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.
Support MFO
Donate through PayPal
Domestic Large Cap Value Fund - BPAVX, JVAAX, TWEIX, BRLVX?
I need a Large Cap Value fund for my IRA at Fidelity, preferably a NTF fund.
I was looking at BPAVX (Boston Partners All Cap Value Fund). It did quite well **comparitively*** in down market of 2008-09. Seems like it is one of those lesser known funds but has great performance for last 10 years.
BPVAX remains on my short list. It seems difficult to find good actively managed LCV funds that don't drift into blend.
Another LCV fund on my short list you might want to consider is LCEIX. Along with doing relatively well in the 2008-2009 market, they are both doing relatively well YTD (both in the top 10% in a year where only one LCV is in the black).
Hi Mulder! Yes, have and still own it. I think it's a good fund. Also, I think value will come into play soon-----msf, yes, also owned LCEIX, but sold it. Silly me. Where's that redo button at? the Pudd
Looks like SVOAX lines up very well with BPAIX (the shareclass of BPVAX with the same min). It's doing 3-6% better short term (YTD, 1 year), a bit less than 1% worse over 3 and 10 year spans, 1.25% better over 5 years.
Clearly doing better tha BPAIX in the 2015 down market, and held up nearly as well as BPAIX in 2008 (losing about 2% more, but still about 10% less than the market).
It did that as a midcap blend fund, and has been gradually drifting over to large, then value where it sits now. It's a minimum volatility fund (check its name); its low standard deviation and M* risk attest to that. On the other hand, that also means it is subject to higher turnover as noted in its prospectus: "Due to its investment strategy, the Fund may buy and sell securities frequently."
Overall, looks like an interesting fund, definitely worth consideration.
It's a little hard to get a handle on its management - three different management companies, each with several managers involved. Don't know whether each team is allocated a sleeve, or if there is dynamic allocation among teams.
SEI apparently has two different sets of funds with the same names, organized as series of SEI Institutional Managed Trust (including SVOAX), and as series of SEI Institutional Investment Trusts. There you'll find another SEI US US Managed Volatility Fund (SVYAX), managed with nearly the identical slew of managers, lower expenses and a similar but slightly better record (some of which may be attributable to a lower ER). Unfortunately, this appears to be a "true" institutional fund, sold only to institutions, 401k plans, etc.
"It's a little hard to get a handle on its management - three different management companies, each with several managers involved. Don't know whether each team is allocated a sleeve, or if there is dynamic allocation among teams."
Managers - Start Date - Attributes - Allocation
1. AJO, L.P. - Oct 29, 2004 - Proprietary, multi-factor quantitative model seeks mispriced securities - 27%
3. LSV Asset Management - Dec 16, 2010 - Strong, deep value-oriented quantitative model - 34%
 Investment Philosophy and Process
The Fund uses a multi-manager approach to portfolio construction that seeks to generate excess returns (i.e., returns in excess of benchmark) and at the same time provide diversification by avoiding over- concentration in a single investment style, sector or market trend. Our analysis seeks to identify each manager's competitive advantage and characteristics of that advantage that can be monitored on an ongoing basis. Asset allocation to a given manager is based on the manager's skill set, the current macro economic environment, and the risks inherent in each manager's strategy.
Thanks. That's very helpful. It looks like this is a pure quant fund (albeit with multiple models).
It's curious that this information is not in any SEC filings. The only similar information (in the prospectus) is that Harindra de Silva, Ph.D, a member of the Analytic Investors, LLC management team "works primarily on research for the strategy (i.e., model maintenance and design)". From "model" one might infer quant management for this sleeve.
The only source I can find for the information you provided are "Fact Sheets" for the fund, such as this one dated June 30, 2015. Stranger still is that these are not published by SEI, in the sense that there doesn't seem to be a way to navigate to them.
FWIW, here's their glossy on their Managed Volatility funds.
All in all, a bit unusual, like they don't want you to know about the fund. Or, it's all in plain sight and I'm just having a bad day
Yes, the fund is purely quantitatively driven in each of its sleeves with a head PM, Eugene Barbaeagra CFA, overseeing the three sub-advisers including Mr. de Silva of AJO. SEI does publish the "Fact Sheets." I don't know why the investment strategy isn't identified in documents at the SEC. The main reason for listing the fund is that it appears to meet the need of Mulder420 and as a minimum volatility fund may be appropriate in the environment we have now. Best.
Comments
Another LCV fund on my short list you might want to consider is LCEIX. Along with doing relatively well in the 2008-2009 market, they are both doing relatively well YTD (both in the top 10% in a year where only one LCV is in the black).
Yes, have and still own it. I think it's a good fund. Also, I think value will come into play soon-----msf, yes, also owned LCEIX, but sold it. Silly me. Where's that redo button at?
the Pudd
Clearly doing better tha BPAIX in the 2015 down market, and held up nearly as well as BPAIX in 2008 (losing about 2% more, but still about 10% less than the market).
It did that as a midcap blend fund, and has been gradually drifting over to large, then value where it sits now. It's a minimum volatility fund (check its name); its low standard deviation and M* risk attest to that. On the other hand, that also means it is subject to higher turnover as noted in its prospectus: "Due to its investment strategy, the Fund may buy and sell securities frequently."
Overall, looks like an interesting fund, definitely worth consideration.
It's a little hard to get a handle on its management - three different management companies, each with several managers involved. Don't know whether each team is allocated a sleeve, or if there is dynamic allocation among teams.
SEI apparently has two different sets of funds with the same names, organized as series of SEI Institutional Managed Trust (including SVOAX), and as series of SEI Institutional Investment Trusts. There you'll find another SEI US US Managed Volatility Fund (SVYAX), managed with nearly the identical slew of managers, lower expenses and a similar but slightly better record (some of which may be attributable to a lower ER). Unfortunately, this appears to be a "true" institutional fund, sold only to institutions, 401k plans, etc.
Managers - Start Date - Attributes - Allocation
1. AJO, L.P. - Oct 29, 2004 - Proprietary, multi-factor quantitative model seeks mispriced securities - 27%
2. Analytic Investors LLC - Oct 29, 2004 - Disciplined quantitative methods - 39%
3. LSV Asset Management - Dec 16, 2010 - Strong, deep value-oriented quantitative model - 34%
 Investment Philosophy and Process
The Fund uses a multi-manager approach to portfolio construction that seeks to generate excess returns (i.e., returns in excess of benchmark) and at the same time provide diversification by avoiding over- concentration in a single investment style, sector or market trend. Our analysis seeks to identify each manager's competitive advantage and characteristics of that advantage that can be monitored on an ongoing basis. Asset allocation to a given manager is based on the manager's skill set, the current macro economic environment, and the risks inherent in each manager's strategy.
It's curious that this information is not in any SEC filings. The only similar information (in the prospectus) is that Harindra de Silva, Ph.D, a member of the Analytic Investors, LLC management team "works primarily on research for the strategy (i.e., model maintenance and design)". From "model" one might infer quant management for this sleeve.
The only source I can find for the information you provided are "Fact Sheets" for the fund, such as this one dated June 30, 2015. Stranger still is that these are not published by SEI, in the sense that there doesn't seem to be a way to navigate to them.
FWIW, here's their glossy on their Managed Volatility funds.
All in all, a bit unusual, like they don't want you to know about the fund. Or, it's all in plain sight and I'm just having a bad day