Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Yesterday, all ratings have been updated on MFO Premium site through April 2022, including MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, Fund Family Scorecard. The site now includes several analysis tools, including Charts, Compare, Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
Awful month, April, for all markets, except perhaps oil.
While YTD is important, indexes had peaks at different times. #DJIA, #SP500 peaked around New Year, #NasdaqComp & #R2000 in early-Nov 2021, highflyers & EMs in Feb 2021. Those hi-to-lo provide a better assessment of damage.
As of 5/9/22 close, from the recent highs (#StockCharts data), #SP500 -16.26% YTD #DJIA -11.26% YTD #NasdaqComp -27.27% since 11/8/21 #R2000/ $IWM -27.52% since 11/8/21 #EM $EEM -29.87% since 2/12/21 #Highflyers $ARKK -73.59% since 2/12/21
My translation: Money managers want to (and should) focus on executing their strategy, not fund performance.
So, these performance numbers that we (I) call attention to, especially short-term ones, are: "Not important ..."
Sometimes I think money managers want to both ways, or at least their firms do. When a fund has good performance, even short-term, the person in charge of investor relations will post a tweet or send an email highlighting so.
But when investors or financial writers call attention to the poor performance: "Not important ..."
I do think that the professional life span of a money manager is determined by how long their investors believe in the money manager.
Further, to believe in a money manager (or strategy), a fund needs to behave and perform as expected by its investors.
All ratings have been updated on MFO Premium site through May 2022, including MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, Fund Family Scorecard. The site now includes several analysis tools, including Charts, Compare, Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
All ratings have been updated on MFO Premium site through June 2022, enabling mid-year review. Tools include MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, Fund Family Scorecard. The site now includes several analytics, including Charts, Compare, Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
All ratings have been updated on MFO Premium site through July 2022. Tools include MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, Fund Family Scorecard. The site now includes several analytics, including Charts, Compare, Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
All ratings have been updated on MFO Premium site through August 2022. Tools include MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, Fund Family Scorecard. The site now includes several analytics, including Charts, Compare, Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
All ratings have been updated on MFO Premium site through September 2022, enabling 3Q review. Tools include MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, Fund Family Scorecard. The site now includes several analytics, including Charts, Compare, Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
All ratings have been updated on MFO Premium site through October 2022. Tools include MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, Fund Family Scorecard. The site now includes several analytics, including Charts, Compare, Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
Used last Friday's Lipper data drop to get preview of a good month for equity funds, at least. Should be close barring any large Trick or Treat on this Halloween Day 2022.
All ratings have been updated on MFO Premium site through November 2022. Tools include MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, Fund Family Scorecard. The site now includes several analytics, including Charts, Compare, Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
Yeah. Cookies can be a pain when sites are updated. They retain site info to help make browsers run faster. But, that info can be dated when sites get updated. Usually this fixes all: Cntrl+Shift+Del then Clear cached images and files.
All ratings have been updated on MFO Premium site through December 2022. Tools include MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, Fund Family Scorecard. The site now includes several analytics, including Charts, Compare, Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
Friday was last biz day of month so was able to get jump (preview) on year-end performance.
All ratings have been updated on MFO Premium site through January. Tools include MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, Dashboard of Launch Alerts, Portfolios, Quick Search, Fund Family Scorecard. The site now includes several analytics, including Charts, Compare, Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
Comments
(couldn't resist)
Awful month, April, for all markets, except perhaps oil.
Other than pure energy bet or market short, alternative funds may be only bright spot. AQR boasts nine with double-digit returns YTD.
The Decline Continues
While YTD is important, indexes had peaks at different times. #DJIA, #SP500 peaked around New Year, #NasdaqComp & #R2000 in early-Nov 2021, highflyers & EMs in Feb 2021. Those hi-to-lo provide a better assessment of damage.
I agree. Here are current drawdowns ...
#SP500 -16.26% YTD
#DJIA -11.26% YTD
#NasdaqComp -27.27% since 11/8/21
#R2000/ $IWM -27.52% since 11/8/21
#EM $EEM -29.87% since 2/12/21
#Highflyers $ARKK -73.59% since 2/12/21
Even in bond land.
So, these performance numbers that we (I) call attention to, especially short-term ones, are: "Not important ..."
Sometimes I think money managers want to both ways, or at least their firms do. When a fund has good performance, even short-term, the person in charge of investor relations will post a tweet or send an email highlighting so.
But when investors or financial writers call attention to the poor performance: "Not important ..."
I do think that the professional life span of a money manager is determined by how long their investors believe in the money manager.
Further, to believe in a money manager (or strategy), a fund needs to behave and perform as expected by its investors.
Enjoy!
I've added some commentary here.
June offered some welcomed relief.
Enjoy!
Used last Friday's Lipper data drop to get preview of a good month for equity funds, at least. Should be close barring any large Trick or Treat on this Halloween Day 2022.
Thank you again for your tireless efforts.
Respectfully,
Catch
In the screener, Display Period still shows Oct-2022 as the endpoint
Edit: I logged out and logged back in, I see Nov-2022 as the endpoint
Friday was last biz day of month so was able to get jump (preview) on year-end performance.