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If anyone knows how to hold these funds in an IRA let me know. I've had the worst time trying to set up an account directly with them. They have a partner they supposedly work with, but they don't return calls. Thanks.
Thanks, Ted.
For the board: Hasn't there been some bit of research which shows that, in fact, quite a few managers are skilled, and would actually do quite well if they stuck to their (say) top 30-50 ideas, rather than overdiversify and, further, …
I love this line: we believe these new names will help to distinguish each Fund’s approach within our lineup
Shame they didn't do that from the start, huh ? Wonder why there's confusion about their line-up anyway...because they just churn out co…
A few random comments (by someone who otherwise is intrigued by the shop)
1. Only downside I can see to OSTFX is that it tracks very much the Vanguard all-cap index, with slightly less volatility (and Osterweis benchmarks the fund against the S&am…
@Mo: Chuck sold out to Legg Mason; and offered up his soul in the bargain. See David's comments in this month's commentary about how copycat funds have proliferated at Royce post-LM acquisition. I'd like to see, in addition, how many of the new R…
Chip Skinner still running RYVPX (or, whatever its to be called now)?
He was a big drop off from Whitney George when he took over that fund.
Churn, churn, churn, Royce (I mean, Legg Mason, I mean, Royce, I mean Legg Mason...).
The fund's performance is fine (two years in the top 5%, two years in the bottom 5%, strong start to 2015)
But how do you benchmark something like this? All Royce funds have style creep -- how can you (for example) benchmark a hypothetical fund th…
@Ted...insult to injury is that I used to own BX too ! Unloaded my small position in a fit of profit taking a while ago. Has been up nicely since then. Drat.
@Tampa: interesting thoughts. I think there is a lot there and the relationships are hard to tease out. I have known profligate wealthy people, and deliberate growth-oriented but perpetually poor people. I think analyses of aggregate patterns (M…
Sucks. I hate it when some outside group gets there nose up under the tent. My fear is that BX will interfere with FE's culture, install their own research team, roll out a bunch of new funds, then turn around and sell it. As a First Eagle share …
Never, I mean never, would have seen this coming. Wonderful fund, star managers often in the press, white-hot money piling in, fund taken over by a financial institution. You mean, there was the possibility of bloat and underperformance?
Never, I …
Don't know if its closed or not, but opening new accounts with RiverNorth is a hassle. They don't accept new accounts directly anymore, and the firm they've given that piece of business to is highly nonresponsive.
Buying their funds through a br…
Berkowitz is a pretty darn good manager. But he's a very odd duck and gives me pause. Take, for example, his shilling of FAIRX right before the crash. When shareholders pushed back because he was growing AUM at an alarming rate his response was s…
David -- thank you for setting up this call. I likely will not be able to attend the call in person, and so would like to submit the following questions for Mr. Horn, for your consideration.
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1. I've seen PG…
Always update your prior. Too many people are content to only choose conjugate priors because it's more convenient. Don't be afraid to use a slice sampler or reversable jump if need be. And recognize that in many situations even a weakly informativ…
FPA has been bearish for years. Years. I don't think FPACX is seldom below 20% cash. They were weary of a collapse quite a while prior to 2008, and had some sort of long-standing "buying freeze".
I don't mind that, BTW. That's why I've hired th…
I enjoy it when Bloomberg (NY Times, whomever) has to go out of their way to point out someone in their stories is an Ivy League graduate, but neglect the education credentials of others mentioned in this story....
Aronstein, a 61-year-old Yale gra…
David -- your first paragraph -- I was not aware of this, and it strikes me as odd since Royce and George seemed to have gotten on quite well for some time, and since George is a respected investor. Can you elaborate and provide more insight and d…
@openice: Royce has a history of benchmarking their funds (some of which can be up to 30% international) against the US small cap index. You'll notice over the past decade or so the proliferation of copy cat funds. And, poor performing managers n…
Wonder if George was looking of a new challenge, Sprott made him an offer he couldn't refuse, or something else.
Personally, I'd be delighted if the move was a vote of no confidence in the Royce culture since the Legg Mason acquisition.
Kind of a …
I used GEICO for years, on the advice of Uncle Warren, untilI discovered a little secret: its not hard to beat GEICO's prices and save money elsewhere. In the regionsI have lived over the past 12 years, GEICO was far from the cheapest insurance ca…
Kaspa -- RYSEX just added a co-manager. Wonder what that will mean for the fund going forward. You're paying for Dreifus, but you're likely about to get a Royce-a-roo bait and switch. I say this as an RYSEX shareholder and victim of past Royce no…
Tangent:
The issue I have with Netflix (as a streaming subscriber) is that they always come up with some kockamamy rationale for raising the fee. The service seldom improves; and the streaming selection improves very very slowly. NFLX has a histo…
Had a somewhat similar experience years ago when I emailed Oakmark with a couple of questions before deciding to buy into OAKBX. I sent a generic email into Oakmark, got a reply from McGregor himself.
Thanks, Ted.
I have a small chunk of discretionary funds in energy that I've been trying to decide to pull the trigger on or not. Not really sure how much longer to hang on. But this is insightful, thanks.
D.S.
