What a letdown. After all that talk of market collapses, the ASX All Ordinaries Index is going to close the week higher than it started.
I sent an email to Forager clients and prospective clients on Tuesday and got them all excited about the opportunities on offer, only to see those opportunities evaporate. We did get to add some Google to the International portfolio, along with aero-engine manufacturer Rolls Royce. While that’s good for existing investors, this week’s new investors are going to be allocated units at a higher price than last week (unless something dramatic happens tonight).
A few percent doesn’t, of course, make a huge difference over a long period of time. Markets are still well off their highs and we remain very happy with both portfolios. But I know many investors were looking forward to getting invested at a “bargain” price. All I can say is sorry. It came as something of a surprise to one disgruntled investor this week, but I don’t have control of global stock markets.
If you were trying to time your entry and are feeling a little miffed, I won’t be offended if you ask for your money back.
PS. Aside from market gyrations, the merger announced this week between Betfair and Paddy Power is seriously good news. More about that in the next quarterly report.
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Forager Funds is a boutique fund manager specialising in a value investing approach. We offer an ASX listed Australian Shares Fund as well as an International Shares Fund both aimed at delivering returns for long term investors.