This month David provided an interesting follow-on to the merging of Marsico Flexible Capital and Marsico Global. "Briefly Noted," https://www.mutualfundobserver.com/2018/08/briefly-noted-24/#more-11945
. He thoughtfully researched possible alternatives to MFCFX and came up with a grid of several balanced/allocation funds. As a result, Provident Trust (PROVX) came to light and he commented, "And if you’re suddenly wondering why we haven’t profiled Provident Trust yet, join the club. I’m wondering the same thing."
I used to own MFCFX and the whole time I wondered how it got categorized as an allocation fund; for me it was a global growth fund whose mandate allowed it to invest in other "stuff." It rarely did and even today it has nothing but stocks and a bit of cash. These days M* has an 85%+ allocation category, the best fit, I think, for a fund that does in fact allocate.
Apparently PROVX would fall into that category, but M* has it pegged as Large Growth. In any event, PROVX today is a highly concentrated (14 stocks) large-cap growth fund with about 10% cash and 5% bonds. Its performance is terrific, from almost any angle, but most assuredly from the perspective of a 85%+ allocation instrument. I would compliment the fund manager on a succinct and rare summary of what he does, has done in the past, and what market conditions prevail now and into the near future. To wit: https://www.provfunds.com/docs/06.30.18 Shareholder Letter.pdf
According to the letter, the fund really has been flexible with respect to its equity allocation. I have not followed it. I guess a small fund could jump in and out of stocks efficiently, but I couldn't imagine FPACX (one of the other balanced funds used as a comparison) doing the same. Provident's turnover ratio is so impossibly low as to confound us. I hope David can profile PROVX as it sounds interesting.