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Has anyone taken a close look at James Alpha? Wondering why/how it held up so much better than IOFIX in the face of covid. Is it just better credit quality? Any thoughts would be appreciated.
IOFIX(link): concenrated mostly (over 78%) in legacy RMBS.
JASVX(link): 2 of the managers came from Semper (SEMMX) but as you stated JASVX held pretty well while IOFIX+SEMMX lost a lot more in 03/2020. This fund is more diversified with RMBS,CMBS,ABS.CLO but also 14.8% in corp + cash and Gov. I have been using both. See my thread(link)
What do you really own there...some paper that makes claims on folks paying back loans in a pandemic and rated by companies that see an increase in business when they are more lenient in their ratings to their customers?
CMBS? what are they, to whom, where, how can you yourself evaluate...ABS...have to go by a leap of faith, what do you own?!
Downtown CHI is a ghost town, no corp workers, likely less than 10% going into the city daily to work...Metra train stations in burbs are empty, seriously, less than 10-20 cars in the lots...God help us we get past this virus sooner than later, many companies have work remote policies permanently in place and actually are closing their office for full time work remote on a go forward basis... I can't see how folks are still collecting 100% rent on commercial property etc...CLO...low credit ratings..oy vey!
Too much debt, who knows what Biden et al is really gonna do, at least with the other guy you kinda knew what you were dealing with...what happens in GA in several weeks...more debt issuance....
Call me chicken little but I sold out entirely of my holdings in FPFIX FPA Flex Income fund...me too Chix Little, I don't want to be a lender to ANYBODY in this environment.
It all seems to be the ultimate in black box investing to me...
As Pres Bush said...Fool Me...You can't get fooled again...
Good Luck to all, Good Health to all, enjoy the Holiday
Looks like JASSX is available at FIDO with $2500 min, but a $49.95 fee. JASVX is available NTF at ETRADE, $250 min.
The time to pick the low hanging fruit was 8 months ago (says Captain Hindsight). So do you still buy/add to these higher risk funds now, after the big bounce?
Looks like JASSX is available at FIDO with $2500 min, but a $49.95 fee. JASVX is available NTF at ETRADE, $250 min.
The time to pick the low hanging fruit was 8 months ago (says Captain Hindsight). So do you still buy/add to these higher risk funds now, after the big bounce?
Will any of this matter 10 years from now? Probably not. In the short term, anyone who's been paying attention already bought in March. You want more? Sure, buy more.
About these bond funds' portfolio contents: It made me go back to look again at what my favorite, PTIAX, is holding. Turns out it's: 0.22 gov't 41.64 munis, and probably a slice of the same munis that its sister-fund, PTIMX, is holding.
...Then there's 6.2% in corporates 48.87 securitized and finally, 3.07% in cash and equiv. (per Morningstar.)
Our national and worldwide situation is dire, re: Covid. Let's hope the upcoming vaccines work as well as advertised. In the meantime, regarding Covid--- after watching the news, I almost don't know how things can get any worse. And yet the monthly dividends continue to keep coming into my account..... ******************************************** unrelated: I'd been looking for a way to equalize the weighting in my portfolio between RPSIX and PRSNX. After a really good year, my PRIDX continues to shine. I got a wild hair up my ass the other night and moved a tiny bit from RPSIX to PRIDX. They are definitely not the same sort of animal. ....... One consideration is the fact that uncle Stevie Mnuchin decided to curtail some of the "juice" which the Treasury had been pouring into the economy. Uncle Jerome Powell didn't like that much. ..... But I've seen nothing like that sort of news out of Europe, Japan or the rest of Asia.... PRIDX portfolio: 48% Europe/UK. 21 Japan. 17 Asia 4 Australasia 3.72 Latin America.
Did I effectively buy the dividend, so late in the year? I suppose so. But with just 8% of my portfolio (stocks) outside the USA, I chose to add a small chunk in international stuff. Well within my comfort zone. (Now let's watch PRIDX sink like a stone in 2021. Always the way, eh?) ******************
@Crash; "And yet the monthly dividends continue to keep coming into my account..." Yes they roll in , but at a smaller dividend ? Enjoy your Thanksgiving, Derf
Comments
1,000,000
That's all Folks, Derf
IOFIX(link): concenrated mostly (over 78%) in legacy RMBS.
JASVX(link): 2 of the managers came from Semper (SEMMX) but as you stated JASVX held pretty well while IOFIX+SEMMX lost a lot more in 03/2020. This fund is more diversified with RMBS,CMBS,ABS.CLO but also 14.8% in corp + cash and Gov.
I have been using both. See my thread(link)
What do you really own there...some paper that makes claims on folks paying back loans in a pandemic and rated by companies that see an increase in business when they are more lenient in their ratings to their customers?
CMBS? what are they, to whom, where, how can you yourself evaluate...ABS...have to go by a leap of faith, what do you own?!
Downtown CHI is a ghost town, no corp workers, likely less than 10% going into the city daily to work...Metra train stations in burbs are empty, seriously, less than 10-20 cars in the lots...God help us we get past this virus sooner than later, many companies have work remote policies permanently in place and actually are closing their office for full time work remote on a go forward basis... I can't see how folks are still collecting 100% rent on commercial property etc...CLO...low credit ratings..oy vey!
Too much debt, who knows what Biden et al is really gonna do, at least with the other guy you kinda knew what you were dealing with...what happens in GA in several weeks...more debt issuance....
Call me chicken little but I sold out entirely of my holdings in FPFIX FPA Flex Income fund...me too Chix Little, I don't want to be a lender to ANYBODY in this environment.
It all seems to be the ultimate in black box investing to me...
As Pres Bush said...Fool Me...You can't get fooled again...
Good Luck to all, Good Health to all, enjoy the Holiday
Baseball_Fan
The time to pick the low hanging fruit was 8 months ago (says Captain Hindsight). So do you still buy/add to these higher risk funds now, after the big bounce?
0.22 gov't
41.64 munis, and probably a slice of the same munis that its sister-fund, PTIMX, is holding.
...Then there's 6.2% in corporates
48.87 securitized
and finally, 3.07% in cash and equiv.
(per Morningstar.)
Our national and worldwide situation is dire, re: Covid. Let's hope the upcoming vaccines work as well as advertised. In the meantime, regarding Covid--- after watching the news, I almost don't know how things can get any worse. And yet the monthly dividends continue to keep coming into my account.....
********************************************
unrelated: I'd been looking for a way to equalize the weighting in my portfolio between RPSIX and PRSNX. After a really good year, my PRIDX continues to shine. I got a wild hair up my ass the other night and moved a tiny bit from RPSIX to PRIDX. They are definitely not the same sort of animal. ....... One consideration is the fact that uncle Stevie Mnuchin decided to curtail some of the "juice" which the Treasury had been pouring into the economy. Uncle Jerome Powell didn't like that much. ..... But I've seen nothing like that sort of news out of Europe, Japan or the rest of Asia....
PRIDX portfolio:
48% Europe/UK.
21 Japan.
17 Asia
4 Australasia
3.72 Latin America.
Did I effectively buy the dividend, so late in the year? I suppose so. But with just 8% of my portfolio (stocks) outside the USA, I chose to add a small chunk in international stuff. Well within my comfort zone. (Now let's watch PRIDX sink like a stone in 2021. Always the way, eh?)
******************
Yes they roll in , but at a smaller dividend ?
Enjoy your Thanksgiving, Derf