Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Donate through PayPal
REcommendations for International SmallCap Fund (Value or Blend) at Fidelity
That said, if you like the thinking behind QUSIX, you might be more interested in their global strategy PGVFX: http://www.mutualfundobserver.com/2014/12/polaris-global-value-pgvfx-december-2014/
WAIOX has been a successful fund for a long time, defying its very high expenses.
I was impressed with the information in Dennis' write-up of ICMIX this month but Dr. Snowball called QUSIX one of the 3, and only 3, great small cap international funds. I'm a little surprised Intrepid has only been able to raise $17MM in assets with a good record over more than 2 years. It almost seems like the risk of liquidation for ICMIX could be pretty high if it doesn't garner a good amount more interest in the next 12 months. They're eating almost half of expenses under the expense waiver and that most likely means "future" shareholders will eventually bear those costs if the expense ratio eventually falls below the waiver.
I also like FISMX a lot, Global Stalwarts and GP International Opportunities and I own several of these funds but I'm looking to add some "value" to the mix with new money.
Intrepid seeks to put the shareholder’s interests first and generate great risk-adjusted returns. They have six different mutual fund strategies launched since 2005 and have been patient with each of these strategies, recognizing that it takes time for the asset base to grow and for the funds to start showing up on screens.
They give every fund they launch a multiyear timeframe to prove itself, which should at least reflect a full market cycle, and specifically have little expectation that any new fund will grow materially until it secures a three-year track record and receives a Morningstar rating.
ICMIX is on track with their initial assumptions for asset growth, does not foresee eliminating its expense ratio caps, and hopes to reduce the expense ratios as the fund grows.
As Franklin said in his 3Q 16 commentary, “Thank you for letting us build”, i.e., the building process takes time, and that being patient and building the portfolio right pays off for everyone.
I appreciate your interest in this month's article.
I have roughly equal amounts in QUSIX and GPROX.
Fidelity will likely let you transfer in shares (e.g. from Vanguard) to a taxable account even if you don't have $1M. But you should check to be sure, and also make sure that they'll let you buy more once you transfer the shares in.
I'm pretty sure there are endless arguments for why I should or shouldn't have foreign small cap in my portfolio and I tend to think the reality is that not many people truly "need" most of this stuff. But I want it and I want it because I think most of the developed world has a demographic problem that will hurt bigger businesses more than smaller businesses. And I want to be selective across the board so I'm not a fan of broad passive approaches to foreign markets now because I'm not a big believer in those economies, broadly speaking. I'm willing to pay people I believe in to be selective and hopefully do better than average. I realize that goes against the prevailing wisdom in some regards but I'd rather follow what I believe in along with the associated risks than do something I don't believe in or even to just avoid it altogether.
Late last spring or early summer there was a spirited debate about funds that hold a lot of cash. At the time I think it was related to the liquidation of Eric Cinnamond's fund. I like this fund a lot- the way everything is approached, the way Franklin thinks and communicates, the shareholder friendliness. I also recognize that I and anyone else who likes the fund has to be prepared for the possibility of times when it may hold very large amounts of cash. If you can accept that and believe they'll come out ahead over the market cycle then it's great. If you have a hard time with that then it'll be even worse when you have real money invested.
Thanks again for your thoughts!