?

I'm looking for something reasonably cautious to park some new money and possibly some money from existing 100% equity holdings.

This is in the flexible sector and appears to have a "cautious" mandate yet still appears to have a higher degree of risk than, say, CGT, PNL, or RICA.


Hold in my ISA but not a great performer. Down 2% on purchase about 3 years ago, so slightly up allowing for dividends. My ISA will be my pension supplement when I switch on income withdrawals, if needed.

richfool
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Re: Seneca Global Income & Growth Trust

#234524

Postby richfool » July 7th, 2019, 10:16 am

Aminatidi wrote:Does anyone hold or have a view on SIGT or their OEIC equivalents?

I'm looking for something reasonably cautious to park some new money and possibly some money from existing 100% equity holdings.

This is in the flexible sector and appears to have a "cautious" mandate yet still appears to have a higher degree of risk than, say, CGT, PNL, or RICA.

I HELD SIGT for its mixed asset class and its defensive stance. It had said it had been reducing the equity holdings in anticipation of a bear market in 2020. However I recently sold my holding, after noticing that it held "Woodford" and Kier. I note those holdings are not mentioned in the May 2019 fact sheet, but were in a previous one, and they are mentioned in the latest Report & Accounts (30 April 2019). I access those through HL website.

I now get my mixed assets exposure mainly from MATE (JP Morgan Multi-Asset trust), along with some BMPI. I don't believe either are particularly defensive. MATE aims at (mixed asset classes such as infrastructure, fixed interest, currencies with), low volatility, but BMPI is mainly equity focused with some pharma, biotech/growth stocks.

Aminatidi
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Re: Seneca Global Income & Growth Trust

#234561

Postby Aminatidi » July 7th, 2019, 12:27 pm

richfool wrote:
Aminatidi wrote:Does anyone hold or have a view on SIGT or their OEIC equivalents?

I'm looking for something reasonably cautious to park some new money and possibly some money from existing 100% equity holdings.

This is in the flexible sector and appears to have a "cautious" mandate yet still appears to have a higher degree of risk than, say, CGT, PNL, or RICA.

I HELD SIGT for its mixed asset class and its defensive stance. It had said it had been reducing the equity holdings in anticipation of a bear market in 2020. However I recently sold my holding, after noticing that it held "Woodford" and Kier. I note those holdings are not mentioned in the May 2019 fact sheet, but were in a previous one, and they are mentioned in the latest Report & Accounts (30 April 2019). I access those through HL website.

I now get my mixed assets exposure mainly from MATE (JP Morgan Multi-Asset trust), along with some BMPI. I don't believe either are particularly defensive. MATE aims at (mixed asset classes such as infrastructure, fixed interest, currencies with), low volatility, but BMPI is mainly equity focused with some pharma, biotech/growth stocks.


Thanks, I was reading the annual report earlier and as you say there appears to be around 3% total between WPCT and Kier though not sure if that's still the case.

I may hedge my bets and go with a more proven option of PNL or simply split 50/50 between SIGT and PNL.

Or expand out in the OEIC space.

richfool
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Re: Seneca Global Income & Growth Trust

#234588

Postby richfool » July 7th, 2019, 2:09 pm

There is a recent post about SIGT here:

viewtopic.php?f=54&t=17443

Aminatidi
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Re: Seneca Global Income & Growth Trust

#234592

Postby Aminatidi » July 7th, 2019, 2:16 pm

richfool wrote:There is a recent post about SIGT here:

viewtopic.php?f=54&t=17443


Thanks, already aware of those as I try and do what homework I can and study notes and reports even if I wouldn't claim to understand a lot of it :x

toofast2live
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Re: Seneca Global Income & Growth Trust

#234601

Postby toofast2live » July 7th, 2019, 2:51 pm

richfool wrote:
Aminatidi wrote:Does anyone hold or have a view on SIGT or their OEIC equivalents?

I'm looking for something reasonably cautious to park some new money and possibly some money from existing 100% equity holdings.

This is in the flexible sector and appears to have a "cautious" mandate yet still appears to have a higher degree of risk than, say, CGT, PNL, or RICA.

I HELD SIGT for its mixed asset class and its defensive stance. It had said it had been reducing the equity holdings in anticipation of a bear market in 2020. However I recently sold my holding, after noticing that it held "Woodford" and Kier. I note those holdings are not mentioned in the May 2019 fact sheet, but were in a previous one, and they are mentioned in the latest Report & Accounts (30 April 2019). I access those through HL website.

I now get my mixed assets exposure mainly from MATE (JP Morgan Multi-Asset trust), along with some BMPI. I don't believe either are particularly defensive. MATE aims at (mixed asset classes such as infrastructure, fixed interest, currencies with), low volatility, but BMPI is mainly equity focused with some pharma, biotech/growth stocks.


BMPI defensive? It mainly holds equity (and some property, infrastructure) investment trusts. I would have thought come the next bear market both it’s discount, and that of its holdings will increase and magnify the hit. Last time I looked it only had about 10% in fixed interest/cash.

Seneca is slightly more conservative but not much. PNL, CGT and RICA are notoriously bearish and have been for a few years.

StOmer
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Re: Seneca Global Income & Growth Trust

#234614

Postby StOmer » July 7th, 2019, 3:45 pm

Aminatidi wrote:I hear good things about Miton Global Opportunities which is also in the flexible sector and it has an oddly low FE rating but I suspect it would utterly tank in a stress situation.

Liked by Money Observer who gave it an award last year I believe. Tends to hold discount opportunities in the IT world.

richfool
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Re: Seneca Global Income & Growth Trust

#234634

Postby richfool » July 7th, 2019, 4:59 pm

toofast2live wrote:BMPI defensive? It mainly holds equity (and some property, infrastructure) investment trusts. I would have thought come the next bear market both it’s discount, and that of its holdings will increase and magnify the hit. Last time I looked it only had about 10% in fixed interest/cash.


Yes, agreed. That's why I did say or try to convey that I was getting my mixed asset exposure MAINLY from MATE. Perhaps I should have left out the reference to BMPI - "along with some BMPI", which I had been trying to play down. I did also acknowledge that BMPI was mainly equity focused.
I now get my mixed assets exposure mainly from MATE (JP Morgan Multi-Asset trust), along with some BMPI. I don't believe either are particularly defensive. MATE aims at (mixed asset classes such as infrastructure, fixed interest, currencies with), low volatility, but BMPI is mainly equity focused with some pharma, biotech/growth stocks.


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