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The M&P "flagship" fund. Anyone holding it and loving it enough to recommend it? Semi-annual pay-out... I'd rather find a domestic fund to throw some new money into. I'm grossly overweighted overseas. Thanks, all.
maxl, no, try comparison with yackx...better beta, better std. deviation, better up/down year ratio and better absolute returns and more conservative results.MPGFX limits to midwest and you are better with whole us market.philpill.
maxl, not to belabor the point but my tea leaves show yackx return for ten years at 12.1% and a beta of .76 while prblx is 9.5% and .87 beta. am I missing something here...
All the funds mentioned are good picks and I don't think you can definitively say one will be better than the other in the future. I notice that MPGFX looks more like a multiCap fund than a large blend which M* calls it. I kind of like that in a managed fund. That might also be a plus if you have minimal domestic funds.
I've owned a Yacktman fund, YAFFX, for quite a while and I consider it one of my core funds. Yacktman's forte as I see it is his record on downside protection. I did own PRBLX and was happy with that too. But in an effort to reduce the number of funds I own, I decided to hold only one LCap actively managed fund - YAFFX. I notice PRBLX, YACKX, YAFFX and MPGFX all have something in common that I like a lot. They are all focused funds in that they all hold less than 50 stock picks. I like that, especially for a large cap funds. In my opinion a manager is only going to show alpha using their best picks.
One thing you may want to think about, from your previous posts I believe you already own Mairs and Powers's SC and balanced funds. There may be quite a bit of equity overlap between them, especially with the balanced fund. A quick look shows the sector weights are some what similar and so are some of the stock picks. So, you would be putting most of your domestic eggs in one management teams basket.
Very thoughtful thoughts, all. I'm grateful for the input. MikeM, you are correct. My current domestic equity holdings are all M&P. I was thinking convenience and consolidation, but it might not be the best thing to depend solely on one management team. This new pick coming up (soon after July 1st) will add a TENTH fund to the portfolio, and I'm only a bit above 6 figures. But this selection needs to be domestic.
The last time I checked the intersection of MPGFX and MAPOX, there was significant overlap. I like POGRX or VHCOX, though both have a bit of international exposure - 14ish percent. POSKX would be slightly more conservative. Also watched PRWAX, but another sudden manager change at TRP...
After a little digging for funds with more domestic focus, identified three MPGFX peers (multi-cap funds that generally invest in US companies, though they may invest in foreign securities) with comparable long-term results. All currently listed at 0% foreign stocks.
LKEQX - $2k minimum, most holdings of the group, $250M in fund MXXVX - $10k minimum, non-diversified (22 holdings), bumpier ride, $570M in fund BUFGX - $2.5k minimum, nearly fully invested, $500M in fund
By the way, BRTNX might fit, too. Multi-cap, all US, but much more concentrated (16 holdings) and a small, young fund - still holding a lot of cash.
BRTNX. Just looked at that. Unique, concentrated, as you say. Holding just 16 stocks right now. Holding LOTSA cash. Looks certainly DISCIPLINED, focused.....
Reply to @MaxBialystock: And the manager and family own nearly 70% of the fund.Unfortunately the fund is currently not available at Fidelity, Schwab or TD Amer.Probably why asset base is so small.David did a good job of profiling BRTNX this past week. From the SAI, dated May 1,2013 CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of the Fund. A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of the Fund or acknowledges the existence of such control. As a controlling shareholder, each of these persons could control the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the management agreement with the Adviser. As of April 15, 2013, each of the following shareholders was considered to be either a control person or principal shareholder of the Fund: Name and Address Shares Percent Ownership Type of Ownership Stephen Dodson 870 Market St, Suite 417, San Francisco, CA 94102 110,220.73 40.36% Beneficial Thao Dodson 338 Spear Street, Suite 39B San Francisco, California 94105 76,540.23 28.03% Beneficial As of As of April 15, 2013 the Trustees and Officers as a group did not own any of the outstanding shares of the Fund.
Emphasis on "AS A GROUP?" What am I looking at here? Is it the fact that at the moment, it seems like a 100% family-owned and run business? I noticed from David's write-up that Bretton himself is "all-in." Everything he has is invested in the fund. THAT'S putting your money where your mouth is. But a great many Fund Managers have a big sum invested in the funds they manage. Surely, Dodson has a lot at stake, the whole ball of wax! I see why he's holding so much cash right now: he can't see any very good bargains. ...I wonder if it will EVER be that the fund would be fully invested? I have a feeling that this fund will always have maybe 15% or 25% sitting in cash, so that the Manager has enough cash on hand when he does want to buy. Very focused, non-diversified. But for those willing to take the risk and get on the ground-floor....
Comments
no, try comparison with yackx...better beta, better std. deviation, better up/down year ratio and better absolute returns and more conservative results.MPGFX limits to midwest and you are better with whole us market.philpill.
am I missing something here...
I
I've owned a Yacktman fund, YAFFX, for quite a while and I consider it one of my core funds. Yacktman's forte as I see it is his record on downside protection. I did own PRBLX and was happy with that too. But in an effort to reduce the number of funds I own, I decided to hold only one LCap actively managed fund - YAFFX. I notice PRBLX, YACKX, YAFFX and MPGFX all have something in common that I like a lot. They are all focused funds in that they all hold less than 50 stock picks. I like that, especially for a large cap funds. In my opinion a manager is only going to show alpha using their best picks.
One thing you may want to think about, from your previous posts I believe you already own Mairs and Powers's SC and balanced funds. There may be quite a bit of equity overlap between them, especially with the balanced fund. A quick look shows the sector weights are some what similar and so are some of the stock picks. So, you would be putting most of your domestic eggs in one management teams basket.
Good luck on your decision.
Max, Check these U.S. funds out for top 10% performance in their category for 1-3-5 years.
SMVLX
FLCSX
MXXVX
HUSIX
HWMIX
Art
LKEQX - $2k minimum, most holdings of the group, $250M in fund
MXXVX - $10k minimum, non-diversified (22 holdings), bumpier ride, $570M in fund
BUFGX - $2.5k minimum, nearly fully invested, $500M in fund
By the way, BRTNX might fit, too. Multi-cap, all US, but much more concentrated (16 holdings) and a small, young fund - still holding a lot of cash.
And the manager and family own nearly 70% of the fund.Unfortunately the fund is currently not available at Fidelity, Schwab or TD Amer.Probably why asset base is so small.David did a good job of profiling BRTNX this past week.
From the SAI, dated May 1,2013
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the
outstanding shares of the Fund. A control person is one who owns, either directly or indirectly, more than
25% of the voting securities of the Fund or acknowledges the existence of such control. As a controlling
shareholder, each of these persons could control the outcome of any proposal submitted to the
shareholders for approval, including changes to the Fund's fundamental policies or the terms of the
management agreement with the Adviser. As of April 15, 2013, each of the following shareholders was
considered to be either a control person or principal shareholder of the Fund:
Name and Address Shares Percent Ownership Type of Ownership
Stephen Dodson
870 Market St, Suite 417, San
Francisco, CA 94102
110,220.73 40.36% Beneficial
Thao Dodson
338 Spear Street, Suite 39B
San Francisco, California 94105
76,540.23 28.03% Beneficial
As of As of April 15, 2013 the Trustees and Officers as a group did not own any of the outstanding shares
of the Fund.