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Marketfield going forward

chrisblade
edited August 2012 in Fund Discussions
I know there was quite a bit of discussion earlier upon hearing Marketfield was bought and it was getting a load come October. Now that some time has passed and I have researched it I am really struggling in deciding to keep it or not. For those who do own it what do you plan to do? Marketfield is in my alternative sleeve of my investments and it compliments AQR Risk Parity N and GRT Absolute Return. My interest was piqued on Riverpark Long/Short and the new Boston Robecco L/S Research, but I haven't made a decision, any input is appreciated.

Comments

  • scott
    edited August 2012
    I'm keeping MFLDX (although not adding any more), keeping Pimco EQS L/S and AQR Risk Parity. Those currently invested in MFLDX will be grandfathered in at the same terms when the fund moves to Mainstay (I'm guessing an investor or some other separate class.) Starting a small position in Pimco Unconstrained, as well.
  • Old_JoeOld_Joe
    Hi Scott- not adding any more because whatever you have seems to be the right amount for your diversification, or not adding any more because of the potential changes in MFLDX?
  • scott
    edited August 2012
    Reply to @Old_Joe: Already a large position, and generally having a "cap" on it in terms of diversification/allocation. I'm not really bothered by the upcoming changes that much. It's done pretty well and there's nothing else quite like it (there are other long/short funds, certainly, but I think where they continue to disappoint is the seemingly strict nature of the short exposure, whereas Marketfield is far more flexible and has shown a strong ability to dial exposure up/down. Additionally, Marketfield is unique in that it is really a very macro fund and can go long/short across a wide range of asset classes and not just stocks (as for stocks, it's also one of the few funds that can short foreign stocks.)

    I may not always agree with it (such as their view on EM), but with the fund's level of flexibility in terms of long/short and across asset classes, I think it continues to be a good place to be in markets that have a lot of underlying uncertainty. Finally, while I may not always agree with the fund's positioning, the monthly letters are well-written and provide good insights into the management's views.
  • Old_JoeOld_Joe
    Thanks much- I'm watching with intent to increase my position.
  • scott
    Reply to @Old_Joe: I think the slight difficulty with adding to MFLDX is that what it does on a given day is not always predictable.
  • Old_JoeOld_Joe
    Reply to @scott: 10-4 on that. thanx again
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