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I've queried Matthews' media team about the move. MACSX seems to be performing about the way it usually does and doesn't seem to be suffering from huge outflows. That makes both the merger (and the merger into a fund one-tenth its size) odd.
I'll s…
Hmmm ... the fund's performance depends on index reconstitution. Presumably as it goes through more deletion cycles, it will have more opportunities for differentiated performance. I offered the link mostly for people who wanted to hear stuff straig…
Might post might have been misleading so, just to be clear, paragraph one is Leuthold and paragraph two is the rest of what spewed from my monitor at about the same time.
90% of Leuthold's output are statistical analyses and 10% are portfolio comme…
Ummm ... ask them to be added to the distribution list? Mention that you post here and have found posts based on their research interesting? The worst they can do is say "no."
Things are Rondure were driven by a combination of rapidly escalating costs and the emergence of some serious health issues, for what interest that holds. Ms Geritz says she's focused on helping her shareholders and staff just now, and will worry a…
Hmmm. There are 30 RAFI / RAE / Arnott funds, of which 20 have outperformed their peers since inception. Six are Great Owls. Eleven fall in the top tier of MFO Ratings.
There is a old joke in the economics profession that involves two economists – …
Hi, guys.
Mostly, given the Morningstar research and my own preferences, I was shooting for two parameters: (1) maximum simplicity hence 50/50 and (2) a multi-asset manager who might make some adjustments to moderate risk as things evolved. Too, I'…
Hi, Hank.
The short positions increased twice in July, I know, in response to a sharp deterioration of techniques in QQQ. Those shorts helped explain the fact that the fund made money that month while its peers didn't. One month isn't a reason to d…
Hey, Derf. Not to let my day job creep in but ...
"Yet," in this context, might be read as "to this very day."
The romantic version is that this is a scribble in the margin of one of Michelangelo's notebooks, written when he was 87. Which is true …
Good call, Balu! David is on retreat in Maine, alternately hanging with and learning from other A-tier investors. We had a pleasant but brief call just now.
The short version: they are renaming in response to evolving guidance from the SEC about na…
Hmmm ... the bid/ask spread isn't something I've traditionally noticed since they don't exist for OEFs. As I played with the chart tool at Morningstar, it appears that there's a lot of buy-and-holding going on; daily volume of a few thousand shares …
Well, PVCMX isn't correlated with any of the other 10 funds in my portfolio. The cross-correlations range from 0.19 - 0.56, which is the link to GP Global Micro.
As to the others, the correlations with Crescent are nearly identical for all four fun…
Ummm ... yeah, about that.
CEO Stephen Bird wanted to sell the entire investment business in 2022. The board forbade it. Investors pulled 10 billion Euro in 2022 and 13 billion in 2023, leading Mr. Bird to receive an 800,000 Euro bonus - a mere thi…
At $1.00 above its lowest close ever ($22.84 on 16 April), Morningstar rates DJT as a three-star stock. You're getting pretty okay value for your money, the computer thinks. Of course, "fair value" in March was $95/share. In April, $72 then 70, 43, …
Balu, search "Do you need something Permanent in your portfolio?" on the main site. We've mentioned PRPFX about two dozen times over the years but it's never been on my to-do for a profile.
Hi, ship!
Yep. Steve Leuthold (1937-2023) headed off to his cabin in Maine then, as Alzheimer's took its toll, to Carlsbad, California, to be with family. We've written a bit about the changes that followed. My general sense is that the team though…
GMO, despite having a media relations firm, has been utterly uncommunicative for years.
In any case, I have reached out on your behalf with a question about a potential international ETF (or anything else under consideration). Steve, the MR guy, h…
Yep. QLTY is good, GQG is better so far. Maybe?
Since QLTY's November 2023 launch, it is up 18.2%. That leads its multi-cap core Lipper peer group by 150 bps. The S&P 500 is up 17%. The GQG Partners US Select Quality is up 27%.
But GMO has d…
HYB is run by the T. Rowe Price High Yield team, and charges 4.29% (per Morningstar).
I suspect that liquidation will occur at NAV so if you bought shares at a discount to the NAV, you win.
I have yet to figure out how to post images here. Some in my household use the term "dinosaur" to describe both me and our software. In any case ... if you go to Morningstar, pull up the chart for DJT and set the beginning date for the day that Bide…
It's refreshing, almost breathtaking, that the advisor chose to speak openly and honestly about their decision. All other liquidations have either no explanation or blather about financial sustainability.
Double dark chocolate espresso fudge. Goodness. Sadly, we could only get it on Mackinac Island itself and by the time we figured out how much we liked it, it was a ferry trip away. (sigh)
We mostly lingered just outside the butterfly house, meditat…
Hi, Balu.
The shortest answer is that the SEC imposes a "quiet period" while a filing is in registration, and compliance lawyers are incredibly twitchy about putting any words to paper during that time.
For what it's worth, I just reached out to the data folks at Morningstar for confirmation of what's happening. I'll share what, if anything, I hear back. Cheers..
Just in passing, we should note that the Artisan International Explorer strategy existed before the fund launched. The strategy initiated in November, 2020. The fund launched in May, 2022. The strategy, as a whole, has over $350 million in assets.
…
A long time ago, in a galaxy far, far away two young Jedi fought side by side against ...
Oh, right. Focus. Messrs. Samra and O'Keefe were fast rising stars analysts under David Herro at Harris Associates (i.e., the Oamark funds) together. They lef…
Other than as a (fading) venue for face-to-face meetings, I concur.
Ivy is no more, by the way. Bought by MacQuarie, the brand will disappear by year's end. (Talked to MacQuarie at Morningstar. Interesting new infrastructure ETF just launched.)
Well, that was interesting ...
No boats and no distinguished food. Nice chat with Charles. Got to meet Jason Zweig in person (we've talked a lot but never met). Met some cool Morningstar folks ... and a couple ... uhh, nice people. Spent a lot of t…
Thank you, dear friends. We seem well-matched in many ways, complementary in our strengths and joyful about our differences. With luck we'll find a little quiet time away this summer. After finishing the May issue, we drove down along the Mississipp…
@YBB: good catch! In the Morningstar chart, KRUZ was the blue line, NANC was the red line, and my brain was the flatline. Fixed it to reflect the Dem's lead.
Bill Gross, by the way, is shorting DJT, according to today's WSJ. He tried a riff on Mr. Trump's "stable genius" sobriquet, explaining that "a patient genius" might well prevail with a short position.
Given my general assessment of Mr. Gross's men…
I saw the same teaser and thought "when Simplify is your headline name, you know you've got a small story." Assuming that the providers are, indeed, tiny boutiques on whole, I feel badly for them. That said, TNSTAAFL.
I read an interesting analysis of meme stock trading which comes down to the argument that meme stocks have two types of "investors," the cynical traders and the true believers. The former make up half of the owners and they pretty much live by flee…
