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Need a rec for an all-cap global fund, value or deep-value focus....
I'd check the newly-reoriented F P A Paramount (FPRAX). F P A installed the team from FPIVX and converted Paramount from quality-growth/domestic to absolute-value/global. They've done very well at FPIVX and are adamant that cash is superior to trash.
Tweedy, Browne Global Value (TBGVX) is excellent, about 17% cash, but tends to invest in larger fare.
Oakseed Opportunity (SEEDX) promises to go anywhere the value is, about 21% cash, but is currently finding value in larger-cap names.
Polaris Global Value (PGVFX) certainly fits the all-cap, value-to-deep-value criteria, excellent returns, long-returned skipper but rather more volatility and less cash than you might like.
Kopernick Global All-Cap (KGGAX) is one the horizon. New fund run by a famous guy, David Iben. 20% cash, up 5% YTD but I'm not sure how widely-available the NL/NTF shares would be. You might want to glance at the Launch Alert we wrote about the fund a few months back.
FPRAX this year will be good only for IRA-type accounts: It already made a huge capital gain distribution, and probably it will continue this way while the new managers change the nature of the fund.
Not all-cap, but FMIJX is global (both by domicile and footprint), value-oriented and firmly process-driven, and managed conservatively a la cash and currency exposure. It's also not as "international" as the name is usually inferred to mean -- the prospectus requires only 65% in non-U.S. names and U.S. exposure now is just shy of 30%. It's concentrated, but still a pretty smooth ride because of the strict value discipline & currency approach.
David -- the names of the Tweedy funds are a bit confusing. TBGVX is actually their international offering. TBVFX ("Tweedy Brown Value") is actually their global offering (was morphed over from a predominantly US-only orientation not too long ago).
PGVFX is an interesting case -- few years ago was one a runner-up for global manager of the year, but got hit quite hard in the great recession and was slow to recover, so its long-term record suffered greatly. Now its back on track. But, oh, what a wild ride.
Regarding FPRAX's strategy change and subsequent tax implications, I only see four positions initiated prior to 9/30/13. Seems like most gains have been realized by now.
My favorite Global Value funds would be ARTGX or even more conservative, APPLX. Morningstar list APPLX as a Midcap value fund, but their mandate is broad.
Perkins Global Value Fund (JGVAX) seems to fit your criteria well. It's all-cap, run by a respected value firm, plays a lot more defensively than PGVFX (which I also like). At last report the cash level was around 16%, AUM isn't very large, its holdings will go down to the micro-cap level, though not very many of these at the moment (under 2% as I recall). Not too expensive, either. There are various fund classes, but JGVAX seems the most likely option with a 1.03% expense ratio. JPPIX would be a lower expense version and comes on sale at Scottrade for a mere $100,000. And its Morningstar Risk Grade is Low for what that's worth.
I would also take a look at MQIFX, which continues to be available at Wellstrade. Also, if you are willing to look at ETFs, I would consider a 60/40 or some other mix of TILT and TLTD which would give you the exposure you desire with relatively low expenses. Unfortunately, these ETFs have low daily trading volumes.
My favorite Global Value funds would be ARTGX or even more conservative, APPLX. Morningstar list APPLX as a Midcap value fund, but their mandate is broad.
APPLX has about 13% in gold. It worked well for the fund in the past, but will it work in the future?
APPLX has about 13% in gold. It worked well for the fund in the past, but will it work in the future?
I own APPLX. If you read their most recent shareholder letter at http://www.appleseedfund.com, they have a short discussion of their rationale for holding gold. (You can also look at their previous shareholder letters; they review this topic every time.)
I think their reasoning makes sense, but you can make your own decision. Maybe you should first decide whether it makes sense to hold gold in your portfolio. If so, then you can consider whether APPLX has a place in your portfolio.
finder: "APPLX has about 13% in gold. It worked well for the fund in the past, but will it work in the future?"
It has more than 19% in gold, per M*, in the first and third largest holdings. I owned APPLX a few years ago, and it was really impressive how it lost so little in the '08 downturn and gained so much coming out of the bottom in '09. It hasn't been able to repeat that performance though, and when they went heavily into gold, I sold. (If I want gold or commodity exposure, I prefer to own it in a dedicated fund.)
In keeping with the theme of the thread, I use APPLX as part of my all cap value, conservative portion of my portfolio. As such, it has behaved just as it should. If you look back at the 2008-2010 timeframe, you should see they are rather conservative until something happens or perhaps it's better to say values become attractive. Until then, they seem to strive to not lose money. I'm hiring them to make some decisions for me and if they believe it's prudent to have a portion in gold, so be it.
Not a knock on it at all, but I think it is relevant to this thread that APPLX has become a little more of an allocation fund and a little less an all-cap stock fund. The stock percentage hasn't been above 71% for several years, including most of the bull market, which I'd think is a little more than 'holding cash if the market looks rich,' per the OP. I do think it's a good fit for people who like the allocation approach.
...preferably a manager who isn't afraid to go to hold onto cash if the market looks to rich.
Thanks.
D.S.
I own ARTGX and WAGOX. WAGOX provides some exposure to emerging markets. I also own WAFMX to give some additional spice with exposure to 'frontier' markets.
My favorite global all cap fund, which I own, is THOAX, Thornburg Global Opportunity Fund A. It has a multi sector, style and a country orientation. I have linked its Morningstar report below along with its fund fact sheet. I have heard that it can be purchsed load waived at a few brokerage houses.
Ron, you are right. The original poster was asking for deep value fund. You don't get much more deep-value and long-term good than the Oakmark funds.
Lets face it. Everyone has their favorite and there is no way in hell to know which of these funds mentioned in this post will be the best performer in 5 years. Flip a coin.
My favorite global all cap fund, which I own, is THOAX, Thornburg Global Opportunity Fund A. It has a multi sector, style and a country orientation. I have linked its Morningstar report below along with its fund fact sheet. I have heard that it can be purchsed load waived at a few brokerage houses.
The institutional share (no load), THOIX, is available with a transaction fee at Fidelity. The minimum amount for tax-deferred accounts is $2,500. Additional purchase using automatic investment option would cost another $5 for each purchase.
Comments
Tweedy, Browne Global Value (TBGVX) is excellent, about 17% cash, but tends to invest in larger fare.
Oakseed Opportunity (SEEDX) promises to go anywhere the value is, about 21% cash, but is currently finding value in larger-cap names.
Polaris Global Value (PGVFX) certainly fits the all-cap, value-to-deep-value criteria, excellent returns, long-returned skipper but rather more volatility and less cash than you might like.
Kopernick Global All-Cap (KGGAX) is one the horizon. New fund run by a famous guy, David Iben. 20% cash, up 5% YTD but I'm not sure how widely-available the NL/NTF shares would be. You might want to glance at the Launch Alert we wrote about the fund a few months back.
For what interest that holds,
David
EXTREMELY concentrated in 29 equity holdings. Just a couple of bond holdings. Global, indeed, though.
David -- the names of the Tweedy funds are a bit confusing. TBGVX is actually their international offering. TBVFX ("Tweedy Brown Value") is actually their global offering (was morphed over from a predominantly US-only orientation not too long ago).
PGVFX is an interesting case -- few years ago was one a runner-up for global manager of the year, but got hit quite hard in the great recession and was slow to recover, so its long-term record suffered greatly. Now its back on track. But, oh, what a wild ride.
Thanks !
D.S.
Kevin
Anyways, OAKGX and OAKWX are also other considerations besides what's already been mentioned.
I think their reasoning makes sense, but you can make your own decision. Maybe you should first decide whether it makes sense to hold gold in your portfolio. If so, then you can consider whether APPLX has a place in your portfolio.
It has more than 19% in gold, per M*, in the first and third largest holdings. I owned APPLX a few years ago, and it was really impressive how it lost so little in the '08 downturn and gained so much coming out of the bottom in '09. It hasn't been able to repeat that performance though, and when they went heavily into gold, I sold. (If I want gold or commodity exposure, I prefer to own it in a dedicated fund.)
I also own WAFMX to give some additional spice with exposure to 'frontier' markets.
http://quotes.morningstar.com/fund/f?t=thoax®ion=USA
http://www.thornburginvestments.com/pdfs/TH1228_GlobalOpps_highlight.pdf
I wish all "Good Inveting."
Old_Skeet
Regards,
Ted
http://money.usnews.com/funds/mutual-funds/rankings/world-stock
Lets face it. Everyone has their favorite and there is no way in hell to know which of these funds mentioned in this post will be the best performer in 5 years. Flip a coin.