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James Micro Cap Fund (JMCRX)

Kiplinger's had a good article on James Micro Cap fund (JMCRX). Curious, if other Fund Observers have had any observations on them? Thanks, Lukemon


  • They're on my "to-do" list, for what interest that holds. We haven't done much on them yet, but the statistical measurements make them look awfully solid.
  • Thanks David, kudos to you and everyone else who helps you put this together every month, it is an extraordinary amount of work, my hat's off to you, thanks, Lukemon
  • It may be a bit irrational, but I like the allure of smaller firms who have a specific focus and operate in an environment where they are under the radar to a degree. This autonomy affords them a measure of leeway in terms of following their specific direction without the glare of media spotlight. At a certainly holds the AUM down to a modest level.

    James, Vulcan Value Partners and Stewart Capital come to mind within my positions.

    On the surface, this micro cap fund draws immediate comparison to the new Grandeur Peaks offering, simply due to timing. I noticed that the younger James associate (son) is the PM for this fund...which may be instructive for GLRBX when the senior Dr. James retires.

    The other glaring difference is the scope of holdings. With a similar market cap target of about $1.5B, this James fund holds only 41 equity positions per their website. While not disclosed, per their history I would think that the GP micro cap fund holds 4 to 5 times that number. That is what I call rolling the dice.

    I look forward to a more thorough analysis sometime in the future.

  • beebee
    edited November 2015
    I own another microcap fund from a fund company that also flies a bit under the radar, Buffalo Fund's Emerging Opportunities Fund (BUFOX). The fund has 53 holdings with a recent concentration in Technology. It's off its high by 20%, but boosts a 5 yr avg return of over 15%. The reality is that this fund experienced a MAXDD of 48% and it took 6 years to dig out of that hole. These funds are not for the faint of heart and in my opinion require an entry and exit strategy. These funds move in cycles so attempt to buy the lows.
  • A couple of micro cap funds that I have been watching are wamvx and dmcrx which I can get through TDA without fees. All of our small cap exposure was transferred to gprox before it hard, eventually we will need an alternative to add funds too unless the fund reopens.
  • Thanks to Roy, bee and PRESSmUP. I too am in GPROX and GPMCX. Wasatch, Buffalo and Driehaus have been on my radar for a while. Stewart was one I had never heard of but looks very interesting. Vulcan is closed to new investors but I will keep an eye on for any future re-opening. Thanks again for your comments, Lukemon
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