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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.
  • Question On Safe Harbors As They Apply To Mutual Funds
    Mutual funds are required to file holdings with the SEC quarterly. They tend to release their top holdings more frequently, though not necessarily through SEC filings.
    On the website, you'll find the March 31 holdings.
    http://www.fpafunds.com/docs/funf-holdings/fpa-crescent-holdings-03-31-18-final.pdf?sfvrsn=2
    Somewhere around the end of May (I believe funds have 60 days to file) you'll find the official N-Q for March 31. Here's the March 31, 2017 filing:
    https://www.sec.gov/Archives/edgar/data/924727/000110465917036101/a17-8634_1nq.htm
  • Any problem with YCGEX?
    Thanks @msf, a great interview on the fund's strategies.
    The interview introduce me to the term "13F's" (SEC reporting form for Hedge Funds) or (also a recent report card of mine).
    how-to-piggyback-on-warren-buffett-and-other-legendary-money-managers
    Here are a few links to investors mentioned (Lou Simpson, Glenn Greenberg, and Tom Russo) mentioned in the interview.
    A man of few words....Lou Simpson:
    https://25iq.com/2015/04/04/a-dozen-things-ive-learned-from-lou-simpson-about-investing-and-business/
    and, A Q&A with renowned investor Lou Simpson:
    https://insight.kellogg.northwestern.edu/article/investment-great-lou-simpson-explains-portfolio-strategy
    Talks at Google with Tom Russo:

    and, Thomas Russo – Buy and Hold…and Then What (EP.16):
    capitalallocatorspodcast.com/2017/07/10/tomrusso/
    13F Filing for Glenn Greenberg's Brave Warrior Capital Hedge Fund (12/31/2017):
    https://insidermonkey.com/hedge-fund/brave+warrior+capital/116/
    and, Great Investor Glenn Greenberg Discusses His Investment Philosophy:
    basehitinvesting.com/great-investor-glenn-greenberg-discusses-his-investment-philosophy/
    Interesting search site of Hedge Funds:
    https://hedgemind.com/hedge-fund-portfolios/Glenn-Hank-Greenberg
  • Any problem with YCGEX?
    "When [Brian Yacktman] suggested lowering the minimum [of $50M to manage separate accounts] to [his] father, he basically said, “Great idea, just don’t do it here!” because their business model was focused on managing very few, large accounts. So, with his [father's] blessing, in 2007, [Brian] left his firm and created Yacktman Capital Group, the name of which [was] later changed to the initials YCG to avoid confusion between the two firms."
    https://www.valuewalk.com/2015/09/moi-exclusive-interview-with-ycg-investments-brian-yacktman/
  • Bill Bernstein: The 5 Hurdles Between You And A Secure Retirement: Podcast
    FYI: Episode 5 is an interview with personal finance and investing legend Bill Bernstein. Steve and Bill discuss the hurdles between you and a secure retirement and how to overcome them.
    Hosted by Steve Chen, founder of NewRetirement, the NewRetirement Podcast offers interviews about the wise use of both money and time in retirement. We explore ideas and insights so that you can achieve a secure and meaningful future.
    Regards,
    Ted
    https://www.newretirement.com/retirement/podcast-episode-5-bill-bernstein-5-hurdles-secure-retirement/
  • Value Funds vs. Growth Funds vs Bonds - No Longer True?
    Hello, @CathyG. Question, please.
    What is your value to growth stock ratio?
    Currently, mine is 40% value 60% growth for my stock only mutual funds. In addition, my value stock funds have performed much better than my two cash sleeves which hold several types of cash items. They are US Currency (demand cash held within portfolios), (investment cash) a money market mutual fund (AMAXX), a bank savings account and my CD ladder. My savings account held at my bank is paying very little. Currently, I'm getting about 0.6% on my demand cash (brokerage account) and about 1.5% (7 day yield) on my money market fund and about 2.5% for recently purchased CD's. My domestic value stock funds are paying a combined TTM dividend of about 2.75% with a rolling 12 mo total return of about 7.5%. My global stock value funds are paying a combined dividend of about 2.25% with a rolling 12 month total return of 15.0%. My domestic growth funds combined are paying a yield of about 0.2% with a rolling 12 month total return of about 21.0% while my global growth funds have a yield of about 0.3% with a rolling 12 month total return of 17.6%. For my bond funds held within my income sleeve the combined TTM yield is 3.8% with a twelve month rolling total return of 4.1%. However, I did sell off my short term and limited term bond funds a couple months ago as their total return was back of what I could purchase new 12 month CD's with a yield of about 2.5%. I'm thinking the rolling 12 month return on the bond funds sold was about 2.2%. Since, their average yields (3.4%) were higher than their average total return (2.2%) there was an erosion of principal (1.2%). So, I sold them.
    With this, I'm finding my value funds, my growth funds along with my bond funds are out performing all forms of cash held. I'm thinking this would also apply to my three hybrid fund sleeves, as well, plus a few other sleeves that I maintain within my portfolio. All of my investment sleeves seem to be out performing my two cash management sleeves year-to-date, for a rolling 12 month period and further on out.
    I'm glad to see you have returned as you have brought with you some recent post that require good analysis towards portfolio management. At least this is the case for me.
    Wishing you the very best as you ramp back up your investment endeavors.
    Old_Skeet
  • Value Funds vs. Growth Funds vs Bonds - No Longer True?
    Hi @CathyG
    First, this portion is in regards to your question in another thread about the method used so that you may respond directly to another member and, second, that that member should also receive an email from MFO indicating their psuedo name has been noted in a thread message; or that someone has posted into a thread that they/you initiated.
    ---When you sign-into MFO, as you have to read this; immediately below your screen name and next to your avatar image (upper left section of this page) you should see "red" indicator in the "Notifications" icon with a "number" for how many notifications you have received within MFO from others.
    ---You may have at least 2 from me for this thread; one for using your MFO name and another for responding to a message thread started by you.
    ---When commenting to another, using the "at symbol" immediately followed by your name will send a notify message to their email. Maintain a "space" in front of the "at" symbol and a space after your name to assure the system performs this process properly.
    Early in the day here and not fully up to coffee level; so I hope this makes some sense. You have probably already seen and figured out about the notification.
    As to value and growth; I've never been a "pure" value fan. In theory, in my head; is that a value stock or fund should be/have a "buy low and sell high potential". But, I always have to ask, why is the stock or fund considered value in the first place. Is the area merely out of favor for period or is the stock or fund in a never-ending cycle for a good reason.
    A worse-case example would be the early days of General Motors. The Dort Carriage Company (owned by some of the same folks who founded GM) was fast becoming a "value" company with the birth of the engine powered "carriage". But, surely there were folks who thought that the auto was not about to replace the horse drawn carriage. The carriage company, in a few years, became a ultimate value company; to the point of disappearing, while GM was the growth investment, yes?
    There remains for any number of reasons, as to why the growth sector goes through cycles where the companies are out of favor/oversold and do become a "form" of value, but within the growth area. This is where my brain attempts to process the "buy low/hold/sell high" conditions. Value for the sake of value just doesn't do "it" for our house.
    ---A more recent example of two, long term wonderful growth funds are: FDGRX and FCNTX . I don't recall all events of the period, but these 2 funds, as well as large growth in general were in a funk from April, 2015 through Nov., 2016 (election). Those who purchased this area during this early time period likely scratched their heads about performance for this period. This is my best thought/view of "value"; but value within a growth area. This is where I attempt to find and understand what is going on.....but, with more profit potential versus a long term holding of a stock or fund that has been "value" directed for too long and "their/that" ship never comes in..........
    Some investments have their day(s) in the sun and behind the clouds.....market cycles???
    Sample: Vanguard value vs growth etf's
    http://stockcharts.com/freecharts/perf.php?VTV,VUG&p=6&O=011000
    ---Bonds: Up until about 1 year ago we could and have run for shelter to investment grade bonds when the equity sector became twitchy......not the case today; except for the traders. At least, not to the case to make some money in this area during a down move in equity. The great bond run for excess profits, at least today/right now is flat, IMHO.
    Does this make sense and/or readable to understand???
    Okay, I have an early appointment today and must become presentable; and still need more coffee.
    I'll do a @Old_Joe here and he should be directed to this thread, via a notification, to discover whether I've said anything nasty about him, as he will see my MFO name attached to the email he will receive......of which, I can't think of anything nasty to write about him. :)
    Take care,
    Catch
  • Any problem with YCGEX?
    Frankly, I never purchased Yacktman for beating the market. That has never been my yardstick for a while now. I just don't want a fund to tank 50%.
    If I wanted to find a fund to beat the market, I would just give up and buy index funds. Which is what I use in 401ks.
    And now if someone can answer my question. Is YCGEX manager someone who fought with his brother and instead of helping him manage YAFFX, etc. formed his own fund company? Or is it simply a coincidence his father's name is also Donald?
  • Any problem with YCGEX?
    YACKX way underperformed the S&P 500 over its first 3 years (26.3% cumulative vs. 46.5%) and its first 5 years (99.9% cumulative vs. 153%). That was to July 1997. The spread in performance only got worse for the rest of the decade, until the dot com bubble burst. For two years, March 31, 1998 to March 31, 2000, it managed to lose 30% even as the S&P 500 was gaining 40%.
    (All data from M*'s charts.)
    For nearly a full decade, from inception in '92 through the 90s, the fund looked miserable. That did not mean that Donald Yacktman's glory days were left behind at Selected American. It just meant that the market was not good at the time for his style of value investing.
  • Laura Geritz RNWOX _ ROSOX
    @LewisBraham: is there an emoji for irony? Probably not, because it would be misinterpreted.
    RNWOX is considered a World Stock fund by M*. My glance at the portfolio holdings leads me to believe it's a Diversified Emerging Markets fund, as 76% of the holdings are in developing countries. M*'s mis-characterization makes it hard to compare the fund to its real peers.
    The Overseas fund, ROSOX, has attracted only 18M. By way of contrast, Rajiv Jain, who started his own two funds (GSIHX and (GQGPX) about 5 months before Ms. Geritz's, has attracted about 1.6B in broadly similar categories
  • Sequoia Takes Facebook Stake After `Recent Controversy'
    FYI:
    .Mutual fund also opened Vivendi, Liberty Broadband positions
    .Alphabet now top holding as managers see FAANGs aiding rebound
    The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients.
    Regards,
    Ted
    https://www.bloomberg.com/news/articles/2018-04-09/sequoia-takes-facebook-stake-as-shares-slide-in-data-controversy
    M: SEQUX Top 25 Holdings:
    http://portfolios.morningstar.com/fund/holdings?t=SEQUX&region=usa&culture=en-US
  • MFO Ratings Updated Through March 2018
    222 US mutual funds and ETFs were launched in first quarter: 90 ETFs, 87 index, 53 fund of funds, 7 socially conscious. Vanguard's six new "actively managed" quant ETFs all performed well out of the gate. Click on table below to enlarge ...
    image
  • M*: A Tumultuous First Quarter For International-Stock Funds
    PRIDX holds mostly int'l DEVELOPED market stuff, with SOME of the EM. Mostly small and mid-caps. In 1st quarter: +2.35%. I care about that one, cuz I own it. YTD: +2.24%.
  • M*: A Tumultuous First Quarter For International-Stock Funds
    FYI: International-stock funds faced a topsy-turvy investment environment in the first quarter of 2018. The year started off positively as the generally favorable macroeconomic, geopolitical, and corporate conditions of 2017 persisted. The MSCI ACWI ex USA Index returned 5.6% in U.S. dollar terms in January, while the French, German, Japanese, and several other developed exchanges posted mid-single-digit gains, and the Brazilian, Chinese, and a few other emerging markets earned somewhat higher returns.
    Regards,
    Ted
    http://www.morningstar.com/articles/858493/a-tumultuous-first-quarter-for-internationalstock-.html
  • Any problem with YCGEX?
    Hi @CathyG,
    Welcome back.
    Looks like sibling rivalries in the Yacktman Family, with Brian's fund (YCGEX) edging out Father Don & Brother Steve's funds (YACKX & YAFFX) over YCGEX short (2012) history.
    image
    Website profile of the fund:
    image
    Performance comparison (to YACKX) since inception:
    image
    Finally, YTD up +1.9% (4/9/2018)...impressive.
    Thanks for mentioning the fund (sorry to hear you had trouble executing the trade).
  • What Volatile Market? Growth-Fund Managers Strut: (PSGAX)
    FYI: In The Wall Street Journal’s latest Winners’ Circle contest, every top-performing mutual fund once again featured ‘growth’ in its name.
    The first three months of 2018 were a volatile period, culminating in the S&P 500’s first quarterly loss since mid-2015.
    But behind the scenes, some disciplined mutual-fund managers who focus on “growth” stocks—those powered by corporate-earnings potential—continue to rack up gains. In fact, they are dominating, led by the $2.5 billion Virtus KAR Small-Cap Growth Fund (PXSGX), which has won The Wall Street Journal’s latest Winners’ Circle contest of the best-performing U.S.-stock fund managers. It returned 40.8% in the 12 months ended March 30 (drubbing the 19.9% gain for small-cap growth funds overall, as tracked by Lipper).
    Regards,
    Ted
    http://www.cetusnews.com/business/What-Volatile-Market--Growth-Fund-Managers-Strut.B18VI8_iM.html
    M* Snapshot PSGAX:
    http://www.morningstar.com/funds/XNAS/PSGAX/quote.html
    Lipper Snapshot PSGAX:
    https://www.marketwatch.com/investing/fund/psgax
    PSGAX Is Ranked #6 In The (SCG) Fund Category By U.S. News & World Report:
    https://money.usnews.com/funds/mutual-funds/small-growth/virtus-kar-small-cap-growth-fund/psgax
  • Like It Or Not, Annuities Are Coming To Retirement Plans
    Ok, that's reasonable... But when you die, you die. No more annuity, right? My traditional pension is on the endangered species list, I know. Not many still around. But under the arrangement, wifey will get 50% of what I'm getting already, at time of death, which will surely be more than the check is right now, each month. We seem to get a tiny raise, each and every year. I could have elected a different option that would offer me/us less right now, but insure that she'd get more after my demise, too. And speaking of retirement, my classmate, a Cath. priest, not long ago informed me of a fact that kinda shocked me: under Canon Law, they are prohibited from investing in the stock market AT ALL, when it comes to arranging a plan for the priests for their retirement. And with interest rates still very low, looks like a losing battle. Holy cow. Red Sox are 8-1 to begin 2018. Best beginning EVER for those bums! :)
  • A Newly Powerful Fund Manager (Whom You’ll Rarely Hear About)
    FYI: What does an index-fund manager do, anyway? Meet Michelle Louie, co-manager of Vanguard 500 Index Fund.
    Regards,
    Ted
    http://www.cetusnews.com/business/A-Newly-Powerful-Fund-Manager-(Whom-You%E2%80%99ll-Rarely-Hear-About).ryfNL8uif.html