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Does anyone know the difference between the Robeco Long/Short Fund (BPLSX) and the Robeco Long/Short Research Fund (BPIRX). BPLSX has an outstanding track record but is closed. I want to know how BPIRX differs in its investment approach.
BPIRX is an interesting fund and I'm hopeful of talking with the folks behind it at the Morningstar conference. The preliminary description I got was that it's run by the BPLEX analysts and you're certainly right in observing that BPLEX is distinguished by its focus on a small cap focus in a long/short fund.
I'm afraid I had to delete your other post on the fund. The material you shared was premium content from Morningstar. In general, it's both legal and reasonable to make "fair use" of such material but it's not legal to reproduce amounts that are "substantial" or "central" to the work. The text that you shared represented both a substantial amount of the original and shared its central claim, so ...
I'm afraid I had to delete your other post on the fund. The material you shared was premium content from Morningstar.
What research I have time to do, I go my local public library, who subscribes to the likes of M* premium, NoLoad FundX, The No-Load Fund Investor, and others.
Since this is in the public domain, is it legal to share this material with the folks on MFO?
Sorry, no. "Public domain" is a legal designation for work whose intellectual property rights (their copyright, in our context) has either expired or been forfeited. Almost no recently-published work available at a public library is legally in the public domain.
In general, we get "fair use" of copyrighted materials but what constitutes fair use is incredibly murky. There are common guidelines (the lesser of 500 words or 25% of the original text) which aren't grounded in copyright law. They express the need to have something to guide us, but the guidance isn't terribly reliable. The law itself imposes an undefined four-part test for determining fair use (including quantity, centrality and effect on the copyright holder).
It's pretty clear that we can use ideas, arguments, observations and statistics that we encountered in copyrighted works, preferably with an acknowledgement of the original author. It's clear that we cannot reproduce substantially all of a copyrighted work. In between, things are really muddy.
The funds are different, but both are all cap long/short strategies that utilize the same "Three Circles" approach to investing based on valuation, business fundamentals and business momentum. Main differences are:
Portfolio Managers: BPLSX is managed by Robert Jones and BPIRX is run by 9 individual sector analysts overseen by Joseph "Jay" Feeney and Eric Connerly who are the portfolio managers. Exposures: Typical net exposure is 60% for BPLSX with a wider typical range of 30%-90% net long. While for and BPIRX typical net is 40% and in the typical 15%-65% net long range. Assets: We have closed BPLSX to new investors. BPIRX is open and we currently manage approximately $780 million as of March month-end.
Regards,
Steve
Sounds like a good option to their other Long/Short fund which is now closed.
Comments
BPIRX is an interesting fund and I'm hopeful of talking with the folks behind it at the Morningstar conference. The preliminary description I got was that it's run by the BPLEX analysts and you're certainly right in observing that BPLEX is distinguished by its focus on a small cap focus in a long/short fund.
I'm afraid I had to delete your other post on the fund. The material you shared was premium content from Morningstar. In general, it's both legal and reasonable to make "fair use" of such material but it's not legal to reproduce amounts that are "substantial" or "central" to the work. The text that you shared represented both a substantial amount of the original and shared its central claim, so ...
I'll keep about the Research fund.
David
Hi David: What research I have time to do, I go my local public library, who subscribes to the likes of M* premium, NoLoad FundX, The No-Load Fund Investor, and others.
Since this is in the public domain, is it legal to share this material with the folks on MFO?
Mona
Sorry, no. "Public domain" is a legal designation for work whose intellectual property rights (their copyright, in our context) has either expired or been forfeited. Almost no recently-published work available at a public library is legally in the public domain.
In general, we get "fair use" of copyrighted materials but what constitutes fair use is incredibly murky. There are common guidelines (the lesser of 500 words or 25% of the original text) which aren't grounded in copyright law. They express the need to have something to guide us, but the guidance isn't terribly reliable. The law itself imposes an undefined four-part test for determining fair use (including quantity, centrality and effect on the copyright holder).
It's pretty clear that we can use ideas, arguments, observations and statistics that we encountered in copyrighted works, preferably with an acknowledgement of the original author. It's clear that we cannot reproduce substantially all of a copyrighted work. In between, things are really muddy.
Wish I could be clearer,
David
Jim -
The funds are different, but both are all cap long/short strategies that utilize the same "Three Circles" approach to investing based on valuation, business fundamentals and business momentum. Main differences are:
Portfolio Managers: BPLSX is managed by Robert Jones and BPIRX is run by 9 individual sector analysts overseen by Joseph "Jay" Feeney and Eric Connerly who are the portfolio managers.
Exposures: Typical net exposure is 60% for BPLSX with a wider typical range of 30%-90% net long. While for and BPIRX typical net is 40% and in the typical 15%-65% net long range.
Assets: We have closed BPLSX to new investors. BPIRX is open and we currently manage approximately $780 million as of March month-end.
Regards,
Steve
Sounds like a good option to their other Long/Short fund which is now closed.
Jim