Hi, guys.
A preemptory mea culpa on any editing gaffes. Chip and I spent the week in New Orleans, during most of which time she was at a huge professional conference for IT people and I was pecking away on a little laptop in an uncomfortable chair at our hotel. We had some moments of cultural exchange and some good food - a beignet taste-off and praline panel among them - and enjoyed weather that was, by Midwest standards, freakish.
The April issue includes four pieces on fixed-income investing: Lynn's survey of bond funds for hostile environments, my rewrite of David Sherman's commentary with an okay takeaway in the conclusion, and profiles of Osterweis Strategic Income and RiverPark (soon to be CrossingBridge) Strategic Income. Both reflect my predisposition toward conservative and independent. For me it was challenging because the ratings services (Morningstar and Lipper) stick these sorts of funds in a jarring array of categories and Morningstar makes cross-category comparisons extra challenging.
Separately and without overt pre-planning, Devesh and I looked at two wildly different emerging markets funds. I spoke at length with Lewis Kaufman of Artisan Developing World ($62B market cap, average p/e of 36, 90% t/o ratio, 94 active share) while I profiled Seafarer Overseas Value ($4.5B market cap, average p/e of 9, 14% t/o ratio, 98 active share). Mr. Kaufman is a certifiable star, Mr. Espinosa seems on the target to becoming one.
Devesh also walked folks through the performance of his most recent recs, which is a good habit for writers to develop and for readers to expect. Shadow caught us up on changes in the industry. Charles announced a new payment platform.
A couple fund managers have rattled my cage following the issue, so I'll explore a couple leads for you.
Hope it's a good read for you.
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