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C'mon, you guys are just trying to befuddle us with elitist vocabulary and some words that don't look like English. Pretty soon you'll be using elitist punctuation like the semicolon.
As a retiree I want my fixed income to be as risk free and immune to the gyrations of the stock market (and the effects of rising interest rates) as possible in order to act as a counterweight to the risk I am taking in equitities.
Joe
Joe, sounds l…
Primer on FRs, here. Pretty good roundup, seems like.
Money quote: "A diverse portfolio of floating-rate loans should perform well when the economy is recovering and credit spreads are tightening."
Typically, they're not equivalent to junk corpora…
I'd keep in mind that although there's no way to know what happens next, rates have already risen a lot in a very short time. I'm trying not to do anything too drastic that I'll regret if rates settle into another, higher trading range for a while. …
(Edit: Corrected earlier misspelling of gaging. I am not yet "gagging" on my funds - but may soon be.)
May not be far from the truth, Hank: the former bond trader who's a frequent poster at M* is calling the recent price action a "pukeathon."
It's pretty wild, so I had to doublecheck this on the Powershares site after seeing it on M*: PCY (US$) and LEMB (local currency) both fell in price today ~ 2x the drop in the IIV, resulting in very wide discounts, for etf's.
Here's PCY, discount …
Could be a little on the late side. The fund's been positioned conservatively on both rates and credit for a while, and since the turn in rates, it's top decile again if you judge it as a core intermediate fund.
I'd never heard Robert Cohen before - good speaker, good collection of data, reasonable conclusions, not overboard talking his book. It's just one example, but offhand he came across to me as Gundlach quality without the bombast. Refreshing ...
"Vanguard Emerging Markets Stock Index's low costs overcome concerns about country weightings," writes Oey in her latest analyst report.
I'm not sure I follow that line of reasoning. Is she saying that, if the cost of an index (or, for that matter, …
If CapGainsValet starts up again this year, it's also a decent source.
It has started but he's not working for free anymore. Good luck to him...
He's apparently got a no-fee page that links a limited number of "big guys," and it's subscription o…
I didn't realize Fidelity doesn't do AB in LW A shares; too bad. AB does have an apparently well-run global hy cef, AWF, with relatively better credit than a lot of hy funds. But it's not in the same space as ANAGX; much more like AGDAX.
Apparently self-promotion ... yet another writer and another article that assumes the entire bond market can be reduced to an index of one segment of that market, with the index weighted by the size of each entity's debt.
AndyJ,
Do you think it is too early to get back into Intermediate Term Munis like VWIUX and FLTMX?
Mona
Who knows, Mona, but I wouldn't until the direction flips, at least. Even yesterday, an okay day for rate-sensitive FI, munis were flat while…
The steepening of the yield curve may be setting up the next great buy in fixed income, at some point down the road.
Fwiw, Pimco's been defensive on rates in most of their investment vehicles for many months now.
@AndyJ, I got the load info from the RiverNorth prospectus, p.37.
From the language - "as a percentage of offering price" - that's for the ipo. After the ipo, a buyer buys shares from other investors, through the middleman of an exchange, just li…
Carl Kaufman will be doing a 3rd qtr. teleconference tomorrow.
If either of you have a chance to listen to it and report, I and I'm sure others would appreciate it. OSTIX has popped back up on the radar lately for me, too, but I can't do that time …
Sven, I'm not sure where you heard there's a 2% "load" for, well, any cef; they trade like stocks, with a simple commission (e.g., $8 a trade with Fidelity). A comment on M* referred to a haircut of about that size at the initial public offering (no…
Mike, look at the differences between MAPIX and CNR in developed vs. emerging. CNR is an emerging Asia fund.
Never have come close to buying it myself, but past contributor Scott, who is/was pretty skookum about investing, intro'd the fund to the b…
Very well done fund profile of RIMIX - CNRYX by new contributor Dennis B. ... I bet I'm not the only one wondering if Dennis is our old discussion board colleague "Scott," who had a thing for and first intro'd the board to the fund.
I bought PRBLX b/c of its eclectic set of holdings and fairly solid history through several market cycles, not b/c it's an ESG fund. That said, I'm inclined to trim/liquidate for a bit to see how this plays out in the markets, even though it's "onl…
That's an friggin' extraordinary last paragraph to write as a wrapup this last summer.
Yep, that bit about WF's fee income especially sets the bells ringing now, eh?
For people considering dumping PRBLX specifically because of the WF failure, it might be worth considering that very few of the competitors do any of the kind of ESG risk analysis P. does as an apparently routine strategy, contributing to the fund's…
Here from the 6/30 report/commentary is their public explanation of why they bought it in the first place:
We decided to buy Wells Fargo after many years of waiting for the right entry point. At the time of our purchase, the stock was trading at a…
In case anyone else is curious, here's what "Relaxed Constraint" means (quoting from the Principal Investment Strategies section):
"Relaxed Constraint” in the Fund’s name reflects the Fund’s strategy to take long as well as short positions in the …
On the Matthews-Seafarer question, the chart shows MAPIX (AF's old fund) still outpointing SFGIX* since SFGIX's inception, +41.8% to +30.5%.
Yes, they're different animals, but generally I've thought Foster appears to be good manager who's made a …
In the minor details department, might be worth noting that the PRBLX portfolio position in WF is an outlier in the Parnassus funds generally. Aside from PRBLX, the only P. fund that owns WF is PARNX, and it's top 25 but well down the list.
The fi…
Now they just have to get popular enough to work up to a decent trading volume - something the "inactive" XMPT hasn't been able to do -- altho it has been trending a bit higher lately.
The latest about the laidoff / fired / retained is extremely troubling.
Good article; I'd heard briefly about the class actions but not the details. Notice at the end, it says that Cordray of the CFPB "strongly hinted" the case is being referred fo…
Thanks for the post. I guess P. figures they don't know all they need to know, and they're being cautious.
Frankly, though, I don't think WF deserves any points for ripping off customers and then giving some of the proceeds to charity, and I doubt…
Sept-Nov is traditionally the longest weak period of the year for munis. That they're just slightly down on NAV with the runup in T rates of the recent past during a seasonally weak period speaks pretty well for the class, IMHO.
For someone who wa…
It'll be interesting to see what they do with it now.
FWIW, Parnassus has a feature for easy lookup of historical holdings. On just a very quick check, looks like Wells first appears this year in May. Last time before that they held it looks like l…
I take it it's Parnassus you mean? I'd call them. It's been a while, but I used to connect easily with a real person there.
Hasn't PRBLX made a habit of WFC's being about the only bank they'd own? Can't remember what that decision was based on - m…
