Sorry for bashing a favourite of yours though 🙂 I was looking at BMPG/BMPI results a few weeks ago as it happens and I can see its appeal. It’s done about the same as holdings of mine such as RCP and CLDN over the last 5/10 years and curiously the Growth and Income portfolios’ total returns have tracked each other pretty closely since it launched.

Peter Hewitt seems to be focused a lot more on healthcare and tech right now, although I’m not sure if that was a deliberate weighting choice on his part or just how the positions have moved naturally the last couple of years.

In many ways, he’s trying to do something similar to what I’m doing with my portfolio of course, although I think he has double the number of holdings.

I see you are dismissive of BMPI, which is one of my larger holdings. I take your point about a double layer of charges but, as is often pointed out, it is results that count.

I have been guilty in the past of jumping on the latest bandwagon, something I now try to resist. I am much happier with my slimmed down portfolio, though I still get tempted…

Which is where BMPI helps because it invests in some of the niche trusts that have piqued my interest. For example its top three holdings are currently in healthcare and the top 10 also includes Hipgnosis Songs and Civitas Social Housing.

Then there are trusts I’ve looked at but baulked at for whatever reason. There’s Scottish American which has a good record but the lowish yield and UK property holdings concern me. There’s JGGI which has a great record, but distributing dividends from capital worries me when as a retiree I am looking for a steady or rising income.

BMPI is a youngish trust but it has a good yield (partly funded as I understand it from its sister growth trust) and has been raising its dividend year on year.

Keep up the good work and thanks again!