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MAINX Matthews Asia Strategic Income (bond) fund, and exactly five times MORE into MAPOX, Mairs and Power Balanced. The Market stinks lately, but it was a glorious evening at the ballyard under a "blue moon." I cherish these summer nights, enjoying my favorite game.
I was wondering what lead you to determine now was a good time to be adding to positions?
Do you use any type of technical analysis and/or other triggers to help you determine buying opportunities?
I recently added to a global stock fund (PGROX) based upon its P/E Ratio of 14 which was a good bit less than the average of 16.3 for other world stock funds in its category. It holds mostly world titian style type stocks and I felt there was value to be had in the titians.
The P/E data you are using is 6-8 weeks old which is recent compared to other fund companies info. Most fund companies do not upgrade holdings that often. Not sure why. Turnover for (PGROX) is remarkably low at 2%. So in this case you can use the P/E criteria with confidence. Do you use the P/E ratio with all your funds or just where you are confident that the data is useful?
Thanks for sharing Max. Just a little befuddled by your "5X more" reference. That would make sense if you were making monthly contributions - say into a 401 K. Otherwise, quintupling any position sounds risky. Wondering also where the new $$ into MAPOX came from? Cash?
Domestic equity markets are still more than double where they were 4.5 years ago. Some EM markets are probably triple where they were 4 or 5 years ago. To me that kind of run-up signals caution. Equity markets are benefitting from the mass exodus out of bonds. Things don't move in a straight line - so that powerful push could subside. I nibbled recently by adding a little to PRWCX, my most conservative equity fund. Retired and in the distribution phase - continue to tread cautiously here. Regards
I just took a bit off the table in emerging market funds ABEMX and ODVYX and traded it for additional OAKIX which I recently added. Not leaving emerging markets, as these two funds are excellent, just lightening up in favor of developed countries. Anyone else doing the same?
ODVYX and OAKIX are in my workplace 401. I just recently added to both. Between the 2 funds that is almost 25% of total portfolio. Another 25% is in PTTRX and cash. For now holding on to Pimco Total Return.
Reply to @slick: Have been looking at both OAKIX or OAKGX to buy. Decided on OAKGX. The mgr. is Mcgregor, who also manages OAKBX which I've owned. I like the idea of having a global fund with both U.S. and international. Of course Herro can't be beat as an international mgr.
Reply to @ron: "Of course Herro can't be beat as an international mgr. " Not sure that is correct. I switched to ARTKX from OAKIX long back, in 2006 and happy about it. I compared them on and off and I think ARTKX beat OAKIX generally as well as on risk-adjusted basis. You can take a look at Sharpe ratios and Alpha of both the funds.
Reply to @scott: No, Scott, I can't say there are. I can't help but to stay interested, trying to keep informed. A lotta that comes from what I read in here. But I've never been in the position of holding a big chunk of cash and holding it, waiting for the best moment to invest it.
I have global fund exposure in ARTGX and WAGTX, but I don't consider them for my foreign exposure, since both of them usually have 40% -60% in US most of the time. I also like having funds that have that flexibility.
Just put more into YACKX/YAFFX (depending on which brokerage I can buy them in n/c). Also PRBLX. Less into OAKIX and GABSX. Timing not optimal, but is it ever?
The reason is that I am rebucketing, so to speak, into soon moneys, later, and much later.
Some of my switching around is close to a wash, sell ARLSX, GLRBX, ICMBX, JABAX in one account and buy them in another.
Those plus some VNQ/VNQI are all I'm holding at the moment, plus cash, plus finally some low-vol ETFs I'm going to bail on when they break even this fall (I can tell the future, ha).
You are certainly braver/more aggresive than me in regards to foreign, especially emerging. My allocation to international, including emerging is 12% of total. Split evenly between developed/emerging. That does not count foreign stocks in some of my other funds, so it is likely 15% -17%.
Reply to @Skeeter: Hello. I'd been hanging onto some "new" cash that came to me from a bond that matured, back on 01 July. The shape of my portfolio has, it seems, always been primary for me, rather than timing. What I knew for sure was that I was seriously underweight in USA large-caps. MAPOX has risen quite nicely since I bought it originally, in the Spring of 2012, but lately there's been just a bit of a fall in the share price. Anyhow, I do none of this instantaneously. It's done the old fashioned way, by check. Even after adding that sizable chunk to MAPOX, I'm still very much underweight in USA large-caps. What it is is what it is, for the time being. I'm still not taking distributions from my retirement accounts, yet. MAPOX is in a Trad. IRA. ....And the chunk I put into MAINX is likewise in a Trad. IRA....So the simple tax deduction on my 1040 form for 2013 was a big motivator. ...I first bought MAPOX at $68.05 and yesterday it was at $77.35. As for MAINX: I first bought it at $10.16 and it did well, but has fallen back to $10.24. So, I looked at it as a good buying-moment. ......I also own TRAMX, in the Frontier Markets sector, and do not want to add anything there. It's still less than 4% of my total, and that's a big enough proportion for me. It has pleased me very much!
I use a check list of things I find in favor and/or disfavor in a transaction before moving forward with it. If I have a good number of positives and only a few negatives then I use good judgement as to if I should move forward with it. Some refer to this as the Ben Franklin Analysis. I have used Ben's analysis for years and I have found that it works more times for me than not.
In investing, I'll look at technicals along with fundamentals plus judgment. Over time, one becomes to know most often if it feels right or not. And, if you can you justify your thinking/position/action then most of the time it will deliver the anticipated results.
Reply to @TonyGstring: No, I fogot about it. Since I hold it for a long time, I don't keep track of when it is closeing and opening. My bad.
I moved to ARTKX from OAKIX because ARTKX was a multi-cap fund then, though it was categorized as International smallcap value fund. It moved to largecaps since then as they were relatively cheaper. Its holdings changed so much since then, M* categorizes it as Intl Large blend fund.
It is in my taxable portfolio. Impressed with their performance, I invested in ARTGX an year back in my tax-deferred account.
I held OAKBX for a long time (since 2006) in my taxable account it is one of the better tax mgmt record among balanced funds, and sold it couple of months ago. Please bear with me for saying 'hold so and so fund from 2006' frequently in my posts, as that is the year I switched completely to funds from stocks
Barbell approach at least in the 401.Total portfolio is 60/40 stock /bonds with the stock portion split evenly between U.S./Foreign. Add in to the previously mentioned funds PCVAX and CHTTX and you have 70% of portfolio. International and small/mid is where I am at.
I have always been heavy in EM stocks in my own portfolio, and given this year's bashing of that asset class, I plan to add some more probably next week. For sure will add to WAFMX. Have been running due diligence on EIEMX, which has one of the best long-term risk/reward profiles, and is one of the few EM funds that owns a real position in frontier countries.
For clients, we will likely be re-balancing before long. The benefactors will be EM stocks, and bonds, with OSTIX, LSBRX, and LASYX the likely three bond funds to be increased. Logic would tell us to capture some of the big gains in MFLDX and pump up PAUIX, which is having an uncharacteristically down year for Mr. Arnott. And it may be time to bring our gold holdings back up to our 5% target. We have nibbled around the edges there in recent weeks.
Reply to @Investor: Hey- that's at least two we both have: BUFBX & WAFMX. If things deteriorate a little more in frontier areas I'm going to add to WAFMX also.
Sold entire position in PONDX & added results to RPHYX. Should be reasonably safe there until the Fed issues sort themselves out. Sure glad to have access to RPHYX at this point.
Thanks for your comment on MWEFX. Indeed this is a good fund. However, I currently hold five funds in my global growth sleeve. They are ANWPX, THOAX, PGROX, NEWFX and THDAX. Should I decide to expand and add a sixth fund MWEFX will be a contender. I have linked below its Morningstar report for those that might like to take a look. Thanks for brinning it to my attention.
Currently, I own MAPIX and ARTGX but that doesn't really cover foreign small caps/emerging markets. I'm looking closely at WAFMX and GPROX at this time. Very intriguing picks.
I'm at 50% cash & stable value, not doing very much except dinking around with bonds:
* Sold last of DBLFX and PIMIX. * Added a smidge to OSTIX, & bought first of a possible 3 chunks of HYLD. * Watching PDI and PMZIX (mortgages, but can do anything they want with duration) as possible near-term buys. * Tracking SAMBX and THOPX. * Stopped adding to EM equity for the time being. Have plenty for now in Seafarer and Matthews, so next add will be WAFMX. Watching EWS (Singapore); seems to be taking a hit in line w/ other SE Asia assets, so there may be a good entry point ahead.
Comments
I was wondering what lead you to determine now was a good time to be adding to positions?
Do you use any type of technical analysis and/or other triggers to help you determine buying opportunities?
I recently added to a global stock fund (PGROX) based upon its P/E Ratio of 14 which was a good bit less than the average of 16.3 for other world stock funds in its category. It holds mostly world titian style type stocks and I felt there was value to be had in the titians.
Skeeter
The P/E data you are using is 6-8 weeks old which is recent compared to other fund companies info. Most fund companies do not upgrade holdings that often. Not sure why. Turnover for (PGROX) is remarkably low at 2%. So in this case you can use the P/E criteria with confidence. Do you use the P/E ratio with all your funds or just where you are confident that the data is useful?
Art
Domestic equity markets are still more than double where they were 4.5 years ago. Some EM markets are probably triple where they were 4 or 5 years ago. To me that kind of run-up signals caution. Equity markets are benefitting from the mass exodus out of bonds. Things don't move in a straight line - so that powerful push could subside. I nibbled recently by adding a little to PRWCX, my most conservative equity fund. Retired and in the distribution phase - continue to tread cautiously here. Regards
ODVYX and OAKIX are in my workplace 401. I just recently added to both. Between the 2 funds that is almost 25% of total portfolio. Another 25% is in PTTRX and cash. For now holding on to Pimco Total Return.
Art
Not sure that is correct. I switched to ARTKX from OAKIX long back, in 2006 and happy about it. I compared them on and off and I think ARTKX beat OAKIX generally as well as on risk-adjusted basis. You can take a look at Sharpe ratios and Alpha of both the funds.
I have global fund exposure in ARTGX and WAGTX, but I don't consider them for my foreign exposure, since both of them usually have 40% -60% in US most of the time. I also like having funds that have that flexibility.
The reason is that I am rebucketing, so to speak, into soon moneys, later, and much later.
Some of my switching around is close to a wash, sell ARLSX, GLRBX, ICMBX, JABAX in one account and buy them in another.
Those plus some VNQ/VNQI are all I'm holding at the moment, plus cash, plus finally some low-vol ETFs I'm going to bail on when they break even this fall (I can tell the future, ha
You are certainly braver/more aggresive than me in regards to foreign, especially emerging. My allocation to international, including emerging is 12% of total. Split evenly between developed/emerging. That does not count foreign stocks in some of my other funds, so it is likely 15% -17%.
Reply to @mrc70: ARTKX has been closed for several years unless you're just rubbing it in
Of course, ARTGX is open and is an excellent vehicle to take advantage of the ARTKX PM's.
Good question Tony but Select has fewer stocks and more concentration. I've never been a big fan of Nygren.
I use a check list of things I find in favor and/or disfavor in a transaction before moving forward with it. If I have a good number of positives and only a few negatives then I use good judgement as to if I should move forward with it. Some refer to this as the Ben Franklin Analysis. I have used Ben's analysis for years and I have found that it works more times for me than not.
In investing, I'll look at technicals along with fundamentals plus judgment. Over time, one becomes to know most often if it feels right or not. And, if you can you justify your thinking/position/action then most of the time it will deliver the anticipated results.
Hope this helps.
Skeeter
I moved to ARTKX from OAKIX because ARTKX was a multi-cap fund then, though it was categorized as International smallcap value fund. It moved to largecaps since then as they were relatively cheaper. Its holdings changed so much since then, M* categorizes it as Intl Large blend fund.
It is in my taxable portfolio. Impressed with their performance, I invested in ARTGX an year back in my tax-deferred account.
I held OAKBX for a long time (since 2006) in my taxable account it is one of the better tax mgmt record among balanced funds, and sold it couple of months ago.
Please bear with me for saying 'hold so and so fund from 2006' frequently in my posts, as that is the year I switched completely to funds from stocks
Hey thanks for your answer. Thought you might have some type of stock market barometer that you might wish to share.
Skeeter
Barbell approach at least in the 401.Total portfolio is 60/40 stock /bonds with the stock portion split evenly between U.S./Foreign. Add in to the previously mentioned funds PCVAX and CHTTX and you have 70% of portfolio. International and small/mid is where I am at.
Art
For clients, we will likely be re-balancing before long. The benefactors will be EM stocks, and bonds, with OSTIX, LSBRX, and LASYX the likely three bond funds to be increased. Logic would tell us to capture some of the big gains in MFLDX and pump up PAUIX, which is having an uncharacteristically down year for Mr. Arnott. And it may be time to bring our gold holdings back up to our 5% target. We have nibbled around the edges there in recent weeks.
PSEI down 5.73% at this moment.
Also, after selling FRIFX, I've put monies into BUFBX.
Added to FPACX, SFGIX and ARIVX with the money from PRSNX sale. This was done 8/5, before the correction accelerated.
Sold entire position in PONDX & added results to RPHYX. Should be reasonably safe there until the Fed issues sort themselves out. Sure glad to have access to RPHYX at this point.
Thanks for your comment on MWEFX. Indeed this is a good fund. However, I currently hold five funds in my global growth sleeve. They are ANWPX, THOAX, PGROX, NEWFX and THDAX. Should I decide to expand and add a sixth fund MWEFX will be a contender. I have linked below its Morningstar report for those that might like to take a look. Thanks for brinning it to my attention.
http://quotes.morningstar.com/fund/f?t=mwefx®ion=USA
Skeeter
* Sold last of DBLFX and PIMIX.
* Added a smidge to OSTIX, & bought first of a possible 3 chunks of HYLD.
* Watching PDI and PMZIX (mortgages, but can do anything they want with duration) as possible near-term buys.
* Tracking SAMBX and THOPX.
* Stopped adding to EM equity for the time being. Have plenty for now in Seafarer and Matthews, so next add will be WAFMX. Watching EWS (Singapore); seems to be taking a hit in line w/ other SE Asia assets, so there may be a good entry point ahead.
Bet on credit instead of Maturity
http://www.schwab.com/public/schwab/resource_center/investing_ideas/bet_on_credit_instead_of_maturity.html
How do you do this with your bond funds Bob?