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Quite the epic letter (as manager commentaries go) and an interesting read. Remains a large holding for me and I don't see that changing.
While I don't always agree with it, I think it's a unique (in that it's really the only global long/short fund of note) and flexible fund, and it's good to have some managers who you don't entirely agree with and who are flexible and have demonstrated success.
I do get a little concerned when multiple funds start shorting treasuries (Whitebox, Marketfield, CGM Focus) that it it's not going to go the way everyone starts thinking it will (or maybe nearly as quickly as they think it might), but who knows.
Reply to @scott: I hold MFLDX along with BRUFX and FPACX as my core holdings four years into retirement.Three fund managers I trust for asset allocation and as you say,the fund structure to go most anywhere in the investment universe.I want to be short sometimes and these managers make those decisions for me without being actual long/short funds. Like you say ,who knows.MFLDX is short EM bonds,and I'm long via DBLNX,TGINX and MAINX.Trimmed some SATMX and WSCVX today.Thanks for all your insight for all of us.
Comments
While I don't always agree with it, I think it's a unique (in that it's really the only global long/short fund of note) and flexible fund, and it's good to have some managers who you don't entirely agree with and who are flexible and have demonstrated success.
I do get a little concerned when multiple funds start shorting treasuries (Whitebox, Marketfield, CGM Focus) that it it's not going to go the way everyone starts thinking it will (or maybe nearly as quickly as they think it might), but who knows.