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MFO Premium - accuracy of Fund composition data from Lipper

briboe69
in Fund Discussions
Joined MFO Premium - if you haven't joined do it now it's awesome - and wanted to comment on the accuracy of the fund composition data from Lipper. I've noticed many of my funds are way off between what MFO shows and what the actual fund company website shows - especially Cash% and Bond%. For example, IVWAX shows 0.5% Cash on the MFO Premium website and 34.8% Cash on IVA's website. Same for popular PRWCX - 0.0% Cash on MFO and 8% Cash on T. Rowe's website. MFO seems to be lumping the Cash% into the Bond%. I don't think it has to do with bonds that are considered cash equivalents - that would make the Cash% higher not lower. Am I overlooking something simple, or does Lipper have different definitions for fund compositions?

Comments

  • CharlesCharles
    Good stuff briboe69.

    Here are Lipper's definitions for the five portfolio allocation categories:

    Cash - The cash category includes cash, cash equivalents (including money market funds) and assets less liabilities. All instruments with maturities of one year or less are included in this category. Investments that fall into this category include repurchase ag

    Equity - The equity category includes all U.S. domiciled equity securities, American Depository Receipts (ADR’s), equity mutual funds and foreign equity securities.

    Convertible - The convertible category includes all convertible securities (and convertible securities mutual funds) including foreign convertibles.

    Bonds (aka Fixed Income) - The fixed-income category includes all government securities, corporate bonds, municipal bonds, foreign bonds, nonconvertible bonds, and nonconvertible preferred stocks and all fixed income mutual funds.

    Other - The other category contains rights, warrants, options, futures, mutual funds (that do not fit into any of the above categories), and gold bullion.

    Suspect in case of IVA Worldwide, the bond portfolio has big chunk of government securities, which M* for example is lumping in with Cash/Cash Equivalents ... like you note.

    I noticed the portfolio dates for both Lipper and M* are same 6/30/2015, so that is not the difference.

    Will dig further and in any case add some notes to premium site as well as portfolio dates to help better decipher.

    Very much appreciate your early and good feedback here, as always.

    Charles
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