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Lipper Names CrossingBridge "Best Fixed Income Small Fund Family Group"
Kudos and a big thank you to Dr. Snowball who has reviewed and brought to our attention the Sherman run funds at Riverpark and Crossingbridge. I have been very satisfied with the multiple funds Sherman runs that I own and he deserves this award without question!
"The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five, or 10 years."
Introduction The Consistent Return measure is a richer risk-adjusted performance measure than others currently available in the marketplace. It takes into account both short- and long-term risk-adjusted performance relative to fund classification. The measure is based on the Effective Return computation. Effective Return is a risk-adjusted return measure that looks back over a variety of holding periods (measured in days, weeks, months, and/or years).
Calculation and Rating Lipper ratings for Consistent Return reflects funds’ historical risk-adjusted returns, relative to peers. Ratings for Consistent Return are computed for all Lipper classifications with five or more distinct portfolios and span both equity and fixed-income funds (e.g., large-cap core, General U.S. Treasury, etc.). The ratings are subject to change every month and are calculated for the following periods: three-year, five-year, ten-year, and overall. The overall calculation is based on an equal-weighted average of percentile rankings of the Consistent Return metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each classification are named Lipper Leaders for Consistent Return, the next 20% receive a rating of 4, the middle 20% are rated 3, the next 20% are rated 2 and the lowest 20% are rated 1.
Thanks for digging around, but it is still sorta black box.
I skimmed through their winners and some of them are very interesting, and beat funds I currently own.
There is another Crossing Bridge winner CBRDX which they dump into General Bond funds ( along with a clearly high yield Fund RNHIX) It is focused on "Responsible Credit" so I guess it is a general Bond Fund.
There lists make more sense to me than Morningstar's which are usually dozens of funds long and include many many load funds
However,they also seem to award many Fidelity Advisor funds without mentioning the same fund available in a different class
I quickly scanned the list of 2025 Lipper Fund Awards. The "best" funds (10 years) in the International Large-Cap Core, International Large-Cap Growth, and International Large-Cap Value stood out as being very good funds I was somewhat familiar with. They are MFS International Equity Fund, WCM Focused International Growth Fund, and Artisan International Value Fund respectively. I'll need to examine this list further.
Artisan is usually conscientious regarding mutual fund capacity management. ARTKX closed to most new investors in 2007, reopened in 2009, and then closed again in 2011. The fund briefly reopened in March 2020 but was subsequently soft-closed in June 2021.
Edit/Add¹: "The strategy's asset base of USD 46.6 billion as of September 2024 was sizable, but its long-term orientation, large-cap emphasis, and quality focus help alleviate concerns. In recent years, the team has suppressed some holdings information to protect liquidity when it's entering and exiting positions. And finally, the fact that this group no longer supports the USD 29.4 billion Artisan Global Value strategy gives the team more leeway than it had before the 2018 team split."
@sma3 and @Observant1: I'm not leaving CBLDX or NRDCX because I think CB is looking out for my capital. Still holding OSTIX, also.
For LC international value, Brandes is my choice. BIEAX or its clone BINV are as highly rated as BISAX, do not suffer from asset bloat, and have the same long-term team successfully running them. Seems like a quality shop, maybe flying under the radar.
I took a quick peek at BIEAX. There have been three years since 2015 where the fund's corresponding category and index had losses. BIEAX outperformed both on all three occasions. However, the fund did suffer a 2.05% loss in 2020 while the calendar/index gained less than 1%. Three of the portfolio managers have over 15 years tenure on the strategy (BIEAX inception date: 01/31/2011). The fund generated top decile returns for the trailing 3 year, 5 year, and 10 year periods according to M*. https://www.morningstar.com/funds/xnas/bieax/performance
Kudos and a big thank you to Dr. Snowball who has reviewed and brought to our attention the Sherman run funds at Riverpark and Crossingbridge. I have been very satisfied with the multiple funds Sherman runs that I own and he deserves this award without question!
I believe you, though I don't own them. The expense ratios are the issue for me. Too high.
Comments
https://www.lipperfundawards.com/Awards/UnitedStates/2025/Fund
I assume they just used raw performance. Some of their picks are a bit odd
Kinetics Global is 3 and 5 year winner for Global Small/mid
45% Bitcoin and Texas Pacific Land !
Methodology PDF
The following information may be helpful.
Lipper Ratings for Consistent Return
Introduction
The Consistent Return measure is a richer risk-adjusted
performance measure than others currently available in the
marketplace. It takes into account both short- and long-term
risk-adjusted performance relative to fund classification.
The measure is based on the Effective Return computation.
Effective Return is a risk-adjusted return measure that looks
back over a variety of holding periods (measured in days,
weeks, months, and/or years).
Calculation and Rating
Lipper ratings for Consistent Return reflects funds’ historical
risk-adjusted returns, relative to peers. Ratings for Consistent
Return are computed for all Lipper classifications with five or
more distinct portfolios and span both equity and fixed-income
funds (e.g., large-cap core, General U.S. Treasury, etc.). The
ratings are subject to change every month and are calculated
for the following periods: three-year, five-year, ten-year, and
overall. The overall calculation is based on an equal-weighted
average of percentile rankings of the Consistent Return metrics
over three-, five-, and ten-year periods (if applicable). The highest
20% of funds in each classification are named Lipper Leaders for
Consistent Return, the next 20% receive a rating of 4, the middle
20% are rated 3, the next 20% are rated 2 and the lowest 20%
are rated 1.
Lipper Leaders Methodology PDF
I skimmed through their winners and some of them are very interesting, and beat funds I currently own.
There is another Crossing Bridge winner CBRDX which they dump into General Bond funds ( along with a clearly high yield Fund RNHIX) It is focused on "Responsible Credit" so I guess it is a general Bond Fund.
There lists make more sense to me than Morningstar's which are usually dozens of funds long and include many many load funds
However,they also seem to award many Fidelity Advisor funds without mentioning the same fund available in a different class
The "best" funds (10 years) in the International Large-Cap Core, International Large-Cap Growth,
and International Large-Cap Value stood out as being very good funds I was somewhat familiar with.
They are MFS International Equity Fund, WCM Focused International Growth Fund,
and Artisan International Value Fund respectively.
I'll need to examine this list further.
Brandes and Dimensional are their top equity families. Very interesting
ARTKX closed to most new investors in 2007, reopened in 2009, and then closed again in 2011.
The fund briefly reopened in March 2020 but was subsequently soft-closed in June 2021.
M* places ARTKX in the Foreign Large Blend category.
The fund has generated top decile returns for the trailing 3 year, 5 year, 10 year, and 15 year periods.
https://www.morningstar.com/funds/xnas/artkx/performance
Edit/Add¹:
"The strategy's asset base of USD 46.6 billion as of September 2024 was sizable,
but its long-term orientation, large-cap emphasis, and quality focus help alleviate concerns.
In recent years, the team has suppressed some holdings information to protect liquidity
when it's entering and exiting positions.
And finally, the fact that this group no longer supports the USD 29.4 billion Artisan Global Value
strategy gives the team more leeway than it had before the 2018 team split."
¹ M* take on ARTKX asset base size
For LC international value, Brandes is my choice. BIEAX or its clone BINV are as highly rated as BISAX, do not suffer from asset bloat, and have the same long-term team successfully running them. Seems like a quality shop, maybe flying under the radar.
There have been three years since 2015 where the fund's corresponding category and index had losses.
BIEAX outperformed both on all three occasions.
However, the fund did suffer a 2.05% loss in 2020 while the calendar/index gained less than 1%.
Three of the portfolio managers have over 15 years tenure on the strategy (BIEAX inception date: 01/31/2011).
The fund generated top decile returns for the trailing 3 year, 5 year, and 10 year periods according to M*.
https://www.morningstar.com/funds/xnas/bieax/performance
Edit/Add: I almost forgot that Brandes International Equity was featured in a recent Barron's article.
https://www.msn.com/en-us/money/top-stocks/international-stocks-are-beating-the-u-s-how-one-fund-is-playing-it/ar-AA1Bdcw6