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I think I'd call TBGVX more of an international fund than global. It's American holdings are quite limited. FMIJX would be similar. But TBHDX, as Charles pointed out, would be another good global choice, maybe a touch more conservative than the others.
So there are quite a variety of global value funds that do things in different ways. One recommendation I would have is to ask yourself what you want the fund to do and what you are comfortable with the fund owning. In particular you need to decide whether the fund covers emerging markets and how aggressive it should be.
If you are comfortable with a truly global fund that will buy value in EMs for a buy and hold core then DODWX is your winner.
If you want a fund that focuses on value with a develped market slant, OAKGX or PGVFX might be better matches. Neither goes deep into EMs, but they do hold names with emerging market sales exposure.
If you want a deeply focused fund, OAKWX or LLGLX.
If you are more conservative and want a fund that focuses on quality developed market names and downside protection, then TWEBX or JGVAX.
If you are looking for a go anywhere absolute value fund that will sit on cash until opportunities come up, FPRAX (or TWEBX).
If you want a small cap mandate, you could wait for Grandeur Peak to release its "fallen angels" fund.
If you are receptive to ETFs, I would consider the young GVAL (fact sheet) or a mixture of RPV and EFV. For the last few years I have been incorporating more ETFs into my portfolio to bring the overall administrative cost down. Also, I think that the indexers are probably right that most investors, including most on this site, try very hard to beat the indexes year after year using costly actively managed funds and usually fail.
I think I'd call TBGVX more of an international fund than global. It's American holdings are quite limited. FMIJX would be similar. But TBHDX, as Charles pointed out, would be another good global choice, maybe a touch more conservative than the others.
TBGVX is Tweedy's international offering. TWBVX was formerly the US offering. In fact, however, TWBVX transitioned to a global offering a while back -- details are on their fact sheets where they show their rationale for benchmarking the fund against the S&P500 vs. a global index for a certain number of years before benchmarking to a global index.
That said, I have no idea why TBGVX as the "international" offering has always held a pretty good share of US stocks.
I own PGVFX, BTW, and almost dropped it. Requires a fair degree of patience, and there appears to have been some turnover in their analyst staff. I'm on the fence. It tends to have an unusual portfolio, and a strong mid-cap value tilt; does not tend to hold cash. Its earlier record seems to have been based on its sidestepping the dot-com bust. Did not hold up so well in aftermath of the 2008 bust, but is finally digging itself out.
....So, Tweedy Browne GLOBAL Value fund TBGVX isn't so very global, more international. I owned it way back in the 1990s. And portfolios do change. OK.
Ted said: : "You can't go wrong with this fund, Dodge & Cox Global Value." (Fund doesn't exist - but I think he meant Dodge and Cox Global Growth DODWX which he linked)
Always pains me to disagree with Ted. But sure, you CAN go wrong with DODWX as with any other fund. DODWX opened at $10.00 on May 1, 2008. By the following March (a mere 10 months later) its NAV had slipped to $3.75. Talk about a rude introduction! (Of course it's had a stellar run since than:-)
I like D&C for a lot of reasons - not the least of which is their consistently very low fee structure for actively managed funds. However, had you been reading this board's precursor (Fund Alarm) in early 2009, you would have learned that they can't do anything right.
A 62.5% drop! Wow......surprising for a global stock fund run by value investors with a stellar reputation. I would not have guessed that. Of course this speaks much more to the devastating drawdown experienced by global stock markets themselves. I believe the US Stock market drawdown was approximately 55%. Don't have figures for the drawdown of the average world stock fund.
However, this doesn't account for the fact that there was already some drawdown that took place in stock markets from October 2007 to May 1, 2008 when the fund opened, which makes the case just a bit worse for DODWX. Incidentally, I'm a big fan of the Dodge & Cox team, but that's a breathtaking drawdown in a 10 month period.
Comments
Regards,
Ted
http://money.usnews.com/funds/mutual-funds/world-stock/dodge-&-cox-global-stock-fund/dodwx
M* Snapshot Of DODWX: http://quotes.morningstar.com/fund/f?t=DODWX®ion=usa&culture=en-US
Lipper Snapshot Of DODWX: http://www.marketwatch.com/investing/fund/dodwx
PGVFX is a pretty aggressive global value fund with a good record.
Less aggressive are TWEBX and JPPIX.
For what it's worth, I like all of these and own all except TWEBX.
Regards,
Ted
Found in Multi-Search.
http://quotes.morningstar.com/fund/tbgvx/f?pgid=hetopquote&t=TBGVX
If you are comfortable with a truly global fund that will buy value in EMs for a buy and hold core then DODWX is your winner.
If you want a fund that focuses on value with a develped market slant, OAKGX or PGVFX might be better matches. Neither goes deep into EMs, but they do hold names with emerging market sales exposure.
If you want a deeply focused fund, OAKWX or LLGLX.
If you are more conservative and want a fund that focuses on quality developed market names and downside protection, then TWEBX or JGVAX.
If you are looking for a go anywhere absolute value fund that will sit on cash until opportunities come up, FPRAX (or TWEBX).
If you want a small cap mandate, you could wait for Grandeur Peak to release its "fallen angels" fund.
If you are receptive to ETFs, I would consider the young GVAL (fact sheet) or a mixture of RPV and EFV. For the last few years I have been incorporating more ETFs into my portfolio to bring the overall administrative cost down. Also, I think that the indexers are probably right that most investors, including most on this site, try very hard to beat the indexes year after year using costly actively managed funds and usually fail.
Kevin
That said, I have no idea why TBGVX as the "international" offering has always held a pretty good share of US stocks.
I own PGVFX, BTW, and almost dropped it. Requires a fair degree of patience, and there appears to have been some turnover in their analyst staff. I'm on the fence. It tends to have an unusual portfolio, and a strong mid-cap value tilt; does not tend to hold cash. Its earlier record seems to have been based on its sidestepping the dot-com bust. Did not hold up so well in aftermath of the 2008 bust, but is finally digging itself out.
FWIW.
Always pains me to disagree with Ted. But sure, you CAN go wrong with DODWX as with any other fund. DODWX opened at $10.00 on May 1, 2008. By the following March (a mere 10 months later) its NAV had slipped to $3.75. Talk about a rude introduction! (Of course it's had a stellar run since than:-)
I like D&C for a lot of reasons - not the least of which is their consistently very low fee structure for actively managed funds. However, had you been reading this board's precursor (Fund Alarm) in early 2009, you would have learned that they can't do anything right.