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.
Sorry for being a dissenter, but does anybody really need an EM HC fund -- translation: regional, sector ?? Smells like too much slicing and dicing to me. If this is a slice-dice need, then I would focus less on where a stock is domiciled and more o…
Hi Matt,
I work in the HC industry, and I am very positive on this sector in the short- and long-term, and I really don't think that it is too late to initiate a HC position. We currently have a 10% position in PRHSX, and own even more HC through …
Hi Carefree,
David Iben is a very smart investor, but that doesn't mean that you need to give him your money to manage. He is obviously taking concentrated bets on beaten down sectors that continue to be beaten down more (aka, value trap). And the …
This is totally Cray Cray:
“Over 60% of investors aren’t quite sure what a liquid alternative is, but over 50% would buy it if their [financial adviser] would recommend it ... ”
Oh, and let me complete the math: 100% of the managers of liquid alte…
@LLJB, sorry for the delay in my response as I have been consumed by work. The managers of WESNX also manage WBENX and WELNX, and all of these funds have done well since inception, so I have confidence in the managers. Also, these funds do not hug t…
In the multi-cap EM equity space, I continue to prefer WESNX which continues to be open to new investors at Scottrade for a $2500 minimum + TF in taxable and retirement accounts. And WESNX has outperformed EMIYX since its inception. Disclosure: we …
Once again, I am totally with Ted. To date, I have never been presented with any objective evidence that any investor needs a L/S fund as part of a diversified portfolio.
Of course I have been presented with sales pitches like this one from Alte…
You are actually paying an 8.13% expense ratio. Here is the key sentence, with emphasis on "except:"
"Ordinary operating expenses includes all Fund expenses except brokerage, taxes, borrowing costs such as interest and dividend expenses on securit…
@Vintage Freak
You are actually paying an 8.13% expense ratio according to the most recent prospectus and confirmed with a telephone call I just made to TFS Capital.
@VintageFreak
The same team manages TFSMX and TFSHX. Both of these funds have had underwhelming performances YTD, and over the past 1-year and 2-year periods, as well as since inception. Sure they are in troubled investment categories, but as absol…
Hi VF,
TFSHX has had underwhelming performance since inception, and I have no confidence in the management team, as they have also done poorly with their other "alternative" fund, TFSMX. Bottom line: If I owned TFSHX, I would sell it now.
Like I …
@Scott
I'm waiting for the period over the next year where this fund - which, admittedly has had stunning performance for a fund in the managed futures category - under-performs for a period (given the nature of the fund, it will happen) and everyo…
Hi Reids,
Your questions and comments are always welcome on MFO.
I will make it a minority of three, and here is what I wrote on 8/4/2014 about MFLDX, previously a loved darling on MFO:
"Avoid MFLDX:
1. Poor Fund Stewardship: As AUM have ball…
Ivascyn is a very talented FI manager, and I seriously doubt that he will be as visible in the media like El-Erian and BG -- which is a good thing. I always got the impression from El-Erian and BG that they loved to hear themselves speak, and they …
@Sven, I just test traded EVBIX again in my Fidelity SEP-IRA, and the minimum I see before placing the trade continues to be $500 + TF. Perhaps they have different minimums for specific retirement accounts.
Kevin
Bee, according to a test trade I just made in my Fidelity retirement account, EVBIX is available for a $500 minimum with a $49.95 initial transaction fee.
Kevin
David Winters gives decent interviews, but I have yet to be impressed by his performance at WGRNX, which continues to have underwhelming returns for a fund with an exorbitant expense ratio of 1.85% and AUM of $1.7B. He continues to be a poster chil…
Avoid MFLDX:
1. Poor Fund Stewardship: As AUM have ballooned to $18.9B, there has not been a significant decrease in the exorbitant 1.39% management fee or the extremely high actual expense ratio of 2.66% (forget the M* data which is unreliable). …
Hi MikeM,
According to a test trade I just made, TIBIX appears to be available in Fidelity retirement accounts for a $500 minimum with a $49.95 transaction fee for the initial purchase.
Kevin
Hi Ted,
Europe and China need and will continue to buy Russian energy resources, so I seriously doubt that any sanctions will bring down the Russian economy. With single digit current and projected PE ratios, I continue to be bullish on Russia as …
Hi Paul,
Mr. Marcus managed or co-managed Mutual Series funds for less than 2 years, so I doubt that he earned any "pedigree" during such a brief period. And if you look at the record of MEURX, the only fund he managed by himself, it trailed the ca…
Hi WolfgangAK,
You may want to consider MLPX as detailed HERE. Although I would like to see higher daily trading volumes, this ETF has some attractive features and has performed well since inception.
Kevin
Roger Ibbotson is an academic rock star, but he has had less than stellar results in the fund management business. His Pioneer Ibbotson fund series (IBAYX, IBBCX, IBGYX and IMOYX), as well as his ETFs have had underwhelming returns so far. Ibbotson …
How about examining fund stewardship by plotting growth of AUM vs. actual expense ratios paid by investors ? Looking at the latest annual report for MFLDX, this would clearly reveal poor fund stewardship by the manager and the fund board of directo…
VF, I realize that I am in the minority here, but do you really need a L/S fund ? I have yet to read any convincing evidence that anybody needs a L/S fund as part of a diversified portfolio. The space has very few long-term and consistent winners as…
Hi VF,
Looking at the risk parameters (SD, Sharpe Ratio, Sortino Ratio), I would favor SGENX-LW over CVLOX. Despite the First Eagle fund being bloated, it continues to deliver. I would also consider MBAAX and HCOAX which are both LW at Schwab.
Ke…
Hi Reids,
If you are receptive to ETFs, I would consider the young GVAL (fact sheet) or a mixture of RPV and EFV. For the last few years I have been incorporating more ETFs into my portfolio to bring the overall administrative cost down. Also, I …
HHCZX (prospectus & true investor ER 2.67%) is available for a $100 minimum plus a TF at Scottrade in both taxable and tax deferred accounts.
Looks like TMSFX has a prospectus & true investor ER of 2.20%, not the misleading ER reported by…
Hi Jed,
I would also take a look at HCOYX, MQIFX and MTOIX. Among ETFs, GAL looks promising but it is very young and has a low average daily trading volume.
Kevin
I would also take a look at MQIFX, which continues to be available at Wellstrade. Also, if you are willing to look at ETFs, I would consider a 60/40 or some other mix of TILT and TLTD which would give you the exposure you desire with relatively low…
Hi Jerry,
I agree totally with Hank. To date, I have not read any convincing evidence which indicates that a well diversified portfolio must include exotic funds such as L/S, market neutral, hedge-equivalent, or the AQR-fund-du-jour. If you want l…
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