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PRWCX Semi Annual Report Dated 6/30/22

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Comments

  • Friday was a strange triple-witching (options) day. Markets were down more intraday but some sectors recovered by the close. Cyclicals and SCs remained under pressure, and of course, transportation were the worst (blame FDX).

    My watch list of moderate-allocation funds ranged from -0.89% (DODBX) to -0.28% (BALFX), with MA/capital-appreciation PRWCX -0.73%. OK, so on the worse side but not unusual. FXAIX and QQQ are not good comparisons.

    However, it was a BAD WEEK.
  • edited September 17
    I should have added more color to my post. I was not complaining about PRWCX but am looking to add to a moderate allocation fund vs a 100% equity fund, given healthy yields on the fixed income side and my current zero allocation to fixed income. PRWCX is my default MA fund to add to but I prefer to add to a less losing or more gaining fund, depending on whether we are in a general downtrend or uptrend for equities and rates. My other choice is FBALX but that has lost as much as SPY this year. May be I need to start with a screen of MA funds.

    If I would not mind increasing value in my growth biased portfolio, given DODBX’s revised strategy, should that be a consideration? I do not see MA funds mentioned in the buy, sell thread or otherwise discussed as much lately at MFO. Thanks.
  • edited September 17
    PRWCX held up quite well Friday. DODBX lost more. There were some strange going ones in fixed income as BAMBX took an unusually big hit. Giroux likes floating rate stuff, so with triple-witching there may have been some impact there. My worst performer Friday (aside from some commodities) was an insurer. Figure maybe the tropical storm moving toward the coast in the Atlantic dinged that. But not aware of PRWCX holding any insurers.

    Nothing in PRWCX’s published holdings looks suspicious. However, mutual funds are only required to report their holdings quarterly: “The Securities and Exchange Commission (SEC) requires mutual funds to report the complete lists of their holdings on a quarterly basis since they are regulated investment companies . Mutual funds use SEC Forms N-Q and N-CSR to disclose their quarterly holdings at the end of each fiscal quarter.” - Investopedia
  • edited September 17
    BLNDX is up more than 4% YTD. While different from PRWCX I still consider this as a MA fund.
  • edited September 18
    Is not BLNDX a macro-trading fund similar to MAFIX? My memory could be wrong but I thought these are trending following go anywhere managed futures funds - I took a deep dive when I first looked at them but my recollection now could be faulty. I currently own none of these to keep portfolio complexity down but the longer current malaise persists, these funds can continue to do well. BLNDX has done well over its short life. There are some ETFs as well in this category. I will have to ponder if I can include these in MA sleeve.

    Edit: removed an extra "is" and an extra period - just improved readability.
  • BaluBalu said:

    Which company replaced GE in the top ten?

    PerkinElmer (PKI) replaced GE as a top 10 holding.

  • Yes BLNDX and MAFIX are managed futures funds. Neither of them to my knowledge invest in individual equities or bonds. MAFIX is up more than 8% YTD, pretty solid.
  • BLNDX/REMIX, @BaluBalu, allocate approximately 40% to global equities, mainly via long ETFs, and some 60% to futures (long or short) contracts on currencies, commodities, and fixed income. The Standpoint web site and their monthly updates provide good info on what their multi-asset fund holds, what positions worked well or poorly over the previous month, and what exposure changes have taken place.

    https://www.standpointfunds.com/fund/brochure

    This remains the largest holding in our active account and has a decent presence in two Roths, having replaced traditional allocation MFs such as JBALX, PRSIX, or BRUFX. On the other hand, in my retirement account at TIAA I still use target date funds for a decent slice of the portfolio. The latter account is managed very passively.
  • edited September 18
    "This remains the largest holding in our active account."

    Thanks for sharing personal positioning. Do you mind sharing what percentage of your total portfolio is allocated to BLNDX?
  • About 9% now. For context, the taxable account is at 42% cash, the Roths around 19%. That makes the MMFs the biggest positions if I were to count them as “active.”
  • @BaluBalu, you have delved FMSDX?
  • @BaluBalu, you have delved FMSDX?

    I experimented with it for sometime and then folded it into PRWCX as I did not think I was going to make it a full position. It is a good fund.

  • yes, but (only) a shade worse than TRP and FPA ytd

    I mentioned only because you spoke of improvement in and interest in swinging toward FI (not sure I agree)
  • edited September 22
    Do you suppose Giroux is loading up his truck today? :)
    What do you think he’s buying?
  • when do they open back up for new $$?
  • I just noticed Giroux still owns GE. As of 10/31/22 GE is 2.35% of assets.
  • edited November 11
    Roy said:

    I just noticed Giroux still owns GE. As of 10/31/22 GE is 2.35% of assets.

    yes, he said he's holding it with the upcoming break-up in mind. three separate outfits. (wealthtrack.)

  • Crash said:

    Roy said:

    I just noticed Giroux still owns GE. As of 10/31/22 GE is 2.35% of assets.

    yes, he said he's holding it with the upcoming break-up in mind. three separate outfits. (wealthtrack.)

    I don't blame him. GE remains on my watchlist b/c I am interested in their Aviation and Health Care spinoffs ...but I haven't bought any yet.
  • Giroux's recent reduction in his GE position may have been well timed (or not). GE has done fine lately with the rebound in cyclicals.

    IMO, with the Nasdaq and crypto crashes (and money just vanishing like poof), investors may be shifting to more tangible stuff - old line cyclicals and commodities. Dollar has also fallen sharply from its recent highs (it is still high) but some had said to watch for trend change if DXY breaks 108 and it is doing that TODAY.

    GE https://stockcharts.com/h-sc/ui?s=GE&p=D&yr=1&mn=0&dy=0&id=p60245353998

    DXY https://finance.yahoo.com/quote/DX-Y.NYB?p=DX-Y.NYB
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