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.
Certainly with each passing year (of late), BRK has lost its Alpha mojo.
Due to its girth, Berkshire is unable to gobble up the companies that drove its out performance when Mr. Buffet started the conglomerate mutual fund in the mid 1960's.
Berk…
Ahh...
la-FROYG. From Islay (eye-lah)
Definitely NOT a gateway Scotch.
To be candid, I'm a seasoned (wussy) Scotch drinker, and prefer the smoother stuff from Speyside and the Highlands.
Wicked Pissah!
After you pahked yuh cahr in Hahvuhd Yahd, near the Squayah, celebrated no doubt, with a frappe or tawnic - unless you hit the packie first for some beeyahs - then had a sub, steemahs or pizzer!
Once Mr. Espinosa's Seafarer Overseas Value stretches his legs, my take is that his fund might potentially have a higher standard deviation than Mr. Foster's original Growth & Income vehicle. Potentially higher absolute returns, too.
SFVLX, SIV…
It appears as though Chartwell previously did away with 5.75% load "A" shares for its Short Duration High Yield fund. Its CWFIX "I" shares also has a posted $1-million initial requirement.
The prospectus reads "eligible" shareholders may convert to…
I chose Seafarer (SFGIX), but in my 401(k), Capital Emerging Markets Growth Fund (EMRGX) chose me, as the plan swapped out American's (NEWFX), for Capital's (EMRGX), which has a lower (.80) ER.
On paper, the EMRGX managers look to have more experie…
@Amir
I did notice the "No front-end, deferred sales load...," but I was hoping that existing Berwyn shareholders receive "I" shares like the Lake Michigan Bond fund post I linked up last night.
Likewise.
Everything in and about Berwyn Income, …
As best I can tell, it looks like boilerplate, routine stuff.
Just more detail, including:
" NO FRONT-END, DEFERRED SALES LOAD OR REDEMPTION FEE WILL BE CHARGED AS A RESULT OF THE EXCHANGE."
One of Chartwell's funds has classes that include 5.75%…
Looking at the Wasatch offerings, they seem comfortable with running more money - ie WAIGX ($1.3B), WAFMX ($892M) WAEMX ($785M), although some are much smaller, and some require direct investments with Wasatch. All told, Wasatch has rolled out close…
I invest mostly in actively managed funds, but iShares Core S&P Mid-Cap (IJH), an ETF, seems to do OK, with a low tax cost ratio.
I use a similar, lower cost (.05% ER) institutional version of BlackRock Midcap Index Fund (BRMIX) in my limited c…
My takeaway is to watch whether Berwyn Income Fund, with current AUM in the neighborhood of $1.7B, will become an asset gatherer for the acquiring firm.
Most striking was a phrase in the TriState Capital Holdings (TSC) release that its subsidiary,…
Just to throw out a name (NOT A RECOMMENDATION) for discussion purposes:
Cook & Bynum COBYX:
So far, its record sucks, and it has a high expense ratio, yet I am strangely attracted to its out-of-left-field bent, as an explore - not core.:
- 6…
Grazie! for posting this ;)
Si, Si! I am drinking expresso now, but from an elegant $28 Bialetti stovetop Moka aluminum pot, not a $1200-$3500 pump driven semi-automatic machine!
Have to decide Gundlach versus Hasenstab, and compelling reason to own one or the other. Definitely not both.
Would anyone consider Dodge & Cox Global Bond a part of the same conversation?
Fairholme says it accrued $2-billion in gains from AIG, and 99% of the distribution was taxable at long-term rates, but I wonder what the real/actual return was for shareholders.
Mr. Berkowitz also sold about 60% of his Bank of America holdings.
A…
To follow up on heezsafe:
I have complained in the past about MASFX/MASNX (1.49% / 1.74% net ER).
***
(below from Litman/Gregory):
MASFX / MASNX
Inception Date 9/30/2011 9/30/2011
As Of Date (1) 4/30/2015 4/3…
LG should rename it the 'Alternative Balanced Fund.'
I was a long-time follower of the (former) Litman-Gregory No Load Fund Analyst, and respected their process. Since I was philosophically aligned with how they conducted due diligence on a range o…
Interesting that Peabody at Eaton Vance (EVBAX) and Eagan at Loomis (NEZYX) work blocks apart and are on the same page as it relates to using equities in their multi-sector bond funds.
The possibility of "unwinding large stock positions (18-22% of…
I follow KKR, OAK, BX and CG from afar, but have yet to do anything, other than read about them.
I haven't been able to rationalize the extra K-1 forms (complicated) and tax implications (headaches), despite the interesting strategies/dividends etc…
Hi Amir,
Now, that you have picked our collective brains for certain information ... How about telling us what actually went down with this presented sell transaction?
Old_Skeet
As usual, the collective wisdom here was outstanding. Thanks.
Fairho…
I find it useful to look at Ms. Gaffney's EVBAX, while mindful of her one-time, long-time mentor, Mr. Fuss and his team at LSBDX and NEZYX, (as it relates to their holdings and views on the markets).
Both are value driven and opportunistic. She see…
Now I'm curious too. IF I were to invest in stand alone equities, rather than mutual funds for exposure to mostly US stocks, my guess is that I would strive to limit my portfolio to 6-8 companies - or certainly under 10.
Instead, I get diversificat…
If I were to hazard a guess, in hindsight, the fine folks behind Grandeur Peaks may not have anticipated how quickly their first two funds, GPGOX and GPIOX gathered assets - $700-800-Million each in no time flat. Combined, that's half of what they t…
One might think the 'outside the box' intellect of Mr. Gundlach makes him somewhat of a gunslinger, but it's the opposite - as the article points out - DoubleLine is a metaphor for risk-adverse lines you should not cross when investing.
His investi…
Like her one-time mentor, Dan Fuss, Kathleen Gaffney apparently thinks all of the sweet bond fruit is picked over and the market is ripe for a correction.
As of 6.30.14, EVBAX looks to have 20% cash reserves, about 25% of its assets in non-US bonds…
David Sherman and his Cohanzick Team write in their 2nd quarter 2014 commentary that its funds are managed "very conservatively against most fixed-income risk categories."
However, he goes on to write "...a substantial percentage of the holdings in…
Looks like the Private Fund, with an inception date of December 5, 2012, was managed and funded by Dodge & Cox, and reorganized into DODLX - the Dodge & Cox Global Bond Fund - on May 1, 2014.
Characteristics, performance and attribution wer…
I agree with others that Wintergreen is a decent value-oriented fund, but hardly 'hedge-fund like.'
Like many, I was an avid Mutual Discovery shareholder when Michael Price ran it. He left for private endowments, and couldn't follow him - so I ulti…
That is the rub, with this guy.
Emotionally, I want to dump the fund.
Intellectually, the legs on which Arnott's so-called 'Third Pillar" stand (high yield, REITS, EM equities, EM bonds, commodities and long TIPS) - not to mention shorting US stoc…
A spot check on FAIRX has me wondering anew what Bruce Berkowitz is up to.
The major indexes - the S&P 500 and Dow were down fractionally, the NASDAQ was up fractionally - and FAIRX gained 2.35%.
Must have been AIG, BAC and Sears...right? Wel…
Might I suggest Litman Gregory Masters Alternative Strategies Fund:
MASFX
MASNX
The portfolio is split amongst DoubleLine, FPA, Loomis Sayles and Water Island Capital.
They have quite a bit of flexibility...
Like many, I'm trying to be patient with PAUIX, and allow Arnott to ply the waters through a full market cycle - its stated mandate:
"...the fund targets solid real returns; its secondary benchmark is CPI + 6.5% over a full market cycle."
Likewise, I have (a healthy dose of) confidence in Bruce. He has an awful lot of skin in the game, too. As to why reopen FAIRX ($8b) and not FAAFX ($300m), beats me. Morningstar has FOCIX ($240m) with no equities, 7 bond holdings, and 56% cash.
He …
Steve Romick, the self-described 'free-range chicken' investor, has rarely seen FPA Crescent fit within the constraints of its Morningstar style box:
From a release a few years ago:
"...free range" because it doesn't like to be put in a cage (lim…
