Cardinal sin committed without intending to do so and hijacking FMIJX thread. Attempting to correct the mistake.
@AndyJ. So these kind of funds you buy because of HOW they invest. This is what I call "Manager Risk" that you are willing to assume. For "Market Risk" there are index funds. I don't have any deep insight into APPLX. Just like I don't have that deep insight into the other funds I mentioned. It is just part of my go anywhere collection where you trust manager including his decision to go cash/gold. My hope is as a collection these funds will do well for me over time.
As an aside, SEQUX was once supposed to be part of this collection. However I could never pulled the trigger. MUHLX was once part of this collection. My rants on fund-alarm tell you why I quit this fund long time back.
I don't invest in individual stocks. So all these funds I mentioned are my "speculative" funds. Sometimes, when I see a lot of risk I only play with house's money. Also I never re-invest distributions, and I will only add following my "when you by vs what you buy" rule. So if FAIRX tanks 50% tomorrow, I might consider buying a little more. Else I will never add to the position.
Hope that makes some sense. Especially for these funds I expect manager commitment of his own money. BULLX was in this list and I sold it after learning Manager sold all his shares. Later realized he was transitioning out to a team and I see now new managers have some investment but not a whole lot. It's on my list to track along with BVAOX. If there is no significant market correction, I might never buy these funds. If there is one, there is good chance I will.
Comments
My only add about APPLX is that the asset class breakdown apparently hasn't changed much in the past few years at least, so I wouldn't think of it as a go-anywhere fund with much flexibility. I'd think of it more like the Pimco All Asset siblings (PASDX, PAUDX) which have a definite thesis that basically never changes and an asset allocation to match, a pretty bad record in recent years hanging onto a thesis that's not been working, and just about always qualifies for the ol' "stopped clock" saying.
Keep in mind this is coming from a guy who thought he'd found a keeper & was subsequently very much underwhelmed and disappointed in the management team's direction, beyond the results alone.
No opinions on the other funds - never had any experience with them.
PVFIX is another fund that belongs to my list. Largely in cash forever, but I like it. Sometimes its about keeping money in cash or in a fund like COBYX, PVFIX. It's about Prudent risk. On the other hand, sometimes you just go with a CGMFX and FAIRX. Wierd Science, and I think that's okay.