just go into a global index fund in the DJI - you would have outperformed Marlin by leaps and bounds.
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Bonds should be held all the time as a % of your holding.. so is cash precisely for a crash (assessed & adjusted from time to time depending on certain measures you take into account such as VIX etc. and your macro economic outlook) but you still need a % explicitly for funds (a combination of them to have a balanced exposure across continents, markets, industries, cycles & securities[including funds that primarily deal with bonds]) .. you need that for a balanced portfolio..
The point i was making earlier was that a specific allocation for funds is necessary if you want a to safe guard your capital and have modest balanced return with less hands on approach. A combination of a few is best for risk management. MLN or other funds should be part of a balanced portfolio.
I love making bets.. picking stock or using other instruments, i'll win some and loose some, but i'll be naive to think i know best. And it will be only part allocated for my betting portion.. i'd like to know the rest of my holdings is balanced out to give me solid steady income stream overtime, with the upside of gains and the peace of mind that i can go on vacation and shut down my computers and get off the grid whenever i want :D
I held Kingfish for a reasonable while - mainly as a default holding for NZX and a place to park some money. Did quite well out of it between divvy reinvestment and market growth, however was always conscious that the divvy payout ratio wasn't sustainable, especially when look at the holdings. The divvies from these were not enough for the Kingfish payout - so coming from capital. Could argue whether capital vs capital growth is funding it - but essentially the same thing - as in the end it ain't from divvies received. A major downturn would see these majorly punished.....
Good case in point of what this fund is about :
Quarterly dividend of 1.72 cps.
https://www.nzx.com/companies/MLN/announcements/282841
But fund actually lost 6.2% in the quarter.
https://www.nzx.com/companies/MLN/announcements/282215
Dividend yield story? More like dividend yield fairy tale!
Amazing how many fall for this trick/illusion of 'performance' so manager can keep clipping the management fees etc.