Conference was held in Chicago. Charles’ comprehensive summary of the meeting includes some nice insights into PRWCX and manager David Giroux’s methodology. The most tantalizing line to me was:
“The fund used the current correction to reduce its cash from 12% to 3% and go overweight equities. If equities decline further, he (Giroux) will add more …”
This might also fit under “Other Investing” as it’s a commentary on the broader markets as well as a single fund.
Comments
With that said it makes me wonder if I want to be a player, dipper, at this time.
Giroux maintains a 3-5 year investment horizon. Takes a leap of faith for some of us to think that far out. So Giroux has an advantage over many of us. It’s not his money. It’s an institutionally managed fund with pretty much an unlimited time horizon. Were he to leave tomorrow, the fund would carry on.
The stock allocation in the fund is at 64%, a bit lower than the past where it was as high as 70%. Cash is at 1.8% whereas it was at over 10%. Bond is at 28%. Apple is a new addition at 3%.
@hank, don’t think Giruox is going anywhere soon. Even so, TRP does a good job with their secession plan in case the lead managers retire or leaving the firm. It is the sheer size of the fund that concern me.
I dumped a single-stock pile of manure that was never going to be anything substantial in terms of its size in my portfolio: ENIC. The money, plus additions, has been transplanted into three other DIVIDEND PAYING single stocks, and I'm counting on them to produce, even better than bond dividends. (I'm still 27% in bonds, overall.) I've mentioned them before: RGR BHB. ET.
I find returning to M* Conference each year a sort of touchstone.
Sure, trends of moment present and pervasive.
But then folks with longer view persist.
Honestly, feel fortunate each time I get to attend ... no different this year, and I got to meet Devesh and see David again ... in person!
c