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PRWCX

Portfolio Manager Giroux will interview today at CNBC 3pm ET.

Comments

  • edited December 2021
    +1 Guess I’ll set my DVR to record.

    Umm … Wonder what he’ll say?

    - Avoid bonds?

    - Utilities still look good?

    - He’s added to equities on recent down-drafts?
  • edited December 2021
    Wasn’t a very far reaching or in-depth interview. It opened with the CNBC interviewer plugging a book Giroux’s written, although Giroux didn’t comment on his book. Interview was only 4 or 5 minutes long. Giroux plugged Amazon, GE and one utility (Ameren?) - all of which the fund owns, of course. No mention of bonds or fixed income. Says he won’t buy more equities until “there’s blood in the streets”. And, not enough blood yet. (But I suspect he’s done some recent buying.)

    The book

    Digital (Kindle) Edition $39.99 / Hard Cover $60
    570 pages
    Link

    image
  • I suspect an audio version would be good for insomnia.
  • WeathTrack and Morningstar In-depth interviews are far better than CNBC. What can you talk about in 5 minutes slot, really not much.

    Giruox gave a detailed interview last spring during the lockdown (he was doing it from home). Will post that agin when I locate it. He talked about the change of management that led them to buy GE at very good price. Their team know the companies well and forecast their earning several years ahead. The stable stocks revolve around healthcare, consumer staples and utility stocks. Took a more tactical approach on Amazon and Microsoft. That fits his approach being GARP and don’t overpay for growth. He explained his view of bank loans and how offer attractive yield (3%) with less than one year in duration. Think I will get his Kindle book over Christmas.
  • Synchrony bank is part of GE Capital. DO NOT do business with them.
  • edited December 2021
    Synchrony/SYF was spun out as IPO in 2014. The IPO was for 15%, and in 2015, GE distributed the rest 85%.
    https://finance.yahoo.com/quote/SYF/profile?p=SYF
    https://www.ge.com/news/reports/ge-completes-the-separation-of-synchrony-financial
  • 5 minutes is better than 0 minutes and you learned he wrote a book in those 5 minutes which may contain several hours of additional information reading and learning. Many times I have heard analysts/managers give one sentence that changed my investment thesis on a stock.
  • edited December 2021
    Sorry if I sounded ungrateful! Agree Giroux is always worth listening to. Just trying to summarize the interview for those who didn’t have chance to view it. First time I’ve watched CNBC in a couple years. On Bloomberg interviews are a mixed bag - some brief and others very detailed.
  • edited December 2021
    @teapot After listening to only part of that podcast so far, I am reconsidering opening a position in PRFRX. bank loans and some junk. Giroux sang its praises.

    EDITED TO ADD: I've never owned a bank loan fund before. Why do I see NO BANKS listed in the portfolio? ( at Morningstar.)
  • edited December 2021
    Crash said:

    @teapot After listening to only part of that podcast so far, I am reconsidering opening a position in PRFRX. bank loans and some junk. Giroux sang its praises.

    EDITED TO ADD: I've never owned a bank loan fund before. Why do I see NO BANKS listed in the portfolio? ( at Morningstar.)

    Bank loans are issued by below investment-grade companies and pay a floating rate typically pegged to LIBOR.
    From a credit perspective, they are similar to high-yield bonds but have a senior position in the capital structure.
    Multiple industries (health care, IT, etc.) make up the bank loan market.
    Here's a M* article with additional bank loan details and specific information regarding PRFRX.

  • @Observant1. thank you much.
  • Actually PRWCX holds PRFRX as one of its top 10 fixed income holding as shown on T.Rowe Price site.
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