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There is an interesting info in their prospectus: The fee for ARLSX is 5.08%, which become 3.16% after fee waiver, with fine print: For a period of up to three years from the fiscal year end during which such amount was waived or reimbursed (1.92%),…
Reply to @Old_Skeet: Dear Old_Skeet,
You probably know this new investment team well, but did you check their results at another fund by SunAmerica, SIEAX, where the same team started their work more than a year ago? It is a different strategy, Int…
FDSAX started doing well only after 2009, and few months ago all of its managers were replaced. So I would say that all bets are off, unless you have some additional information.
Perhaps their problem is not just 20% in cash, but also 3.5% investment in RWM, which is ProShares Short Russell2000 ETF. This fund behaved horribly, so the bet against small cap stocks made by SEDEX did not paid off well. Eventually when small caps…
Interesting recommendations, not entirely unreasonable, but... I wonder whether he assumes that the present overvaluation of small-cap stocks is a myth? Is it? GMO expects that they will deliver negative returns -4.5% per year in average for the nex…
Here is an exact statement: HULIX reached its peak at about 09/01/2007, and then fallen until it lost more than 70% of its price on 03/07/2009.
So if you would watch your money falling MORE THAN 3 TIMES during 1.5 years (i.e. you get 30 cents for e…
To give him justice, $10 invested in OFAFX since inception in 1999 now would be $29, whereas the same $10 invested in S&P 500 would be $17.6, so he tripled the money, whereas S&P 500 did not even double it. Of course, Oakmark Select during …
From M*:
T. Rowe Price Health Sciences is working to recover from the departure of a veteran manager.
In February 2013, this fund's longtime leader, Kris Jenner, left the firm along with two of the fund's analysts. Combined, the trio covered stoc…
GMO just issued a very pessimistic outlook for the next 7 years. US market is to fall (in average, after inflation) -1.3% yearly, small caps - 4.2%, quality US would grow 2.7% per year, International would grow 1.4%, emerging markets, which they pre…
Reply to @Skeeter: Could it be that stocks at Fair Value = Buy if bonds = Sell? My impression from reading the article is that the managers in average tend to believe that stocks gradually become the only game in town.
Since inception in 1996, $10 invested in OAKLX became $80, whereas $10 invested in S&P 500 became $33. Thus he certainly has some reasons to respond the way he does. More generally, it seems that people at Oakmark, just as their offspring at ART…
The fund is indeed impressive, but I believe that performance of his Canadian counterpart was uneven. Some funds of this company are going to be liquidated soon:
http://www.mutualfundobserver.com/discussions-3/#/discussion/7597/dundeewealth-funds-t…
I guess they reopened because the closed end branch of this fund has a very difficult time: The fund is 6% down during the last 3 months, which is a lot for a fund which was exceptionally stable since inception. Maybe they want to use fresh cash to …
Reply to @David_Snowball: I see the omission of "total return" and "income" and insertion of "equity-like". This might reflect his growing reliance on equities versus bonds. This would be similar to comments some time ago of McGregor on his own fund…
I am not sure whether GBMFX really reflects GMO projections in action, see in this respect the paper http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1701950 which concludes that "the asset composition of BF does not reflect the 7 year asset class…
Reply to @MikeM:
RGHVX looks interesting, but is it the best option? Since inception, almost 15 years ago, it delivered less than OAKBX and FPACX with greater volatility.
Reply to @VintageFreak: My response was to the general tone of your statement that you sold OAKLX and OAKMX and trusted only Herro, not Nygren, perhaps because of his Washington Mutual flop. You may be absolutely right in this respect. I was just tr…
Dear VintageFreak,
I am not sure how predictive these numbers are, but nevertheless:
$10 invested in OAKLX (Nygreen) since inception (in 1996) became $78. During the same time, $10 invested in OAKIX (Herro) became $48.
Thus I would be very cauti…
It seems that GMO does not really mean what they say. These are some parts of the interview Inker gave to Morningstar few weeks ago, about their 7% EM forecast (I hope it is OK to copy parts of the text). For details, go to http://news.morningstar.c…
Arnott's predictions are perfectly consistent with GMO predictions, which you can find by registering to their website, https://www.gmo.com/America/CMSAttachmentDownload.aspx?target=JUBRxi51IICB/ZluSRlFT1h6wXEODNvmtA+bM3OfgUuk265ddE9ekY7Mj6Esj+oaOVl…
It is not ETF, but rather a closed end fund. Its manager recently bought more shares of PDI, at a price which was well below the present price, see http://www.insider-monitor.com/trader/cik1201895.html
Reply to @Hrux: I wonder how exactly do you invest in WABIX? If you have $5M to invest, then sure, no problem, but then you can get another $5M and invest directly in GBMFX:)
But I am mostly concerned by the fact that since inception WABIX was stro…
I just wanted to post the same message as VintageFreak. I do not understand what seems to be so good about SMVLX? They lost much more than S&P 500 during 2008 (they lost more than 50%), despite the fact that they probably have not been fully in…
Reply to @Hrux: When I was considering investing in WARAX, I found that WARDX is going to lag the GBMFX by more than 1%, rather than by 30bp. Indeed you can easily check using M* that since inception on 03/01/2012 $10 invested in WARAX would grow u…
Reply to @Skeeter: About a year ago, I considered investing in WARAX/WARDX. It is a clone of the GMO Benchmark-Free Allocation III GBMFX managed by Inker, which has a wonderful 10 years long history of performance. However, you pay an extra layer on…
