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Thoughts on FMPMX

chrisblade
in Fund Discussions
Came across this fund in my research, FMPMX, Rx Premier Managers Fund Institutional Class. It is a fund of funds, however it does have some best in breed, it mainly consists of Berkshire Hathaway, First Eagle Global I, Blackrock Global Allocation I, Loomis Sayles Global Equity and Income Y and Ivy Asset Strategy I. Some of those funds I just wouldn't get access to those classes. According to their website a fund waiver is in place at .70 er. Just curious if anyone had any thoughts on it. Thanks.

Comments

  • cman
    Interesting idea but not sure it is worth it.

    What is the extra ER you would pay relative to this fund if you put together your own portfolio of a retail equivalent of the same funds. If such a fund is not available, what is the upside difference in finding an approximation to it?

    Seems like you can easily put together a portfilio of similar characteristics if you don't mind the allocation skew.

    Don't see how one can really justify the additional ER even with the waiver.

    You have to figure out from the prospectus if they plan to actively allocate to different funds with some strategy or if this is a PRPFX like allocation where they basically sit back and collect fees and let the fund run by itself (nice gig for them) where it works until it doesn't.
  • 00BY
    net assets of $5.5 million and funds starting opened in Sept 2012. I'd wait until it has some more saddle time and see if it garners enough assets to stay open. Managed by Greg Rutherford (CIO and Managing Director of Foliometrix LLC and President of Tagge*Rutherford Financial Group). I've never heard of the manager before.

    The Fund will principally invest in Portfolio Funds or utilize investment model managers
    with a performance record of at least 5 years that have an investment objective similar to
    the Funds or that are otherwise permitted investments under the Fund
    s investment policies. The Fund will be invest or utilize a small number of Portfolio Funds and investment model managers, often as few as three to five Portfolio Funds or investment model managers.

    The Advisor uses a proprietary screening process to select Portfolio Funds and
    investment model managers. The screening process seeks to identify managers who, over time, have proven successful at allocating portfolios for long-term growth without the constraints of a specific asset class, style, or sector. This process leads to a full
    quantitative and qualitative due diligence analysis of an investment methodology that
    may be employed within the Fund.

    FWIW
  • cman
    I agree with @OOBY to give it some time and see what happens. A red flag is that the co-managers have started some 8-9 different funds at the same time, co-managing all of them.

    It just looks like ONE of @old_skeet's many sleeves and a living example for the recent discussion on buying multiple similar actively managed funds.
  • TedTed
    MFO Members: 20% Berkshire + 4 other funds coupled with a high ER, no thanks.
    Regards,
    ted
  • chrisblade
    Thanks for the thoughts, I will hold of pulling the trigger until more time has passed. Also a good note about managing all the other funds, I didn't notice that point! Appreciate the input.
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