Barron’s Funds Quarterly (2023/Q4–January 8, 2024)
https://www.barrons.com/topics/mutual-funds-quarterly(Performance data quoted in this Supplement are for 2023/Q4 and YTD to 12/31/23)
Pg L2 With higher bond yields, allocation/balanced funds have comeback from dead yet again. But not all allocation/balanced funds are the same. Some have growth or value tilt in their equity portion. Multi-asset funds mix stocks, bonds, and alternatives (HY, FR/BL, convertibles, REITs, option-writing, EMs). M* studies have shown that “boring” allocation funds have the lowest investor-return-gap (= fund TR – asset-weighted fund TR) and one explanation is that their holders tend to stick through good and bad times. There are several types of allocation/balanced funds that follow. (By
@LewisBraham at MFO)
CA, 15-30% Equity*: BLADX, USCCX
MCA, 30-50% Equity*: FMSDX, VWINX
MA, 50-70% Equity*: ABALX,
AOR, CGBL, FPURX, VBIAX, VWELX; includes classic Allocation 60-40.
MAA, 70-85% Equity*: FPACX
Tactical Allocation: CTFAX, LCORX, SFHYX
Global Allocation: EDIAX, LGMAX, RPGAX, SGENX, VGWLX
Target-Date Funds (TDFs) have glide-path allocations. These are often found in 401k/403b plans but are also available to retail investors. Mentioned are those from AF, BlackRock, DFA, Fidelity, Price, TIAA, Vanguard.
*Nominal-Equity. Effective-equity is typically higher.
Pg L6: JAPANESE market (fwd P/E 14.6) awakened in 2023 from a long slumber. There is finally inflation and corporate governance has improved (one can even look for dividends in Japan). The BOJ has widened the trading band for weak yen. But high government debt and BOJ monetary easing remain issues. Mentioned are
BBJP, DXJ (hedged),
EWJ, FJPNX, FJSCX,
FLJP, FSJPX,
HEWJ (hedged), HJPIX, MDLOX, MJFOX, PRJPX; diversified international
VEA has decent exposure to Japan.
Pg L29: In 2023/Q4 (SP500 +11.55%): Among general equity funds, the best were LC-growth +14.19%, multi-growth +13.90%, SC-value +13.45%, & the worst were equity-income +9.69%, multi-value +9.73%, LC-value +9.83; ALL general equity categories were POSITIVE. Among other equity funds, the best were sc & tech +17.76%, financials +17.49%, and the worst were natural resources -4.68%, China -3.38%%. Among fixed-income funds, domestic long-term FI +5.43%, world income +7.91%; ALL FI & hybrid categories were POSITIVE (FI isn’t very refined in Lipper mutual fund categories listed in Barron’s).
MORE Fund Stories
Pg 20, Q&A. Michael LIPPERT, BIOPX / BIOIX, BTEEX / BTECX. He looks for secular growth opportunities with big themes – AI, cloud computing, digitalization, genomics, SaaS, cybersecurity, autonomous driving. He likes companies with multiple lines of business and strong management; he holds up to 50 stocks. He no longer owns
AAPL, NFLX, etc.
LINK 
