ADrunkenMarcus wrote:Arborbridge wrote:I'm with TMPL too, which I'd always regarded as being rather safe and sensible - had a torrid time, as you say.
It occurs to me that it would be interesting to know for both MYI and TMPL the aggregate portfolio data to see what the p/e (or, take your pick) is. We can see things such as the trust share price and whether it's trading at a premium or discount to estimated NAV, but how has the valuation changed for the portfolio itself?
I don't know that this data is available.
It's available here and there. The FT quotes them for instance, or at least did the last time I looked at it. But it doesn't seem to be widely available, perhaps because it is not seen as informative. You have to ask how such a multiple is computed. For a company it's straightforward but for a fund you'd have to somehow compute the weighted average of the P/E ratios of all the constituents, rather than the more normal approach of just looking at the IT's earnings. Or at least I would have thought so anyway. Personally I don't find P/E ratios for a fund to be helpful.
As for TMPL doing badly despite its conservative approach, isn't that just a function of growth beating out value for these last few years? So if an EM fund rejected Taiwan Semiconductor, Ali Baba, Tencent etc on valuation grounds then it was doomed to under-perform.