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30 years without a single calendar year loss under management by FPA Prior to that an additional 9 years without a calendar year loss Total of 39 consecutive "up" calendar year total returns
Source: Yahoo Finance performance data
In its commentary on the fund, M* states "This fund starts with a laserlike focus on not losing money".......and "This fund hasn't lost money on a total-return basis in a single calendar year since 1984 "
According to M*, there are exactly two non-bond funds that did not lose money in any of the past ten calendar years. WICAX (one of the three funds named), and KRFEX.
While NSTLX (the institutional share class of N&B Strategic Income) makes the cut, the ticker that was given in the article, NSTAX (A class) does not, because that share class did not exist until 3/3/2008.
Both share classes of TCW Total return (TGLMX as well as the named TGMNX) made the grade, but it is worth noting that management changed about midway through the ten years. The MetWest management that TCW bought is great, but I'd rather invest in their flagship fund MWTIX.
As I've said before, I don't think there's anything magical about 0.000% return. But FWIW, the other nonlosers are:
Taxable bond funds: FXICX, AALPX, AVEFX, BBBMX, CCBAX, DFIHX, DFGFX, SDGIX, FGUSX, FPNIX, GSTGX, MXSDX, HUBAX, JASBX, JIBDX, HLLVX, LKFIX, DFCFX, DFYGX, MSTIX, MUCYX, BSBAX, PYSBX, PRVBX, PIASX, PMYIX, PSBAX, PIFZX, SIGVX, STBFX, BSGAX, PRWBX, TSDOX, DIHQX, FOSIX, UGSDX, VBISX, VFIRX (note only the Admiral shares made the cut), WEFIX (used to be NTF until Weitz added a retail class with a 0.25% admin fee in 2011), SGVAX, MVSAX
Muni bond funds: ALABX, ATOIX, SDCMX, SDDMX, SDNYX (Bernstein short duration funds don't make much but are very stable; don't know any way to get them without a load), MDLMX, MINSX, CNTIX, HICOX, NSMIX, DFSMX, DSIBX, FMUUX, FSHIX (the retail version, FMTAX - load waived at Vanguard - lost a few basis points in 2008 and 2013), FISHX (the T class lost 0.17% in 2013), FSTFX, FFTFX, GSDUX, FLTRX, SUMAX, PRMDX, PRFSX, LTCAX, LTMIX, VMLTX, VWSTX, SCTIX, SMUAX, SHDAX.
Not surprisingly, the muni bond funds tend to be short or short-intermediate.
@msf: an excellent piece of research. What research tool or resource did you use to find all those funds with positive returns in the past 10 calendar years?
Morningstar premium screener. Ask for 2004 annual returns >= 0 and 2005 returns >=0 and ...
Pretty easy (but you do need a premium account with M*). The tedious part was transcribing the tickers But I find a manual exercise like that helpful; it forces me to take a close look at the results.
Beyond that, I just made notes on a few funds that I've kept eyes on, like Bernstein (for very stable very short term state-specific munis), TCW/MetWest, and Vanguard. WEFIX was on my short list for years (and I'd included it in a suggested portfolio for a friend), until they upped the min and created a more expensive retail class.
@msf: great, I see how you did that now. Quite a project. Thanks. I had never used the premium screener before.
One thing I like about Yahoo Finance is that it gives the calendar year performance of mutual funds since inception. As you now, M* doesn't have that even with a premium membership. Some of those funds on your list have very long consecutive years of positive performance, beyond the 10 year cut off to make the list.
Comments
Regards,
Ted
30 years without a single calendar year loss under management by FPA
Prior to that an additional 9 years without a calendar year loss
Total of 39 consecutive "up" calendar year total returns
Source: Yahoo Finance performance data
In its commentary on the fund, M* states "This fund starts with a laserlike focus on not losing money".......and "This fund hasn't lost money on a total-return basis in a single calendar year since 1984 "
While NSTLX (the institutional share class of N&B Strategic Income) makes the cut, the ticker that was given in the article, NSTAX (A class) does not, because that share class did not exist until 3/3/2008.
Both share classes of TCW Total return (TGLMX as well as the named TGMNX) made the grade, but it is worth noting that management changed about midway through the ten years. The MetWest management that TCW bought is great, but I'd rather invest in their flagship fund MWTIX.
As I've said before, I don't think there's anything magical about 0.000% return. But FWIW, the other nonlosers are:
Taxable bond funds: FXICX, AALPX, AVEFX, BBBMX, CCBAX, DFIHX, DFGFX, SDGIX, FGUSX, FPNIX, GSTGX, MXSDX, HUBAX, JASBX, JIBDX, HLLVX, LKFIX, DFCFX, DFYGX, MSTIX, MUCYX, BSBAX, PYSBX, PRVBX, PIASX, PMYIX, PSBAX, PIFZX, SIGVX, STBFX, BSGAX, PRWBX, TSDOX, DIHQX, FOSIX, UGSDX, VBISX, VFIRX (note only the Admiral shares made the cut), WEFIX (used to be NTF until Weitz added a retail class with a 0.25% admin fee in 2011), SGVAX, MVSAX
Muni bond funds: ALABX, ATOIX, SDCMX, SDDMX, SDNYX (Bernstein short duration funds don't make much but are very stable; don't know any way to get them without a load), MDLMX, MINSX, CNTIX, HICOX, NSMIX, DFSMX, DSIBX, FMUUX, FSHIX (the retail version, FMTAX - load waived at Vanguard - lost a few basis points in 2008 and 2013), FISHX (the T class lost 0.17% in 2013), FSTFX, FFTFX, GSDUX, FLTRX, SUMAX, PRMDX, PRFSX, LTCAX, LTMIX, VMLTX, VWSTX, SCTIX, SMUAX, SHDAX.
Not surprisingly, the muni bond funds tend to be short or short-intermediate.
Pretty easy (but you do need a premium account with M*). The tedious part was transcribing the tickers
Beyond that, I just made notes on a few funds that I've kept eyes on, like Bernstein (for very stable very short term state-specific munis), TCW/MetWest, and Vanguard. WEFIX was on my short list for years (and I'd included it in a suggested portfolio for a friend), until they upped the min and created a more expensive retail class.
One thing I like about Yahoo Finance is that it gives the calendar year performance of mutual funds since inception. As you now, M* doesn't have that even with a premium membership. Some of those funds on your list have very long consecutive years of positive performance, beyond the 10 year cut off to make the list.