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I am probably one of the few hold outs here with this investment.
As of 8/31/24, the last date when the full holdings are available, the fund held 16 investments. That is beyond being concentrated. It also held 25% cash. The US market seems uninvestible for this manager!
It's been a solid performer, but yes.... very highly concentrated.
Top 10 Holdings (as of 09/30/2024) % of Net Assets Cash & Cash Equivalents 25.40% Ross Stores 9.11% AutoZone 9.01% Arch Capital Group 6.29% O’Reilly Automotive 6.09% Cummins 5.43% Mastercard 4.61% Domino’s Pizza 4.45% TJX Companies 4.15% Visa 4.00%
I recall mention that they could possibly close this fund once it hits $1B AUM, which it now approaches.
This Fund’s closing or not closing at $1b is of no relevance to me when the complex manages another $5b in the same strategy. That is the AUM I recall seeing when I checked it’s SAI the last time. That number may be higher now. How did this Fund’s closing even become a topic of importance? In any case, I have never seen a mid to large cap (growth?) fund closing at $1b AUM. Not sure why the manager would do that. From my perspective, they can have $5b in the fund. The boatload of SMAs take up disproportionately more resources than the single OEF.
My expectations for this fund performance since my purchase keep going down. Started with an expectation that it would outperform PRWCX, then dropped to matching PRWCX, now hoping it would outperform high yield bond funds. Let us see how long I hang on to this.
My expectations are from my purchase date - see my previous post. Everything else is meaningless for me. As I mentioned previously, I sold PRWCX to buy this fund.
It seems any comment perceived as negative about this fund raises emotions in this forum. I can not afford attachments of any kind - that is a luxury afforded to immortals.
I salute Dennis for his objective look.
It boils down to what one expects from the fund (and what role one expects the fund to play in one's portfolio) and not what others expect. What or whom you are attached to is your indulgence.
The fund might outperform (some parts of the market) during this December market swoon but that is in the now.
Not necessarily related to the current discussion in this thread but I thought some forum members might enjoy listening to this Howard Marks video. I have been meaning to share this video but I did not want to start a new thread because I am not looking for a discussion of it. Just enjoy listening to it and learn what you want to learn from it.
It seems any comment perceived as negative about this fund raises emotions in this forum. I can not afford attachments of any kind - that is a luxury afforded to immortals.
If you Sell, no skin off anybody's nose. You said it's lagging PRWCX, which it's not.
It seems any comment perceived as negative about this fund raises emotions in this forum. I can not afford attachments of any kind - that is a luxury afforded to immortals.
If you Sell, no skin off anybody's nose. You said it's lagging PRWCX, which it's not.
Do whatever works.
Please quote my statement from last week to that effect.
It seems any comment perceived as negative about this fund raises emotions in this forum. I can not afford attachments of any kind - that is a luxury afforded to immortals.
The fund might outperform (some parts of the market) during this December market swoon but that is in the now.
I think Bobby Goren or Paul Weston would say that you do have a strong detachment syndrome regarding MRFOX. Like something is a little off about MRFOX, something that you can’t pinpoint, but can’t bring yourself to abandon MRFOX. (/s, need a little levity here once in a while)
My 2c only, not investment advice MRFOX has done well in 2024. Measurement of performance from date of purchase might not reveal the full picture. I am hodl(for now!)
Thanks. I am not selling right now but I delve on this fund (so I make an educated decision to keep or sell early next year (as I mentioned a couple of months ago)). My decision will not be a judgement on the fund but based on what I think the fund means to my portfolio (i.e., future expectations, notwithstanding the past). If you have not checked out the Howard Marks video I posted in this thread last week, I strongly encourage you to check it out - it also articulates some of my thinking better than I can.
Comments
As of 8/31/24, the last date when the full holdings are available, the fund held 16 investments. That is beyond being concentrated. It also held 25% cash. The US market seems uninvestible for this manager!
Top 10 Holdings
(as of 09/30/2024) % of Net Assets
Cash & Cash Equivalents 25.40%
Ross Stores 9.11%
AutoZone 9.01%
Arch Capital Group 6.29%
O’Reilly Automotive 6.09%
Cummins 5.43%
Mastercard 4.61%
Domino’s Pizza 4.45%
TJX Companies 4.15%
Visa 4.00%
I recall mention that they could possibly close this fund once it hits $1B AUM, which it now approaches.
What timeframes are you using to compare performance against the others?
Over the past 3 years, MRFOX beats PRWCX by over +9% annually, and by +4.4% over the 5 years ended 11-30-2024.
If anything, it's PRWCX that has slid a bit.
I salute Dennis for his objective look.
It boils down to what one expects from the fund (and what role one expects the fund to play in one's portfolio) and not what others expect. What or whom you are attached to is your indulgence.
The fund might outperform (some parts of the market) during this December market swoon but that is in the now.
Do whatever works.
I am guessing you misunderstood/ misread my post.
MRFOX has done well in 2024. Measurement of performance from date of purchase might not reveal the full picture. I am hodl(for now!)
Thanks. I am not selling right now but I delve on this fund (so I make an educated decision to keep or sell early next year (as I mentioned a couple of months ago)). My decision will not be a judgement on the fund but based on what I think the fund means to my portfolio (i.e., future expectations, notwithstanding the past). If you have not checked out the Howard Marks video I posted in this thread last week, I strongly encourage you to check it out - it also articulates some of my thinking better than I can.