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Morningstar is tracking larger international funds by their "active share," a measure of the degree to which their portfolios diverge from their benchmark's. In general, a greater active share reflects either (1) greater managerial independence or (2) a really bad mismatch with the benchmark.
Three funds in the article had active shares over 90% both now and five years ago. They are:
Longleaf Partners International (LLINX) - 98% active in both periods, making it the most active fund in their screen
Artisan International Value (ARTKX) - 92-96% active and a fund that I've held since inception.
First Eagle Overseas (SGOVX, formerly First Eagle SoGen Overseas and before that SoGen Overseas) - 91-93% active.
The other no-load funds on the list are Manning & Napier World Opportunities (EXWAX), Manning & Napier International (EXITX), and Aberdeen Select International (BJBIX, formerly Artio Intl Equity and more formerly Julius Baer Intl Equity).
Note that, except for these articles, they make their active share ratings available only to institutional/advisor customers, not to retail customers, even of the paying variety.
In case someone wants to look up Manning & Napier Int'l, the ticker is EXITX. I've always thought it's at least as good a fund as EXWAX, but without all the publicity the latter used to get.
Reply to @AndyJ: Thanks for catching the goof on my report of the ticket symbol. Somewhat "exits" didn't work in my brain, so I transposed a couple letters. David
Reply to @David_Snowball: I've been transposing a lot more the past few years; I'm happy to pretend for the time being it's not a, um, symptom of anything.
Reply to @Kenster1_GlobalValue: FMIJX may be pretty high on the active share measurement too; FMIHX, from the same group, is 3rd on the list of U.S. large blend funds in the M* article on the category. It's probably too new for them to include in the article.
Reply to @AndyJ: Oh yes indeed I think FMIJX would've made the list also but of course it wasn't considered because it is a new fund and the M* article was looking at funds based on 5 year results & history.
But outside of that - indeed FMIJX appears to be quite active much like ARTKX.
I'm favoring more of the team-managed funds with potential longevity and supplementing that by adding my own ETFs and CEFs to the mix.
M* updated/corrected the list to now include OAKIX. OAKWX is very active too but wasn't on the list because it's a global fund. I do have some of it in my 401k. Have forgiven Nygren a bit and hope he learned a lot from his recent scars but I like the fact that David Herro is there too. This fund adds a concentrated touch of deep contrarian out-of-favor value picks.
Reply to @Kenster1_GlobalValue: Are you still holding both FMIJX and ARTKX, Ken? (I think I remember you were at one time.) It's a great combo, one currency hedged and one not; I've been doing 50-50 for a while.
OAKIX should have been on the list. It's been sort of a contrarian fund for a very long time. And the very concentrated portfolio of only about 65 stocks adds to the attraction. Another one is QFVIX.
Comments
Three funds in the article had active shares over 90% both now and five years ago. They are:
Longleaf Partners International (LLINX) - 98% active in both periods, making it the most active fund in their screen
Artisan International Value (ARTKX) - 92-96% active and a fund that I've held since inception.
First Eagle Overseas (SGOVX, formerly First Eagle SoGen Overseas and before that SoGen Overseas) - 91-93% active.
The other no-load funds on the list are Manning & Napier World Opportunities (EXWAX), Manning & Napier International (EXITX), and Aberdeen Select International (BJBIX, formerly Artio Intl Equity and more formerly Julius Baer Intl Equity).
As ever,
David
Note that, except for these articles, they make their active share ratings available only to institutional/advisor customers, not to retail customers, even of the paying variety.
In case someone wants to look up Manning & Napier Int'l, the ticker is EXITX. I've always thought it's at least as good a fund as EXWAX, but without all the publicity the latter used to get.
But outside of that - indeed FMIJX appears to be quite active much like ARTKX.
I'm favoring more of the team-managed funds with potential longevity and supplementing that by adding my own ETFs and CEFs to the mix.
M* updated/corrected the list to now include OAKIX. OAKWX is very active too but wasn't on the list because it's a global fund. I do have some of it in my 401k. Have forgiven Nygren a bit and hope he learned a lot from his recent scars but I like the fact that David Herro is there too. This fund adds a concentrated touch of deep contrarian out-of-favor value picks.