Bruno
Very hard to liquidate and terrible performance
I was an early adopter (June 2020) and supporter of Vinovest for many reasons: - It's a great way to diversify investments - It's (supposedly) not correlated with how the markets are doing in general - It's (supposedly) fairly liquid - They were advertising a ~11-12% APY In October 2022, I've requested a liquidation, which took almost 4 months to complete (vs 3-4 weeks advertised when I signed up). I had multiple portfolio managers during these 2-3 years that were not so great. It's only recently that they appointed someone more reliable/knowledgeable (Laura). Now, the most disappointing: the performance. Over 2 years and a half, the overall performance was about 1.5% APY. I actually probably paid more in Vinovest fees than I made money. So why is the performance so far from 11-12% APY? The main reason: Vinovest is, indeed, correlated to markets and more specifically to currencies/forex. They did not disclose this to me initially but even though you invest in USD, the wine market is based on GBP. So when GBP/USD is down, your portfolio value will shrink. The second reason: even though my liquidation took 4 months, my proceeds were lower than the value displayed on my Vinovest Dasboard. The "Fair Market Value" shown on your Dashboard is not necessarily realistic, and they might not find a buyer willing to pay this price. TL;DR Great concept but poor execution and very low performance.
Response from VinovestMar 3, 2023
Hi Bruno, Thank you for your feedback. I am so sorry to hear your experience with Vinovest did not match your expectations.. This is never the client experience we want our investors to have. We strive to be transparent with our investors surrounding all aspects of their wine investment, including what can affect the pricing both in the short and long term and how long a liquidation can take. Wine as an asset is quite unique and the liquidation can take time to be completed. Your feedback is very important to us as we continue to grow. Please feel free to reach out to our team at any time and we will answer any questions you may have. Thank you again for your feedback.