I much prefer to get my exposure to fund managers by owning Petershill with its 25% discount. There are many ways to gain exposure to PE assets - I can think of many investment trusts - but the interesting part is owning some of that fee income.
The first thing I noticed is that Brookfield Corporation doesn't get a mention in the holdings list (it is number 2 in the ishares version). Seems a bit strange.
Worth mentioning that since it is based on swaps they won't have to pay withholding tax within the fund, compared to the ishares which will.
I think it is worthwhile holding a slug of PE within a portfolio and this looks a decent way to do it. The industry has had a good run over the last few years, but some (Jared Dillon) are calling it a bubble as it has to continue to deploy capital into a diminishing opportunity set.
I find this a strange choice for your 6X as you have massive expertise for explaining when something is underappreciated whereas this is more of a performance call.
Finally, I am finding the OB25 to be fascinating. Well done - and thank you - for an outstanding body of work.
I much prefer to get my exposure to fund managers by owning Petershill with its 25% discount. There are many ways to gain exposure to PE assets - I can think of many investment trusts - but the interesting part is owning some of that fee income.
Hi OB.
The first thing I noticed is that Brookfield Corporation doesn't get a mention in the holdings list (it is number 2 in the ishares version). Seems a bit strange.
Worth mentioning that since it is based on swaps they won't have to pay withholding tax within the fund, compared to the ishares which will.
I think it is worthwhile holding a slug of PE within a portfolio and this looks a decent way to do it. The industry has had a good run over the last few years, but some (Jared Dillon) are calling it a bubble as it has to continue to deploy capital into a diminishing opportunity set.
I find this a strange choice for your 6X as you have massive expertise for explaining when something is underappreciated whereas this is more of a performance call.
Finally, I am finding the OB25 to be fascinating. Well done - and thank you - for an outstanding body of work.