Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
I have admired BRUFX for many years. Two things that make Bruce a bit different than other Fund companies is that the Bruce Fund has a "mail only" transaction dynamic and you are always fully invested in the fund... no "cash - like" position.
When shopping for an H.S.A. (health saving acct) custodian last year I chose the Bruce Fund. I will be making yearly contribution to my H.S.A. at Bruce for the next ten years until age 65. Hopefully this fund continues to shine as my bulb dims.
I like PRWCX a lot and it is my largest holding in my TRP account...another fund that I "set and forget."
For young investors, own one of these funds on Ted's linked list as a first investment. For retirees, own one of these funds in each of your accounts as one of your last investments.
Holders of the Bruce Fund will never be blown away by their stodgy web site or their strip-mall quality paper shareholder reports. As for the returns, however, thassa some spicy meat ball.
Interesting. Thanks Ted. But I hate groupings like this (and in general I guess).
The only two I own are PRWCX and DODBX. It's hard for me to see them as members of the same class. Can both be called "Hybrid"? Yes - I guess so, but for quite different reasons. DODBX is essentially a (hybrid) mix of two other funds (DODGX and DODIX). Like DODGX, it is actually pretty darn aggressive.
PRWCX is what I would call a (hybrid) "opportunistic" fund, probably best viewed as conservative growth and income - for lack of a better term. Actually began as more of a mid-cap fund in the 80s - but as big $$ found its way in, they've been forced to go more and more to large caps. Heck, I've owned it when it held a lot of junk bonds and at other times a good chunk of gold miners. They go where they can find value. It's really a very unique fund and T. Rowe has done an outstanding job with it. (Also now closed to new investors).
DODBX will give you a somewhat rockier ride. But it should also outperform PRWCX slightly over longer 15-25 year time frames. (Surprisingly, DODBX didn't even make the cut on the 20 year trophy chart - very interesting)
Back to the list Ted linked. Suspect these are all fine funds in their own way. But the reading should START with those eye-popping numbers - not end there. Before you buy, read the prospectus and manager commentaries. Look at the holdings, and of course, the ER and other fees. End of rant!
Hi BenWP and others. I will have to check out Bruce Funds. Always had a soft spot in my heart for 'strip-mall' quality shareholder reports. Does anyone remember Bridgeway's early ones, stapled at the upper left, looking like your term paper only folded in thirds and stuffed in an envelope? No cover. I saved one for me, and each of my kids just for yuks, no, nostalgia. Kinda felt sad when they went to some stapled in the middle and looking all grown-up. Can't argue with their results in those day though. BRUSX 2002, 2003 I think. Yikes.
When I was a Bridgeway shareholder, I couldn't help offering management my take on their plodding style and presentation of the reports. To their credit, they were not spending my nickel on glossies. Contracts have been written on paper napkins, after all.
@Hank, Giroux's work, starting 6/06, may be somewhat different from other allocation funds, or so they claim, but closely analyze its opportunistic performance since then, especially during hard times, compared with similarly opportunistic GLRBX, ICMBX, JABAX, and FPACX. The last few years have been strongest, yes. Otherwise slightly unimpressive, while recently hot. If you add DODBX to the graph, you will see substantiation of its rankings. If I were seeking gogo in this area now, I might add FBALX.
i still can't see any time period available on morningstar during which i wouldn't prefer PRWCX to any of the other funds listed, except for diversification purposes, which is why i also own FPACX and VWINX, all in roughly similar amounts. since i love gogo as much as the next guy, what makes you say FBALX is more gogo than PRWCX at the moment? certainly the former isn't outperforming the latter YTD.
Ted recently posted a similar Top Performing Global Stock list which revealed a few funds that I might call "Global Hybrid" and what M* calls "World Allocation" funds.
These funds are typically made up of: -stock (both US and Foreign) -bonds (both US and Foreign) -cash (hedging currency?) -other opportunistic holdings
For example HCOYX holds a large portfolio percentage of its bonds in Argentinian Sovereign debt. I find important and interesting looking under the hood and understanding these fund's holdings.
A few others "Global Hybrid" / "World Allocation" funds are GAOAX(40% stock/40% bond/20% cash), MDLOX(56/17/15/11% other), SGENX (80% stock/ 20% cash), KTRSX(55% stock/40% bonds), ARTGX(90% stock/ 10% cash).
@linter: I don't look at short-term performance, and specifically was thinking about its having more of a growth tilt, plus double the activity of active management. But upon analyzing PRWCX further, I see that it is pretty much the same, with half the trading and a little more foreign; sorry. So no, if you can take its dips, it's the way to go, no need to add FBALX to your smart mix, looks like.
No, actually, I was thinking of 2011 and 2012, when I owned both, and FBALX did have comparatively more of a growth tilt than PRWCX. (You can look it up.)
Comments
I have admired BRUFX for many years. Two things that make Bruce a bit different than other Fund companies is that the Bruce Fund has a "mail only" transaction dynamic and you are always fully invested in the fund... no "cash - like" position.
When shopping for an H.S.A. (health saving acct) custodian last year I chose the Bruce Fund. I will be making yearly contribution to my H.S.A. at Bruce for the next ten years until age 65. Hopefully this fund continues to shine as my bulb dims.
I like PRWCX a lot and it is my largest holding in my TRP account...another fund that I "set and forget."
For young investors, own one of these funds on Ted's linked list as a first investment. For retirees, own one of these funds in each of your accounts as one of your last investments.
gotta steal and use this asap
Regards,
Ted
http://money.usnews.com/funds/mutual-funds/moderate-allocation/bruce-fund/brufx
The only two I own are PRWCX and DODBX. It's hard for me to see them as members of the same class. Can both be called "Hybrid"? Yes - I guess so, but for quite different reasons. DODBX is essentially a (hybrid) mix of two other funds (DODGX and DODIX). Like DODGX, it is actually pretty darn aggressive.
PRWCX is what I would call a (hybrid) "opportunistic" fund, probably best viewed as conservative growth and income - for lack of a better term. Actually began as more of a mid-cap fund in the 80s - but as big $$ found its way in, they've been forced to go more and more to large caps. Heck, I've owned it when it held a lot of junk bonds and at other times a good chunk of gold miners. They go where they can find value. It's really a very unique fund and T. Rowe has done an outstanding job with it. (Also now closed to new investors).
DODBX will give you a somewhat rockier ride. But it should also outperform PRWCX slightly over longer 15-25 year time frames. (Surprisingly, DODBX didn't even make the cut on the 20 year trophy chart - very interesting)
Back to the list Ted linked. Suspect these are all fine funds in their own way. But the reading should START with those eye-popping numbers - not end there. Before you buy, read the prospectus and manager commentaries. Look at the holdings, and of course, the ER and other fees.
End of rant!
Kinda felt sad when they went to some stapled in the middle and looking all grown-up.
Can't argue with their results in those day though. BRUSX 2002, 2003 I think. Yikes.
Ted recently posted a similar Top Performing Global Stock list which revealed a few funds that I might call "Global Hybrid" and what M* calls "World Allocation" funds.
These funds are typically made up of:
-stock (both US and Foreign)
-bonds (both US and Foreign)
-cash (hedging currency?)
-other opportunistic holdings
For example HCOYX holds a large portfolio percentage of its bonds in Argentinian Sovereign debt. I find important and interesting looking under the hood and understanding these fund's holdings.
A few others "Global Hybrid" / "World Allocation" funds are GAOAX(40% stock/40% bond/20% cash), MDLOX(56/17/15/11% other), SGENX (80% stock/ 20% cash), KTRSX(55% stock/40% bonds), ARTGX(90% stock/ 10% cash).
The moral to the story is you can think more clearly in mid afternoon as opposed to the middle of the night.
Mona