September update: two Walthausens, Northern converts an institutional one, excellent Wedgewood

David_Snowball

Which is to say, the update is posted. It features a full revision of the profile for Walthausen Small Cap Value (creeping toward a close) and the newer Select Value which is a focused, SMID-cap version. The former Northern Institutional Balanced (with a $5 million minimum) became the much more interesting Northern (Institutional) Global Asset Allocation in 2008. And it became the endlessly more interesting Northern Global Tactical Asset Allocation (with a waivable $2500 minimum and still an institutional expense ratio). And finally RiverPark Wedgewood, where an institutional manager with an amazing record for consistency in his returns becomes available to retail investors.

I've provided the web's most comprehensive list of funds open to small investors. I just pray that it's also the most accurate; a lot of prospectuses are really poorly written and unclear on the subject. There's a small rant aimed at the SEC, updates on two funds (Artisan Small Cap is threatening to become much more attractive) and a bunch of cool stuff hidden in the "briefly noted" section.

As promised, this announcement will disappear in seven days.

InformalEconomist

Thanks for commentary on Artisan Small Cap. I followed the managers from Strong, invested in Small Cap, and got out, more or less kicking myself ever since that I did not move investment into Artisan's Small Value Fund.

One of the issues with investing in small value in general is that the premium may take longer than one's investing lifetime to show up (the source of this odd, uncomfortable statment may be Larry Swedroe). I'm happily drifting in Artisan's mid cap funds.

David_Snowball

Reply to @InformalEconomist: Yep. When Artisan SCV first opened, I sold my stake in Artisan SC and move it over. A singularly excellent move. If you've in Artisan MCV, you're getting the same fine team and the same fine discipline

The real problems with SCV, so far as I can see, is that (1) the advantages derive mostly from really small and really value and (2) most investors would upchuck when they found out they were investing in firms that close to extinction. Bridgeway Ultra-Small (BRUSX, the original) comes closest. Top 1% of SCV funds over the past 15 years, 13.5% annual returns - but the last five years have been bad and folks are systematically selling whenever the fund dives.

Take care! David

[Deleted User]

Thanks so much for Falcon's Eye. I'm finding it convenient and useful.

00BY

Can you explain the new fee that Fidelity is charging? Is it charging $10 for every fund that you have less than $10k or is it that total assets invested must be more than $10k?

Their website has the following information:
Mutual Fund Low Balance Fee $12 per year for each noncore Fidelity fund under $2,000; other policies described below

Mutual Fund Low-Balance Fee
Fund positions are normally valued each year on the second Friday in November. Positions opened after September 30, or after January 1 if using regular, periodic investment plans, are not subject to the fee for that calendar year. See your Fidelity fund’s prospectus for additional information. This fee does not apply to Portfolio Advisory Services, SIMPLE IRA, CIT, or Fidelity BrokerageLink® accounts.

There is also some information about fee waiver eligibility, but it's not clear.

David_Snowball

Hi, OOBY!

Here's the text being added to all of the Fido bond fund prospectuses:

"You may be charged an annual index fund fee of $10.00 per fund position to offset shareholder service costs if your fund balance falls below $10,000 at the time of the December distribution. The fee, which is payable to Fidelity, is designed to offset in part the relatively higher costs of servicing smaller fund positions."

David