Grandeur Funds (GPGOX, GPIOX)

Investor

I have some investments in these funds and lately they have been performing very poorly. I know they have hot years that return outsized returns and some really cold years. Robert Gardiner has exit management for a sabbatical and while the remaining management has experience on the paper, I wonder how active they were managing the fund. Anyone has insights? I have been simplifying my account portfolio, these could be the next subject to simplification.

Sven

@Investor, long time no see. There was a long tread on Grandeur funds and many investors are disappointed. You may want to see the comments. I invested with GGSOX in the early days but found them to be very volatile and have consider risk.
https://mutualfundobserver.com/discuss/discussion/comment/165329/#Comment_165329

Granted that they write very detailed reports but their risk management came up short in my opinion. Their drawdowns are simply brutal in 2020 and 2022. I moved on to other more conservative small cap domestic fund.

Investor

Sven said:

@Investor, long time no see. There was a long tread on Grandeur funds and many investors are disappointed. You may want to see the comments. I invested with GGSOX in the early days but found them to be very volatile and have consider risk.
https://mutualfundobserver.com/discuss/discussion/comment/165329/#Comment_165329

Hi Sven. I will check that discussion. I stayed with them in the earlier drawdowns, and they came back, and international small caps have been going through a tough period, but the management change is making me think twice this time around. I am also getting older and my tolerance to risk is getting a bit less, but I still have a decade in front of me (hopefully) before retirement.

Derf

Thanks for the look back @Sven . Time out , to take a check-up on funds mentioned. I own some Peak's funds & purchased ARDBX awhile back. Time to add to one of the mentions funds ?
For the record I did get burnt on a Peaks purchase on their latest fund . Thankfully I was in the toe hold purchase amount. Plus it was suggested here, MFO, to let this fund go as it was a duplicate of their other fund offerings !

Live & learn, Derf

Investor

Derf said:

Plus it was suggested here, MFO, to let this fund go as it was a duplicate of their other fund offerings !

A lot of funds have a big overlap. For example, GPGOX and GPIOX have basically identical international portion.

sma3

I started a position in GPMCX around the time most everyone else did here back in 2015. After going great guns, and then recovering from Covid, since 2021 it has been all downhill. Fortunately I sold most of the position.

I have a hard time figuring out what they are doing wrong, but I am sticking with funds I am more comfortable with,

Shostakovich

I hold GMPCX, GPRIX, GUSYX. I'm not sure I understand what they're doing wrong either @sma3, but I wonder if it has something to do with their growth tilt, and the current rate environment (in the US at least) not being favorable to growth stocks. I also wonder if fears of war(s) regional or global are impacting performance, particularly among smaller companies.

Roy

https://www.portfoliovisualizer.com/backtest-portfolio#analysisResults

I put this together on PV comparing GP's flagship international small cap fund (GPIOX) with PRIDX and DRIOX, 2 funds that have been in existence as long or even longer than GP. I didn't include any of their global funds since even those funds have always been heavily tilted towards non-US companies. GPIOX first full year was 2012, so that's where I started from.

Based on final balance, performance is very similar between each fund, certainly differences in short term performance which is to be expected in non-index funds.

yogibearbull

@Roy, to link PV runs, use the Link-tool located where the results start.

Roy

https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=7W0dY1WcbFsTgBV8H6Wctc

thanks @yogi, hope this is better.

Investor

Thanks guys. I haven't taken an action at the moment. I'll have to do some more research and decide if these funds have still have a role in my portfolio as my circumstances have changed since I acquired them.