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Just posted all ratings to MFO Premium site through May, which includes month to date performance through Friday, 19 June.
Beginning with this update, all flow data now rolls-up to the oldest share class level. Flows of other share classes remain as reported by Refinitiv.
This update was adopted after me getting alarmed at the billions of dollars of outflows from DODGX, who has rewarded investors handsomely these past three years. But alas, the outflows were just inflows to newly established DOXGX share class.
That's good - to show totals for the oldest asset class. But expand the note at the bottom to indicate this.
Looking at DODGX, it seems that the main display has total flows and total assets (checks with total $109.1 billion at M*; Fido has class AUM $65.3 billion)). But the bar chart below seems to show only the class flows. If intentional, this also should be noted.
BTW, many mutual fund outflows are simply to their CIT version/clone in workplace retirement plans. That also distorts the fund flows. I asked M* about it once and its response was that its database had only some CITs, so it couldn't indicate those flows for sure. Does Refinitiv have good data on CITs?
Thank you ybb. There is a note near the atop the chart explaining the roll-up methodology, but you mean add note inside the chart itself?
I do plan to expand notations and add to Definition page as we finished rolling-out the flow tools. Last couple steps: add flows for Fixed Periods, like we've done for Calendar Years. Then, integrate into MultiSearch, giving ability to screen for flows ... along with risk and return performance. That should be pretty cool.
Yes, the daily (or monthly) flows in the bottom bar chart are also rolled up, since Total Net Flows are computed from these values real time.
I will check on the CITs. That might help explain what Devesh pointed out with FCNTX at the last webinar. It's lost billions over last five years, despite good performance ... but unlike D&C, outflows cannot be explained by share class. Its AUM remains about $120B, because performance has offset outflows, apparently. If not CITs, maybe just the challenge to actively managed funds, even good ones?
@Charles, I didn't see the note at the top and was looking only at the legend below. Either place is fine, but you may want to note that this rollup is for flows AND AUM. As I noted before, different websites present AUM data differently - M* now only shows total AUM in all fund pages; Fido and TIAA etc present only class AUM in fund pages.
Reading headlines and listening to news this past week, given the weaker jobs report, it felt like the wheels were coming off. State Street Technology Select Sector SPDR (XLK) was indeed down 3.3% for July. But it was the only sector in the red and is still up more than 14% for YTD. April was much worse. That said, August is off to rough start.
Seems like there was a rather active poster here a couple months back who was really pounding the drums for tech. Derided some regulars who weren’t drinking the “AI” laced Kool-Aid. Can’t remember his name.
To be fair, a lot of money has been made in tech over the past year(s). I’m not qualified to say whether the sector is attractively priced now (or how it might look in the midst of a recession). But my experience says most market sectors run in cycles. These cycles appear to have become exaggerated / intensified in recent years due to the technical capabilities at work at trading desks as well as on everybody’s pocket computer.
Thanks @Charles for sharing these charts. Very helpful.
Just posted all ratings to MFO Premium site through August, using Refinitiv data drop from Friday, 30 August. Used month-to-date (MTD) numbers to get preview of full month-ending drop, usually only missing a few funds.
BRKA has been extraordinary this year at 31.8% YTD, 11.5% in August alone.
Comments
Link to video.
Link to chart deck.
Beginning with this update, all flow data now rolls-up to the oldest share class level. Flows of other share classes remain as reported by Refinitiv.
This update was adopted after me getting alarmed at the billions of dollars of outflows from DODGX, who has rewarded investors handsomely these past three years. But alas, the outflows were just inflows to newly established DOXGX share class.
Looking at DODGX, it seems that the main display has total flows and total assets (checks with total $109.1 billion at M*; Fido has class AUM $65.3 billion)). But the bar chart below seems to show only the class flows. If intentional, this also should be noted.
BTW, many mutual fund outflows are simply to their CIT version/clone in workplace retirement plans. That also distorts the fund flows. I asked M* about it once and its response was that its database had only some CITs, so it couldn't indicate those flows for sure. Does Refinitiv have good data on CITs?
I do plan to expand notations and add to Definition page as we finished rolling-out the flow tools. Last couple steps: add flows for Fixed Periods, like we've done for Calendar Years. Then, integrate into MultiSearch, giving ability to screen for flows ... along with risk and return performance. That should be pretty cool.
Yes, the daily (or monthly) flows in the bottom bar chart are also rolled up, since Total Net Flows are computed from these values real time.
I will check on the CITs. That might help explain what Devesh pointed out with FCNTX at the last webinar. It's lost billions over last five years, despite good performance ... but unlike D&C, outflows cannot be explained by share class. Its AUM remains about $120B, because performance has offset outflows, apparently. If not CITs, maybe just the challenge to actively managed funds, even good ones?
c
Seems like there was a rather active poster here a couple months back who was really pounding the drums for tech. Derided some regulars who weren’t drinking the “AI” laced Kool-Aid. Can’t remember his name.
To be fair, a lot of money has been made in tech over the past year(s). I’m not qualified to say whether the sector is attractively priced now (or how it might look in the midst of a recession). But my experience says most market sectors run in cycles. These cycles appear to have become exaggerated / intensified in recent years due to the technical capabilities at work at trading desks as well as on everybody’s pocket computer.
Thanks @Charles for sharing these charts. Very helpful.
BRKA has been extraordinary this year at 31.8% YTD, 11.5% in August alone.