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Rondure and Grandeur Peak

David_Snowball
in Fund Discussions
I just finished the GP Annual Report and June quarterly letter.

Three highlights:

1. all of their strategies, except EM Opportunities (GPEOX/GPEIX), are substantially outperforming their benchmarks, YTD (through 6/30/17). In general, the lead is between 400 - 500 bps.

The EM lag reflects the fund's small cap orientation (it trails the EM Small benchmark by much less than the EM All benchmark, reflecting the generally softer performance of small caps), valuation concerns that led to an outsized cash position early in the year, and a few individual-issue problems. It remains a five star fund and a Great Owl.

2. over the past six years, stock prices in their universe have roughly doubled with earnings have flat-lined (their word). In consequence, "Our focus is increasingly on companies with great moats and defensive characteristics."

3. Rondure is traveling with and exchanging research with the GP teams. They're happy with the level of integration between the teams. Ms. Geritz is now managing about $65 million, a very quick start.

Grandeur Peak's AUM is, they say, essentially unchanged with all of their strategies - except the Stalwarts - closed to new investors.

David

Comments

  • CharlesCharles
    edited August 2017

    Past year's performance on some notable foreign funds ...

    image
  • LLJB
    I'm a little surprised that the Stalwarts funds were introduced because they wanted to create some room for people, advisors mostly I guess, to invest more money, but the 2 funds have only garnered $500 million. That's not a small amount of money compared to their total AUM and it's not bad for funds that are a bit less than 2 years old, but I'm a little surprised they're not bigger considering everything else is hard closed.

    Sorry for a tangent about the search tools- isn't it a little strange that we have, what, 10,000 unique mutual funds and etfs out there but there are categories like International Small/Mid Cap Value with only 13 funds? It suggests there's either too many categories or a surprising absence of funds in that space. It might also be that they're putting too many funds into "multi-cap" because I've seen quite a few funds with that designation in a couple of different discussions now and that's not how I've ever thought about quite a few of those funds. It made me wonder why there's not a "value with a bit of growth" or "growth at a reasonable price" category. :)
  • Derf
    Good morning: Which is better (rating) concerning APR VS PEER? Red or Green
    Derf
  • David_Snowball
    Hey, Derf!

    In Charles's system, blue shading is always the preferred end of the scale and red is always the troubled end.

    If you like at a fund's profile and see a line of blue across the board, you immediately know that it's in the top (i.e., best) tier for each measure.

    David
  • ShostakovichShostakovich
    @David: So the color coding does not align with the 1-5 ratings?
  • ron
    SICNX should be there.
  • David_Snowball
    Hi, Shostakovich.

    No, not really.
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