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.
Aside from everything else going on in this thread, I would like to see any Lipper data on duration. And I would like to be able to screen on their duration numbers the way I can screen on many other factors.
I suspect Lipper doesn't provide duratio…
M*'s at it again. Instant X-ray and Portfolio Manager are failing to identify the style of many funds. I just tested a few (T. Rowe Price seems to be particularly problematic):
PRWCX - 100% unknown
PRIDX - 100% unknown
FLPSX - 100% unknown
TRSGX…
I found this very interesting and worth sharing.
...
https://theretirementmanifesto.com/your-bucket-strategy-questions-answered/
A good, common sense piece with a bit of substance to it. A few items there worth highlighting:
- Asset allocation. …
Congratulations. You have shown that Morningstar's software does not pass the Turing test.
What we're trying to do with quantitative analysis is to create an auto-generated report that provides the information to the investor as far as: what is th…
The fund holds the options for three months. As you wrote, the second fund operates the same way but the holding dates are shifted by one month. Since a three month cycle can start in one of three months, the obvious question is: why stop at just…
$1M min for institutional shares? And here I was thinking this might be something practical :-)
Here's Vanguard's list of TRP tickers offered:
https://personal.vanguard.com/us/funds/other/bytype?FundFamilyId=6107
I picked the first institutional…
It looks to me VGHCX was a grand slam !!!
That's assuming investors have the stomach for it. It went through a patch where excluding withdrawals, it dropped 33.17%. How many people would have stuck with it, let alone taken the scheduled withdraw…
You're making it too easy.
Repeating what I wrote before: "Likewise, if you're interested in the price change of a [muni] 10 year, look at the [muni] bond yield curve movement, not how treasury rates are doing. Interest rate curves for different ty…
Amazon acknowledges issue of drivers urinating in bottles in apology to Rep. Pocan
Amazon.com Inc has apologized to U.S. Representative Mark Pocan, admitting to scoring an "own goal" in its initial denial of his suggestion that its drivers were some…
All I see at Fidelity are 133 T. Rowe Price funds, where the only ones with transaction fees are the more expensive advisor class shares, e.g. PASSX. No institutional class shares. What am I missing?
Fidelity screener results for T. Rowe Price …
I never said :In comparison, duration is inaccurate with any other type of bond".
You said that "Duration is a lot more accurate with treasuries". Thus, duration is a lot less accurate with non-treasuries.
Then you went on to write about managed…
Duration is a lot more accurate with treasuries.
This was the claim. Two actually:
1. Duration is accurate with Treasuries
2. In comparison, duration is inaccurate with any other type of bond
Nothing here about mixing different types of bonds,…
Duration works fine so long as you understand what it represents.
The price of a bond moves contrary to the movement of the interest rate for that bond. If you're trying to figure out the price change of a 1 year T-bill by looking at changing …
Using Fidelity's example of "constructive" ROC with a slight modification:
Let's say a CEF is priced at $100/share, and the fund has set a $5/share annual managed distribution. For simplicity, we'll assume a single annual payment.
Fidelity's e…
Thanks. The first paper references Subchapter M (of Subtitle A) of the tax code. This is where the 50% rule, Section II(C)(1)(b)(i) in the second paper, comes from.
Here's the tax code itself: https://www.law.cornell.edu/uscode/text/26/851
W…
If a CEF had 95% invested in one security, it would cease to be a CEF and be in violation of the Investment Company Act. ... In other words, I think this isn't a particularly realistic example of a "constructive return of capital."
It's a simplifyi…
Effective maturity is different from effective duration.
I have issues with the definition above of effective maturity, but it will suffice to demonstrate that effective maturity and effective duration are different.
Consider a single, vanilla,…
If you're opening a new brokerage account anyway in order to automatically buy stocks, there's Robinhood.
https://robinhood.com/us/en/support/articles/recurring-investments/
The disappointment is that one used to be able to start investing in T. Rowe Price funds without having to meet the minimum fund requirement if you used an automatic investment plan (AIP).
Essentially, you agree to let the fund tap your bank account…
I must have blinked. I don't recall Wellington being reopened after it was closed to third parties in 2019:
https://mutualfundobserver.com/discuss/discussion/48728/vanguard-wellington-fund-closed-to-third-party-intermediaries
In recent years, fund…
Does it make sense to compare FLPSX to domestic (not global) equity funds? That's what M* (mid cap value) and Lipper (mid cap core) funds do. Does it make sense for Fidelity to show the fund's performance in a poorer light by using a domestic in…
Assuming arguendo that your claim about Exhibits A-D is correct, they don't refute the statement that "past performance does not guarantee future results." Exceptions do not refute a general statement.
A more convincing argument could be made if …
I vaguely recall that T. Rowe Price used to allow one to bootstrap a TRP fund by setting up automatic investments for a new position. Apparently no longer. The message I get when I try to do this for a TRP fund position I closed out is:
Fund mu…
Vanguard’s first quarter dividend for 2021 is in the amount of $0.65640, up 18.4%. ...
Vanguard's first quarter dividend for 2021 is in the amount of $0.65640. This is far superior to the first quarter for 2020, which had the amount of $0.55440. ..…
Certainly the two classification systems - Morningstar and Refinitiv Lipper - are different. But the Lipper classification system familiar to users is, like M*'s, composition based not investment objective based (except for sectors; see below).
Un…
The TD Ameritrade pricing page confirms that it charges $6.95 for online OTC (pink sheet) transactions in both foreign and domestic stocks. (Schwab charges $50 for online OTC transactions in foreign stocks.) Fidelity charges $0 (aside from a no…
M*'s heard of the fund, it just doesn't have much to say about MMFs.
http://globaldocuments.morningstar.com/documentlibrary/dochistory.aspx?investmentId=FMUSA0006E&investmenttype=1###
That's actually a nice link to hold onto.
If you try cl…
I agree with @MrRuffles that if one hasn't gotten EIP1 or EIP2 by now, the checks likely aren't coming. The money can be claimed as a Recovery Rebate Credit on one's 2020 tax return.
Timing on filing is another matter. Generally, file early if …
It's not uncommon for investment management firms to have separate teams for different strategies. For example, here are RW Baird's equity teams:
https://www.bairdassetmanagement.com/baird-equity-asset-management/team#GrowthTeam
Those divide alon…
At 200% long and 16% short fixed income (per M*), the shorting by CLMAX is basically noise. @bee was interested in funds that are purely or at least substantially short. 184% net long is the opposite. The juice in the fund comes more from l…
My MMFs are up, short term, YTD, long term. I may die rich in a billion years.
With "cash alternative" funds like RPHYX, up 0.10% for the week, 0.14% for the past month, and 0.46% YTD, and "old faithfuls" like PRWCX, up 0.17% for the week, 1.85%…
From what I read, the second economic impact payment (EIP2) guidelines did not change the child age eligibility:
A qualifying child is a child who meets the following conditions: ...
The child was under age 17 on December 31, 2019
https://www.irs.go…
Nice find. I'm guessing that because two "live" funds cannot share the same ticker, the "new" funds (organized under James Alpha Funds Trust) can't claim their tickers until Monday when the old funds (organized under the Saratoga Advantage Trust) …
Not a boo boo, just a fund that most people wouldn't be looking at. The fund is also a good answer to the question: who would buy a bond (or bond fund) with a negative yield?
T. Rowe Price used to offer a variable annuity. While it hasn't be…
Not to be confused with PRRXX, Government Money Fund.
"The fund is only available as an investment option for variable annuity and variable life insurance contracts."
https://www.troweprice.com/literature/public/country/us/language/en/literature-…
SOR looks like a reasonable alternative for FPACX if you're interested in a different fund from the same management team. As such it's somewhat similar, and has a fair coefficient of correlation (0.72, meaning an R² of 0.52), per Portfolio Visuali…
"DFFVX is UP 17.31% YTD while FCPVX is UP 25.13% YTD. (I confirmed that data on their respective sites. M* YTD TR data for the latter is incorrect.) "
First US News, now slamming M*.
Fidelity's FCPVX is up 25.13 YTD though March 11. (There's this…
Trigger finger a little slow today ? @msf
Stay safe DerfToo many open windows, so sluggish system. Meanwhile I received an MFO error message saying there was a posting problem. Apparently there wasn't.
