Lipper apparently begins its 1-5 ratings at 3y of performance, like M* [edited] msf said: "Also, Lipper's rankings are linearly distributed (1/5 in the top quintile, duh), while M*'s are more bell shaped (10% get 1 or 5 stars, 22.5% get 2 or 4 stars, and 35% get 3 stars.)
That's fascinating. Appears to be a type of front-loading or levering-up by M* similar to how a gambler (or investor) might use leverage to magnify a correct wager. And if he calls it incorrectly, the error is also magnified. Now I understand why M* sometimes makes so little sense to me when I try to match their ratings with my own perceptions after researching a fund's history.
Edit: The larger issue, IMHO, remains the difficulty of classifying funds so that meaningful comparisons can be drawn. Than again: What would we have to talk about here?
2016 Capital Gains Estimates While Artisan has not announced their 2016 distribution estimates, their website says:
"Artisan Partners Funds 2016 distribution record date will be November 16th and the Payment or Ex-Dividend date is November 17th"
My question is which is the latest date I can sell one of their funds and not receive the distribution? Is it by 4:00 PM on the record date Wednesday the 16th or is it by 4:00 PM on Tuesday the 15th?
Mona
Lipper apparently begins its 1-5 ratings at 3y of performance, like M* [edited] Until this decade, Lipper said that a fund that fell within the top quintile was in the first quintile. Apparently too many people thought that quintiles were the same as stars, and concluded that first quintile performance was lousy. So Lipper inverted its rankings a few years ago.
Also, Lipper's rankings are linearly distributed (1/
5 in the top quintile, duh), while M*'s are more
bell shaped (10% get 1 or
5 stars, 22.
5% get 2 or 4 stars, and 3
5% get 3 stars).
None of this speaks to the methodology, just the scoring.
Lipper apparently begins its 1-5 ratings at 3y of performance, like M* [edited] I misspoke in using the word 'star'; Lipper does a 1-5 rating, no star graphic. If you go to www.lipperleaders.com now, you indeed find results for the two DoubleLine Cape Enhanced, so their ranking start point must be 3y, same as M*. Don't know why it did not turn up on Marketwatch, should doublecheck. Ah, today they do show up. So 3y is there answer to my query, and never mind :) .
Q&A With Jim Rogers: Serious Economic Crisis Coming; Here's What I'm Doing
In the long run, Jim Rogers has been about as wrong as any guru out there on just about every asset class under the sun. Reminds me of the ex-resident stock picker on this forum now vanished whose stock picks were among the worst I had ever seen in my
50 years in this game. Sadly many here fell for his spiel and are now holding severely underwater stocks. Bottom line is be fiercely independent as an investor or trader and don't buy/sell based on the opinions/advice of others.
Q&A With Jim Rogers: Serious Economic Crisis Coming; Here's What I'm Doing
John Waggoner: Bipartisan Support From Dem. And Rep. Bodes Well For Infrastructure Investments
Lipper apparently begins its 1-5 ratings at 3y of performance, like M* [edited] "Lipper Ratings for Total Return reflect funds' historical total return performance relative to peers. Lipper Ratings for Consistent Return reflect funds' historical risk-adjusted returns relative to peers. Lipper Ratings for Preservation are relative, rather than absolute. Lipper Ratings for Tax Efficiency reflect funds' historical ability to postpone taxable distributions. Lipper Ratings for Expense reflect funds' expense minimization relative to peers. Lipper Ratings DO NOT take into account the effects of sales charges. *Overall Lipper Ratings are based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable)."
(Source: Lipper)
I've always preferred Lipper. M* impresses me as too cute by half. While technically Lipper doesn't use stars, their bar graph appears to be a similar apparition. Of course it's best to consult a number of ratings organizations. I try to look at 5. I buy new funds rarely. When Oppenheimer closed one of mine several months ago, I was forced to look for an alternative with them or move the money elsewhere.
Lipper apparently begins its 1-5 ratings at 3y of performance, like M* [edited] title says it
M* just started w DSEE(N)X, its having been three years as of last week.
Interval funds Morningstar should track most, though I think Bloomberg.com would have all of them. They are not traded intraday, think of them like a mutual fund with daily NAV once a day at the close. Identifying can be tricky. I have not seen a publicly available screen for them. If you have a Bloomberg terminal you can get creative with some searches to find them. Plus, some are really marketed to RIA's and not retail investors so minimums can be quite high and permission has to be given to get into some. Below are 15 to come off a quick screen from the Bloomberg terminal:
Ticker Name
XCAPX - ACAP STRATEGIC FUND-A
WESFX - WILDERMUTH ENDOWMENT STRAT
VSLAX - INVESCO SENIOR LOAN-A
VCMRX - VERSUS CAP MM REAL ESTATE-F
VCAPX - VERTICAL CAPITAL INCOME FUND
SRRIX - STONE RIDGE REINSUR RISK PRE
RCIAX - RESOURCE CREDIT INCOME-A
PSOIX - PALMER SQ OPPORTUNISTIC INC
PRIVX - SHARESPOST 100 FUND
NRSZX - NEXPOINT REAL ESTATE STRAT-Z
MSFDX - MULTI-STRATEGY GROW & INC-A
LENDX - STONE RIDGE ALT LENDING RISK
AVRPX - STONE RIDGE ALL ASSET VAR RK
Interval funds Very familiar with interval funds. They are becoming more popular as they have the look and feel of traditional 40 Act mutual funds (5 letter tickers, on traditional custodians (Schwab, Fidelity, TD, etc), 1099's. Performance like all funds and asset classes can vary, though some that are focusing on very niche areas have performed very well. In theory, you should get compensated for the semi- illiquidity (a premium). Gates of 5-10% of the total fund AUM typically exist on the way out. For the right asset class these can be a good solution.
SEC Must End Mutual Fund Paper Chase I for one am not surprised at all. I have never seen any action by the SEC, DOL or other agency that reduces paperwork, lowers overall expenses, and makes sense. At least 50% of my daily mail consists of hard copies of prospectuses and other required mailings that end up in our shred/recycle bin. What a waste of resources and money!
Interval funds
MFO Ratings Updated Through October 2016
This month there are 12 funds that are both 20-year Great Owls (top quintile risk adjusted return for past 3, 5, 10 and 20 years) and Honor Roll funds (top quintile absolute return for past 1, 3, and 5 years).
The 20-year GO designation is a remarkable accomplishment in itself ... long-term consistently high returns while mitigating drawdown. Add-in Honor Roll designation, which means these funds have continued to generate top returns presently.
Here are four:
T Rowe Price Capital Appreciation Fund (PRWCX)
Vanguard Wellesley Income Fund; Investor Shares (VWINX)
Fidelity Select Retailing Portfolio (FSRPX)
Vanguard/Wellington Fund Inc; Investor Shares (VWELX)
The remaining are munis:
Vanguard Ohio Long-Term Tax-Exempt Fund; Investor Shares (VOHIX)
Fidelity Michigan Municipal Income Fund (FMHTX)
Fidelity Ohio Municipal Income Fund (FOHFX)
Fidelity Arizona Municipal Income Fund (FSAZX)
Vanguard Pennsylvania Long-Term Tax-Exempt Fund; Investor Shares (VPAIX)
Fidelity Pennsylvania Municipal Income Fund (FPXTX)
New York Long-Term Tax-Exempt Fund; Investor Shares (VNYTX)
Nuveen Minnesota Intermediate Municipal Bond Fund; Class I Shares (FAMTX)
Fund Managers: No, The Election Won't Wreck Your 401(k) FYI: Worried that the election will ruin your 401(k)?
Don't be, fund managers say, no matter who wins the White House. As long as you're a long-term investor willing to ride through whatever market bumps occur after Election Day, and there certainly could be scary ones, presidential elections historically haven't had much impact on stocks over the long term. Other factors, such as how expensive stocks are relative to their earnings and what the Federal Reserve is doing with interest rates, are more important factors for the market than who sits in the White House.
Regards,
Ted
http://bigstory.ap.org/article/a7d30c817fb74ec0a55e10889156df7d/fund-managers-no-election-wont-wreck-your-401k
MFO Ratings Updated Through October 2016
David designates funds between 1 and 2 years of age as "Rookie Funds." Here are some top performers based on risk adjusted return in category, specifically Martin Ratio ... max absolute return with min drawdown since inception through October:
SPDR S&P 500 High Dividend EtF (SPYD)
Intrepid Select Fund; Investor Class Shares (ICMTX)
Fidelity SAI US Minimum Volatility Index Fund (FSUVX)
T Rowe Price Global Unconstrained Bond Fund (RPIEX)
Restaurant EtF (BITE) ... Ha!
Intrepid International Fund; Investor Class Shares (ICMIX)
Grandeur Peak Global Micro Cap Fund; Institutional Class Shares (GPMCX)
Eventide Multi-Asset Income Fund; Class I Shares (ETIMX)
Grandeur Peak Global Stalwarts Fund; Institutional Class Shares (GGSYX)
SPDR DoubleLine Total Return Tactical EtF (TOTL)
AQR Equity Market Neutral Fund; Class R6 Shares (QMNRX)
Grandeur Peak International Stalwarts Fund; Institutional Class Shares (GISYX)
Artisan Developing World Fund; Institutional Shares (APHYX)
JOHCM Emerging Markets Small Mid Cap Equity Fund; Institutional Class Shares (JOMMX)
Vanguard Alternative Strategies Fund; Investor Class Shares (VASFX)
Brown Capital Management International Small Company Fund; Inst Shares (BCSFX)
Weekend videos hosted by Barron's: EM fund managers @MFO Members: (Click On Article Title At Top Of Google Search)
Here is the text that goes with the two videos. "Emerging+Markets+Roundtable"
Regards,
Ted
Emerging markets snapped out of a three-year rout this year, against an unlikely backdrop. Brazil was gripped by a scandal worthy of a telenovela, George Soros predicted Russia would be bankrupt in a year, and China and Mexico became punching bags amid a wave of antiglobalization sentiment. Despite the negative headlines, the MSCI Emerging Markets index is up 31% from a low in late January. That move far outpaces the Standard & Poor’s
500 index’s 13% advance, and marks the MSCI index’s best performance relative to developed markets since 2009.
https://www.google.com/#q=Emerging+Markets+Roundtable:+Where+to+Invest+Now+Barron's
Barron's Cover Story: Active Stockpickers Are Outpacing Passive Funds FYI: (Click On Article Title At Top Of Google Search)
Passive investing had been declared the winner in the race for returns, beating stockpickers. But the race is still on, and suddenly, the stockpickers are surging ahead. After a slow start to the year, 60% of actively managed funds are beating the Standard & Poor’s
500 index since July 1, the highest level in nearly two decades. This at a time when money has been pouring into index funds at record rates.
Regards,
Ted
https://www.google.com/#q=Active+Stockpickers+Are+Outpacing+Passive+Funds+Barron's
Weekend videos hosted by Barron's: EM fund managers
MFO Ratings Updated Through October 2016
Dodge & Cox Balanced Fund (DODBX)
Dodge & Cox Global Stock Fund (DODWX)
Dodge & Cox Income Fund (DODIX)
All on Honor Roll, which means they are top quintile in category the past 5, 3, and 1 year periods on an absolute return basis.
