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Open Thread: Holiday Edition. What are you buying/selling/pondering?
Adding more to: American New World R5, RNWFX (40% EM) Franklin Mutual Global Discovery class Z, MDISX Yacktman, YACKX Vanguard Healthcare ETF, VHT Vanguard Europe ETF, VGK
Selling: Doubleline Total Return, DBLTX and add to Eaton Vance Bond, EVBAX (load waived at Fidelity) and Templeton Global Total Return, TGTRX Vanguard REIT ETF, VNQ
Old_Skeet has been accumulating cash during the past year and has been a net seller of equities, during their advancement, up to early summer. I am still with my target asset allocation of about 20% cash, 25% income, 45% equity and 10% alternative. With my December mutual fund distributions my equity allocation has fallen by a few percentage points while my cash area has been rising. With this, I have been looking for some areas currently held within my portfolio to put some of this cash to work to keep my asset allocation within its targeted operating range(s). I have already put some cash to work in FDSAX a dividend strategy and value type fund with a total distribution yield of about 4%, some in AZNAX a fund that kicks off a distribution yield of about seven percent as a good part of the yeild comes from the fund actively trading the markets, some in CCMAX a flexible asset type fund which this year had a large distribution yield of better than 11%, and some to FRINX a hybrid real estate fund with a total distribution yield this year of better than 9%. I currently have JCRAX a commodities strategy fund that holds a good number of energy and material stocks under review for additional funding along with DEMAX which is a diversified emerging market fund, TIBAX which is a hybrid global dividend fund with a yield of better than 5% and perhaps LPEFX which holds companies that invest in private equity plus a few others … such as … TOLLX which is a global infrastructure type fund and IIVAX which is a small cap value fund that holds mostly small and mid cap stocks with some representation in the large cap area also have my thoughts. In addition, I have two equity index type funds IACLX and VADAX that might recieve a few dollars their way too.
With a portfolio of fifty funds I have many places I can look to for positioning new money. However, the ones I have noted above are my twelve candidates at the moment.
Transfered my REIT fund to PRGTX in Nov. and plan to add to it on dips through 2014. Considering a bet on PRESX in hope that Europe will follow the same pattern U.S stocks took, only a couple years later. Europe made a nice recovery in 2013 but valuations are still relatively low versus U.S. My other option would be to increase my % in OAKIX. David Hero is heavy in Europe with nothing in emerging markets. I agree with him on both those bets.
Also moved some short duration bond money from PRWBX, to PAFRX.
Looking to add to Freehold Royalities (FRHLF) for monthly income, maybe over the next week or two. Added to RIMIX, which is an Asia-focused EM fund that continues to do nicely in comparison to the category. Looking to add to Brookfield Property Partners (BPY) and other REITS/income names that have been down lately.
I'm looking at my global/international allocation and where to invest my risk-on section of my portfolio. Half my portfolio just follows indices. My "risky hunch" fund had a great year in FBIOX, but I'm thinking of moving it into OBIOX or ARTHX/ARTIX/ARTRX. A bit concerned that OBIOX overlaps too much with my WAIGX and if its worth holding both - MFO seems to have had a long standing fondness for OBIOX.
Similarly, MFO seems to have a longstanding record of recommendation for ARTGX and I was wondering why/if it was preferred to say OAKWX, which I hold and has a lower ER with similar returns.
Traded half of my ABEMX for OSMYX. Originally was going to buy WAIGX, but decided to go with The Oppenheimer Fund. Also have their developing market fund ODVYX, which did over 8% return in 2013, much better than many developing market funds. Love the Wasatch shop, I own WAGTX, was a difficult decision as both small cap international funds both quite good.
Added to DRSLX and initiated a position in RCRYX. Will likely sell PCARX next week and put it into WMCNX. I am waiting for BGLSX to become accessible at my brokerage and will initiate a position in it. I am considering selling MWCRX, will give it a little more time to compare with my other "alternative" flexible bond funds. I will probably add to dedicated stock funds only during pullbacks (add for every 3% pullback).
We hold a 10% position in OAKWX, and I agree that it is more attractive than ARTGX:
1. Performance and AUM: Equivalent 2. Risk Parameters: ARTGX has had consistently lower standard deviations, higher sharpe ratios and higher sortino ratios over the past 3- and 5-year periods. 3. Expense Ratios: OAKWX 1.23%, ARTGX 1.52% 4. Fund Stewardship: Artisan has shown unacceptably poor fund stewardship, as ARTGX with $1.4B in AUM has not lowered its high ER as AUM have grown. And ARTKX, managed by the same team, likewise is overpriced with a very high ER of 1.22% despite growing to $11B in AUM. Also, since there are a whopping 25 stocks in common between ARTKX (total 50 positions) and ARTGX (45 positions), you would think that there might be some economies in research shared with common investors. Bottom line: Artisan's poor fund stewardship is a deal killer for me.
Hello, each week in January I look and review the markets for clues as to where I might best position for the 1Q2014. In doing this, one of my best sources of gathering information is linked below. In appears, as I write, thus far interest rates are rising as the 10 year treasury yield is up while most equity sectors across the board are down for the first two days of trading.
Under Mutual Fund Categories it is interesting that commodities, precious metals and real estate are some of the y-t-d leaders.
Since, I have already added to my real estate income fund FRINX I will be now be adding to my commodities fund JCRAX. A little extra added at the beginning of the year to select positions can be a big aid in enhancing a sleeve’s overall contribution to the portfolio should you be able to spot and pick the fastest movers during the first part of the new investment year.
In addition, I sold all shares of JPVAX in my growth and income domestic hybrid sleeve and opened a new starting position in HWIAX along with adding a new position in the growth area domestic large/mid cap sleeve with HWAAX.
Reply to @Old_Skeet: Happy New Year Old_Skeet! Yikes. Extrapolating forward after just two very light days of trading? I have my fingers crossed that January turns out to good month for earnings. Starts next week I believe with Aloca.
As I write, better than ten percent of January has come and gone.
Usually there are about 21 trading days in a month ... some months more, some less. With this, these purchases are by no means large amounts including the sale of JPVAX as it was a minority position within its sleeve. I plan to build out HWIAX to about 10% of its sleeve mostly through buying during market pullbacks. The same with HWAAX in it's sleeve. The addition to the real estate fund was made during December, 2013 and the addition to JCRAX will be a small one possibly coming next week to maintain a ten percent weighting in its sleeve. I'll just keep nibbling around the edges along with buying a little here and a little there ... and, during market pull backs doubling up on the buying amounts for select positions.
I am sitting on 20+% cash; and, I am wanting to position the excess before too much of the year gets away from me. This is not to say come around May I'll be lightening up either as I usually do. Still awaiting to see what Congress will do with the debt ceiling. The coming few weeks could be interesting.
Comments
American New World R5, RNWFX (40% EM)
Franklin Mutual Global Discovery class Z, MDISX
Yacktman, YACKX
Vanguard Healthcare ETF, VHT
Vanguard Europe ETF, VGK
Selling:
Doubleline Total Return, DBLTX and add to Eaton Vance Bond, EVBAX (load waived at Fidelity) and Templeton Global Total Return, TGTRX
Vanguard REIT ETF, VNQ
Sold PBDCX
Bought More SDRL
Bought More SPY
Bought FBTCX
Merry Christmas,
Ted
Old_Skeet has been accumulating cash during the past year and has been a net seller of equities, during their advancement, up to early summer. I am still with my target asset allocation of about 20% cash, 25% income, 45% equity and 10% alternative. With my December mutual fund distributions my equity allocation has fallen by a few percentage points while my cash area has been rising. With this, I have been looking for some areas currently held within my portfolio to put some of this cash to work to keep my asset allocation within its targeted operating range(s). I have already put some cash to work in FDSAX a dividend strategy and value type fund with a total distribution yield of about 4%, some in AZNAX a fund that kicks off a distribution yield of about seven percent as a good part of the yeild comes from the fund actively trading the markets, some in CCMAX a flexible asset type fund which this year had a large distribution yield of better than 11%, and some to FRINX a hybrid real estate fund with a total distribution yield this year of better than 9%. I currently have JCRAX a commodities strategy fund that holds a good number of energy and material stocks under review for additional funding along with DEMAX which is a diversified emerging market fund, TIBAX which is a hybrid global dividend fund with a yield of better than 5% and perhaps LPEFX which holds companies that invest in private equity plus a few others … such as … TOLLX which is a global infrastructure type fund and IIVAX which is a small cap value fund that holds mostly small and mid cap stocks with some representation in the large cap area also have my thoughts. In addition, I have two equity index type funds IACLX and VADAX that might recieve a few dollars their way too.
With a portfolio of fifty funds I have many places I can look to for positioning new money. However, the ones I have noted above are my twelve candidates at the moment.
I wish all ... Good Investing,
Old_Skeet
Also moved some short duration bond money from PRWBX, to PAFRX.
Similarly, MFO seems to have a longstanding record of recommendation for ARTGX and I was wondering why/if it was preferred to say OAKWX, which I hold and has a lower ER with similar returns.
Hi jlev,
We hold a 10% position in OAKWX, and I agree that it is more attractive than ARTGX:
1. Performance and AUM: Equivalent
2. Risk Parameters: ARTGX has had consistently lower standard deviations, higher sharpe ratios and higher sortino ratios over the past 3- and 5-year periods.
3. Expense Ratios: OAKWX 1.23%, ARTGX 1.52%
4. Fund Stewardship: Artisan has shown unacceptably poor fund stewardship, as ARTGX with $1.4B in AUM has not lowered its high ER as AUM have grown. And ARTKX, managed by the same team, likewise is overpriced with a very high ER of 1.22% despite growing to $11B in AUM. Also, since there are a whopping 25 stocks in common between ARTKX (total 50 positions) and ARTGX (45 positions), you would think that there might be some economies in research shared with common investors. Bottom line: Artisan's poor fund stewardship is a deal killer for me.
Kevin
Under Mutual Fund Categories it is interesting that commodities, precious metals and real estate are some of the y-t-d leaders.
http://markets.wsj.com/usoverview
Since, I have already added to my real estate income fund FRINX I will be now be adding to my commodities fund JCRAX. A little extra added at the beginning of the year to select positions can be a big aid in enhancing a sleeve’s overall contribution to the portfolio should you be able to spot and pick the fastest movers during the first part of the new investment year.
In addition, I sold all shares of JPVAX in my growth and income domestic hybrid sleeve and opened a new starting position in HWIAX along with adding a new position in the growth area domestic large/mid cap sleeve with HWAAX.
I wish all … “Good Investing.”
Old_Skeet
Thanks for stopping by.
As I write, better than ten percent of January has come and gone.
Usually there are about 21 trading days in a month ... some months more, some less. With this, these purchases are by no means large amounts including the sale of JPVAX as it was a minority position within its sleeve. I plan to build out HWIAX to about 10% of its sleeve mostly through buying during market pullbacks. The same with HWAAX in it's sleeve. The addition to the real estate fund was made during December, 2013 and the addition to JCRAX will be a small one possibly coming next week to maintain a ten percent weighting in its sleeve. I'll just keep nibbling around the edges along with buying a little here and a little there ... and, during market pull backs doubling up on the buying amounts for select positions.
I am sitting on 20+% cash; and, I am wanting to position the excess before too much of the year gets away from me. This is not to say come around May I'll be lightening up either as I usually do. Still awaiting to see what Congress will do with the debt ceiling. The coming few weeks could be interesting.
And, so it goes.
Old_Skeet