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GLFOX Concerns?

BenWPBenWP
in Fund Discussions
Since December GLFOX’s chart has fallen off a cliff, and this after a long period of out performance. M* mentions lots of $ coming in recently, but doesn’t say it negatively. However, I wonder if a fund with 5.6 B in assets invested primarily in European infrastructure has become just too concentrated. Some of the companies held (there are only about 30 in all) have declined as much as 20% YTD, not a storm that felt anything like perfect to me. BTW, I’ve already voted, but I thought I’d still seek reaction.

Comments

  • MarkMark
    I'm holding, but to be fair it's only about 1% of my portfolio. The funds return in relation to risk is all that one could ask for currently. Utilities and telecom are still getting beat up based on interest rate risk but that seems to be everywhere. The folks at Lazard have shown that they know how to deal with this stuff long term. If I do decide to switch I have been looking at UTF - Cohen & Steers Infrastructure.
  • BenWPBenWP
    @Mark: I knew someone on the board held GLFOX. Thanks for chiming in. I am always looking for other ways to play infrastructure. FIW has done well in water. Will check out UTF.
  • MarkMark
    Ben, this thread started by Bee also:

    https://www.mutualfundobserver.com/discuss/discussion/38606/mutual-funds-in-taxable-accounts-tax-loss-harvesting/p1
  • AndyJ
    edited February 2018
    I'd owned GLFOX for a few years, until it began to lose momentum middle of last year, then sold it and put the $ into ARTGX.

    If I still had it in the port, I'd think about holding at least some of the position for now to see what happens in the near term. The U.S. rate train has slowed a bit in the past few days, and the dollar's come out of its funk (temporarily?), coinciding with a small bump up in GLFOX. I'd also look into what exactly is happening with euro markets, sectors, currency, and rates, which I'm not following closely right now. The currency hedge has certainly been a big downer for the fund over the past year.

    Given the latest developments, it's possible it might turn into a buy sometime in the near future. An alternative to sell-all or hold-all would be to trim on this uptick, see how it plays out, and re-enter full position size if it breaks to the good ... sort of a hedged wait-and-see.
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