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Reply to @Mark: Which would be 4.3% of the outstanding shares. At $32/share, he stake is something like $320 million of the $7.4 billion in the fund.
Which also implies that he lost . . . oh, $10 million on Monday.
David
Ahhh ... the value of patience. The estimated revenue from their 2011 IPO offering was $250 million, which was withdrawn because of hostile market conditions. The same $250 million was the guess November 2012 when word of this became public. Thei…
Reply to @BWG: On the list for April or May, depending on how April's focus feature - an extended focus on CEFs - plays out. I'm working on a piece about Oakmark alumni, which certainly covers Mr. Jackson.
As ever,
David
Reply to @BenWP: Hi, Ben. I'm very sympathetic to your curiosity. Occasionally you can get pretty close to the truth (as when the guy with the enormous ego knows that he can go from a mere millionaire to fantastically rich, snags four analysts and…
I'll note Gateway's founding manager, Peter Thayer, ran the fund for 20 years (1977-97). For the last three of those years, Patrick Rogers was his co-manager.
Patrick Rogers managed the fund for almost 19 years (1994-2013). For the last seven of …
Reply to @andrei: Given that Andrew ran MACSX for eight years, I'd guess that looking at its distribution history would be more instructive. Over the past 10 and 15 year periods, MACSX investors have lost about 2% per year to taxes, at least if Mor…
Reply to @andrei: Matthews has a comparable fund in registration, by the way. I'll do the quick profile of both new Matthews funds in the March Funds in Registration.
Take care,
David
Emerging Asia seems to be a frontier markets fund managed by a relative newcomer. Focus will invest in 25-35 stocks managed by a long-time Matthews employee. Both (and several other intriguing new launches) will be highlighted in the March Funds i…
Reply to @andrei: Hi, andrei. Andrew and I sort of continued the conversation after the call was over. Here's what I think I heard:
1. e.m. valuations are not as attractive as they were back in May -- share prices are up 30%, economic fundamental…
Reply to @teapot: Sure, I'll be happy to do so. Remember, though, that the call - and the chance to chat with Andrew - is open to you, too.
Take care!
David
Reply to @andrei: They were actually the original inspiration for the article. The key is that they won't have a track record by March 1, so I was poking about.
Thanks for the catch, though. David
Reply to @MaxBialystock: Hi, Max. Yep, we're working on "comprehensive pages" for every fund where we do a call: mp3 of the call, mp3 of the profile, updated profile, link to the latest factsheet and to the Navigator. Haven't seen a lot of use of…
For what interest it holds, here are the smaller caps that we've profiled:
Aegis Value (AVALX) - microcap value, absolutely cratered in the meltdown, blew the roof off since
Artisan Small Cap (ARTSX) - under management by the Mid-cap team. GARP-y…
Reply to @prinx: Howdy!
I work with Scottrade, I don't really trade much and I add new funds rarely. Over the long term, that means one fund swap a year or so (selling Artisan Small Cap to buy Artisan Small Cap Value, for instance). That's how No…
I checked the 25 largest funds launched since 12/30/2011. Here's the profile:
Load-bearing: 18 "A" or "529-A"
Institutional: 6
Retail, no-load: 1
The latter is BNY Corporate Bond, Investor Shares (BYMIX).
In an "only Morningstar" quirk, many of …
Reply to @prinx: I eat the taxes. I don't have either a savings account (other than a holding tank for my property tax) or a money market. RPSIX and RPHYX serve in their stead. While both have downside (heck, money markets are buying record amoun…
Reply to @lrwilliams: I agree.
I had a nice talk today with Ed Studzinski, who used to co-manage Oakmark Equity & Income (OAKBX). He argues that closed-end funds such as First Trust/Aberdeen Emerging Opportunities offer a lot more return than …
Reply to @bee: I tend toward skepticism of total bond funds, for the reason Teresa Kong shared - they are weighted based on how much debt you've already issued rather than on how creditworthy you are. That said, there are two funds that implement a…
Reply to @mrc70: Had I mentioned that it's been an incredibly long day?
FPA Crescent and T. Rowe Price Spectrum Income are both correct. I managed the symbols (I think "I wonder how RPSIX did?") but botched the names.
Thanks for the catch. Back …
It's been vexing me for a long while now, which is why I haven't said much.
In general, I think a long-term holding needs to minimize manager risk and to accord a fair degree of flexibility to the manager. That is, I'd be reluctant to box someone …
I'll mention the query to chip. She and I have both had intermittent problems in accessing the site over the past several days. She believes it's a problem at our host's end but hasn't yet figuring out what, exactly.
More soon,
Snowball
Reply to @Shostakovich: I'll share your kind words. Emma will be thrilled. Leeds is in Yorkshire, which has a reasonably distinct and pleasing dialect. By happenstance, that's also the birthplace of "Snowball." The first recorded use of the name…
Reply to @Shostakovich: Howdy! Emma Presley, a British friend of chip's and mine, does all of the audio profiles. Each profile is a 1000 word rewrite of the print profile, so they should run 8-10 minutes. I'm in the process of shipping Matthews A…
Here's their answer. At base, they have nowhere to invest the money they've already received and so don't want to dilute performance any further by sitting on a huge cash pile. This text is from a note to their shareholders.
David
We are tempor…
Reply to @andrei: Barry was an international manager. Mike Roos at Artisan argues that in a global market, all managers have a global competence. The "international" manager can't say whether Fiat is a "buy" without knowing if Ford is a better buy…
Reply to @mnzdedwards: I'll try to give Ryan Leggio a call next week and ask. On the road for a few days,visiting NYC for the fun of it.
Certainly other funds have found the arrival, and departure, of large accounts a mixed blessing.
More soon, D…
My best sense is that Erik left for personal reasons, entirely unrelated to the fund or the fund company. It's clear that FPA would gladly welcome him back.
My best sense is that Barry and Artisan came to a rather more strained parting. I don't …
Reply to @Charles: I suspect you're right - that the folks unwind a bit more with us than they might otherwise. Part of that is that fact that the conversation you hear on the call is generally my third or fourth interaction with the manager. That…
I wonder what "mark" they're missing?
The article focuses on 2015 Date funds. It makes one interesting observation: since 2009, their target asset-allocation has decreased from 49% to 40%. As market-timing generally goes, that was a poorly timed …
