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For what interest it holds, the manager - who came onboard in 2005 - seems entirely sympathetic to your complaints about the funds though, given that his dad founded the firm he needs to be a bit circumspect.
His argument, I think, is that the fund…
Maurice notes that RYPHX "did tank for a bit but has come back." The fund's maximum drawdown was 0.6%, and amount it took seven months to recoup. In the normal course of things, a drop of 0.2-0.3% would qualify as a bear market for it. It returns a…
Hmmm ... I've been writing about individual funds, between FA and here, for just about 11 years. There are two profiles, both from FundAlarm days, the thought of which still makes me queasy. By worst the worst were the Utopia Funds, launched by a sm…
The folks at T. Rowe tell me that this is there attempt to get around the fact that Mr. V. closed PRHYX and wants to keep it closed. They allow that the new fund gives potential investors unable to access Mark Vaselkiv’s fund “a very fine, but mostl…
I just wrote T Rowe about these questions. Since they're in "the quiet period" there's likely little they can say, but I'll share whatever I learn.
David
Hi, psuche.
Part of the question is, "what are you looking for?" Small caps come in many flavors (domestic, global, international, dividend-oriented, absolute return, low-vol, microcap, deep value ...), so it's hard to say "here's the right answer"…
I've always thought that research can, at best, help us tilt the odds in our favor. High manager ownership and high trustee ownership guarantees nothing, but does tend toward a better risk-return relationship (trustees who are losing their very own …
Hi, VF.
We do track IRINX. The key is that it's not the fund's oldest share class and looking for the OSC is a default setting on the screener. If you go to the screener and click "show all share classes" instead of "show just OSC," then enter Iron…
I agree, by the way. Getting active share data has been a damned iffy proposition; the only people willing to share the data are high AS managers and most of the academic stuff has been out-of-date by three years or more.
Hi, bee.
Yes and no. The information is listed in the fund's statement of additional information but in 90% of the cases the listing is Schwab or some other brokerage.
In the case of US Growth, the listing is:
As of November 30, 2016, the followi…
I'd consider Zeo Strategic Income (ZEOIX), which we've profiled. It's a bit more volatile that RPHYX but not hugely and a bit more rewarding. In terms of a risk-return tradeoff, I checked for funds with standard deviations at or below Zeo's and retu…
Ed, for what interest it holds, thinks of the Financial Times as the world's premier financial publication these days both because of its intrinsic strength and Murdoch's decision to thin out the Journal's ranks.
I subscribe electronically, mostly …
Then choose the "rolling period." It defaults to something silly, like three months. You can set it to show a long series of five year periods and set the report to "max."
You might want to play using FCNTX, which gives you lots of data to visualiz…
Hi, Sandra.
The panic of 1837 was one of the major financial events of the 19th century, at least as far as the emerging U.S. economy was concerned; about a hundred actors were moving simultaneously and independently, and we have terrible documenta…
Hi, hank.
I was pondering that very point ("in a 100 years") on the drive in this morning. At least in terms of political culture, the last shift this disruptive might have been when Andrew Jackson came to power in 1829. Mr. Jackson represented a s…
Hi, Ben.
It's a relatively concentrated fund with just 38 stocks; that's high commitment for a small cap product. A number of their holdings had a decent day (1-2%) but their second largest holding (Blackbaud) rose 13.5% and their fifth largest (Ty…
Thanks, Ted!
I've been tracking one of the advisors, Davenport & Co., which has three pretty strong, smaller funds. I should probably get off my duff and move one of them from "track" to "profile."
Of the remaining funds
Dreyfus Global Real …
Hi, guys.
So far as we can tell, nothing's at risk. We don't collect any personal or tracking information about anybody, other than the email address you sign up with. We channel contributions, including those in support of MFO Premium, through sit…
I don't think so, but I'm waiting for Chip and the ISP's verdict. The short version is that this particular group seems to do no damage to the sites they break into. They spray paint their name on your wall and then use it to buy status within their…
Thanks for the nod. Brenda's life was a cautionary tale: a wickedly smart small college econ major who, almost literally, worked herself to death for her employer. At the point that she resigned the presidency of Pepsi, she said she was leaving home…
Two quick additions.
I got an intriguing sense of calm from Mr. Deshpande. Very sharp, very attentive but ... hmmm, centered? Appropriately self-confident? Patient? You don't get the sense of a guy who feels pressured to make a splash, much less a …
Indeed. He left at year's end but, on his Linked In page, still lists himself as responsible for 40% of the TAVFX fund's assets.
Ian Lapey worked as Marty Whitman's co-manager then the sole manager for much of 2012. The fund performed brilliantly …
It's an awfully admirable decision. They've been struggling for years to get attention. They returned 54% last year, despite a contracting pool of opportunities, and got serious attention. Having concluded that there simply aren't many opportunities…
For what interest it holds, Mr. Jain and I are talking mid-month. At the very least, we'll run an Elevator Talk feature in February.
With luck, I'll catch up with Paul Espinosa of Seafarer Value later this month and do an Elevator Talk on that fun…
This is actually modestly curious news. The $10,000 retail shares disappear but the $5,000,000 institutional shares become available for $10,000. In addition the e.r. drops and the management teams change.
Joyeux noel, dear friends.
(Sorry but that, and "fromage", are the extent of my French. I thought I had another with "croissanwich" but a Francophone friend sort of blew Shar-dough-neigh out her nose when I said it.)
The most interesting development so far, in the short story of Seafarer Value: in the week following the US presidential election (11/8-11/15), SFGIX and Morningstar's EM peer group dropped a bit under 6%. SFVLX, which is fully invested, dropped abo…
"Total" usually signals "balanced," at least in EM funds.
Charles is certainly more likely to understand the intricacies of the data than I am; I'm sure there's a good reason why Lipper and Morningstar return different funds from, ostensibly, the s…
Hi, msf.
I wasn't using Morningstar. I was using the Lipper database that MFO screens through. There are many ways to define "value" but the portfolio metrics we have preset in the screener is p/e and p/b. I tried the lowest p/e (
"there is no Emerging Markets screen"
Well, if you select "category: emerging markets" and then the portfolio parameters, you can generate a screen pretty easily, including an option to screen out ETFs in favor of just active and passive OEFs.
Dav…
I used the premium screener to find EM equity funds with the lowest p/e ratios and ended up with 8 funds with a p/e below 15 and a p/b below 1.5.
Advisory Research Emerging Markets Opportunities (ADVMX) sort of stands out.
AllianzGI Emerging Market…
I do about the same thing as Shadow, reading 497's and 485's each evening. Haven't needed a sip of NyQuil in over 15 years.
As an aside, I suspected that he'd made up the name of this particular fund when I glanced at the subject line, in part beca…
Those are, I think, perfectly reasonable concerns. It's possible that her small-cap experience at Wasatch convinced her that all-cap made sense. It's possible that another flavor of small-cap raised the Royce Funds problem. It's possible something e…
