Search found 272 matches

by glorat
Fri Nov 15, 2019 12:27 am
Forum: Non-US Investing
Topic: My Portfolio - Seeking Advice. Romania. 4 Currencies.
Replies: 11
Views: 482

Re: My Portfolio - Seeking Advice. Romania. 4 Currencies.

I've filtered it down to a few ETFs, namely: 1. Vanguard FTSE Developed World UCITS ETF Acc | TER 0.12% | AUM $355 million | Inception Date - 24 September 2019 (problem?[/b] 2. iShares Core MSCI World UCITS ETF USD (Acc) | TER 0.20% | AUM $21,503 million | Inception Date - 25 September 2009[/b] 3. ...
by glorat
Wed Nov 13, 2019 7:45 pm
Forum: Non-US Investing
Topic: How to buy a few thousand shares of VWCE?
Replies: 4
Views: 421

Re: How to buy a few thousand shares of VWCE?

Or maybe I should exchange my Euros into USD and buy the USD version (VWRA)? Since you are on IB do this. Most global assets are in USD so either IB will do the conversion for you or Vanguard will. Since commissions and spreads are near zero for both options, I'd convert to USD first to enjoy the m...
by glorat
Wed Nov 13, 2019 4:12 am
Forum: Non-US Investing
Topic: My Portfolio - Seeking Advice. Romania. 4 Currencies.
Replies: 11
Views: 482

Re: My Portfolio - Seeking Advice. Romania. 4 Currencies.

2. I don't want to fall for analysis paralysis. I want to play the long game, compounding and simplicity are my BFFs. I have about 20 notebooks created with "potential portfolios" and pieces of advice collected during my research. I'm all over the place. Which is why I'm asking for help... Investme...
by glorat
Tue Nov 12, 2019 9:58 pm
Forum: Non-US Investing
Topic: EU investor: 7M+ in VWRA vs SWDA + EIMI (or a combination) and partially hedged global govt bond ETF
Replies: 15
Views: 1146

Re: EU investor: 7M+ in VWRA vs SWDA + EIMI (or a combination) and partially hedged global govt bond ETF

I keep no more than 20% of my investable assets at brokerages Do you keep your securities at a stand-alone custodian bank(s) then, which you transfer over from your brokerage account after trade executions? Ah, you need to learn how brokers/banks/custodians operate as separate legal entities. A bro...
by glorat
Tue Nov 12, 2019 3:59 am
Forum: Non-US Investing
Topic: U.K. Switch from income to accumulating ETF?
Replies: 8
Views: 501

Re: U.K. Switch from income to accumulating ETF?

Just to clarify. The VWRL dividends in the ISA stay in the ISA as cash until I reinvest them with the next ISA top up (full years allowance). I may still be misunderstanding the situation. Does this cash sit within the ISA wrapper? If so, why are you waiting until the next ISA top up to do the inve...
by glorat
Mon Nov 11, 2019 12:32 am
Forum: Non-US Investing
Topic: EU investor: 7M+ in VWRA vs SWDA + EIMI (or a combination) and partially hedged global govt bond ETF
Replies: 15
Views: 1146

Re: EU investor: 7M+ in VWRA vs SWDA + EIMI (or a combination) and partially hedged global govt bond ETF

There are some actionable lessons I take these examples Look at MF Global, also a leading reputable brokerage at the time going bust. 1.5bil in client funds disappearing through some back end shenanigans at the custody level. https://www.pbs.org/wgbh/frontline/article/what-happened-to-mf-globals-cus...
by glorat
Sun Nov 10, 2019 10:54 pm
Forum: Non-US Investing
Topic: EU investor: 7M+ in VWRA vs SWDA + EIMI (or a combination) and partially hedged global govt bond ETF
Replies: 15
Views: 1146

Re: EU investor: 7M+ in VWRA vs SWDA + EIMI (or a combination) and partially hedged global govt bond ETF

I'd be more concerned about the counterparty risk keeping everything with IB. IB is great for low cost trading and access to markets but for safekeeping of ETF's, I'd opt for the security of a few banks and their more capitalized requirements compared to a brokerage. See: MF Global Could you explai...
by glorat
Sun Nov 10, 2019 10:30 pm
Forum: Non-US Investing
Topic: U.K. Switch from income to accumulating ETF?
Replies: 8
Views: 501

Re: U.K. Switch from income to accumulating ETF?

I have about 400k in tax sheltered accounts and I tend to let the dividends build up over the year then reinvest with my new ISA allowance top up. Your post is suggesting that these dividends are being built up outside the ISA tax wrapper. That's a massive error as it is killing the compound effect...
by glorat
Mon Nov 04, 2019 9:41 pm
Forum: Non-US Investing
Topic: Italy - Global Govt bond ETF (.25% TER) vs Aggregate bond fund (.1%)
Replies: 9
Views: 601

Re: Italy - Global Govt bond ETF (.25% TER) vs Aggregate bond fund (.1%)

However, since the aggregate fund AGGH has a 0.1% TER and the Govt fund IGLE a 0.25% TER , is IGLE still more favorable considering the higher cost if I invest 6-7 million? Addressing just the issue of cost, this topic was discussed in a recent thread. Here's the relevant info For investor in Euros...
by glorat
Sat Nov 02, 2019 7:22 pm
Forum: Non-US Investing
Topic: What bond funds do you hold or would you ideally hold as a non-US investor, is global aggregate enough?
Replies: 20
Views: 2095

Re: What bond funds do you hold or would you ideally hold as a non-US investor, is global aggregate enough?

For investor in Euros I would also consider their Euro counterparts: 1) Euro Aggregate Bond ETF 2) Euro Govt Bond ETF 3) there is also a euro highest rated government bond ETF too AFAIR Mostly because according to Vanguard hedging to EUR will lead to yields comparable to local bonds with a similar ...
by glorat
Sat Nov 02, 2019 7:18 pm
Forum: Non-US Investing
Topic: [Non-US] Planning to meet a wealth management advisor for education
Replies: 16
Views: 1010

Re: [Non-US] Planning to meet a wealth management advisor for education

So please tell us how it went? JW Badly for them in that I was their first attempt at a client in this country and they were woefully unprepared for my local country specific issues, which is a bit unacceptable given that they are trying to expand their business here. They couldn't even do me a dem...
by glorat
Fri Nov 01, 2019 9:44 am
Forum: Non-US Investing
Topic: Vanguard global bond fund lists 1.5% as effective YTM. What does that imply?
Replies: 23
Views: 2084

Re: Vanguard global bond fund lists 1.5% as effective YTM. What does that imply?

I noticed today that the average YTM of IEAG (iShares Aggregate Bond EU) is 0.11%. Would it be a reasonable indicator for the return on global aggregate bonds hedged to eur ? Or should I still subtract the expense ratio? https://www.ishares.com/ch/individual/en/products/251725/ishares-euro-aggregat...
by glorat
Thu Oct 31, 2019 6:28 am
Forum: Non-US Investing
Topic: ETF questions (EU) - US taxes, global gov bond ETF hedged to EUR, annual report, IB base currency
Replies: 11
Views: 522

Re: ETF questions (EU) - €7M bond exposure breakdown, G7 US taxes, annual report

So for a HNWI who wants to place 7 million in bonds and who wants stability and good interest what should my exposure breakdown be? What does "stability" mean for you? Most people mean stability with respect to their home country (EUR for you) which means minimizing FX volatility since exposure to ...
by glorat
Wed Oct 30, 2019 11:12 pm
Forum: Non-US Investing
Topic: ETF questions (EU) - US taxes, global gov bond ETF hedged to EUR, annual report, IB base currency
Replies: 11
Views: 522

Re: ETF questions (EU) - US taxes, global gov bond ETF hedged to EUR, annual report, IB base currency

1.) From what I learned, as an Italian investor holding equity ETFs domiciled in Ireland I am subject to a 15% US tax on dividends from US stocks. Strictly speaking, it is the ETF that is subject to a 15% US tax on dividends on US stocks. As an Ireland domiciled fund, you don't may any taxes to Ire...
by glorat
Wed Oct 30, 2019 6:56 am
Forum: Investing - Theory, News & General
Topic: Difficulty lnvesting a Windfall
Replies: 25
Views: 3277

Re: Difficulty lnvesting a Windfall

I worked on a reply and then managed to lose it. I'm not adept at this. But I do want to say that I much appreciate the replies I received. I now realize I mislead some by not making clear that asset allocation is not the issue here. I am very comfortable with my AA which is roughly 60/40. The prob...
by glorat
Wed Oct 30, 2019 6:14 am
Forum: Non-US Investing
Topic: 20 year old new investor.
Replies: 11
Views: 812

Re: 20 year old new investor.

I have recenlty started a portfolio on Vanguard that consists of: U.K. Government Bond Index Fund - Accumulation FTSE Global All Cap Index Fund Accumulation As I am relatively young, I dont have much income coming in but I do have the benefit or time so I am investing £400 a month into the stock in...
by glorat
Sun Oct 27, 2019 9:54 pm
Forum: Non-US Investing
Topic: Saxo Bank ETFs on different exchanges
Replies: 4
Views: 321

Re: Saxo Bank ETFs on different exchanges

I'm going for the iShares MSCI World UCITS acc (IE00B4L5Y983) (IWDA) Solid choice to go for But then, there is the MSCI World Source ETF (SC0J:xetr, also acc) which shows around 35% 3Y returns. ... Would be grateful if anyone could help me understand where this difference comes from. That's simply ...
by glorat
Sun Oct 27, 2019 9:36 am
Forum: Non-US Investing
Topic: [Non-US] Planning to meet a wealth management advisor for education
Replies: 16
Views: 1010

Re: [Non-US] Planning to meet a wealth management advisor for education

Having done my homework, I see this company is a classic big commission product selling outfit, who happen to be expanding out of the UK internationally. So the bad news I will have a product sales pitch to deal with. The good news is that he's on my home turf and I have information and a mentality ...
by glorat
Thu Oct 24, 2019 6:46 pm
Forum: Non-US Investing
Topic: Vanguard cuts fees across its European range
Replies: 16
Views: 2707

Re: Vanguard cuts fees across its European range

bogged wrote:
Thu Oct 24, 2019 9:49 am
SWRD tracks the MSCI World index so it should be fine.
Agree. Edited my post to clarify the point I was trying to make
by glorat
Thu Oct 24, 2019 7:30 am
Forum: Non-US Investing
Topic: Vanguard cuts fees across its European range
Replies: 16
Views: 2707

Re: Vanguard cuts fees across its European range

85% Developed + 15% EM total TER of 0.135%. Nice. SWRD+EIMI is still slightly cheaper (0.129%). The above is a commonly discussed approach and is fine. Before anyone gets any overly clever ideas like this to mix the lower cost vanguard developed world with ishares market leading emerging market fun...
by glorat
Thu Oct 24, 2019 7:28 am
Forum: Non-US Investing
Topic: BUY and HOLD individual Stocks vs iShares MSCI ACWI
Replies: 22
Views: 1413

Re: BUY and HOLD individual Stocks vs iShares MSCI ACWI

Why not using two funds: Vanguard FTSE Developed World UCITS ETF Distributing, TER 0,12 and iShares Core MSCI Emerging Markets IMI UCITS ETF, TER 0,18. TER of such portfolio, assuming DM is 88 and EM is 12 percents, is 0,1296 Nice try - you've been following the news! But please don't mix FTSE Deve...
by glorat
Thu Oct 24, 2019 3:44 am
Forum: Non-US Investing
Topic: [Non-US] Planning to meet a wealth management advisor for education
Replies: 16
Views: 1010

Re: [Non-US] Planning to meet a wealth management advisor for education

Thanks for all the thoughts so far! On the one hand, I have no present interest in using *his* services but on the other hand as @mhalley also says "there is always a small chance he might talk you into letting him manage your money" so I think it is totally fair game we talk. So question lists from...
by glorat
Thu Oct 24, 2019 3:37 am
Forum: Non-US Investing
Topic: Portfolio help, Investing with small capital
Replies: 14
Views: 1089

Re: Portfolio help, Investing with small capital

3. IB is US-domiciled, so be sure of US inheritance tax rules that may affect your investments. This shouldn't be relevant. Your investments are not held by IB but the funds themselves. Therefore it is the Domicile of the fund that matters. Indeed for US Domiciled ETFs, estate taxes are a big issue...
by glorat
Thu Oct 24, 2019 1:42 am
Forum: Investing - Theory, News & General
Topic: Spike in Repo Rates [Fed Overnight Repurchase agreement]
Replies: 137
Views: 12749

Re: Spike in Repo Rates [Fed Overnight Repurchase agreement]

So it's not short term and there is no consensus from the pundits. I can join the punditry too... Since it is sustained, it's just supply and demand. There is a shortage supply of cash willing to buy a low demand of these low yielding treasuries (or other risk free interest rate products). Since not...
by glorat
Thu Oct 24, 2019 1:08 am
Forum: Non-US Investing
Topic: Portfolio help, Investing with small capital
Replies: 14
Views: 1089

Re: Portfolio help, Investing with small capital

For you, do you think the $120/year maintenance fee is too much for an investment that is <$20,000? The other option is to choose TD as my broker, but then TD only sells US ETFs which is bad for me tax-wise. I'm leaning towards IB but I just wanted to know your take between TD and IB. Let's measure...
by glorat
Wed Oct 23, 2019 8:35 pm
Forum: Non-US Investing
Topic: Vanguard cuts fees across its European range
Replies: 16
Views: 2707

Re: Vanguard cuts fees across its European range

For those wanting to replace IWDA+EMIM (accumulating) with equivalent VHVE+VFEA (accumulating), there's just one glitch: VHVE is currently listed on LSE only (GBP and USD). There's no EUR listing so far. I urge people to consider carefully if it is actually better to trade in USD for all Vanguard g...
by glorat
Wed Oct 23, 2019 7:46 pm
Forum: Investing - Theory, News & General
Topic: Isn't lack of transparency in China a huge risk for international stock index?
Replies: 132
Views: 11858

Re: Isn't lack of transparency in China a huge risk for international stock index?

Indexes are becoming more and more dominated by multinational corporations, which have production and sales in multiple different companies. So they regress less and less on either their home market or their home market currency. The above is a generalized statement - I don't know how true this is ...
by glorat
Wed Oct 23, 2019 10:19 am
Forum: Non-US Investing
Topic: Vanguard cuts fees across its European range
Replies: 16
Views: 2707

Re: Vanguard cuts fees across its European range

So the new viable cheap alternative is VDEV+VFEM in appropriate proportions to be definitely cheaper than ishares now and close to the SPDR option. I'll run the maths and give the details tomorrow if someone else doesn't do it first.
by glorat
Wed Oct 23, 2019 10:00 am
Forum: Non-US Investing
Topic: Vanguard cuts fees across its European range
Replies: 16
Views: 2707

Vanguard cuts fees across its European range

ETF Old charge (%) New charge (%) FTSE All-World UCITS ETF (VWRD) 0.25% 0.22% FTSE Developed Asia Pacific ex Japan UCITS ETF 0.22% 0.15% FTSE Developed Europe ex UK UCITS ETF 0.12% 0.10% FTSE Developed Europe UCITS ETF 0.12% 0.10% FTSE Developed World UCITS ETF (VDEV) 0.18% 0.12% FTSE Emerging Mark...
by glorat
Wed Oct 23, 2019 9:21 am
Forum: Non-US Investing
Topic: [Non-US] Planning to meet a wealth management advisor for education
Replies: 16
Views: 1010

[Non-US] Planning to meet a wealth management advisor for education

I got cold called by a WM advisor today. I normally hang up as a matter of principle but these days I have an interest in learning more about the wealth management industry, who the clients are, what the trends are. And of course, if more and more people become bogleheads, where does that leave the ...
by glorat
Wed Oct 23, 2019 9:12 am
Forum: Non-US Investing
Topic: BUY and HOLD individual Stocks vs iShares MSCI ACWI
Replies: 22
Views: 1413

Re: BUY and HOLD individual Stocks vs iShares MSCI ACWI

I'll let others comment about self attempts to replicate an index, or you can look at threads like this https://www.bogleheads.org/forum/viewtopic.php?f=10&t=292289 In the EU the iShares MSCI ACWI has an TER of 0,6% which is a lot, if you assume real returns for stocks of 5%/y over the next years. O...
by glorat
Wed Oct 23, 2019 7:25 am
Forum: Investing - Theory, News & General
Topic: Isn't lack of transparency in China a huge risk for international stock index?
Replies: 132
Views: 11858

Re: Isn't lack of transparency in China a huge risk for international stock index?

I would think that the above information would be considered "public" information under EMH. I also see EMH more about the type of effort, expense, skill ,and risk one needs to take to earn excess Alpha rather than as a hard limit. So, we do have a risk premium for China. If you don't like it - can...
by glorat
Tue Oct 22, 2019 1:18 am
Forum: Investing - Theory, News & General
Topic: Isn't lack of transparency in China a huge risk for international stock index?
Replies: 132
Views: 11858

Re: Isn't lack of transparency in China a huge risk for international stock index?

Some investors in China consistently achieve returns that handily outperform the rate of GDP growth: https://www.anderson.ucla.edu/faculty-and-research/anderson-review/china-insider-trading Of note is that corporate insiders passing insider information to someone who may exploit it is illegal in Ch...
by glorat
Mon Oct 21, 2019 8:41 pm
Forum: Non-US Investing
Topic: Help with brokers
Replies: 24
Views: 1666

Re: Help with brokers

The IBKR Lite will only be offered to direct US and India domiciled clients and any client of an Introducing Broker (fully disclosed and non-disclosed iBroker, but not omnibus brokers), including both Cash and Margin type accounts. Do you guys understand what they mean by a client of an Introducing...
by glorat
Mon Oct 21, 2019 7:32 am
Forum: Non-US Investing
Topic: Help with brokers
Replies: 24
Views: 1666

Re: Help with brokers

AlohaJoe wrote:
Mon Oct 21, 2019 5:11 am
Sure, but didn't the OP says they currently live in the US? Doesn't that make them eligible, since they are US resident?
Good point! :oops:

On a separate note, OP needs to be careful not to get caught up in the US tax system with on-US shore accounts.
by glorat
Mon Oct 21, 2019 4:46 am
Forum: Non-US Investing
Topic: Help with brokers
Replies: 24
Views: 1666

Re: Help with brokers

Interactive Brokers doesn't charge $120/year anymore. https://ibkr.com/Lite Anyway, I'm pretty sure that Fidelity, Charles Schwab, and eTrade will all let you trade on foreign exchanges if you pay them money for it. Way to get a guy's hopes up :shock: ... AFAIK, IBKR Lite is only currently availabl...
by glorat
Mon Oct 21, 2019 12:02 am
Forum: Non-US Investing
Topic: [CZ] ETF investment plan check & questions
Replies: 18
Views: 1759

Re: [CZ] ETF investment plan check & questions

The SPRD ETF ticker SWRD with the usual combo of EMIM nets you a TER of 0.13%. For the 0.02% "expense", you get a simplified 2-fund implementation for your equity portfolio and one less big thing to worrya bout. If you are worried about saving money, consider the following more important things Ever...
by glorat
Sat Oct 19, 2019 8:49 pm
Forum: Investing - Theory, News & General
Topic: Bank of America declares 'the end of the 60-40' standard portfolio
Replies: 88
Views: 15126

Re: Bank of America declares 'the end of the 60-40' standard portfolio

The journalist & the BofA analysts conflate two independent and separate things: Their argument to increase equity holdings to 100% or thereabouts is for yield. It seems their prescription is twofold, but they mix them together as if they were one-and-the-same: An investor should incur more risk Th...
by glorat
Fri Oct 18, 2019 9:30 am
Forum: Non-US Investing
Topic: Portfolio for retirement at 40 - advice please! [SPAIN]
Replies: 9
Views: 1101

Re: Portfolio for retirement at 40 - advice please! [SPAIN]

Have I missed anything obvious? You are missing Canada. :) To make a serious point of this, it seems a bit complex to try to cover the whole world with multiple funds when you can do the same with 1 or maybe 2 low cost funds. One is at risk of missing something (like Canada) or accidentally tilting...
by glorat
Wed Oct 16, 2019 6:26 pm
Forum: Non-US Investing
Topic: UK Investors - simplified strategy
Replies: 30
Views: 1168

Re: UK Investors - simplified strategy

I think ukbogler needs to suggest what USD fund he's going to use to counterbalance the currency risk. If he's suggesting a balance of VWRL and VWRD, clearly that doesn't work and that's what everyone is trying to point out. If it is VWRL and AGG*, that still doesn't work. I've no idea what portfoli...
by glorat
Mon Oct 14, 2019 9:47 pm
Forum: Non-US Investing
Topic: LSEETF vs. AEB
Replies: 17
Views: 952

Re: LSEETF vs. AEB

since my currency would be Euro for both salary and what I spend on a daily basis, i.e. my home currency ? People are trying to explain that it makes no difference. To make a simple analogy, it is like this... You earn and spend in EUR. You want to buy some AAPL (the largest component of most ETFs)...
by glorat
Sun Oct 13, 2019 11:13 pm
Forum: Non-US Investing
Topic: Why emerging market bonds?
Replies: 37
Views: 3539

Re: Why emerging market bonds?

. Why are these so popular? 1999-2018: Annualized Return (%) / Standard deviation / 2008 return (%) 9.1 /.. 9.6 / -12.0 = JP Morgan Emerging Market Bond Index (EMBI) Global Diversified 8.8 / 33.5 / -53.2 = MSCI Emerging Markets Index (Stocks) Correlation between these two indices over this period =...
by glorat
Sun Oct 13, 2019 9:50 pm
Forum: Non-US Investing
Topic: LSEETF vs. AEB
Replies: 17
Views: 952

Re: LSEETF vs. AEB

But is this hedged somehow? No. (The posted wiki above gives a good explanation) You need to convert euros to usd and pay conversion fees every time. Why do that when you can buy euro version. If your currency is euro than invest in euro version. You have no adventages if you invest in USD. It is s...
by glorat
Sat Oct 12, 2019 5:46 am
Forum: Non-US Investing
Topic: LSEETF vs. AEB
Replies: 17
Views: 952

Re: LSEETF vs. AEB

You'd prefer the USD version even though my base currency is EUR on IB? (thanks for your answer) IB famously provides multi currency accounts with fx rates only large institutions can get so your IB base currency makes no difference. It is only used for the reporting. Read above posted wiki link as...
by glorat
Sat Oct 12, 2019 3:43 am
Forum: Non-US Investing
Topic: LSEETF vs. AEB
Replies: 17
Views: 952

Re: LSEETF vs. AEB

The difference is in the trading currency. I believe one is EUR and one is USD. Normally, you'd choose the one with minimal FX cost for your broker but IB has near zero cost so it doesn't matter. I don't think it matters much either way... I would prefer the USD version since that's how iShares mana...
by glorat
Fri Oct 11, 2019 6:33 am
Forum: Non-US Investing
Topic: [Singapore] 40yo New Investor
Replies: 3
Views: 340

Re: [Singapore] 40yo New Investor

I think I may have used a misleading term when I said 'high risk'. Robos typically have a suite of portfolios to choose from and I meant that I intend to choose the portfolio of highest risk. Typically 80-100% equities. Maybe some questions 1) Any thoughts on my decision to wait the downturn before...
by glorat
Thu Oct 10, 2019 1:35 am
Forum: Investing - Theory, News & General
Topic: Artificial Intelligence and the stock market
Replies: 65
Views: 6542

Re: Artificial Intelligence and the stock market

masonstone wrote:
Wed Oct 09, 2019 11:22 am
With the explosion of AI that is coming in the next decade how do you think it'll affect the stock market?
Coming? In the context of stock markets it arrived in a big way a long time ago. You could say it was and still is an early adopter of innovation
by glorat
Tue Oct 08, 2019 7:46 pm
Forum: Non-US Investing
Topic: Beginner investor from Lithuania seeking advice
Replies: 9
Views: 855

Re: Beginner investor from Lithuania seeking advice

The rule of thumb for equity split is 50% global and 50% local (for US), so for Europe I am planning to go for roughly 65% global and 35% local That rule of thumb is so US centric and non-US investors are at risk of misapplying this guideline for their own home bias. I'll make a separate detailed p...
by glorat
Tue Oct 08, 2019 7:40 pm
Forum: Non-US Investing
Topic: New to bonds - trying to understand [UK]
Replies: 13
Views: 1153

Re: New to bonds - trying to understand [UK]

seeker7 wrote:
Tue Oct 08, 2019 10:31 am
Now my next question: Why invest in bonds in these times of record low interest rates?
What's the role of bonds in your portfolio?

For bogleheads, the answer isn't typically returns so interest rate isn't so important
by glorat
Tue Oct 08, 2019 10:02 am
Forum: Non-US Investing
Topic: New to bonds - trying to understand [UK]
Replies: 13
Views: 1153

Re: New to bonds - trying to understand [UK]

With option B, am I right in thinking that the fund will be priced on year later at £1,020 too, even though the price of the fund moved up and down during that year depending on various circumstances? In other words, is it correct to say that a bond fund price will, on average, increase (or maybe d...