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rforno said:OEF reports are, annoyingly, usually at least 2 months old by the time they come out.
OEF reports are, annoyingly, usually at least 2 months old by the time they come out.
Fidelity and T. Rowe Price opted for semitransparent structures that don’t disclose all their holdings daily for ETF
racqueteer said:Just a comment that anyone paying attention/owning, PRWCX would have noticed a definite change had occurred at LEAST early in the year as PRWCX started to lag a little (compared to earlier). The fund seemingly became more defensive/less volatile than had been the case. I think Giroux was a little early, but was apparently pulling in the reins on 'risk' well before now. I suspect a lot of this aforementioned "cutting" was taking place long ago. If he IS cutting further, I'd be interested to know what is replacing the equity!
Just a comment that anyone paying attention/owning, PRWCX would have noticed a definite change had occurred at LEAST early in the year as PRWCX started to lag a little (compared to earlier). The fund seemingly became more defensive/less volatile than had been the case. I think Giroux was a little early, but was apparently pulling in the reins on 'risk' well before now. I suspect a lot of this aforementioned "cutting" was taking place long ago. If he IS cutting further, I'd be interested to know what is replacing the equity!
Crash said:Golf is a good walk, spoiled.
Golf is a good walk, spoiled.
Vegomatic said:100 bps = 1.00%1 bp = 0.01%https://www.investopedia.com/ask/answers/what-basis-point-bps/
100 bps = 1.00%1 bp = 0.01%https://www.investopedia.com/ask/answers/what-basis-point-bps/
Crash said:Some of those top holdings are just the companies I love to hate. Crap. But I can't pull out now.
Some of those top holdings are just the companies I love to hate. Crap. But I can't pull out now.
hank said: Crash said:Some of those top holdings are just the companies I love to hate. Crap. But I can't pull out now.
“… for those … who might be wondering, if you put a dollar into the S&P, 41 cents goes toward Apple, Microsoft, Google, Amazon, and Facebook, with 59 cents going into the other 495 names.”Bill Fleckenstein - “Market Rap” (paid subscription) 9/14/21
© 2015 Mutual Fund Observer. All rights reserved.
TRP division called T Rowe Price Investment Management (TRPIM), scheduled to be live next year.
1 bp = 0.01%
Read D&C’s semi-annual last evening. They have the fund invested 66% in equities. Their stocks overall have a much lower average PE than the S&P. In fact, they hold a 4% short position on the S&P which they see as overvalued. They like financials (which do well when interest rates are rising) but have sold some off recently. Also overweight energy.
Here’s a brief (possibly “suspect”) quotation: “The equity portfolio’s composition is very different from the overall market, and trades at a meaningful discount to both the broad-based market and value universe: 13.9 times forward earnings compared to 22.3 times for the S&P 500 and 17.9 times for the R1000V. Stocks that benefit from rising interest rates are currently trading at particularly low relative valuations, and represent an area of emphasis for the portfolio.”
LINK to June 30, 2021 Report /// DODBX
Apologies for any thread drift. Hard for me to view one fund without comparing it to the other, as both are integral to my approach.
Here’s Sven’s link again. https://www.cnbc.com/video/2021/04/23/t-rowe-prices-david-giroux-we-are-underweight-equities.html
Actually selling is harder on a timely basis. Sitting on large cash position is a drag on performance that may reflect poorly on the fund manager, especially in bull markets. Saw an interview with Giroux that he deployed his cash and bought many stocks, including GE during the height of COVID. Right now I cannot seem to located that footage. But it revealed TRP trading strategies - quick and deliberate.
The current Barron’s contains an article “A fresh Batch of Active ETFs“ written by some guy named Lewis Braham. In it he mentions the issue of front-running when fund holdings are revealed too early. Different companies and managers have differing views. But TRP was singled out in particular as one house that likes to withhold such information as long as legally possible. I’d be willing to bet D&C is another.
Link to Barron’s Article (subscription required): https://www.barrons.com/articles/capital-groups-american-funds-is-finally-getting-into-etfs-51630089111
Note: The online article carries a different title from the print version which I read. Same content.
BRKB is even less transparent until W. Buffet files them in their reports. An an individual investor, that is why you hire these fund managers to run your funds.
Bond divs coming on 31st August......
Holdings: BRUFX PRWCX PRSNX RPSIX PRIDX PRDSX PTIAX ENIC.
And if you are a poster/investor questioning Giroux's allocation decisions, you might want to go play a round of golf and think that through a bit.
“But Giroux has cut the fund’s equity exposure down from about 70 per cent at the market low of 2020 to the mid-50s per cent level now …”
Lipper, which is usually pretty accurate, still has it at 70%.
So I know there's a LOT of truth in your comment for a LOT of people who attempt to play the game (and those who sadly end up in their groups).
Don't even get me started on what Ladies Day at our club looked like circa late 60's/early 70's. Note however their outfit color coordination, down to the tees in their shoe strings, was impeccable.
Here's hoping you and the rest of those walk spoilers stay off the courses!
Total Net Assets as of 8/31/2021
Top 10 Holdings 8/31/2021
Alphabet Class C
Marsh & McLennan
PNC Financial Services Group
Thermo Fisher Scientific
Bill Fleckenstein - “Market Rap” (paid subscription) 9/14/21
No fund I own holds 100% stuff I agree with, but I am more than comfortable with Giroux's team and PRWCX's investing style to rest easy while sitting on a large slug of it.