Fidelity Disruptors Fund - FGDFX Anyway, back to FGDFX. As I have said, I have this new fund on my watch list, but I am holding back in making a buy decision at this time because I am not comfortable with its "team managed" structure. But, I have been impressed by its excellent risk/reward performance since its inception in May. Yes, there has been a "massive recovery led by large cap growth stocks", but I have looked at several other well known growth funds, all rated 4 and 5 stars by M*, and found that FGDFX's total returns are actually highly competitive. In addition, these other funds all have higher standard deviations which I consider to be of some importance:
Fund May - Nov 3 Months 1 Month Std. Dev.
FGDFX 41.0% 15.4% 5.0% 18.0%
POLIX 30.4 8.0 0.5 19.1
TRBCX 31.7 8.4 1.3 19.2
TRLGX 34.4 12.5 3.5 19.6
VOOG 31.3 8.7 1.8 20.1
VIGRX 35.4 10.1 2.9 21.4
I have not drawn any final conclusions about this fund at this time, but I am still intrigued by it and will continue monitoring its risk/reward performance.
Fred
P.S. Sorry, but in "preview" mode the columns line up properly under their headings, but once I post my comment I get the not exactly user friendly display as seen above. What, if anything, am I doing wrong? Is there a way around this, or is it the nature of the beast?
BAMPX FUND. Much of the turnover in BAMPX appears to be coming from Strategic Income Opps fund (1805%) and to a lesser extent Master Total Return (556%). Total guess....perhaps short term paper purchases?
Grandeur Peak Funds to close Glbl Oppt & Intl Oppt Funds to third party intermediaries https://www.sec.gov/Archives/edgar/data/915802/000139834420024642/fp0060307_497.htm497
1 fp0060307_497.htm
FINANCIAL INVESTORS TRUST: GRANDEUR PEAK FUNDS
SUPPLEMENT DATED DECEMBER
17, 2020 TO THE SUMMARY PROSPECTUS AND
PROSPECTUS FOR THE GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND AND
GRANDEUR PEAK INTERNATIONAL OPPORTUNITIES FUND (THE “FUNDS”) DATED
AUGUST 3
1, 2020
Effective as of the close of business on December 3
1, 2020, the Funds will close to new investors seeking to purchase shares of the Fund through third party intermediaries subject to certain exceptions for financial advisors with an established position in the Fund and participants in certain qualified retirement plans with an existing position in the Fund. The Funds remain open to purchases from existing shareholders, and to new shareholders who purchase directly from Grandeur Peak Funds.
The Fund retains the right to make exceptions to any action taken to close the Fund or limit inflows into the Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
Robinhood robbed the rich & gave to it self !
Did Morningstar stop listing fund holdings?
So, who's gonna be the first to buy DONUTS? +1.
A brief glimpse into the intricate workings of TMSRX ... After reading the list of "styles" hank had posted above, it reminded me of another Team-managed ALTs fund - MASFX. Its been around longer, but hasn't done much.
https://partnerselectfunds.com/pdfs/fact-sheets/MASFX_fact_sheet.pdfAbsolute Return | Target Allocation:
19%
Arbitrage and Event Driven | Target Allocation:
19%
Contrarian Opportunity | Target Allocation:
18%
Long-Short Credit | Target Allocation:
19%
Opportunistic Income - Target Allocation 25%
TMSRX has been outperforming it.
A brief glimpse into the intricate workings of TMSRX ... @Thanks for the additional insights
@BenWPHere’s the various styles used under TMSRX’s 5 management teams as I understand it.
Macro and Absolute Return
Fixed Income Absolute Return
Equity Research Long/Short
Quantitative Equity Long/Short
Volatility Relative Value
Style Premia
Dynamic Global FX
Dynamic Credit
Global Stock
What I’m wondering is whether the manager of the Macro and Absolute Return portion might be
long a certain stock based on macro readings while the manager of the Volatility Relative Value component might be shorting the same stock? Might different managers work at cross purposes?
Than there’s the “little issue” of TRP paying management fees to Blackstone for inclusion of one of its hedge funds in RPGAX (
10% of the fund’s holdings). One might assume (
1) that the experience has proven highly instructive to TRP as to how to effectively manage a hedged fund and (2) eventually TMSRX will replace the Blackstone fund within RPGAX.
Fidelity Disruptors Fund - FGDFX IOW, you can't substantiate your mistaken claim and you expect me to do that for you.
To repeat what I wrote above: Fidelity's prospectuses are typically vague, but this one more than usual.
Perhaps with more diligent investigation you would discover that when a Fidelity fund "is meant to be [statically] allocated to the underlying funds", Fidelity says so. Compare and contrast with another Fidelity fund of funds, this one with a static target allocation:
Principal Investment Strategies- Investing in a combination of four Fidelity® stock and bond index funds (underlying Fidelity® funds) using an asset allocation strategy designed for investors seeking a broadly diversified, index-based investment.
- Allocating assets among underlying Fidelity® index funds according to an asset allocation of approximately:
■■■■ Fidelity® 500 Index Fund 48%
■■■■ Fidelity® International Index Fund 25%
■■■■ Fidelity® Extended Market Index Fund
12%
■■■■ Fidelity® U.S. Bond Index Fund
15%
Thoughts on DIAL
Bitcoins & the tax man : time to pay - up !
Causeway Global value CGVIX $1M to get in. Ork!
Seven Canyons Small Cap Growth Fund in registration
A brief glimpse into the intricate workings of TMSRX ... IMHO, if one of these alt funds did produce decent returns with limited volatility, one of 2 things would happen: the minimum investment would suddenly increase to 5 or 10 million to prevent too much cash coming in, or the fund manager would leave the fund company and set up his own hedge fund based in Bermuda to maximize his income !
Janet Yellen supposedly Biden's pick for Treasury Secretary
A brief glimpse into the intricate workings of TMSRX ... I can tell you have a “PHD”
@BenWP :)
(PHD = “pile it higher and deeper”)
Kidding aside - It’s a fascinating fund. I’ve held it from the start. But I still haven’t figured out how the 5 different managers keep from shooting one another. TRP tried a 2-manager approach with PRWCX
10-
15 years back and it didn’t last long.
Time to buy, sell, or hang tight Nothin.
Unsure about travel in 2021. That’s the biggest discretionary expense. So, like 2020, next year might require little drawdown from investments. That argues for staying the course rather than building cash. Somehow wish it were other. (But have reduced spec positions while waiting for the next 25-30% selloff).
Nice bounce today across the boards. DJI is up 300 in early afternoon - above the 30,000 mark.
Energy’s strong with Brent over $50 and NYMX close behind.
And a pop of about $25 for gold, with miners up a couple percent today.
I remain convinced a lot of the action is of “the elephant chasing his tail” variety, with folks investing $$ they’d have spent on things without the Covid related restrictions. But “don’t fight the tape” (or do so at your own peril).
In the meantime .... What’s not to like?
At this point I view bonds as the wastewater of the investment plumbing infrastructure. They still serve some purpose - but don’t expect them to contribute to your prosperity.
A brief glimpse into the intricate workings of TMSRX ... To implement this strategy, the Multi-Strategy Total Return Fund may: - Invest in the Global Stock Fund
- Short a basket of equity futures
- Use a variety of total return swaps, consisting of both long and short positions, on specific stocks that align with the Global Stock Fund’s portfolio relative to its benchmark.
@BenWP - Surely you jest!
I’ve not come across another fund that seems to “play off” or “key on” one of the sponsor’s own funds. Generally, funds try to beat or approximate some index. Here, T Rowe’s managers are actively engaged in trying to capture only the above benchmark return of one of their own funds (not its total return). It’s as if they’ve got
two different benchmarks in play.
The ER (
1.22%) seems reasonable considering the machinations of the fund. However, over time, that’s quite a bite out of long term compounded return. I’d suggest using the fund sparingly. It’s typically
12-
14% of my holdings - firmly in the
alternative category.
I’ll note (as does
@JD_co above) that more of these type funds fail than succeed over time - so hats-off to T. Rowe for their success thus far in running this Rube Goldberg contraption.
