Looking for additional ideas in this space. I look at PE and Style Purity in SCV...Pzena, Hotchkiss & Wiley and LSV are the Managers I've reviewed. I own RYSEX in my Rollover but looking for another Mgr. Franklin, American Century and TRP have good product but they have all migrated to Blend...therefore, skewing Annualized Perfromance a bit.
I've reviewed M*, Fidelity and MFO Great Owls ...NSDVX is one idea I like.
Any additional to share?
Comments
FCPVX and/or RYOFX.
You can also get a nice slice of SCV in allocation fund FMSDX.
It's hard to find pure value plays in the smaller caps with what's available at Vanguard, where my IRA is. You might be interested in SYLD which is heavily concentrated in SMID value, but has little bleed into blend..
https://etfdb.com/etfdb-category/small-cap-value-equities/
At the same time, I agree that where a fund's portfolio is positioned skews performance numbers and needs to be considered when comparing funds. The style purist sidesteps this problem by focusing on funds that home in on their declared style box.
It is quite possible that value funds that have wandered into the blend category may start wandering back, especially if their managers perceive a rotation into value. If that happens, it may not be so important to look for funds that are currently pure value.
That said, comments about a few of the funds mentioned:
American Century (ASVIX) has been in small cap value for the past few years (per M*); though it is just on the value side of the value/blend divide. It hasn't yet migrated to blend. (Lipper however does classify it as core, i.e. blend; it's that close to the line).
The only TRP fund I know that purported to be SCV was, well, TRP SCV, PRSVX. That fund drifted into blend so many years ago that it is now leaning toward growth.
BRSVX - a fund I've always rooted for (I like the fund company) but had a rough decade. Its style purity should help should we see a real rotation into value. There's also BRSIX if you're interested in micro caps.
QRSVX drifted over the line to blend a couple of years ago but is still in the value half of the equity universe. It's too late now, but the better (read cheaper) way to have invested in it was to have purchased FPPTX and waited for it to convert into QRSIX, the cheaper shares of Queens Road SCV.
BRSIX has done well with the small cap rally. QRSIX has also done well of late (I own both BRSIX & QRSIX via FPPTX consolidation).
The important takeaway though is the OP identified a category that has been outperforming for several months and appears likely to continue its outperformance.
The important action item is "Just Do It." Identify one or more of the suggested funds that fits your criteria and start the BUY process.
It's still the same story, the most important "time" in investing is "time in the market."
Aside: I still like my two SCV suggestions, but am intrigued (in no particular order) with PVIVX, THBVX and ASVIX.
https://money.usnews.com/funds/mutual-funds/rankings/small-value
BRSIX is #2
BRSVX is #5
RYPNX is #6
QRSVX is #14
NSMVX is #21
PZISX is #29
PVFIX is #36
RYSEX is #38
LSVQX is #39
NSDVX is #48
THBVX is considered a small blend fund based on this (which I also own):
http://quotes.morningstar.com/chart/fund/chart?t=THBVX®ion=usa&culture=en_US
PVIVX is a small blend fund also based on this:
http://quotes.morningstar.com/chart/fund/chart?t=pvivx®ion=usa&culture=en_US
ASVIX is a small cap value fund based on this:
http://quotes.morningstar.com/chart/fund/chart?t=asvix®ion=usa&culture=en_US
You really don't need to go any further than looking at their #1 ranked SCV fund, DFFVX.
http://performance.morningstar.com/fund/performance-return.action?t=DFFVX®ion=usa&culture=en-US
How is a M* 3* fund that ranked in its SCV category
2011-YTD
72-23-10-65-46-40-40-55-52-45-24
even REMOTELY regarded as Best in Class?
Seriously, ONCE in the Top Ten percentile in 11 years, and it's magically the #1 ranked SCV fund?
This is NOT a one-off comparison. I've made these comparisons for YEARS with their rankings and I've NEVER been able to justify any more than a glance at them.
Kind of reminds me of some of the old stock "Supervised Lists" from back in the 80's, some of which required the company to fund the inclusion of their stock on the list, if you get my drift.
Plus, 2021 is still young.
PVFIX, US News #36, is a perennial SCV laggard and is in the 100% (last) SCV YTD percentile.
http://performance.morningstar.com/fund/performance-return.action?t=PVFIX®ion=usa&culture=en-US
It's 2021, 7.31% YTD TR is horrific for a SCV fund.
But in your thinking I guess there's a long time to go yet in 2021?
No magic involved, just formulas. Speaking of M*, it gives DFFVX a sliver rating. That's prospective. Could you explain to us what US News' rankings are supposed to represent? If one is going to appreciate your critique, it would help to know what it is you're critiquing.
" for my money in the SCV cat...FCPVX and/or RYOFX"
Seriously, ONCE in the Top Ten percentile in 11 years, and for your money FCPVX is one of your top two SCV funds?
I agree with you that the US News rankings are not worth more than a quick glance. But that's because it's easy to take half a dozen pot shots at how they're computed, not because I necessarily disagree with the results.
That ~+8% better YTD performance is despite the fact that FCPVX is historically a worse performer in UP markets than DFFVX and is likely do in part at least to the return of Derek Janssen as its PM in 02/21.
Here are the historical facts:
DFFVX is a M* 3* rated fund currently, and for each of the past 3-, 5- and 10-yr prior periods.
FCPVX is a M* 5* rated fund currently, M* 4* for 3- and 5-year prior periods and a 5* for the prior 10-yr period.
As you know, funds earn those stars on past, actual performance. They don't drive my investment decisions, but they are certainly a factor.
All other measurements from SD to Sharpe to Sortino to Capture ratio clearly favor FCPVX over DFFVX. These are ALL important investment decision drivers for me.
M* metal (read, "analyst") ratings are worth the cyberspace they're written on in my book. DFFVX's silver rating, while sounding impressive, is doing nothing to help it come close to the first page of SCV funds that I scope.
US News rankings are even more worthless to me then M* metal rankings. That lofty #1 ranking hasn't helped it any this year either.
I make my own determination on how I think a given fund will perform in coming periods.
Investors are always free to choose their investments. I easily chose FCPVX over DFFVX.
YMMV and I'm done with this discussion.
I accepted this. I merely observed that it seems to apply equally to you.
Back fill all you want about how wonderful your fund is. None of that changes anything. It doesn't address the innuendo you directed at US News.
As you know, funds earn those stars on past, actual performance
Past performance is no guarantee of future results. On what basis does US News calculate fund scores? Never mind - an issue already raised and ducked by changing the subject.
Finally, lest anyone think I am defending US News' methodology, I reiterate: "I agree ... that the US News rankings are not worth more than a quick glance."
I accepted this. I merely observed that it seems to apply equally to you.
Back fill all you want about how wonderful your fund is. None of that changes anything. It doesn't address the innuendo you directed at US News.
As you know, funds earn those stars on past, actual performance
Past performance is no guarantee of future results. On what basis does US News calculate fund scores? Never mind - an issue already raised and ducked by changing the subject.
Finally, lest anyone think I am defending US News' methodology, I reiterate: "I agree ... that the US News rankings are not worth more than a quick glance."
Stay safe Derf
https://mutualfunds.com/equity-categories/us-small-cap-value-equity-funds-and-etfs/
or something else for that matter, but I did not.
It was not intended that US News should be used as the final say on one's investment decision. I hope each and every reader/op does their own homework before they invest.
PVFIX, based on the M* information as of 2/28/21, was 7.31% YTD and in the 100% rank category. However, the trailing total return, as of 3/11/21 was 13.27% not 7.31%. The fund started to slowly increase as of March 5. Incidentally, Pinnacle's website states that is performance YTD is 12.60% - http://www.pinnaclevaluefund.com/performance.aspx
Are there better SCV funds? Sure, but the OP asked for other possibilities for consideration.
Also, with the exception of several standout small cap growth funds, there seems to be a resurgence in the SCV arena that has been out of favor for past several years (which is why I mentioned short/long term objective). BRSIX, BRUSX and others have seen some significant percentage of increases in 2021, but it is still early. For example, as of 3/11/21, the YTD total trailing return for BRUSX was 37.31%; BRSIX was 41.73% and BRSVX was 48.02% (I picked on Bridgeway as an example). Even WSCVX's total trailing return was 29.46% YTD as of 3/11/21. I am sure there are other SCV funds that have performed as comparably as well.
I have been investing in BRUSX and PRSVX for the last several years when SCV was out of favor; I am finally seeing the fruits of my long term investing perseverance.
First US News, now slamming M*.
Fidelity's FCPVX is up 25.13 YTD though March 11. (There's this funky little asterisk on the YTD figure that reads "*AS OF 3/11/2021".)
DFA's DFFVX is up 17.21% YTD through February 28. (The table says "annualized, but it has a footnote saying that "Performance less than one year is not annualized.")
FCPVX was up "just" 15.63% through February 28, per the cited Fidelity page. Same as M*.
Can you say Beardstown Ladies? Typos like writing 17.31% instead of 17.21% are common and understandable (more so if links are provided to check sources); comparing apples and oranges is not.
This apples to oranges comparison resulted in a making FCPVX look better than it was. It's very easy to imply bad intent, if you get my drift. IMHO here, as with US News and its formulaic fund rankings, a cigar is just a cigar.
http://portfolios.morningstar.com/fund/holdings?t=BRSVX®ion=usa&culture=en-US