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Understood -- I am far from an expert in BDC's or corporate debt but based on the long history of manias (Tulips, telecom, mortgages, etc..) would not be surprised at all if the gusher of capital into private credit over the last decade turns out ba…
Thanks mskursh for the context. The Quality Growth program is pretty much on par with benchmark returns. Given the unusual compensation program, I might just call them to find out more about the Private Program which certainly has impressive returns…
Check Capital is interesting. Anyone know what their track record is and what they invest in? Also they have listed qualification criteria but not what minimum account size they want.
I don't believe in portfolio sleeves or core bond funds at all. I am oversimplifying it but I think in terms of high volatility and low volatility.
Loosely, below is how I screen and pick
- Funds with volatility below 5% and returns above 10%. If I…
@Observant -- tks for pointing out a key diff between PV and PB regards max dd.
Adding BND to your analysis results in following stats for the same dates
CAGR: -0.37%
DD: 18.58%
So at least for this 5 year stretch, QDSIX would have been a fantasti…
Here are my observations
- The SD metric incorporates daily price movements. No need to manually pore over individual price charts imo
- Selective cherry picking of dates for unclear reasons. I.e. A 3 year chart of QDSIX is being looked at alongsid…
In the above referenced thread, @FD1000 kindly educated me as per below.
Where is the actual data that supports your contention that QDSIX has dropped 7% in 2024/25?
See the chart (https://schrts.co/pWNKwfaP)
I looked at a 3-year chart so it looke…
I did not mean to hijack the thread, I was addressing Bitzer's question to me. Good luck to OP and anyone else shopping for a bond fund or sub, I don't have any further commentary.
"QDSIX is far from the bond category. It lost about 7-8% this year from peak to trough and in 2024"
YTD return as of end of September is 13.24% (per PV) with one negative month. Where are you getting your numbers from @FD?
Per Barchart, YTD as of …
I see AI going through the same shiny object-hype-disillusionment-hallelujah cycle as dot com / telecom. A big part of the AI cycle is driven by private credit which did not exist in 2000.
Here is the direct QDSIX to BND compare
https://www.portfoliovisualizer.com/fund-performance?s=y&sl=3hYp9dTgZx25fW564h0zrq
Key take-aways
CAGR of 12.59% vs. -0.43%
MaxDD 4.45% vs. 17.54%
Sortino 2.85 vs. -0.64
Short story is that QDSIX has blo…
@Bitzer
- QDSIX primarily. Slightly higher volatility than BND but much higher Sortino and returns since inception in 2020 and much lower max dd.
- I would also consider APHPX as a solid bond sub
Your quotes from the prospectus around valuation risk of holdings make the case for "buyer beware" I agree.
Your reference to a particular snippet in Swedroe's article as further support of risk confuses me because all said and done, Swedroe is inv…
Holy Grail is the term I had in mind (at least for the last 5 years) but free lunch works too. Below is direct from the article.
However, at least in the case of CCLFX, which restricts investments to private credit that is senior, secured, and back…
@msf
Unclear on where you are getting the valuations are best guesses at quarterly level. Swedroe clearly states that the quarterly NAV is reasonably accurate and that there is little probability of success of a NAV Timing arbitrage strategy. Daily…
On the topic of private credit, no idea how the next 5 years will pan out but the past 5 have been pretty amazing. As an example, CCLFX (large player in this space) returned 10.5% with a max dd of 0.2% (yep this is not a typo)
To me the label of Bond fund is less relevant than whether it has served the function of a bond fund. I.e. Decent return and low max dd. With that frame, here are some funds that have returned 7% or higher during the last 5Y with a drawdown of 3% or…
PRWCX is underperforming VWELX for various time periods 3 months to 3 years. 5 and above it has outperformed VWELX
I hold a small position in TRAIX with the hope of scaling up if this fund starts firing again. Giroux has a great long term track rec…
Lots of great insights in this thread. I'm already invested in Eaton Vance Global Macro Absolute Return Advantage Fund and intend to open a new position in Artisan Global Unconstrained.
This is the Million Dollar thread! Cash/MM Plus -- how to get a higher yield than MM but not stretch too far out on risk.
Has BOXX come up for discussion?
The 5% cap is frequently misrepresented (not by you yogi) in the media and sometimes very clearly it is intentional.
Here is some insight
- 5% is the floor, not the ceiling. Managers have discretion to go over
- The most important thing to know is …
