Its volatility might keep you up at night, but it usually ends up on the sunny side of the street.
My thought is pairing it with a steady eddy like YACKX to add some octane and gauge it's performance. The startegy would be to add it's occasional outperformance to YACKX and average into CAMAX when it reaches underperformance levels.
It record is streaky, either in the top 1 % or in the bottom 99%...very hot or very cold.
It's catagorized as a LC value fund, but appears to be a World Stock Value fund (53% US / 45% Non US) with a MC to LC footprint. Maybe still nimble at just $175 million AUM and seems to favor Tech. Also very concentrated...top 10 holding make up 58% of the fund.
Comments
We held this fund during part of 2010. A real "watcher" indeed. I would rather use my time trading etf's, if I (me personally) really thought I knew what I was doing with frequent trading.
I liked the holdings mix and read about Mr. Barish and the other Cambiar funds, too. I was too busy at the time to stay on top of this fund; as I feel that would be needed.
Although your method of moving in and out of funds may do well with this fund.
I don't recall our holding period, but believe we took a profit of 15% or so and sold the fund.
Not that VTI or any other equity holdings are not going to have their up and downs; but the last 4 years comparing VTI and CAMAX (yes, they are not the same in composition) indicates that VTI returned about 78% and CAMAX about 72%.
I suppose my lazy portfolio would have VTI and a similar international holding in place of trying to watch CAMAX. A real roller coaster fund.
CAMAX, Fidelity composition view
Take care,
Catch
Copy & Paste Denver Post 1/29/06:
--Brian Barish is the president of Denver's Cambiar Investors, a value-oriented money-management company
QUESTION: One of your hobbies is poker. What similarities do you see between poker and investing?
ANSWER: You have to think like a poker player when you are involved in the stock market. If you think you have a hand that should win, like a full house, you bet hard. You make people pay to get lucky. Likewise with the market. I'm not going to be right 100 percent of the time, but there are some situations that I can't imagine I'd lose. If you really think you've got something big, you bet hard and you put on a big …
Question: how much of his own wealth is he betting with?
Mutual Fund Leaderboard
CAMAX is exhibiting high momemtum this week.
If one was lucky enough to get into this fund just prior to one of it rocket shots upward it would make holding this fund easier to endure when it falls back to earth.
Personally I see volatility as opportunity. Monitoring performance relative to a less volatile peer fund seems to help me identify periods of positive volatilty (a time to take profits) and periods of negative volatiity (a time to add to the position).
The returns seems to be very nice. According to morningstar, it is at Higher risk.
nath