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Do any of you remember the opening of PBHG Limited back in the late 90's? That was a microcap fund that was open for all of one day and took in roughly $100MM on opening day. The fund never lived up to its hype. Will history repeat itself?
I just spoke with a representative of JOHCM who mentioned that as of end of February, JOMIX was available in a limited number of states (CA, NY, FL, VA, TX, plus a few others). He said their goal is to make it available in all states. When? He didn'…
Hi Kevin. I received the same message you did, "The mutual fund you entered is not authorized to be traded in your state." I might try contacting JOHCM and will get back to you.
Mike
Ditto Vert. I began a small position in Qusox after January's commentary brought the fund to my attention. Thanks David! I agree that with grandeur peak funds all closed, Qusox seems to be the best alternative plus it complements those funds sinc…
It may be a liquidity issue more than anything else. Perhaps the manager wanted to put some cash to work quickly and wouldn't be able to do so in some of the small cap names. I see this more as a temporary move.
Good observation.
According to Pimco's website, the assets of PQTDX consist of:
Percent of Risk Allocation as of 12/31/14
Rates 41.83
Currency 38.81
Commodity 13.42
Equity 6.36
Volatility -0.42
https://investments.pimco.com/Produ…
Charles, thank you for your sacrifice, dedication, and professionalism that you have consistently shown MFO since you joined. Your work complements David's wonderfully.
As a former engineer, I am a stats/numbers junkie. Perhaps that's why I so appr…
David, I would be interested in his thoughts on the strong US dollar and its impact on the fund's performance. Does he hedge his currencies in the international SCV fund?
Thanks David.
Mike_E
Take a look at Vanguard's Tax-Managed Balanced Fund (VTMFX). It is split 50/50 between U.S. stocks and municipal bonds. Good after-tax performance and low expense ratio (0.12%). I replaced VWIAX in my taxable account with VTMFX. Bear in mind, VTMFX…
Here's a link to the fund's investor returns over the past 1, 3, and 5 years. What a contrast to the fund's actual returns. Bottom line: Many investors didn't participate in the up years but are participating in the down years.
http://performance.m…
But that doesn't seem to jive with this current article from Barron's:
Investors Pull $27.5B From Pimco Flagship Fund In October
http://blogs.barrons.com/incomeinvesting/2014/11/04/investors-pull-27-5b-from-pimco-flagship-fund-in-october/?mod=BOLB…
Asset Allocation 7 More Information
AS OF 8/31/2014; MORNINGSTAR CATEGORY: MULTISECTOR BOND
Cash 19.12%
Convertibles 11.32%
Domestic Bond 19.41%
Preferred Stock 6.10%
Foreign Bond 21.02%
Fore…
I'm concerned about how much time Mr. Ivascyn will be able to spend on the Pimco Income fund, not to mention his involvement in several closed-end funds. Is he being spread too thin?
Mike_E
I second Andy's assessment. I would add that PONDX has significant exposure (~60%) to developed and emerging market bonds. PONDX serves as a global bond fund for me.
https://investments.pimco.com/Products/pages/314.aspx
I currently own both own fu…
Here's an interesting website where you can backtest passive portfolios.
http://www.portfoliovisualizer.com/backtest-asset-class-allocation
The bad part is that the data is only good thru 2013. The rest of the website is pretty neat as well.
Che…
I bought into MFLDX a few months before it closed when its assets were growing and yet manageable (around 3-4B). After it's sale, I grew concerned as I saw its assets balloon and wondered how effectively they could put all that incoming cash to work…
I'm considering swapping my MFLDX (Marketfield) for ICMBX (Intrepid Capital Fund). ICMBX risk-reward profile is very similar to Marketfield's. Intrepid's assets are much smaller, and hence can be more nimble. I'm concerned about asset bloat with Mar…
Active Share for FPIVX = 97.8% per 12/31/13 Website Factsheet.
http://www.fpafunds.com/docs/fund-fact-sheets/ivf-fact-sheet-q4-2013-v2E2114D09CBF3.pdf?sfvrsn=2
Great work David.
Mike_E
Sold out of SUBYX and bought RNSIX. I'm looking more for downside protection from a stock-market correction than protection from rising interest rates. Time will tell.
Hi PRESSmUP. It's not just a single day's return that I'm concerned about. SUBYX's portfolio is currently positioned to appreciate as bond yields rise. But if the market corrects (as it most certainly will and investors rush into treasuries and thus…
Hi catch22,
I am in no way bemoaning Mr. Ivascyn's spectacular performance of which I have been a glad beneficiary. What I'm more concerned about is the future - especially as he becomes stretched even thinner at PIMCO. I'm worried he'll have less …
Link to company's press release:
http://www.grandeurpeakglobal.com/documents/pdfs/grandeurpeakglobalfunds-pr-20131216.pdf
I found this quite interesting from the above press release:
Given the liquidity challenge this can present, our current int…
