Two Multisector Bond Funds FYI, the figures Pimco puts on the fund pages under the Portfolio tab are apparently "duration weighted exposure" (DWE). The market value weighting is found with DWE on the monthly spreadsheet (Document tab, scroll down to "Pimco Funds Portfolio Statistics Report").
There you'll find the same figures as Derf quoted listed as "DWE" (duration weighted exposure), alongside market weight, which is what probably most of us are used to seeing. MW is listed as 54 mortgage, 24 U.S. credit, 21 developed ex-U.S., 17 EM, 1 other, and -17 cash & gov't.
So on a market value basis, foreign is 38%, with 17% total fund leverage.
Two Multisector Bond Funds PONDX moves monies as needed. From recall, about 1-1.5 years ago, the overwhelming major of the fund was invested in one form or another in the U.S. mortgage areas.
I fully trust the manager's and their abilities over the past severval years of our holding the cousin fund of PIMIX. This remains one of our largest bond holdings.
Derf's note above about holdings is from the "mothership" web site. No need to check M* first? Pimco's web site has a decent layout to obtain their data.
Two Multisector Bond Funds
as of 06/30/14
US Government-Related1 -15.00
Mortgage 40.00
US Credit2 13.00
Non-U.S. Developed 30.00
Emerging Markets 30.00
Other3 1.00
Money Market and Net Cash Equivalents4 1.00
PONDX As of 3/31 courtesy of CHUCK: Domestic net 61% Foreign net 59% Shorting cash -- Looks like their moving & groovin (turnover)
Two Multisector Bond Funds 60% of PONDX is in bonds out side the US???? If that is true it is strikingly different than what M* has in their portfolio data (85% in the US and 8% in the Cayman Islands, which is usually US corporations hiding money from the tax man). I've never know PONDX to be even close to a global fund.
Am I goofed up on what this fund is about - multisector and heavy in corporate bonds, not global? What gives?
I don't own this fund right now (have in the past), but I'm considering it when I roll-over my 401k. I have a global fund (FGBRX) and I don't need two.
Sign in Golub- A number of questions, which if nothing else should help Chip to try and resolve this:
1) Is this problem occurring at home, or at work? (If at work, there may be a local network issue involved).
2) Is your computer a Windows machine, or a Mac?
3) What operating system is your computer using?
4) What browser are you using? (ie Chrome, Firefox, Explorer, Safari. etc)
5) Does your computer have more than one browser available?
6) Is the problem occurring on a computer which had previously worked OK with MFO?
7) If so, approximately when did the problem start occurring?
8) Do you have access to another computer, for testing purposes?
There may be follow-up questions, depending upon your particular situation.
Regards- OJ
MFO Fund Ratings Through Quarter Ending June 2014 Now Posted Hi Pete64.
I just went to MultiSearch and only clicked Risk Group 1-4 and it posted 100 funds, which is display limit. Here snapshot of results:
Do you find same result? Or, did you have other criteria selected?
If you click on Risk column, the table will sort by Risk and even for these 100, I see a lot of Group 4 funds. But if you are not seeing same...
Let me know and will try to resolve any issue(s) you find soonest.
M* Fund Focus: Fidelity Low-Priced Stock Fund: Video Presentation
Individuals Pile Into Stocks As Pros Say Bull Is Spent Actually he seemed relatively bullish with his comments.
"Birinyi expects the S&P 500 to keep advancing as bears capitulate and pick up stocks.
Durable, Sustainable
“This is a durable and sustainable bull market,” he said in a July 9 phone interview from Westport, Connecticut. “It’s going to surprise us because I still don’t think we’ve got to a point where water is boiling yet.”
Birinyi, one of the first analysts to advise clients to buy when stocks were bottoming after the 2008 financial crisis, predicts the S&P 500 will rise to 2,100 (SPX) by December."
Jeremy Grantham/GMO 7-Year Asset Class Forecasts Not a stupid question at all. I had to go to their website and look at a few of their other 7-Year Forecasts. I'm almost certain it's annualized return.....not the cumulative return over 7 years. But remember, these are real returns, so add inflation to these numbers to get the nominal return. One reason I'm almost certain it's annualized return: look at the dotted red line, 6.5% historical long term US equity return. That's the annualized long term real return of US stocks. Add inflation in, and you get the typical numbers you see for the past, for very long term US stock performance, say approximately 9.5% or 10% annualized.....with the very long term inflation numbers being somewhere around 3 or 3.5 or 4%, depending on time period.
You mentioned small cap: Not pretty! And the area that people seem most cautious about, emerging markets.......interesting.
Jeremy Grantham/GMO 7-Year Asset Class Forecasts Sorry for stupid question. Is GMO saying TOTAL small cap return over 7 years will be -5 percent, OR year over year?
Chuck Jaffe: Think Twice Before You Invest In A Bear-Market Fund I think chances are now high for a market correction of 60%. I think next buying opportunity is 2017.
Lest anyone asks I have right to pull out stuff from my behind just like anyone else. I can point to S&P 500 returns for last 5 years and say it always pays to be fully invested in the market.
Now let me go find out what a "bear market fund is". If its HSGFX, maybe I should buy more. If it is BEARX, I need to think.
"Duration" as an added component to Mutual Fund MaxDD (Draw Down) Actually Max DD to me is very important. Especially for 10-15 year old funds who have gone through few market cycles. It tells a lot about the manager.
Some like Schwab report Upside Capture and Downside Capture. Not quite sure how they capture that data and how reliable it is. Max DD on the other hand is crystal clear.
Target Date Funds Try Timing The Market If the investors owning the fund are aware of this change then there may not be a problem. However this could impact those close to retirement if a bear shows up.
This kind of tactic is better for asset allocation funds IMO. I do own one that can adjust its holdings within single digits percentage wise. ( AOMIX ). That was clearly spelled out in the prospectus. In my experience the allocation changes have been 5% or less.
The Closing Bell: U. S. Stocks: Dow Closes Above 17,000
What's Happening At Waddell & Reed ?
Chuck Jaffe: Think Twice Before You Invest In A Bear-Market Fund
Fund Managers Who Invest Elsewhere: Eating Your Own Cooking
Of all the stupid regulations...managers should be made to disclose EXACT amount of their holdings and NOT ranges.
Agree completely.
The Longleaf Partners Funds has a policy that does not allow employees to have outside investments. The portfolio managers and analysts must have 100% of their investments in the Longleaf funds. I'd like to see that in other fund companies as more common.
Another issue: Just because a manager has $
500K or even $1M in his fund, it doesn't mean he is that committed. Many of them have investable assets in the stratosphere, and even $1M may not demonstrate a great deal of commitment.
I own some Berkshire Hathaway B shares, and am very happy that Warren Buffett has close to 9
5-100% of his net worth in the stock. A full commitment.
I'd like to see some mutual fund managers who have their entire life savings in their funds.
In this respect, Bruce Berkowitz sets a fine example.
"Duration" as an added component to Mutual Fund MaxDD (Draw Down) So, looks like OAKMX recovers (surpasses previous peak) maybe 3 years sooner than laggard WQCEX, as seen below in M* chart:
