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.
I agree with David. They certainly haven't been on a fund-launch rampage since going public, and the recent Krug/ARTFX launch is very much in line with the 'category killer' approach.
I see nothing wrong/imprudent with opening a small position in ARTFX.
No joke. Once people realize who the manager is that Artisan lured away to launch ARTFX, the assets may pile up quickly, and Artisan closes funds at moderate AUM levels. I've be…
Alternative views here, from BofA and TRP, summarized at Barron's blog.
The OP-linked article doesn't consider the HY spread, which is at least as important as yield considered in a vacuum; it's really compressed, but not approaching record territo…
The Shiller Enhanced CAPE fund (DSENX) seems more in the Db'line wheelhouse, vs. a straight actively-managed equity fund. It's a formulaic sector-rotation stock strategy represented by derivatives, backed by a Gundlach bond strategy ... broadly simi…
For comparison, here's what David Sherman calculated after the October '13 dividend, when RSIVX was brand-spanking new.
Current yield: 8.43%
Approximate expected gross investment yield: 7.12%
Approximate duration: 3.12 yr.
Avg market price: 103.61
…
Thanks, David. I just wonder why they won't publish those figures you quote on the web site, just as data and without the "approximation" number, which isn't nearly as supportable. Doesn't seem like they would be promising anything or running up aga…
Do The Math? We've had this discussion before.
Yes, and there was another one before that, where I reported what David Sherman sent via e-mail, but those were a while back. The OP's question refers to "current yield." It's of course possible to fi…
Charles, yes, that appears to make MFO internal-logic sense for PRBLX on the basis you state, but in the case of comparison with SMVLX, you've given the latter a rating only over a period during which, simply by its structure, it would be very surpr…
I kinda see where you're coming from, Charles, but not really. I'm not able to get past the fact that since SMVLX launched, a period that includes both up and down markets, PRBLX has gained 85% cumulative vs. SMVLX's 63% ... with lower drawdown.
Fr…
Charles: " It is PRBLX's performance during the five year bull market that lands it in the 4th quintile."
Sorry to disagree, but that factoid actually supports the notion that low downside risk may be somewhat underweighted in the MFO system.
The…
I haven't explored the data protocols that produce the owl list, but the fact that PRBLX doesn't make the list suggests to me that the protocols might underweight down-market performance in some way ... just a thought.
Cheers, AJ
Welcome, Guido! I'd missed the previous posting of the link and appreciated your posting it, I wouldn't have seen it otherwise.
Same here; thanks. Some very useful links can get lost in the daily blizzard.
@Maurice, some newer browsers will let you selectively delete cookies. That might be a solution for you.
The wonder of add-ons: try 'Self Destructing Cookies'. Allows them for the time you're on the site, then kills them on exit, except for the si…
"We offer a Premium Membership Service for $23.95 per month, $199 per year, $339 for 2 years or $439 for 3 years. If you haven't already, you can preview Premium Membership with a free 2-week trial period."
I've been offered a significant reduction…
Agree with Dave. I didn't realize RP does commentary; haven't found any on the site.
One amusing bit from the semi-annual report, which is basically the 3-31-14 listing of holdings: RSIIX-RSIVX lists 5.2% in energy, among which is Checkers Drive-I…
Also from Barron's Income Investing blog, this piece says Japan's enormous pension fund (AUM = $1.26T) will now be allowed to invest more in foreign securities, and will prob'ly become a more significant source of demand for U.S. Treasuries, also he…
"I'm considering moving on, it appears I've outlived my usefulness."
Actually, Ted, you'd be more useful to the board if you did as David asks.
See IE's post; that's what David's asking for, some substance to explain why a particular article is w…
Well put, expatsp ... yep, that angle too.
BK did very well vs. the category in 2008 and Q3 '11, and anything David can tease out about how he accomplished that then, and how he is managing the new fund today to limit the downside, would be welcom…
Hi David, thanks for asking. Maybe ask Bryan Krug what his strategy for the near future of ARTFX is, given that the HY spread continues to sink (~3.5) toward the record low shown in FRED data (~2.5). Best, AJ
Scott: " ... when I saw the title of the thread, that's the only thing I thought it could be."
Same here - I went to the link to see what he had to say about it, and it's about some coins umpteen years ago? Really, Bill?
Scott, you nailed it. Kiplinger's, 2008:
"But Nygren's largest blunder by far was his heavy investment in Washington Mutual (WM), the country's largest thrift. At one point, WaMu represented a towering 15% position in Select's portfolio. The Seattl…
Charles: "I don't see much in way of downside protection to justify the ER, so he's benefiting from the bull market."
That's the reason, as tempting as SMVLX is when things are on a roll, that I've never put any $ into it.
The WSJ fund pages use the same data layout as the now-defunct Smartmoney did; that's the only place I've found that uses the old SM structure. (May be others, but I'm not aware of any.) Marketwatch uses Lipper data, but it's still structured like t…
Hope they plan to tweak the fund strategy; a 3y return of less than 1% annual is probably not going to attract a ton of investors, whether it's under the AdvisorShares banner or Cambria on its own.
Yes, there is quite a bit of material on FF divestment & fiduciary duty, and at least some of the ~ 95 institutions that have already pledged to divest per the campaign parameters specifically state that investment committees are to continue to …
... any wisdom or insight you might be able to share regarding ESG or SRI issues in investing and related funds would be very appreciated.
JLev
JLev, not quite sure what you're looking for, but if you're interested in a list of FF-free funds, etf'…
That chart is one for the ages.
I think I'm recalling right that Consuelo Mack never asked Andrew L. about his record on the alt strategy he was touting during the May 2 WealthTrack program.
Caught Chuck A.'s WealthTrack interview on PBS; first time I've seen/heard him in action.
I think a key takeaway is that there's a significant amount of judgment in his (extremely successful) process, and that may not be transferable once Chuck han…
Hi Brightorange, first thing to do, if you haven't already, is to have a look at what they're doing inside the fund, HERE on the DoubleLine web site, under 'Investment Philosophy.' It's for sure interesting, but it's got nothing at all to do with JG…
Meanwhile at Pimco Daniel Ivascyn's funds (PIMIX, PDI) continue to knock the ball out of the park. I guess you've got to choose a manager more than a shop.
IMHO, the Ivascyn funds are about all that's left worth investing in at Pimco. Unfortunately …
Crash, just fyi, those reports are copyrighted material, and David would not likely be happy to see them cut and pasted on this site.
TRP used to occasionally sponsor periods of time (a couple of weeks or so) when M*'s reports on TRP funds were fr…
Thanks for the heads-up, bee. GLFOX is really interesting. I didn't realize the range of approaches infrastructure funds use. There was an article from WSJ in Feb (which quotes David, by the way) with a survey of i-funds. (It came up in full for me …
This house is 45%, up from 35% last year on valuation. About a third of the 45% is U.S.-dollar hedged. I like the company, country, and culture diversification a lot; the currency risk, not as much.
