Many Marketfield Investors Say Enough We owned this fund from almost its beginning, given Aronstein's track record and his innate sense of global macro themes. It did what we expected of it through third quarter of 2013, then it just went off the tracks. Aronstein admits they did not control their risk parameters. The fund was often early on its calls, but they were almost always proven right. Hard to put a finger on exactly what happened, but it is hard to overlook the takeover by Mainstay and the nearly quadrupling of assets from 2012-2013, driven by brokerage houses quick to jump on a hot fund. Given the kinds of macro themes the fund targeted, it seems that it would be difficult to employ cash in a fund that went from $882 million in 2011, to $4 billion in 2012, to almost $16 billion in 2013. Of course that is no longer a problem with the funds assets at $6 billion and dropping. Fortunately, most of our accounts in MFLDX were long-time and had some very nice gains. Notice I say HAD. After extensive reviews, including listening to management, we decided our original thesis for owning the fund was no longer valid. The fund is certainly capable of turning things around, but it no longer fit our risk parameters. Seldom have I seen a great fund implode quite like this one, but I have to wonder if performance would have been different had the fund remained independent.
WBMIX Expenses @Carefree: A very expensive and poor performing turkey turkey ! Here is some information from Whitebox Website regarding expenses.
Regards,
Ted
As of the date of the Fund’s current prospectus, the gross expense ratios of the Fund’s Investor Shares and Institutional Shares were 3.
10% and 2.85%, respectively (including dividend and interest expense on short sales and acquired fund fees and expenses), and
1.93% and
1.68%, respectively (excluding dividend and interest expense on short sales and acquired fund fees and expenses). Whitebox Advisors LLC has contractually agreed through at least February 28, 20
15 to limit total Fund operating expenses (excluding dividend and interest expense on short sales and acquired fund fees and expenses) to no more than
1.60% and
1.35% of the Fund’s Investor Shares and Institutional Shares, respectively. If dividend and interest expense on short sales and acquired fund fees and expenses were included, such net expense ratios through February 28, 20
15 are estimated to be 2.77% and 2.52%, respectively.
Exchange-Traded Funds. In addition to bearing Fund expenses, shareholders indirectly bear the expenses of the underlying ETFs in which the Fund invests
