Rondure New World Fund will be liquidated These are the only 2 Rondure funds left with AUM of $98.88 million. So, will Laura Geritz focus on SMAs only? Before founding Rondure, Laura was at Wasatch and American Century.
Overseas ROSOX was shut in February 2024.
Barron's in 5/24/21 issue mentioned that older value investors were leaving the business or dying. Laura was mentioned as up and coming new generation of value investors with 10+
years ahead of them - well, not for Laura.
"VALUE has lagged badly for so long, that it is risky to pick the NEXT GENERATION of value hunters. But that didn’t stop Barron’s from coming up with the following list (all have 10+
years of career ahead of them).
Pierry PY, 44, Phaeacian (global PPGVX, international PPIVX). That is Greek for world travelers.
Mark COOPER, 52, MAC Alpha Capital (hedge fund). Also teaches at Columbia Business School.
Samantha McLEMORE, 41, Miller Value Partners (LGOAX) and Patient Capital (own new firm). Has small exposure to Bitcoins.
Clare HART, 50, JPM OIEIX. Looks for free cash flow yield and quality value.
Henry ELLENBOGEN, 48 and Anouk DEY, 35, Durable Capital. Dey also teaches at Columbia Business School.
Laura GERITZ, 49, Rondure Global (RNWOX, ROSOX ). Quality-contrarian looks for high returns and free cash flows."
All Rondure funds
https://www.morningstar.com/asset-management-companies/rondure-BN00000J7W/fundsROSOX closure
https://www.mutualfundobserver.com/discuss/discussion/61877/rondure-overseas-fund-will-be-liquidatedWebsite
https://rondureglobal.com/Barron's issue summary at YBB site
https://ybbpersonalfinance.proboards.com/thread/121/barron-24-2021-2
Preparing your Portfolio for Rate Cuts I like FCFAX+FATRX+THOPX.
IOFIX is dead to me for a couple of years. Instead use SEMMX.
Lower rates, wall of monies looking for a home? @ FD. For several years the total return on CD’s killed bond funds for everyone but you. The situation was shorted lived but lots of risk free cash flow was fun while it lasted.
First, the question is about now.
Second, in the last 2
years the right bond funds killed CD...CBLDX made 15+%...OSTIX 20+%. There are better ones. The right bond funds have more to go. 2024 has been one of the easiest one to make money.
Third, I know others who have done well too.
But, if you like CD, by all means use them.
How to stop TRP paper notifications That was the reason I left TRP 3 or 4 years ago. Tried everything to stop the paper statements from coming (web settings, repeated phone calls / complaints). The worse thing was they were sporadic and unpredictable - not regular. Had one been delivered to an incorrect address or stolen from my rural mail box, I wouldn’t have even known it was missing. Horror show lasted about 6 months before I left. . (I’d been a TRP client 25-30 years before the issues began.)
There have been several threads here over the past few years about the poor customer service at TRP. Sounds like you’ve set / re-set the web-based account settings. Try phoning customer service. But don’t count on them resolving this. They couldn’t in my case.
High yield MUNI help Nuveen is a very big player in munis, and John Miller was the Head of that. He was known to throw his weight around, and no wonder, great deals came to him first - or he threatened to blacklist the issuers. But he was feared and there were lawsuits and one of them was settled. John Miller coincidently decided to retire after 30
years at Nuveen. My take away is that when someone is hurt too much, they have nothing to lose in striking back with legal tools. So, fear works best when used just to get positive cooperation and results.
https://www.planadviser.com/nuveen-muni-head-steps-heels-legal-settlement/https://www.investmentnews.com/practice-management/nuveen-gets-new-muni-bond-leader-amid-lawsuit-settlement/236209I am sure John Miller is good, but can he achieve the same things that he could at Nuveen? IMO, its the combo of individual talent & firm's resources.
As 2 examples, Jeff Gundlach did good on his own, but Bill Gross didn't (at JHG).
Preparing your Portfolio for Rate Cuts >>>> I don't know much about bonds except that at the present time I generally like them short<<<<
@WABAC. You are far too modest. You were the first to go back in THOPX in February. This had been a real popular fund here at one time but shook most out in 2022. You also have or had FCFAX. It is a great fund that is always on my radar yet never have bought. Has lots of CLOs. Some of your other bond picks have also been spot-on.</blockquote>
Aw shucks. :).
I should also give you credit. I often think about your comment about trends persisting with bonds.
I owned THOPX
years ago when rates were a little higher. So I was familiar with it. And it was staying pretty close to the top of my bond watch lists at the time.
I think I basically exchanged exchange FCFAX for MANHX. The durations are close, the latter has the lower ER and the higher interest rate.
I also held FATRX for a while, but became concerned with duration at some point in the spring. I can stand a down-draft in a fund like FSUTX, IYK, or GLIFX, but bonds give me the chills.
When I subsequently decided to take another look at longer durations, outside a balanced fund, I went with WCPNX. Probably should have stuck with FATRX. Maybe I'll be back in it this time next year.
Buy Sell Why: ad infinitum. Been adding to home builder stocks, DHI (DR Horton) and PHM (Pultegroup). Still pretty small positions overall but I want to play the trend. My biggest holding in that arena is BLDR (Builders Firstsource) which I've bought and sold a few times over the years. Also been moving more MM cash to existing bond funds, CSOAX (Credit Suisse strategic income) and IGIB (iShares 5-10 Year Investment Grade Corporate Bond)... FWIW.
Buy Sell Why: ad infinitum. Sold SR/A (now callable) a few cents under par. The cap gains received are a years' worth of dividends and I can move the money into other opportunities.
Lower rates, wall of monies looking for a home? @ FD. For several years the total return on CD’s killed bond funds for everyone but you. The situation was shorted lived but lots of risk free cash flow was fun while it lasted.
Crossing Bridge question @mnz,
Your second post revealed a lot more.
Are you a trader? Welcome to my sandbox.
Most investors like to hold for a couple of
years.
If you can predict rates in the nearest future, you can do pretty well. I also think that rates fell in anticipation for the Fed and why in the next several months we will not see the same magnitude.
BTW, FEHAX beat your funds for YTD and no Fed taxes.
About one manager VS a team. I made most of my money with special managers. They are the ones with great risk/reward.
Lower rates, wall of monies looking for a home? If you liked ”CDs/Tbills/MMKT funds” a year ago, you should love them now. On a relative basis they’ve gotten cheaper. Both the S&P and NASDAQ are ahead more than 27% year-over-year. I wouldn’t be throwing new money into the latter.
“Walls of money” is a curious figure of speech. Apparently reference to cash-centric investors who were happy to settle for 5 - 5.5% returns, but who are disillusioned at the prospect of 4 - 4.5%? It’s all relative. The higher rates were available as consumer prices spiked 5 or 6% year-over-year. With annual price rises coming in at half that (or less) the return on safe money should be lower - a lot lower.
If the question is about where to get the best short-term interest rates now, it’s a good question. I don’t really know. You pretty much have to “go with the flow” and take what’s available (if you want super-safe money). If you have a 3 year time horizon … maybe short to intermediate term bond funds? NEAR was mentioned recently. I’m looking at that and also TDTT. For 5 years out I’m using CVSIX and LQDH for my conservative money. Should net a percent or so over cash. But over shorter periods both have the potential to lose money.
BTW - TBUX is highly rated. But it is what it is - an ultra-short bond fund. (“Nothing to see here. Move on.”)
Bloomberg Real Yield Right. McClain says he'd not be buying here, neither short nor long. (Treasuries, right?)
Goldberg said "It's tough to chase this rally." Correct.
I bought junk at just the wrong time a couple of years ago. I watched it drop, then rise, while reinvesting dividends. Dead money for 2 years, but now I'm in the black with it. The time to buy was a little while ago. And I've just spread out into a core-plus, higher quality bond fund. If everything goes south with HY, I'll know what to do.
PWC China Operations "China suspended the operations of PricewaterhouseCoopers for six months and imposed a record penalty over lapses in its auditing of China Evergrande Group. The accounting firm was fined 441 million yuan ($62 million) for its work on Evergrande’s inflated financial reports from 2018 to 2020. Regulators also ordered the closure of PwC’s branch in Guangzhou. PwC has been under scrutiny since China launched one of the biggest investigations of financial fraud in history. Authorities have said developer Evergrande’s main onshore unit Hengda overstated its revenue by 564 billion yuan in the two years through 2020. PwC “turned a blind eye” to Evergrande’s fraud, securities regulators said."
I want to know how much PWC paid to CCP to get away with a meagre $62M fine. That is peanuts.
