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.
If you're interested, you might look into RiverNorth/Oaktree High Income (RNOTX), which has a $5000 minimum and 1.7% expenses. It's the traditional RiverNorth model: a sub-adviser does their thing and RiverNorth supplements it with the CEF arbitrage…
I read today that the US bans the import of honeybees, which is causing a spiraling problem with inbreeding (just one breeder per hive, remember). Weird.
We've consciously constructed what appears to be a wildly successful pollinators' garden along…
A bit less commentary and rather more profiles this month.
I think the liquidity storm argument, which we've discussed here and which Ed mentions, is pretty interesting. Here's the gist of it: there are now ETFs which are themselves much more liqu…
God bless the automotive engineers. I'm in awe of their ability to design the crumpled boxes from which we walk safely away.
And you, too, big guy. We can't avoid making choices, all of which have consequences but few of which have foreseeable cons…
Research Affiliates are Rob Arnott's group. They've been around 15 years and specialize in smart beta and asset allocation strategies; to their great credit, they've been warning that smart beta strategies (low vol, for instance) got too popular to …
Hi, Ted.
I had the same first reaction as you but, as it turns out, these are two separate funds. The current fund launched in 2010 with the mission of investing in Formula 1 companies, which includes folks who sponsor racing teams or are otherwise…
Walmart did allow the company to buy everyone drinks at a nearby bar. When the CEO complained that the old system (the beer fridge in the office) led to higher productivity since folks drank and talked, then went back to their desks to flesh things …
"... she was horrid."
Maybe. The manager did address this question when I talked with him, and it's reflected in the profile. Bottom line: he was surprised and appalled at '08, and began a thorough review and recalibration of some of their stress t…
There are, it seems to me, two arguments at work in this article.
1. Investors routinely ignore politics, unless and until they impact economics. That seems about right.
2. All is well in the market and the economy since profits are at record leve…
Yuh, a reader pointed out that I was off on several numbers. I've asked Charles to recalculate and correct; I'll 'fess up next month.
In my defense, my PhD is in an intensely non-quantitative field which is one of the reasons why, in months where M…
I'll ask Ms. Geritz as soon as I'm able (she's agreed to chat by we're playing schedule-tag) but I'd imagine that the higher average market cap will translate into a noticeably higher strategy capacity.
I guess there's no official position and very limited inquiry. That said, I'm not sure what would draw you to it. It's got a high correlation to its index (96-97 against the Russell 2000 Growth index over the past 3-, 5- and 10-year periods) despite…
For what it's worth, I'll post a short set of interview notes with Satya Patel (MCRDX) in our May issue tonight, then do a profile of the fund for the June issue.
Hi, Crash!
Here's what I got back from the Morningstar folks though, in reality, it might be best for us to hook you up directly with one of their data folks.
David
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“The user “Crash” notes “X-Raying my portfolio at Morningstar. "Projected Ea…
Hi, Lewis.
I got your question a bit after the conference ended, so reached out to the Centerstone folks on your behalf. Here's the short version:
1. Abhay is supported by two research analysts, both with substantial experience (at Ariel and Mann…
Hi, Bob.
The first response was something like "it was an expression of Abhay's legacy at First Eagle." The second was, "but we weren't on-board yet when the decision was made, so we're not 100% on that.
So far the no-load institutional share clas…
"Live in the present" might work better as a matter of tactical allocation (stocks or bonds this year? here or there? defensive or aggressive?) but the strategic question (how much do I need to squirrel away over each of the next 35 years to have a …
Right. It's part of a cash-management portfolio. Roughly 3.5-4.5% a year with negligible volatility.
It's not appropriate to benchmark to the HY group. The argument appears in both of our profiles (2011, 2012) of the fund. The five-year correlatio…
Hi, Derf.
No, the "beating" came at Mr. Sherman's other fund, RiverPark Strategic Income. Things went poorly with two positions at once, which causes a sustained dip in performance. RPHYX's maximum drawdown by 0.5% in August 2015. RSIVX's maximum d…
For what interest it holds, RiverPark and the Cohanzick folks have been under considerable, consistent and understandable pressure to re-open RPHYX/RPHIX. It has the highest Sharpe ratio in existence and very reliably does what it promises with negl…
Hi, guys.
I think the asset allocation question is interesting. Once, a long, long time ago, I concluded that the only fund a long-term investor needed was a U.S. microcap value fund; highest possible returns, volatility be danged. (Remember Fremon…
Hmmmm ... I tend toward Oban, mostly because I've such fond memories of the town and like the "smallest of the distilleries" sort of story. Sadly, I'm so un sew fis tea cated that I can best enjoy Scotch (or Irish whiskey, which for a long time had …
Sort of. This feature has proven to be awfully careless sometimes. "New funds" include old funds with new names, a new share class or a reorganization into an identical fund ("old ABC Value has been reorganized into new ABC Value"). In the current i…
In last month's Elevator Talk, Paul allows that he'll pursue for SFVLX some investments that are riskier than what would be appropriate in SFGIX.
If you want to limit downside, consider a fund that hedges its equity exposure. There are three possib…
I'm very pleased for the kids. Last year's team had six seniors on it (three or four were aiming for med school, by the way), so this year's team started with one returning starter. The received wisdom was "rebuilding year." But Grey really does ha…
Ummm ... you might check the article we wrote on the subject in May and June, 2016.
When I checked the premium screener just now for domestic equity with over 25% cash, I got:
Comstock Capital Value Fund; Class A Shares
GAMCO Mathers Fund; Class A…
Hey, VF.
BPRRX is large cap. BPLEX is nominally mid-cap with 18% in micro caps and 15% in small caps, both of which is rare in a L/S fund.
I sort of think of BPRRX as the equivalent of Grandeur Peak Stalwarts, the mid-cap produce from the micro-ca…
Hi, Brian.
You hit upon the problem: the post, as written, didn't even hint at issues relevant to the board. Given our recent scuffles, I spiked it. You're welcome to reintroduce it with the request to help folks understand why it's coming up.
Che…
Rock Island. Davenport, actually. (I teach in the former, garden in the other.)
I suspect I could grow them simultaneously in the same patch. The question, as Mark suggests, is what happens if I try to grow them consecutively there? I haven't spent…
Heigh ho!
You might want to read the accompanying white paper. Remember, my original point was just that Polen thinks interesting thoughts. I don't know of anyone else who has tried anything comparable. I think Polen's argument is that the scatter …
$67,928 if you were earning 5% risk-free.
I used the calculator bee points us add and had it calculate $100 initial, $300/year addition (i.e., $25/month), compounded monthly for 50 years. The "compounded monthly" part just means we assume that your…
Hi, Dave.
We could talk about doing the calls again. The basic criteria were these: (1) I had to have talked to someone who I thought was borderline amazing and (2) they had to agree to an inconveniently timed conversation with (eeee!) unscripted q…
