Von wem könnte man besser lernen, wie man sein Geld anlegt, als von der Kirche. In diesem Falle die Kirche von England. Einfach, aber überzeugend:
- „(…) perpetual endowments (…) have the luxury of being able to capture illiquidity premia in alternative investments such as property, forestry and commodities, taking decisions that may not pay off for years. That advantage is largely denied to mature pension funds that pay out a high proportion of their revenue to pensioners. (…) so the investment strategy may not have to deal with conflicting client requirements and time horizons.“ – bto: Natürlich ist der endlose Investment Horizonte ein erheblicher Vorteil.
- „(…) the Church Commissioners who manage close to £8bn of assets (…) of the Church of England (generated a) total return on assets in 2016 (of) 17.1 per cent, helped by (…) the commissioners’ holdings of global equities which, at 19.3 per cent, constitute the biggest asset class. For many a hedge fund that would be a return to die for.“ – bto: Das sind absolut beeindruckende Werte.
- „(…) the average annual return over 30 years has been an impressive 9.6 per cent, nicely ahead of the target of inflation plus five per cent. (…) This performance was achieved with minimal exposure to fixed interest over the longest bond bull market since the second world war. And, of course, the commissioners are under no pressure now to invest in horribly overvalued government bonds — another notable advantage of not having to match liabilities closely.“ – bto: was wiederum zeigt, wie pervers es ist, dass die Kapitalsammelstellen, die für uns arbeiten, solche Sachen kaufen müssen!
- „What makes the performance still more remarkable is that 25 years ago the commissioners were in a terrible mess. Having started the 1980s, a cruel decade for real estate investment, with more than two-thirds of the portfolio in property, they underperformed very badly. This dire asset-allocation error was compounded by an ill-judged plunge into speculative property development on borrowed money.“ – bto: Hier sieht man schön die negativen Folgen, die Leverage haben kann.
- „Today, the commissioners run a very diverse multi-asset strategy. While nearly a quarter of the portfolio is in property, the investment is spread across commercial, residential and agricultural property, (…) Other asset categories include private equity, credit, multi-asset strategies and timber, (…). They are now the largest owners of forests in the UK after the Forestry Commission, and have had a five-year average annual return on their investment of 15.4 per cent. A forest can cost less than a small flat in London but the returns from timber make it one of the UK’s top-performing asset classes.“ – bto: Diversifikation und das vor allem in Dinge, die nicht populär oder aber schwer zu bekommen sind.
- „The commissioners like to exploit their freedom as an endowment by taking seriously contrarian positions. The most eye-catching at present is an aversion for passive investing. Investment director Tom Joy argues that the performance of active versus passive funds is highly cyclical and that the fund management business is too obsessed with the recent past. With active managers underperforming at the highest rate on record, this is the last moment, he thinks, to be shifting from active to passive.“ – bto: Diese Meinung vertrete ich bekanntermaßen auch schon lange.
- „The commissioners believe that much of their competitive advantage comes from a very intensive approach to management selection. Most of their managers are boutique firms, not household names. And they aim to avoid managers that have marketing departments.“ – bto: Tja, auch da haben wir Normalanleger keinen Zugang.
– bto: interessante Gedanken. Fragt sich, wie die Kirche die kommenden Turbulenzen meistern wird.