Great fund. 8% of my own portfolio. Up 11.35% over 10 years. But it's a CLOSED fund. That won't help anyone who wants to GET IN. ..... The switch does not appear to be sudden. That, at least, is reassuring.

This entertaining to say the least. Didn't Bruce also tank on Wash Mutual? As I remember he lost millions but refused to concede.
Joins a long list of mangers who start believing themselves to be omnificent and won't listen to reason or sensible portfolio management principles
Add to the list of star funds that crash SEQUX and valaent pharm
LLPFX Disappointing for years. Now top position good old Century Link "These results call to mind other cases in which the fund's highest-conviction holdings have not worked out, such as with Dell DELL and Chesapeake Energy CHK." M*
The bottom line is beware concentrated portfolios, especially when all the stocks are in the same general sector or type of security.
I would be very careful of any fund with a single position larger than 3 to 5%
FAIRX has three stocks now
Why do you need an ER of 1 plus % and dozens of analysts to track 15 positions?

Not sure I should trust since it refers to 'Dartmouth University', but good for a smile.
https://phys.org/news/2020-12-santa-reindeer-outdo-senators-stocks.html

I think @MikeW has it right. AKREX has 20 holdings at present and a enviable record, despite M*'s four-star rating. I cannot think of a concentrated value fund where I'd put my money with anywhere near the same degree of confidence as I have in the Akre method. YAFFX has 47 stocks, with Samsung far and away the biggest holding at 13+%. I see only one alcoholic beverage stock, and, thankfully, no tobacco. For me, at least, the Yactman fund is not terribly concentrated. Oakmark Select and Global Select have given concentrated investing a bad name.

Found more information on Ben Griffins at M* (including mis-spelling on his name)

Ben Griffins
03/01/2020 —
Ben Griffins is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd and an investment analyst in the Equity Research Team of T. Rowe Price International Ltd, covering European small-cap stocks. Ben has been with the firm since 2006. Prior to joining T. Rowe Price, he was an investment manager with Baillie Gifford. Ben earned a diploma in investment analysis from Stirling University and an M.Eng. in engineering science from Oxford University. He also has earned his Chartered Financial Analyst designation.
Certification Chartered Financial Analyst
Education
M.S. University of Oxford,
Other Assets Managed

financials.morningstar.com/fund/management.html?t=PRIDX&region=usa&culture=en-US

https://www.sec.gov/Archives/edgar/data/1440930/000174177320003676/c497.htm
497 1 c497.htm
T. Rowe Price Global Real Estate Fund
Supplement to Prospectus Dated May 1, 2020
In section 1, the portfolio manager table under “Management” is supplemented as follows:
Effective April 1, 2021, Jai Kapadia will become portfolio manager and Chair of the fund’s Investment Advisory Committee and Nina Jones will transition from her role as portfolio manager and Chair of the fund’s Investment Advisory Committee. Mr. Kapadia joined T. Rowe Price in 2011.
In section 2, the disclosure under “Portfolio Management” is supplemented as follows:
Effective April 1, 2021, Jai Kapadia will become portfolio manager and Chair of the fund’s Investment Advisory Committee and Nina Jones will transition from her role as portfolio manager and Chair of the fund’s Investment Advisory Committee. Mr. Kapadia joined T. Rowe Price in 2011 and his investment experience dates from 2004. During the past five years, Mr. Kapadia served as a member of the fund’s Investment Advisory Committee responsible for selecting the fund’s investments in the Asia-Pacific region (beginning 2019) and previously, as an analyst and associate director of research in the Equity Research Group of T. Rowe Price in Hong Kong, covering Asian conglomerates, real estate and Indian pharmaceuticals.
The date of this supplement is December 21, 2020.
F173-041 12/21/20

https://www.sec.gov/Archives/edgar/data/313212/000174177320003678/c497.htm
497 1 c497.htm
T. Rowe Price International Discovery Fund
Supplement to Prospectus Dated December 15, 2020
In section 1, the portfolio manager table under “Management” is supplemented as follows:
Effective January 1, 2021, Mr. Thomson will step down as a portfolio manager and Cochair of the fund’s Investment Advisory Committee. Mr. Griffiths will remain as portfolio manager and Chair of the fund’s Investment Advisory Committee.
In section 2, the disclosure under “Portfolio Management” is supplemented as follows:
Effective January 1, 2021, Mr. Thomson will step down as a portfolio manager and Cochair of the fund’s Investment Advisory Committee. Mr. Griffiths will remain as portfolio manager and Chair of the fund’s Investment Advisory Committee.
The date of this supplement is December 21, 2020.
F38-041 12/21/20

I forget if it was exactly a 10-bagger, am thinking more, but I invested with him through his heyday and it was the single best financial decision I ever made, and then I got out

Nice!
CGMFX was too volatile for me so I never considered purchasing the fund.

I forget if it was exactly a 10-bagger, am thinking more, but I invested with him through his heyday and it was the single best financial decision I ever made, and then I got out
Not perfect timing, not even timing exactly, a lot of it is fear and postfacto instinct and of course luck

John Hussman's market forecasts were consistently very wrong over the past decade.
Investors should just ignore his prognostications. Link

I haven't heard much about Ken Heebner in years.
He was a real "cowboy" investment manager back in the day.
The trailing returns for the CGM Focus Fund occupy the bottom percentile (100) in the Large Blend category for the 1,3,5,10, and 15 year periods ending 12-18-2020.
The fund's standard deviation is also considerably higher than that of its category peers.

From M* support
“Hope you are doing well.
I apologize for the wrong choice of words.
What I meant was that the issue you highlighted as effected all Morningstar users.
As informed this is been taken has a high priority case .
Best regards,”

Timely support for Morningstar products is seriously lacking.
I use their Portfolio X-Ray Tool via my public library system.
The following email was sent to Morningstar support on November 15:
Access to Morningstar Investment Research Center is provided by KCLS.
After holdings are added to Instant X-Ray, the Overview screen is displayed which is normal behavior.
However, the other screen views (Interpreter, Intersection, Asset Class, etc.) are inaccessible.
A pop-up window is displayed to 'Create your account' when clicking these tabs.
I have used Instant X-Ray via KCLS for years and first noticed this issue approximately 2 weeks ago.
Thank you in advance for your assistance.
Morningstar support response:
I hope all is well. The X-Ray tool is broken.
The login prompt you get when you are using the X-Ray tool is glitch.
We do not have a timeline for fixing this. The products team is hoping before the end of the year. We will reach out to all libraries once this is resolved. Thanks, for your patience and I apologize for the inconvenience.

the Category (Foreign Stock Funds):
Yowza! Dramatically different returns for both "Gold" funds in the same M* category.

MSF for our discussion purposes...my DODFX data was from the December edition of Morningstar Fund Investor magazine (dated 12/20/20).

Therein lies the problem. While a variety of foreign stock categories are grouped together under the rubric "Foreign Stock" on page 38 (pdf p. 40), M* does not call that a category.
Read a little more closely. The DODFX line (it's the 11th fund in this grouping) has the notation FV. Likewise, the VWIGX line (39th in the grouping) has the notation FG.
There's a key at the bottom of the page. On the right hand side is something called Categories (bold font in original). Two of the categories given are:
FG Foreign–Large Growth
FV Foreign–Large Value
If all the funds under "Foreign Stock" were in the same "category", then how could Phaeacian Accent International Value Ins PPIVX have a lower three year return than VWIGX ( 8.1% vs. 20.2%) yet have a higher three year return category rating: top 1% vs. 4th percentile? That's all from the same page 38. The answer is simply that they're in different categories.
Perhaps this web page will help:

In the United States, Morningstar supports 64 categories, which map into four broad asset classes (U.S. Stock, International Stock, Taxable Bond, and Municipal Bond). ...
International Stock
Equity funds with 40% or more of their equity holdings in foreign stocks (on average over three years) are placed in the international stock class. These categories include:
Foreign Large Value
Foreign Large Blend
Foreign Large Growth
Foreign Small/Mid Value
Foreign Small/Mid Blend
Foreign Small/Mid Growth
World Stock
Diversified Emerging Markets
Diversified Pacific/Asia
Europe Stock
Latin America Stock
Pacific/Asia ex. Japan Stock
China Region
India Equity
Japan Stock

http://awgmain.morningstar.com/webhelp/glossary_definitions/mutual_fund/glossary_mf_ce_Morningstar_Category.html
"Gold" rated apples are not all "gold."
"Gold" rated apples are "gold". "Gold" rated oranges are "gold". Don't confuse apples with oranges.

Using the same data source, compare DODFX's "subpar" - er, miserable - performance to that of another "Gold" rated fund Vanguard Intl Growth:
YTD + 49.8%, 3 YRS +20.2%, 5 YRS +19.4%
Yowza! Dramatically different returns for both "Gold" funds in the same M* category.
"Gold" rated apples are not all "gold."

MSF for our discussion purposes...my DODFX data was from the December edition of Morningstar Fund Investor magazine (dated 12/20/20).

By March of 2009, Miller's flagship had drawn down about 80 percent. He only drew down half that 11 years later. How does he get the new capital to take advantage?

That is a sure way to fund his yacht while his investors stay poor. Glad I never invest with Bill Miller. He still paddles his investment view on WealthTrack.

Thank you for the education. To confirm, I took the average of the growth (+37.23%) and Value (+25.82%) for 2019 and get an average of +31.5%, which equals the return of the 500 index.

Mark +1
Stay Safe, Derf

The S&P 500 is designed by committee to be "representative" of the US market. So it is not a collection of the 500 largest companies, though it resembles that list.
Given that the objective of the S&P Committee is to represent the market, to the extent that it meets that objective, your question could be rephrased: is today's market growthy (are most companies, where "most" means more than 50%, growth companies)? Hard to disagree with that.
My point was just that by design, growth index + value index = total index; further, the partitioning is effectively 50/50 so one gets little insight by seeing how many stocks fall where.
Another way to address (ore evade) your question is: essentially by definition cap weighted indexes are (slightly) growth oriented, since they add more weight to companies that have grown faster.
https://www.morningstar.com/articles/967411/is-market-cap-weighting-a-momentum-strategy-in-disguise

Anyone who wants to condemn today’s democrats because southern slaveholders were democrats 150 years ago is not really a serious person.