M* Potential Allocation Manager Of The Year Winners Interesting that M* admits that the Manager of the Year award actually is not based on the current year. Why not call it fund of the decade that happens to have the same management for 7 years and has at least $10 billion is assets? If the award is for management, and if the name is Manager of the Year, what's with all the extraneous screens? And the required analyst rating insures only 20-30% of funds get admitted to the exclusive group. No funds under $3 billion need apply.
Many of these are not what I would call allocation funds, where management has the ability to determine the mix of stocks and bonds. Wellington and Wellesley for sure have mandates they cannot change. Both American funds have held the same allocation for years and years. They, too, are restricted by prospectus. Price Capital Appreciation has great management, but it, too, has had an almost unchanged allocation for a long time. Puritan has had the same mix, within a percentage point or two, for ages. Franklin Income has actually changed allocation a bit over the last five years, up to almost 10% less in bonds. Thornburg is by far the most adventurous, but still not much.
Given M*s rather glib interpretation of "allocation" (it seems to encompass balanced, all three allocation categories (conservative, moderate, aggressive), tactical, and world allocation) there are sure to be some great managers who are overlooked. FPACX, OAKBX, GLRBX, CAPSX to name a very few. I am surprised to see Thornburg on this list, but not disappointed.
2014 estimated (preliminary) year end distributions
Q&A With Bob Rodriguez: New Great Recession Coming In 3 Years
And what a difference a month and a half makes. His three year annualized return is now 10.64% vs. the 15%+ shown by U.S. News through 9/30. That compares to 21.42% in the S&P and 20.48% in FPPTX's benchmark.
Q&A With Bob Rodriguez: New Great Recession Coming In 3 Years
The Fund That Reshaped The Gold Market If you want to own gold (I don't) then GTU is more tax-wise than GLD b/c GTU is treated as a stock for capital gains purposes (or was the last time I looked), which is not true of GLD.
Q&A With Bob Rodriguez: New Great Recession Coming In 3 Years
Is Bruce B. out of the mortgage business? Bloomberg corrects its statement that Berkowitz sold his common shares...
(Corrects headline and first sentence of story published Nov. 14 to remove reference to Fairholme selling Fannie Mae and Freddie Mac common securities.)
Bruce Berkowitz’s Fairholme
Capital Management LLC limited disclosures about the firm’s common and preferred stakes in Fannie Mae and Freddie Mac.
The investment firm opted to stop disclosing its holdings in the companies because U.S. Securities and Exchange Commission rules don’t require them to be listed, the firm said in today’s Form 13F filing.
http://www.bloomberg.com/news/2014-11-14/fairholme-exits-fannie-freddie-common-limits-disclosures.html
Jonathan Clements: We Need Stock Prices To Fall 25% Cheated by Diversification?
Mr. Clements has found the enemy – and it is he.
“The long rally has done wonders for my portfolio’s value.
But it also means stocks are now more richly valued—
and expected returns are lower. Unless you never again
plan to add to your stock portfolio, you should have
mixed feelings about the market’s heady gains.”
All along Mr. Clements has been telling us common folks
in his suavity-dripping manner how we should invest.
Now he’s somewhat unhappy with his returns and uneasy
about future returns.
Gosh, authorial intent seems to be a tricky business.
I’m guessing that he’s not upset by a lack of diversification,
but rather too much diversification – wishing he had held
more equities during this Bull Run.
So, now he wants a 25% pullback – essentially, another chance.
Hey, why not call for a 50% drop?
Sorry Mr. Clements, it was your own hand that failed to meet
your expectations (read: greed).
2014 estimated (preliminary) year end distributions
why invest in an alternative fund:? Howdy
@JohnChisumYou noted: "For alternatives, I look at long-short funds and fixed income of multi asset variety.
With rates on bonds so low investors want to get something during a downturn.">>>I suggest that during a downturn, bond rates may move lower; thus the
capital appreciation of the bond pricing. I would "want" to have this during a downturn. We don't treat bonds any different from another asset class; we want the
capital appreciation from pricing, not unlike equity investments. The yields/dividends are bonus money, even if; of little consequence to overall performance.
Take care,
Catch
why invest in an alternative fund:? I haven't figured out the need for Market Neutral funds either. If they perform as they are supposed to, you could protect your capital during bear markets. The short downturns we have experienced recently haven't proven this out yet. Of course, when the market is going up they don't do much at all.
For alternatives, I look at long-short funds and fixed income of multi asset variety. With rates on bonds so low investors want to get something during a downturn.
2014 estimated (preliminary) year end distributions TheShadow and TheGainTrain (and others) - you are really good at getting this information! And... you are including some fund families I am not including on CapGainsValet.com (mostly due to the firm size limits I set originally). I will give a shout out to this group and MFO in my CGV News. Excellent research work! I am up to 135 firms that have posted their 2014 cap gains estimates.
Are Health Care Funds Taking PEDs? Not directly related to U.S. healthcare, I am sure many here are aware of the foreign health centers that have come into place in the past 10-12 years, in particular with India and Thailand.
This is a new entry that I have watched for the past two years; although there isn't any investment potential directly related the hospital, as it is private.
Acension Health/CaymansAscension is a full blown, very sophisticated total health care organization involved in all areas of the business from venture
capital startups to insurance and is a non-profit, Catholic based group.
Regards,
Catch
RNCOX River North Core Op I swapped it a year or so ago for DSENX and haven't looked back. Aside from the expense ratio, the managers are running more and more assets under this strategy in different funds, so I doubt they'll maintain their past outperformance. And a cheaper, balanced fund such as the ones you list, brightorange, would probably do well too.
That said, it's hard to argue with RNCOX's performance -- you certainly shouldn't be feeling any regret over this investment and if you decide to hold it, perhaps to avoid capital gains, you're probably okay.
Jonathan Clements: We Need Stock Prices To Fall 25% FYI: In early October, as share prices wobbled, I had high hopes that U.S. stocks would plummet to attractive levels. Instead, shares have shot higher, adding to the rip-roaring bull market that has seen stocks triple since March 20.
The long rally has done wonders for my portfolio’s value. But it also means stocks are now more richly valued—and expected returns are lower. Unless you never again plan to add to your stock portfolio, you should have mixed feelings about the market’s heady
gains.
Regards,
Ted
http://online.wsj.com/articles/why-we-need-stock-prices-to-fall-25-1416100637?KEYWORDS=jonathan+clements
RNCOX River North Core Op Does anyone own RNCOX (River North Core Op?)
I have owned it for 3 years and am trying to decide if I should fold it into another fund. I am consolidating and was considering putting it into PRWCX (T Rowe Price Capital Appreciation) , or FPACX(FPA Crescent). I currently already own all three funds.
One of my concerns with RNCOX is the cost of owning it. The expense ratio is 2.22%
Is Bruce B. out of the mortgage business? Does anyone own RNCOX (River North Core Op?)
I have owned it for 3 years and am trying to decide if I should fold it into another fund. I am consolidating and was considering putting it into PRWCX (T Rowe Price Capital Appreciation) , or FPACX(FPA Crescent). I currently already own all three funds.
One of my concerns with RNCOX is the costs of owning it. The expense ratio is 2.22%
2014 estimated (preliminary) year end distributions
Scott Burns: Beating The Index FYI: A guard, in suit and tie, asks me to pop the trunk of my rent car. Then I can enter the underground parking lot of a tall building in downtown LA. Upstairs, another guard confirms my appointment. Soon I am admitted to the elevator banks that will take me to the 53rd floor. This is the headquarters of
Capital Research and Management. It is the third largest fund complex, with $1.25 trillion under management. But most people know it as the American Funds group.
I’ve come to speak with two researchers from the firm, Thomas Lloyd and Stephen Deschenes. They directed two fascinating research studies. The first demonstrates that the equity-focused funds managed by
Capital Research have beaten their target index most of the time. For decades.
Regards,
Ted
http://assetbuilder.com/scott_burns/beating_the_indexExpect More From The Core:
https://www.americanfunds.com/individual/insights/investment-insights/expect-more-active-core.html
NASDAQ - next stop all time highs? @MFO Members: On July 17, 1995, the index closed above the 1,000 mark for the first time. It made steady
gains in the following years to reach 2,000 points by 1998, then began to accelerate significantly. This process mushroomed in late 1999 amid concerns that businesses would require massive technology replacement to achieve Y2K compatibility, allowing the index to close that year at 4,069.31 points. On March 10, 2000, the index finally peaked at an intra-day high of 5,132.52,[1] and closed at an all-time high of 5,048.62. The decline from this peak signalled the beginning of the dot-com bubble burst.
Regards,
Ted
Source: From Wikipedia
