Catalyst Macro Strategy Fund MCXAX Top
5 positions:
VelocityShares Daily 2x VIX ST ETN 11.72 32
5,000 32
5,000 — — — — United States
-79.02
—
VelocityShares 3x Long Crude Oil ETN -9.6
5 788,000 788,000 — — — — United States
-79.73
—
VelocityShares 3x Long Natural Gas ETN -4.76
59
5,000
59
5,000 — — — — United States
-79.63
—
VelocityShares 3x Inv Natural Gas ETN -4.
51 210,
500 210,
500 — — — — United States
36.93
—
iPath® S&P
500 VIX ST Futures™ ETN 3.77
50,000
50,000 — — — — United States
-43.10
Good luck to those in it.
Catalyst Macro Strategy Fund MCXAX I have owned it for around a half year, and I agree with little5bee as far as it being a roller coaster ride. It will will make you very happy when you least expect it (when the market went way down a few months ago, that one day MCXIX went up 9%, pretty much unheard of for a mutual fund, particularly with the market way down), It can also be frustrating when you least expect it (it has gone down during good market days). It has moved more in a similar direction as the market over the last month or so. Follow claimul's link to get an idea of the strategies the managers use. You just have to let the managers do their thing, and ignore it if the performance goes amiss in the short term. I have hung with it, and it seems to be paying off.
Catalyst Macro Strategy Fund MCXAX They describe their strategy somewhat in this presentation:
http://www.catalystmf.com/i/u/6149790/f/CatalystMacroStrategyFund/MCXAX_Presentation_--_2015_Q1.pdfI put some money into it recently. I view it in the same category as other go-anywhere, tactical allocation funds like Pimco All Asset Authority (PAUIX) or Whitebox Tactical (WBMIX) -- the manager makes big bets on where they think the market is going, and the fund goes up when they're right, and goes down when they're wrong. Just like PAUIX and WBMIX, I fully expect MCXAX's strategy will work until it doesn't.
FYI, the institutional class of the fund (MCXIX) is available at Vanguard and TD Ameritrade for the same minimum initial purchase as the A shares. Lower expense ratio, but generally costs a transaction fee.
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November is up @David_Snowball I don't know whether it was the info, or the way you chose to sequence it, but this month's commentary got my tumblers rolling again (had almost forgot what it felt like). "Thought experiments" I hadn't completed and had set aside. Merci gobs to you and to those who contributed. Very stimulating.
Noah Smith had an edit in BloombergView yesterday about the seeming disappearance of the value premium, and possible reasons for it. We exchanged a few comments about this several months back. Might take a glance.
http://www.bloombergview.com/articles/2015-11-05/maybe-financial-markets-have-been-wrong-all-along
Grandeur Peak Global Micro Cap Fund subscription offering info As I understand it you aren't going to find it at any brokerage... it's only being offered directly from GP. The only exception I'm aware of is if an advisor uses a broker's platform for his business then they'll be able to buy the fund, based on their allocation, on that platform, but I don't believe it will ever show up as available to the general public at any broker.
What surprises me is that the fund says it's "open" on their website. I must be definitionally challenged when it comes to what that means, because $85 million of interest whiddled down to $25 million or so of allocations doesn't exactly sound like "open" to me.
That's too bad. I do have some direct fund accounts, e.g. FAIRX, but I've made it a point to go through brokerages. I will just have to pass on this fund and maybe look into Global Stalwarts appropriateness for my portfolio,
Utilities ETF
Manager Ownership No, sadly, this will be major tax-gain harvesting.
Seafarer gives direct investors access to their low expense institutional class shares; you just need to meet the retail minimum and set up an AIP. The minimum additional investment via Scottrade is $500, which is rarely manageable for me, but with an AIP I can set it to $100/month which helps restore my discipline on such matters.
So effective December 1, I'll be doing $100/month into Seafarer, T. Rowe Price Spectrum Income and Grandeur Peak Global Microcap. I've discontinued my AIP with F P A Crescent (FPACX) since that position is now larger than my next-two largest positions combined.
For what that's worth,
David
Manager Ownership "Beneficial ownership" occurs when shares that I purchased are legally held in another entity's name. If you look at Seafarer's SAI, you'll see that the single largest shareholder of SFGIX is Charles Schwab at 77.5% of shares outstanding. If you bought Seafarer through Schwab, your shares are beneficially owned.
Seafarer is, by the way, rolling along. $717 million in AUM and a thousand basis point lead over its average peer. I finally got around this week to selling the shares that I owned beneficially through Scottrade; as soon as the check arrives, I'll become a direct shareholder with an AIP. Then watch out, Chuck, I say! The Iowa State Lottery lump-sum is $24 million right now; all by itself, that'll catapult me to a "top five" listing.
David
