Questor share Tip: Pinewood actions are not without risk

Shares of Pinewood, where some of the Harry Potter films have been made, have been at the top and bottom as well as the young Wizard, a Quidditch match.

Pinewood is probably a 12 over PG, when you use the classification of the film as a metric for assessing the risk.

The shares of the studio behind some of the Harry Potter films have been up and down over the past five years as young assistant in a game of Quidditch.

Relying on Hollywood will always at their own risk, but there are some obvious benefits to Pinewood. To start with, the group is now as much about television studios as is the film studios. With a production of television becoming as sophisticated as the film and with the growth of television of the event, studios are used for purposes of double and Pinewood is propagated to its risks.

The Pinewood brand has been well exploited in a series of agreements which has recently seen Pinewood launched in Dominican Republic to serve the Latin American market.

The Group has created Pinewood Toronto Studios and Pinewood Studio Berlin Film Services, while the Pinewood Studios Malaysia Iskandar is under construction. It is also understood to be considering the Indian market, it seeks to capitalise on the global success of Bollywood. The group is targeting the regions of the world where the film is growing rapidly.

And other new developments are interested us, including plans to invest in low-budget films. Pinewood also hopes to further extend to the United Kingdom and currently growing for the creation of the Pinewood, a 100-acre project, the 200 m £
new set.

Against an initial refusal by the southern district Council Bucks for permits for project Pinewood is set for April 5, with a decision due to appeal by the Secretary of State for communities and local government.

Obvious potential risks include competition from other businesses global studios, currency movements and changes to film tax. A single principal shareholder, Crystal Amber, with a set of 28pc, criticized the progress of the Group since its inscription, seven years and appealed to President Lord Grade to leave.

Other concerns are the acquisition and development of Time Warner Leavesden Studios. However, insiders do not consider this as a threat, as a large part of the workshop will consist of a Harry Potter attraction.

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Most actions are still too far a step

Nervousness is part of a trend already far certainties in the pre-2000 bull market fairness towards an investment landscape more foggy in which investors are vying for around three sometimes contradictory results: capital safety in an unstable world. a decent income in a near zero interest rate environment. and growth in a context of deleverage and austerity.

The graph shows how the investment world has changed over the past decade.In 2000, is there a single set of ville.Environ 8 £ £ 10 invested in mutual funds of UK investment by private investors had visited shares, with approximately £ 1 obligations and the same thing in balanced funds.

Advance quick nine years for 2009 and a very different picture emerges. Last year, less than one-third of net retail Fund UK sales has been in the stock market investment funds.A larger proportion is entered into obligations, while much of the rest went in managed funds back and absolute cautious.This is not only an image of UK.Chiffres compiled by Citigroup show that the capital contributions have been nothing write home throughout Europe (in fact they are negative almost everywhere in the UK) while bond funds continue to attract money despite increasing fears to the periphery area euro.Le big winner was balanced funds.

What it tells us, I think, is that investors are forced to cash and assets risky policy persistence low interest rates but, despite a return to form of markets for the last 18 months, the pain of the "lost decade" and recent volatility means that, for most people, shares remain a step too far.

The money goes actions is largely hunting offered by the emerging markets, perceived growth confirms the conduct adversarial thinking asset allocation at this time. Income and growth at the same time want their cake and eat hypocrite security investors desire.This leads to some pretty blind investment with not much attention to which assets currently offer the best value.

There are some technical reasons why investment flows should have changed to less risky.Matching assets liabilities from pension funds and the ageing of the average member of pension plans are part of the story - like the higher capital requirements in the insurance sector.But something also less logical and more worrying seems cours.Encore once, investors seem to be hunting performance in a piece of pink-tinted extrapolation, implying that last year's winners will inevitably be too earlier next year.

In 2000, classes of assets registering United Kingdom over the past five years were residential property, hedge funds and European shares.It is perhaps surprising that flows of funds should have been so biaisées.Faire jump 2009 and registering assets were bonds, gold, gilts, the German bunds and US Treasury bonds.Guess where the money will now.

We know what happened to those taken in the mania of equity, 10 years 10 years ago, therefore, on all the money currently sinking in precious metals, government bonds and emerging markets shares, it is not unreasonable to ask what would be the performance.

History shows that the best way to invest is against the tide but not aveuglément.Flux funds are a part of history, because the ultimate potential returns determinant is the price that you pay the départ.Dans if shares of emerging markets, the multiple of the earnings on which the average trades, share is bang on world markets in General, according to the calculations of Morgan Stanley.

When Japanese stocks reached a peak in 1989 it is three times the world average, while technology stocks in 2000 were twice chers.Actions, emerging and developed countries are much better value than obligations of the Government - which is all that money flows tell us.

tomrstevenson@fil.com

Tom Stevenson is a Director of Fidelity Investment Managers.Les investment opinions are own

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