Hi, guys.
We posted last night but I didn't send out the notice until this morning; I still am uncomfortable bothering folks late on a weekend evening with "business."
Stuff that's there:
- my note on basketball and milestones, including ours and the markets
- Ed's reflections on how the recent news from BlackRock, Morningstar, Templeton and elsewhere might foreshadow the industry's future
- Bob C's discussion of how to think about creating a suitable income stream in retirement
the story on Morningstar's new mutual fund series, including what (little) we know, what we don't and what we might speculate about
- my profile of Northern Global Tactical Asset Allocation, which Morningstar finally got into the right peer group
- Charles' profile of Litman Gregory Masters Alternative Strategies, which flows from his recent meetings with those folks in San Francisco
- the first installment of Sam's profile of the Grandeur Peaks Global Stalwarts funds, where he shared the first 50% of the profile yesterday and aims to share the rest today
- a Launch Alert for 361 US Small Cap Equity, a rare small cap that's driven by behavioral finance principles and that has a pretty solid record as a series of private accounts
- coverage of a pretty stunning array of structural changes, including the marginalization of Mark Mobius, manager dismissals at BlackRock, the sale of one fund family and a host of rebrandings.
Hope you find some worthwhile nuggets there.
David
Comments
Thanks for the great commentary.
In the "Launch Alert: 361 US Small Cap Equity ASFQX" section, the commentary mentions that:
>>The “I” class shares of the fund carry 1.26% expense ratio, with a $2,500 minimum initial purchase. “Investor” shares have the same minimum but carry a 12(b)1 fee of 0.25%.
According to Morningstar the min. investment for the "I" class (ASFZX) is $100,000:
http://www.morningstar.com/funds/xnas/asfzx/quote.html
Is this a discrepancy between M* and the fund prospectus or the fund web site?
>>"AMG Managers Cadence Emerging Companies Fund (MECAX) announced an unusually large reduction in their management fee, from 1.25% to 0.69% as of June 1, 2017. At the same time, the expense ratio cap will fall from 1.42% to 0.89%."
According to M*, the fund has expense ratio of 1.65% (not 1.42%) on the small assets of just $62.4M. Another M* discrepancy?
http://www.morningstar.com/funds/XNAS/MECAX/quote.html
Regards.
Thanks for your great work as always.
Still not quite getting the love for BBALX, relative to the client base and culture at Northern Trust. Yes, the fund is outperforming its benchmark, but also has a downside capture ratio of 102%, with an upside of 100%. I would think a conservative, wealth-preservation fund would have US/DS ratios of something like 90/80, etc.