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.
Looking at M*, I see that performance of LPEFX during the market crisis of 2008 was simply horrible: It lost 73%, and it recovered only in 2014. Any idea how it will behave in the next crisis?
Dear Mona,
Thanks a lot, I understand that it works only when there is a trend. Perhaps like in health care now, but also with everything else, like currencies etc. What is surprising is how high this fund jumped during a single year. But then of c…
Some think that this is the time of the year where the bullish trend in biotech typically ends:
http://jeffhirsch.tumblr.com/post/114162634923/time-for-tactical-seasonal-sector-maneuvers
This is what is said there:
Biotech has been leading the ma…
I wonder what they are going to do with ARTZX? If eventually they are going to merge the two funds together, and the new manager will get rid of everything which was in the ARTZX, there may be unusual tax consequences.
This plot does not show the standard deviation. For example, if EM will grow 2.9% per year during 7 years, one will get approximately 20%, in average. But what if the average gain of 20% means (approximately) that one may either lose 50% or gain 90%…
SGENX is wonderful, but it lost two of its top managers, Jean-Marie Eveillard (in 2009) and Abhay Deshpande (in the end of 2014). And it has 51 billion AUM.
In fact, PYSAX has a VERY good history, since its manager David Glancy was the manager of Fidelity Leveraged Stock FLVCX during its glorious first 4 years. It was not doing well last year though...
I guess the main point of the article was that the investors return in the more conservative VBINX (unlike the fund return) was higher than in FBALX because investors timed the Vanguard fund better.
Thanks everyone for replies to my questions. I am not trying to tell anyone which funds to chose. On the contrary, I would like to learn from you. The information about tax treatment of HQL and HQH is very useful!
Dear Mark,
Thanks a lot for this reply, it is an interesting explanation. Can you also plot HQH and HQL versus PJP and IBB which you can trade instantaneously? Of course, past performance does not guarantee much, but during the last 5 and 10 years …
When plotting PRHSX, FSPHX, HQH, HQL, THQ using Morningstar (which properly accounts for the distributions), then at all time intervals except the narrow interval near the 2000 top, the closed end funds HQH, HQL underperformed. I would guess closed…
The reason why I asked about ACA is that I still remember the time when the healthcare was way undervalued. An official explanation at that time was that uncertainty of the future legislation makes it difficult at least for some companies to plan ah…
I invested in WBENX since its inception, and I learned my lesson hard way. In the beginning, it was rising super-fast, but then it plunged down even faster, so badly that I could not stand it and sold. From its top down, it has fallen 70%, which was…
WESNX is managed by the same managers that are responsible for several other international and emerging market funds at William Blair, but only this fund is a standout. I wonder what could be the reason, and whether this outperformance may last.
It could be that Keikenfeld is in the lead, or this is a fund for small ideas which would not move a needle in his huge fund. The last possibility may be good.
I looked at the countries in the Cambria Global Value. Indeed 8% in Brasil and 10% in Russia, 4.5% in Hungary, 5.4% in Czech Republic. Lots of money in Greece, Italy, Ireland, Portugal. Zero in US, Germany, UK, France, Finland, Sweden, Norway, Denma…
Well, at least GTAA did not fall during 4 years (it hugely underperformed other global funds). But his new global fund GVAL plunged down 13.5% during the first 8 months of its life. I do not know what is wrong with Meb as a money manager. Having his…
I also have PHSZX. It has Potential Cap Gains Exposure 46.80%, and this year it will distribute some part of it. Historically it was a small fund, but success attracted investors, it closed and yet more than doubled in size since that time, so it is…
Dear Charles,
Can you explain why there is such an interest in Meb Faber and his funds? Perhaps he is a good theorist and a good writer, but his first ETF GTAA has grown by 5% since its inception 4 years ago, while world stock funds were up almost …
The information about the contribution of Leverenz and Keikenfeld to the fund is at page 48 of the Statement of Additional Information
https://www.oppenheimerfunds.com/doc/Emerging_Markets_Innovators_Fund_SAI.pdf
Interesting fund. Leverenz shares responsibility with Heidi Keikenfeld. Apparently it is her first time that she manages a fund. Leverenz has more than 1M of his money in the fund, and Keikenfeld has from 100 K to 500 K in the fund. The statement of…
Jerry, this is an interesting point about the long term view. Maybe then one should try to find managers who also are long term thinkers. For example, in the long term OAKLX did great, and this year it did really well too. Now it is 42% in financial…
Jerry, but then why health care if you trust managers? Managers of broad based funds may make their own decision whether to invest in health care or anything else, see e.g. Primecap funds which often invest in healthcare if they believe that this is…
I wonder whether many investors will move to ETFs from their funds in taxable accounts after being hit by large taxable distributions this year, or at least send their new money to ETFs from now on.
The problem with being critical with respect to OAKLX: $10 invested in this fund at inception now became $98, whereas the same $10 invested in S&P 500 during the same time became $39.
From Bloomberg:
Pacific Investment Management Co. is likely to name Daniel Ivascyn chief investment officer of the $1.97 trillion bond firm after Bill Gross left to join Janus Capital Group Inc. (JNS), according to a person familiar with the matter…
For your information: SEQUX has 54.47% potential capital gains exposure, which is a lot. So it they sell (which may not happen, or course), one will pay lots of taxes, unless it is in IRA.
