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.
if the fixed income fund's objective is current income -- then you pretty much covered ALL fixed income funds. trust me i know... i read (if not write) these for a living. for the equity fund, an investment objective would be capital appreciation.…
fyi: IRS AUD is interest rate swap priced in AUD, i.e. interest rate hedge in Australia, not a currency hedge.
rjb, I think "Irs Aud" is "interest rate swap, Australian dollar," which may be effectively a way to hedge the currency risk of owning Aus…
agree that no one, but some retail will follow Gross to Janus. No institution would do it without sufficient due diligence which takes three years for any consultant or fiduciary.
in term of working the phones and imposing himself on doubleline a…
you are histerical, Ted.
DBL: 99% MBS and agency CMO, i.e. it's a mortgage fund
DSL: 17% MBS and agency CMO; 5% CMBS; 46% corporate non-US (including EMD); 16% corporate US, i.e. it's a diversified fixed income vehicle.
@BWG: Difference in the tw…
hi there Catch,
treasuries were up, spreads were out. easy.
PTTRX is a core bond with a bunch of treasuries and some spreads which canceled each other to become zero. PIMIX is all mortgages that blew out (with all other spreads yesterday - high …
@BWG: why would the portfolios NOT be different? why would a company print clone funds right one after another? just like pimco's PDI and PCI are different so are DBL and DSL.
@rjb112: "The Fed just revealed yesterday that the Fed Funds rate, currently 0% to 0.25%, is expected by the Fed to be at 3.75% at the end of 2017. If the corresponding rates of the bonds that the DoubleLine Long Duration Bond Fund will invest in al…
the conversation i see is increasingly tilting to move to long/short or market-neutral from the fixed income allocation. previously, such move was discussed as alternative to stocks... jr
not really. just exit from the most recently successful beta plays.
Maybe this is a delayed reaction on the iCloud news but AAPL is taking a bearing early on down 2.28%.
i wouldn't ever place dan ivascyn's ability to hedge duration via [pay fixed return floating] swaps next to the plain vanilla barclay's agg benchmarked fidelities and D&Cs of the world. it's like comparing a diamond to a brick. there is nothing…
incidentally, just got this from citi (to advocate for larger caps at this stage):
As the impact of US QE wanes, asset markets are set to enter the third of this four phase cycle. From here, credit spreads usually turn up but equities rally on furth…
@rjb112: i don't necessarily follow mega caps, but i own a chunk of S&P500 index, VGHCX and a few individual names that are considered mega caps. i like GAINX (heavily subsidized ER and global market leaders). institutionally, we are overweigh…
@rjb112: actually by MC i meant MidCap (apologies) -- midcap growth category went in locksteps with small cap growth and negative YTD. my fund choices are mostly institutional (former) 401k choices and thus i haven't specifically listed any of them…
everything growthy, small and european has been lagging YTD. i added a percent to growthy MC and 2% to EAFE benchmarked thingies. also, put 1% into CBI. i have been underweight equities for years since i felt my employment had very high correlati…
i would say - identical.
the porfolio balance is now slightly better than 70% in PREMX in the past and probably warrants the new handle, but still not diversified enough. for someone counting days to a reduced SS check, investing like a 20 year ol…
@Crash: a few observations..
"It's not a very big amount, a bit more than 6% of my portfolio." in professional asset management, this is a very big trade -- have no doubt. plus you're redeeming the more stable exposure to fund the frontier one...…
thank you, gentlemen. i am poking in here and there. i am more of a live discussion fan.. links tire me. will do my best to participate if/when i think i can add value.
the current yields table posted by catch22 is a must-see. look at the predominantly red 'spread to treasuries' column. Spain yields less that USTs today! German/ US spreads are at the 80 year high!..as long as European problems persist, the USTs …
mostly interest rate risk -- they are usually of longer maturities ... and some credit risk (or perceived credit risk) every time either PR or Illinois (or Whitney) hits the headlines ... usually good ballast to the equity portion. as a triple tax-…
we are expecting the German 10-yr bunds to stay under 1% due to the Eurozone slipping back to recession. in a relative value world, when Spain yields 2.4, US's 2.4 seems like a bargain!
Trying to understand why a short term timing model would swi…
... During the crisis, risky asset including junk bonds were sold indiscriminatively. Fundamentally the default rate of junk bonds has not worsen in that period, and his holdings continued to pad their dividends. ...
i agree that all risky asse…
I have a question for anyone who cares to respond. Is there differences between an unconstrained and go-anywhere bond fund?
No. They are the same thing.
The only option seems to be to add up the various share classes which seems rather prone to missing things.
... or go to the annual reports for any fund that interests you where all assets are aggregated. if one does research on a fund, this shoul…
yup OJ, i read it. the editors select titles to be misleading, but sensational of course. if your plan's goal is total return over the market cycle with the controlled volatility to get there, why the hell you would 'miss the stock rally' (or orang…
GAOAX, jpmorgan global allocation - risk profile of 60/40 stocks/bonds; at least 40% of non-US, usually with EME and EMD exposures (might reduce if don't like the space). don't know re merrill's platform, but is NTF, no load at Fido.
@MJG. i basically left the discussion forum. dominated by noise and a few short tempered individuals. there are some gems, but you have to go through a lot of garbage to find them. i do read the monthlies -- on and off -- and appreciate the passion …
more:
"The Consumer Price Index (CPI) posted another relatively firm increase in April, with the headline number increasing 0.26% and the core number rising 0.24%. By no means does the US have an inflation problem in the traditional sense, but with …
@fundalarm: "....considering today's positive PPI surprise." Positive? (seriously?)
'positive' means 'more than expected' in my book... but english is my second language and something may be getting lost in translation. i assume the fed wants …
looks like it's european arb that is playing here. you want to have a german 10yr bond @ 1.3% or italy's one @ 2.8%? (italy!!!) US @ 1.6% looks like a bargain considering risk /reward. of course munis had their own little rally on top of the treas…
looks like RUT is flat to up in a down market today.. the worst might be over for small caps. @Crash, if you haven't sold until today, you just probably relax -- there is always something going down in a diversified portfolio (unless of course your…
Reply to @cman:
Managers can do much to reduce risk to their shareholders through: (A) their own high quality independent credit research (B) holding offsetting debt like long term Treasuries and high quality corporates (C ) Keeping ample cash res…
this ivan guy refers to a little article by his colleague:
http://blog.alliancebernstein.com/index.php/2013/03/27/the-sand-continues-to-shift-in-high-yield-bank-loans/
a very good primer on the current market. buyer beware.
why do you think everyone compares their performance with S&P? have you heard about balanced investing, or liability driven investing? believe it or not, but RISK adjusted return matters a lot to many who manage corporate balance sheet. S&P…