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Rondure Global Advisors 2021 4th quarter commentary
It really is true that when a star manager sets up their own shop it's important to understand how much they were responsible for the success of the fund they left and how much was due to the unique architecture/infrastructure of the previous fund shop. Analysts and traders are the unsung heroes of successful funds while the managers get all the glory. Bill Gross comes to mind. There was a huge infrastructure of analysts, economists and bond traders at Pimco supporting him when he ran Total Return.
Both funds are beating their track records as of 12/31 so I don't know what the problem is. If you are watching the performance every day or week, you are doing this wrong.
I think New World is doing better relative to peers than Overseas. But I agree. I don't think this is a Bill Gross case necessarily here as Geritz left one boutique, which doesn't have Pimco like resources, to found another boutique. What I'm getting from some of the grumbling here and about Grandeur Peak on the other thread is people may be unhappy more that the managers' styles are falling out of favor than whether the managers lack skill in those styles. Growth has been in favor for a long time and it may cause shock to some investors to see what happens when it isn't.
Both funds are beating their track records as of 12/31 so I don't know what the problem is. If you are watching the performance every day or week, you are doing this wrong.
I own growth and value so I am always disappointed.
Exactly @fundfun. Two points I was alluding to earlier in this discussion. Myself, at this stage, I don't see the problem either and I don't see where FP funds are significantly underperforming peers. At least with GP. I know nothing about Rondure. GP fund manager responsibilities have changed in the past few months while Robert Gardiner takes his sabbatical. Something we should always be cognizant of.
I own growth and value so I am always disappointed.
This was just a joke. I usually own blended index funds so I don't have to see the growth vs value difference. As for GP, I guess key man risk is always a bigger issue at smaller firms and why I have steered clear of active funds normally, but I was tired of the FOMO I had from the hard close on the other funds.
Comments
Trying to enjoy the ride, Derf
https://www.rondureglobal.com/documents/rondure-new-world-fund-fs-20211231.pdf
https://www.rondureglobal.com/documents/rondure-overseas-fund-fs-20211231.pdf