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.
@Junkster Agree. Corporate junk is actually in a lot more distress than I think many (most?) people believe. Specifically,
http://wolfstreet.com/2015/12/02/distress-in-corporate-debt-spikes-to-september-2009-level/
Just look at the distress ratios f…
It's political season. As the election year approacheth, the MSM is slowly, surely, and predictably, falling in line to whip up the usual cultural brew. Because it is soooo f*kg profitable for them! Come on, you know the drill: Abortion, The Gays, G…
I don't understand the column headings of this tabulation:
1. Amount, Change$, Change%
what is "Change$" , why is that different than the amount of distribution?
2. Some of the Change% figures are quite bizarre
e.g. Avenue Income Credit Strategy (…
Source: Morningstar data as of 9/30/15; calculations by Charles Schwab Investment Management, Inc.
"For each month, beginning in February 2003, we tracked the funds that received each of the five possible star ratings and then compared the perform…
RiverNorth has posted their estimates for yr-end distributions. I would post a link to their tabulation, except there isn't a link to post. For each and every one of their funds, you need to go to each fund's information page, then jump to the Distr…
The founding fathers didn't pen the 2nd amendment. In fact, they didn't pen any of the amendments, remember? They did the best job they could with writing the constitution, then advanced it to the colonies for their approval. The colonies then came …
@Valet I've updated the Aston Funds link. You might want to check it out. Some of the largest estimated CGs exposures have come down. e.g. the worst--- M&C Growth--- has dropped from 30% to circa 20%.
re. PTIAX Conservative?
57% of the fund is below investment-grade; 38.6% of it is below B.
www.ptiafunds.com/images/website/documents/fund-documents/ptiax_factsheet.pdf
Nice profile, though. Sure would like to have a breakdown on what part of the …
uh, i think you misread this, @TheShadow. The EM Debt Fund is long dead and gone. http://www.harborfunds.com/20219.htm
This is a supplement to the supplement, so to speak, announcing a managerial change to the HY Bond Fund on Jan 1, 2016.
@Crash Ah, John Browne, what a wild and wacky guy that one be! He must be quite the schmoozer, to be able to stick his fingers into so many different sticky puddings (including 2 wives, but who's counting?). No wonder Schiff has taken him into the f…
@Sven Given its abysmal performance (-7+%, 1 yr) and its failure to distribute any dvd YTD, I don't think D&C Global should be considered a part of any conversation. We were too hopeful, too optimistic. Just as with just about all global bond fu…
Yet another cautionary tale re. fund fees. There is no end to them.
On the other hand, they may be taking the fees from QRAAX because it looks like that's where Oppenheimer investor cash goes to be incinerated.
http://www.morningstar.com/funds/XNAS…
History of Private Life, Volume IV: From the Fires of Revolution to the Great War
by Phillippe Ariès (Author), Georges Duby (Author), Michelle Perrot (Editor), Arthur Goldhammer (Translator) Belknap Press, 1994
The nineteenth century was the golden…
Look carefully at the structure of ARTFX and compare it to other top junk bond funds. It is quite concentrated, definitely high-octane:
https://www.artisanpartners.com/individual-investors/investments/credit-team/high-income-fund-artfx.html (click D…
@MrRuffles said "this treasure trove will send me down the rabbit hole for good."
Well, now I'm really really confused. I have been under the impression, for what seems like ages, that this is where we have all been living, and that we were just do…
@MJG Oh yes, and I can think of another infamous example of a 3rd and 4th (il)logic chain: :)
I really think the human mind is incapable of escaping this fallacy, it is so hard-wired into our cognitive processes as a species. About all one can do…
@MJG
I know it's a stretch, but in a way it resembles the conjunction fallacy, a.k.a. "The Linda Problem". Have you heard of it? I catch myself doing it frequently enough to bother me, and I see it expressed quite often in discussion board comments…
He structured his positions by entering into swaps contracts in which he agreed to insure against default almost $1.7 billion of bonds as of the end of June, the most recent data available show. While most funds limit their exposure to just a small …
@VintageFreak If you want an idea of how much Sherman is investing in his funds, you might consult the most recent SAI
http://www.riverparkfunds.com/downloads/SAI/RiverPark_SAI.pdf
It's on page 45.
@Accipiter Had an adult peregrine on my back fence last week. I think all falcons are pretty amazing, but had forgotten just how gorgeous the peregrine is. Unlike the prairie and chicken hawks, she was fearless and knew exactly what she was doing (…
@linter On those occasions when the family goes dysfunctional, we can't hold the adults in the room accountable, because that's who delivers the Big Bacon to us. Sooooo, I guess we go to Option B--- get the stick, and go give the redheaded stepchild…
@little5bee
I think this is a trading vehicle designed with the intention it be used as an investment vehicle. [see Professor Dave's opinion about this, expressed well in the September Commentary http://www.mutualfundobserver.com/2015/09/september-1…
No offense to Mizuho, but I'd feel much better about this if it had been Nomura instead. For Mizuho, Mathews is a foreign investment, albeit one with a commitment to participate wanted and accepted by Mizuho, and presumably desired by Mathews. As @A…
So, if you are invested in the Templeton BRIC fund, then you get to vote to approve or disapprove the merger; but if you are invested in the Templeton Developing Markets fund, then you don't get to express your opinion about it, even though a bunch …
Osterweis OSTFX, as of 9/30, had Valeant Pharma @4.3%, yet it is not on M*s list. Hmmm. Well, checking their site, I see they've posted a 10/30 holdings list, and whaddayaknow---- no Valeant, poof, all gone. (also completely gone from OSTVX) O.K., n…
It continues, just as Professor Dave speculated it would.
On September 22, 2015, the Board of Trustees of Forward Funds (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust (as that term is defined in the Invest…
Osterweis Funds estimates are out and have been posted to my small list above. For those so invested, you might check it out. Looks like the stock fund may have done some "Valeant trimming."
Good work, Ted. I saw this referenced in a blog for institutional investors earlier in the week and thought it sounded interesting. Thanks for running it down.
@msf Barings tends to come and go in US mutual fund families over time as an international money manager, in a subadvisory relationship.
e.g. https://astonfunds.com/funds/aston-barings-international-fund
Interesting. Under fees and expenses, it lists a management fee of 0.85%, a (puke) 12b-1 fee for "distribution and/or service" of 0.25%, other fees etc. (left blank, as is the new typical), and then a total fee (after reimbursement, unstated) of 1.3…
I dunno, guys, maybe it's gonna be .....14 ETFs! (just joking, that would be disheartening, wouldn't it?)
I can only come up with two things (other than a bunch of stawk funds):
(1) probably will add a HY, or High Income, to the stable, simply beca…
Thanks, Ted. A lot of food for thought here, and certainly not written with the intention it be lightly read. How, and when, and to what extent, one would use the information in portfolio management .... well, that would require a clear mind and qui…
“Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron’s cruelty may sometimes sleep, his cupidity may at s…
@Charles As a matter of fact, yes, I have come to like them more than I once did, to the point of preferring them. Although, given the number of really crappy funds that have come to "inhabit" most of them, I no longer give even a glance at category…
Maybe there are many money managers taking a look down the road they imagine and not much liking what they imagine could happen. And so, having made some very good money for themselves, some are concluding they just don't want to play that rough gam…
Quite a bit of difference in maturity profiles as well. No way these are going to move in tandem over time.
And I see that TOTL has been trading priced at a slight premium to NAV, for most of its lifetime. I didn't think ETFs were supposed to do tha…
