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My immediate feeling is that this does not seem as compelling as the earlier RNDLX/RNSIX which is based on bonds and bond CEFs rather than dividend stocks. I don't know what RiverNorth's strategy will add to MNDFX as opposed to, say, one of Manning…
Some earlier discussion in this thread: http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/2404/white-paper-frontier-markets-and-emerging-small-countries-elements-of-an-emerging-asset-class/
I don't understand the article, or at least I don't think it's making the same point as your post. The article seems to say that America's fossil fuel supply is increasing and prices might continue to go down, so this will benefit fossil fuel *cons…
For most of the article, I thought the author's methodology and analysis were pretty good. It's probably a little too basic for the folks on this board, but (for most of the article) seemed like a good guide nonetheless.
Then I got to Step 8 and i…
I'm also looking forward to David's take on Cook and Bynum. I am interested in these types of highly concentrated and opportunistic funds as an alternative to Berkowitz and FAIRX/FAAFX. I see that it holds 8 stocks (as of March), has low turnover, …
Just read this. Might not be clear from the headline, but this article is a profile of Affiliated Managers Group (AMG) which recently bought Yacktman and also owns AQR and other fund managers. It heavily emphasizes AMG's "hands off" approach, whic…
I am paying increasing attention to "manager risk" when picking funds. I appreciate that David mentions this point in his profiles. Many funds are built on the reputation of one or two superstar managers and of course there are any number of possib…
I don't think PCLIX has substantially underperformed PCRIX. When I look at the chart on Morningstar, they look roughly the same. PCRIX is doing a little better this year but PCLIX did better in 2011.
If you are just looking for exposure to commod…
Reply to @romroc: I think REITs in general and VGSIX is particular is a fine choice for a retiree looking for extra income. But as earlier posters noted, make sure you are making this investment for solid, long-term reasons rather than "chasing per…
There is some good discussion in this thread: http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/3533/petdx-scratch-the-itchsss-pimco-real-estate-real-return-fund.....
PIMCO has funds in several sectors (small caps, real estate, comm…
Reply to @Sven: My question is really more whether folks expect GPGOX to be a distinct and compelling alternative to WAGOX, or if these two funds will be more or less interchangeable. I'm thinking in comparison to MACSX vs. SFGIX, where the two fund…
This is basically a derivative-pumped version of a real estate index fund like VGSIX. I don't pretend to know how it works, but it is similar to PCRIX (which is based on a commodities index) and Pimco's various other stock index funds. In general …
Reply to @Sven: The fund has done well, but has it done better than WAGOX and/or will it do better than WAGOX in the future? I think this is a tough call. GPGOX's performance is still quite similar to WAGOX, although I note that GPGOX had a bigger…
As others have noted, you need a plan. More specifically, you need a plan about what *purpose* or *role* each fund will play in your portfolio.
For example, let's say you pick Fairholme because you like that Berkowitz "ignores the crowd." What ha…
It looks like the managers are staying in place and keeping the same investment strategy, so I don't think there is any reason to bail just yet. Keep an eye out for management changes and/or extra expenses.
Of course, this assumes you are actually…
I think MFCFX is technically more "multi-cap" than large growth. But if you do want large growth then you can consider RWGFX which was reviewed on this site: http://www.mutualfundobserver.com/2012/01/riverparkwedgewood-rwgfx-september-2011/
Financials are up this year almost as much REITS. Not sure about China but my MSMLX is also pretty good for the year. I have lightened up on all of my equity positions, but I'm out of FAIRX/FAAFX (big financials bet) completely now.
I recently so…
I think I see an article like this every time REITs do well. And every time REITs do poorly, I see another article about how REITs are closely correlated to the stock market and depend on a booming economy for office tenants.
Personally if there w…
"ASTON has removed M.D. Sass Investors Services as a second subadvisor on ASTON/MD Sass Enhanced Equity (AMBEX). Anchor Capital Advisors will remain as the sole subadvisor, and the fund's name will change to ASTON/Anchor Capital Enhanced Equity."
T…
I sold FAIRX earlier this year and planned to move to FAAFX, but backed out because I was not agreeing with Berkowitz's strategy. Basically I watched FAIRX climb as high as 30+% YTD this year but with no significant change in portfolio. I know he …
Reply to @MarkM: It has definitely been a very interesting and informative discussion and I appreciate everybody's responses. Always open to more views if there are still others that haven't chimed in.
I sold a bit today and am now down to about 50% of my original equity allocation. This is with full knowledge I am horrible at market timing so I have been trying to discipline myself to avoid it. Frequently moving in and out can really mess with …
Reply to @Heathbob: I pulled out of Royce earlier this year. The performance was not bad but yes, assets kept increasing, there was style drift out of small caps, and they just kept opening up new funds. The kicker was the despite all the influx in…
Reply to @VintageFreak: David has been discussing a number of long-short funds in the June and July commentaries and in particular I thought ARLSX sounded quite promising: http://www.mutualfundobserver.com/2012/06/aston-river-road-long-short-arlsx-j…
Reply to @TheShadow: Thanks for this. I see that my brokerage does have no-load Class I shares of several MainStay funds, but they are not NTF. So I would expect that if I buy MFLDX, future investments will be no-load but be subject to a transacti…
For those of you with PAUDX or similar flexible/hedged holdings, how much do you allocate to these funds vs. a traditional stock/bond portfolio? As a person approaches retirement, would you increase or decrease your exposure to these funds, or main…
Reply to @MarkM: I think many people look at RPHYX and think the same thing, but my question is, why? What do core bond funds offer that RPHYX does not? Better return? Better diversification? Lower risk?
I hold LSBDX/LSBRX, but I remember in 20…
Reply to @Shostakovich: I also held CGMFX for several years and finally sold out of it this year (which usually means it is due for a huge comeback heh).
The article also mentions CGMRX's 10 year performance, but like CGMFX, CGMRX has also been l…
Thanks again for everybody's comments. I've done some more thinking so I'll rephrase my question as follows:
Let's say say you have a 60/40 or 70/30 split between stocks/bonds. In this scenario, I believe the bond portion should serve the followi…
Reply to @Maurice: Just a guess, but those are probably called bonds (where the issuer has announced that it will repurchase the bonds ahead of the maturity date).
Thanks to everybody for the comments. I need some more time to digest the thoughts in this thread, but for now just wanted to point out a couple of extra tidbits of info:
Regarding the fund's performance in a 2008-like scenario, here is a quote fr…
10 years ago there was a world of difference between Internet Explorer and Firefox (or Firesomething, for those that remember). Nowadays the latest versions of Internet Explorer, Firefox, Chrome and Opera are all pretty much on par with each other.…
I've held PREOX for many years. Its main distinction is that its correlation with the S&P 500 is very low. Also its fees are generally lower compared to other microcap funds.
I am not particularly committed to this fund, but I haven't found a…
Reply to @msf: catch was clearly talking about the situation 40+ years ago. In many ways, China now is like Taiwan back then. Except that China is 50+ times bigger, and its practices have an even bigger impact.
Reply to @AndyJ: I think TD Ameritrade is even better -- no minimum at all for Pimco Institutional shares, and the transaction fee is $15. That said, I also hold Pimco funds through Vanguard and have no complaints, but TD Ameritrade gives a little …
ARIVX February holdings have been published. Cash position at the end of February was 55.34%: http://astonfunds.com/funds/aston-river-road-independent-value-fund/holdings/#fund-menu
Thanks, I missed that one. The nonsensical "intrinsic value" formula puts a major damper on my interest. Sounds like the guy is doing this as a hobby and is not interested in becoming a serious fund manager. Might be fun for those with some extra…
I have never heard of this fund. The performance results are ridiculous. It looks like a concentrated deep value fund. Could this be the next Fairholme (10 years ago)?
If you look at the 1/31/2012 holdings for PAUIX, US equities were a pitiful 2.27%. International equities were another 14.81%, so overall less than 20% in equities.
http://investments.pimco.com/Products/pages/283.aspx?ShareClassCode=INSTL
