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I asked my advisor at Fidelity whether it is possible to make MRFOX available at Fidelity. After consulting with others she answered that it is possible, but only if many investors want it: Fidelity requires $25MM in demand in order to ask for a net new relationship with the fund. She suggested that if many people express their interest, perhaps something could be done. This does not look encouraging at all, but I wanted to share it here anyway.
Given the rush of inflows (though not widely available), may cause the fund to close to new investors. So, I would check with the fund about their criteria for closing.
Finally, not too many seem to focus but this fund levies a 2% short term redemption fees for holdings of fewer than 90 days. Check the prospectus for specific conditions.
Dear JD_co, thanks for letting me know. If anybody else makes a similar request at Fidelity, please tell me, and then I will approach my advisor again. She is good and really tries to help whenever she can.
In my case, Fidelity website shows a small window to the right "Connect with your advisor." It gives the phone and e-mail. However, maybe this is not a general setting. I guess you may call Fidelity and ask them how to make such a request. I may ask my advisor as well, but she will be out next week. If I know that there are many people interested, I will inform her when she returns.
You may be right that the fund may close if it becomes too popular.
People have been asking Fidelity to add MRFOX for at least a year (r/fidelityinvestments).
Personally, I have never found a Fidelity advisor to be useful on such 'external' business matters (m.b. just bad luck). However, I was once speaking with a supervisor at Fidelity's MF trading desk regarding an unrelated issue and the question of adding a fund to their offerings came up (a different fund). As I understood it, the process must be driven by the adviser. At which point Fidelity makes an assessment as to whether there is enough demand to add it to the platform. This would suggest that Fido, as a rule, would not go out and
So, unless it is known that Marshfield itself has been trying to make MRFOX available at Fidelity, it would appear unlikely to happen any time soon.
The above information may or may not be valid, since it is probably an operations dept call, but I used this logic when deciding on where/how to buy MRFOX. Ended up moving money around and buying it Schwab.
I called Marshfield Associates and asked whether they were planning to close MRFOX because of its rapid asset growth. The person responding to my call was very surprised and said that they had no plans to close it. I explained why I was asking and got the same reply. Maybe the person responding to my call did not know the managers' plans, but that is the answer I got.
@finder Here's what I know about closure. Since I profiled the fund in February 2019, the assets in MRFOX have increased about 82%. But Elise Hoffman writes today, "We seem to have room to grow still, based on how the market has grown and the fact that we can buy and sell what we want to with little issue. But we are very aware of those questions on a continuing basis. We haven’t set a different figure for closure, though." In my profile, I wrote that she said that tentatively the fund would close at $1B. I wouldn't be surprised if the fund closes at $1B.
@finder Here's what I know about closure. Since I profiled the fund in February 2019, the assets in MRFOX have increased about 82%. But Elise Hoffman writes today, "We seem to have room to grow still, based on how the market has grown and the fact that we can buy and sell what we want to with little issue. But we are very aware of those questions on a continuing basis. We haven’t set a different figure for closure, though." In my profile, I wrote that she said that tentatively the fund would close at $1B. I wouldn't be surprised if the fund closes at $1B.
Hi Dennis,
Do you mind sharing a link to the fund profile you wrote? I would like to learn more about the fund.
The fund currently has $820M AUM. March inflows was the highest in its history. I am guessing it would reach the $1B by September (in six months).
@Dennis Baran, thorough and very well written. I am looking forward to the quarterly fund card and manager commentary (and to see how much cash the fund holds). Because of the low turnover, concentrated portfolio, the fund disclosures and commentary on their site is only as of 12/31. In your post yesterday you indicated Elise wrote yesterday re the fund closure. If it is from a public commentary from her, please link to it. Thanks.
@BaluBalu The only thing I can add is that she isn't sure about when to close the fund, specifically would it be unannounced or be announced later. She said, "I don’t know but we don't particularly want to accelerate the pace…."
As luck would have it, we have a pension plan option with Schwab, which I initiated to be able to buy MRFOX. Schwab has some of the widest fund offerings, and with low minimums.
This fund may become more popular soon as it is prominently mentioned in Barros's this week in the article "Don’t Put All Your Eggs in the Mag 7 Stocks. These Funds Beat the S&P 500"
The relentless inflows continue with April inflows. Each month this year saw more inflows than the previous month or at anytime in the history of the fund. With its short term redemption fees, this is a fund for long term holders so YTD performance is not necessarily important but it happens to be at 57 percentile rank at M* in the large growth category (misclassified? In stock style history, the fund is in the large growth box in 2024 but in Stock Style Map it is on the border of growth and blend, and in blend category it seems to do fine.). Fund still not available at Fidelity. I do not have any other update. Any one else?
MRFOX seems a nice fund, but it certainly could be classified as a 'group think fund (someone here coined that phrase, I think. Junkster maybe?). Hence the rapid inflows. In the large cap space, is it any better than CGDV, QLTY or some of the other GMO funds talked about? Time will tell. My guess is, it will end up a good fund alongside many other good funds.
Positive vibes on this fund is for a couple reasons. Long term record going back 30 years with same strat is outstanding vs sp500. Up/ downside not even close. Very experienced fund MGMT, not just one star manager. Doesn't hold any of the glamour tech stocks
Negative vibes are doesn't hold any of the glamour stocks. Concentrated. Hope they don't get stuck so to speak in large positions ala AKREX.
Still my largest position but watching it like a hawk.
Good chart. Since the last FOMC / press conference when Powell took rate hikes off the table (5/1), MRFOX is lagging substantially behind any moderate allocation fund I follow or the proxies for MA funds (HELO, PHEFX, etc.) this forum uses for moderate allocation funds. It is a bit discouraging that the team has been overly defensive after Powell presser. Proving again that in mutual fund investing hot money attracts cold returns.
I was going to add to MRFOX but its March and April inflows (and its TR since April 1) have been discouraging. Good luck to me and others that hold this fund.
P.S.: why I compared the fund to MA funds (incorrect comparison)? I wanted the fund to match or beat MA funds and as such I bought the fund in place of a MA fund, rather than in place of an equity fund in its category - just low expectations.
"He was “Mush” because everything he touched turned to mush.” --A Bronx Tale (1993)
Yes, I had initiated a position in MRFOX quite recently. So sorry, shareholders. So very sorry. (I've also tainted QDSNX and BIVRX this quarter as well).
BIVRX gained 61.2% in 2021, and then followed that up by rising 49.5% in 2022. This "long-short" fund has 6 positive calendar years of gains, 0 negative.
However, in 2024 it is down YTD..... close to (-9%) thus far. It's worth a small allocation to me. Long-short funds are so funky.
Was able to initiate new BIVRX position via Schwab's PCRA retirement plan portal. Don't know how or why, but it gives access to (soft?) closed funds.
I've just tried testing this by setting up a Schwab PCRA trade and got a message: "Buys for existing position only." Any chance you can share the details re how / when you were able to do it?
Comments
Finally, not too many seem to focus but this fund levies a 2% short term redemption fees for holdings of fewer than 90 days. Check the prospectus for specific conditions.
You may be right that the fund may close if it becomes too popular.
Personally, I have never found a Fidelity advisor to be useful on such 'external' business matters (m.b. just bad luck). However, I was once speaking with a supervisor at Fidelity's MF trading desk regarding an unrelated issue and the question of adding a fund to their offerings came up (a different fund). As I understood it, the process must be driven by the adviser. At which point Fidelity makes an assessment as to whether there is enough demand to add it to the platform. This would suggest that Fido, as a rule, would not go out and So, unless it is known that Marshfield itself has been trying to make MRFOX available at Fidelity, it would appear unlikely to happen any time soon.
The above information may or may not be valid, since it is probably an operations dept call, but I used this logic when deciding on where/how to buy MRFOX. Ended up moving money around and buying it Schwab.
Do you mind sharing a link to the fund profile you wrote? I would like to learn more about the fund.
The fund currently has $820M AUM. March inflows was the highest in its history. I am guessing it would reach the $1B by September (in six months).
Thanks
https://www.mutualfundobserver.com/2019/02/marshfield-concentrated-opportunity-mrfox/
Negative vibes are doesn't hold any of the glamour stocks. Concentrated. Hope they don't get stuck so to speak in large positions ala AKREX.
Still my largest position but watching it like a hawk.
Best regards
Baseball fan
Good chart. Since the last FOMC / press conference when Powell took rate hikes off the table (5/1), MRFOX is lagging substantially behind any moderate allocation fund I follow or the proxies for MA funds (HELO, PHEFX, etc.) this forum uses for moderate allocation funds. It is a bit discouraging that the team has been overly defensive after Powell presser. Proving again that in mutual fund investing hot money attracts cold returns.
I was going to add to MRFOX but its March and April inflows (and its TR since April 1) have been discouraging. Good luck to me and others that hold this fund.
P.S.: why I compared the fund to MA funds (incorrect comparison)? I wanted the fund to match or beat MA funds and as such I bought the fund in place of a MA fund, rather than in place of an equity fund in its category - just low expectations.
Thanks
Yes, I had initiated a position in MRFOX quite recently. So sorry, shareholders. So very sorry. (I've also tainted QDSNX and BIVRX this quarter as well).
No worries. Just let us know in advance!
I thought BIVRX has been closed. Did you mean you added to an existing position or bought a new position? Thanks.
P.S.: I am expecting QDSNX to return to performing.
However, in 2024 it is down YTD..... close to (-9%) thus far. It's worth a small allocation to me. Long-short funds are so funky.