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My employer's 401k added that Marvin Straus-managed fund to our 401k ~ 18 months ago. Never understood why. It made huge overweight bets in certain sectors (energy, at exactly the wrong time). And there is no real-time info on the fund. A website that provided quarterly updates disappeared. Expenses were high. And, pardon this "ageist" statement, an investment professional who started in the biz in 1961.. should he be a lead portfolio manager in 2016?
I assumed that Marvin Schwartz was a friend/relative of someone who sits on my employer's 401k committee (or the CEO's wife), or that 'consideration' was provided under the table to add the fund to our menu of choices.
My 401k has better choices Vanguard equity and PIMCO bond funds, so I've not forced to contribute to good-ole Marvin's estate, but found it annoying that with so many decent, even superior choices which could have been added to our plan, my employer's investment committee, presumably acting in a fiduciary capacity, chose Marvin.
Comments
My employer's 401k added that Marvin Straus-managed fund to our 401k ~ 18 months ago. Never understood why. It made huge overweight bets in certain sectors (energy, at exactly the wrong time). And there is no real-time info on the fund. A website that provided quarterly updates disappeared. Expenses were high. And, pardon this "ageist" statement, an investment professional who started in the biz in 1961.. should he be a lead portfolio manager in 2016?
I assumed that Marvin Schwartz was a friend/relative of someone who sits on my employer's 401k committee (or the CEO's wife), or that 'consideration' was provided under the table to add the fund to our menu of choices.
My 401k has better choices Vanguard equity and PIMCO bond funds, so I've not forced to contribute to good-ole Marvin's estate, but found it annoying that with so many decent, even superior choices which could have been added to our plan, my employer's investment committee, presumably acting in a fiduciary capacity, chose Marvin.