MFOHome About Commentary Discussions Funds The Best Resources Support Us!

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In Register

Categories

In this Discussion

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

Changes to FLSRX - Forward Credit Analysis Long/Short Fund

00BY
edited November 2013 in Fund Discussions
New Sub advisor. Is that a pink slip b/c of poor performance? The ER will be slighly reduced. Do the changes affect your view of the fund? I have a small position and I'm holding right now. PIMCO manages the fund starting today. Do ya'll know much about Joe Dean and David Hammer? I am cautiously optimistic that it's a good move for the fund. The fund has been disappointing lately.

http://www.forwardinvesting.com/products/mutual-funds/long-short/credit-analysis-long-short/notification/?ticker=FLSRX

Deane has 43 years of investment experience. Before joining PIMCO in 2011, he was co-head of the tax-exempt department at Western Asset. From 1993-2005, he was a Managing Director and head of tax-exempt investments at Smith Barney/Citigroup Asset Management. Earlier in his career, he held senior portfolio management positions with Shearson and E.F. Hutton. Morningstar named him Fixed-Income Manager of the Year in 1996. David Hammer joined PIMCO last year, and was previously Executive Director at Morgan Stanley, where he served as head of the high yield and distressed municipal bond trading group. He was previously a Vice President and investment-grade bond trader in Morgan Stanley’s municipal bond department.

Comments

  • David_Snowball
    I spoke with Forward's CIO. At base, Forward believes that the Cedar Ridge management team was better positioned for an environment where spreads were large and opportunities abounded. They were asked to "de-risk" the portfolio, suffered a substantial summer drawdown nonetheless, were asked to de-risk it again, and were thereafter replaced by the PIMCO guys. The thought is that the PIMCO guys are disciplined, will use different hedging tools and have a lot of analytic support. Forward's conclusion is that the fund is now better positioned for a potentially-rocky environment, though they wouldn't speculate on what that might translate to in terms of the remaining upside.

    At the very least, Forward's moves strike me as entirely responsible and PIMCO's team is apt to be very solid.

    More as I gather it,

    David
  • 00BY
    Reply to @David_Snowball: Thanks David. That was a quick response. I browsed the board to see if I had already missed the discussion of it, but I didn't see it mentioned. I assume that you already had a discussion with the CIO last week, eh? Or else that's incredible response. I mean, I know that you're well connected, but ... sheesh.

    I agree that it seems like good stewardship, but the proof will be in the pudding.
Sign In or Register to comment.