M*: Updated Ratings On 18 Pimco Funds Moving over to Janus opens another can of worms as Janus has had their issues with ethics and SEC investigations.
I don't see this as opening
another can of worms. PIMCO made its own deals with Canary (for $25M) to allow Canary rapid trading while barring "regular" investors from doing that.
That resulted in a
$50M settlement between PIMCO and the SEC.
Here's the SEC's
notice of distribution of settlement money to shareholders (in 20
11!).
Best description of what PIMCO was doing I found in a quick search is in a WSJ article (as usual, follow this google link, click on first story:
Scandal Tags Pimco Funds Run by William GrossAnd there were other misdeeds - Stephen Treadway (the former Chairman of the Board of Trustees of many of PIMCO's funds)
personally settled with the SEC for failing to disclose a conflict of interest in setting up shelf space deals for funds handled by PIMCO's distributor.
When using broad brushstrokes (PIMCO "has had their issues with ethics and SEC investigations"), a lot of families get tarnished. Details on Janus, like details on PIMCO, show that there were multiple subsidiaries and fund groups in each family, and only some of them were involved.
(Though in PIMCO's case, while the bond funds weren't directly involved in the market timing, some were used to park the trading money - including Gross' funds - Total Return and Low Duration.)
Why High Yield? Why Now?
Quantitative Value ETF Launches Today Under symbol QVAL...
here's opening price action on SA:
I enjoyed Dr. Gray's talk at recent Morningstar conference, summarized in October
commentary.
The fund employs a Benjamin Graham based value philosophy.
Implemented in systematic quantitative fashion.
Actively managed.
No index.
80% US stocks, typically.
50 stock portfolio, typically.
er = 0.79%.
An international version is pending.
Fact sheet and investment philosophy found on
ValueShares by Alpha Architect's web site.
And also described conceptually in good book by same name:
Quantitative Value.
Midcap Stock Funds Feel Effects Of Pullback Yep,
I usually try to keep about 35% of my equities in small & mid caps. Currently, I am now at about 25% combined based upon my most recent Instant Xray analysis. Seems some of my hybrid funds have reduced their allocation to them. I have considered doing some buying in the small/mid area since thier vauations have pull back. Ytd my small/mid cap sleeve has had positive returns at 1.7%. My best performer is PMDAX which is up 4.4% ytd.
Old_Skeet
Best L/S Fund Hmmm...not sure how you are getting 8.13% ER for TFSMX. Also your suggestion for owning conservative allocation funds with bonds make sense, but wouldn't that be for a different part of the portfolio?
TFSSX I will not buy unless the market really tanks. I'm not in love with it. I am actually cured of falling in love with any and all inanimate objects including mutual funds.
FWIW I own VWELX @ Vanguard along with VTAPX. Someday it would make sense to move to VWIAX assuming more bonds is less risky proposition. With TFSMX and TFSHX I'm not looking to shoot the lights out. I'm treating them like cash substitutes. Now, on that front if we say they are not good funds, I get it. However if we are comparing them with L/S funds that are directional in nature, then I am not getting it. IMHO TFSMX and TFSHX are fulfilling their mandates.
M*: Updated Ratings On 18 Pimco Funds
Grandeur Peak 3Q Commentary Howdy
@Roy and
@JohnChisumThe noted distribution of shareholders:
Our client base is now comprised of:
• Institutional Advisors/Consultants 43%
• Institutions 19%
• Retail Advisors 17%
• Individuals/Retail Shareholders 13.5%
• Family Offices 7.5%Our house holds non-Fidelity funds through our brokerage accounts at Fido, which includes GPROX.
There are others at MFO who have similar holdings via brokerage accounts.
Wondering where these accounts fit into the above list complied by Grandeur? Are we in the Individuals/Retail Shareholders category?
I'm also in agreement that most retail/individual investors are not aware of Grandeur.
Take care,
Catch
Catching falling knives Hi Derf,
Thanks for the question.
In checking my weekly valuation log, I ended the third quarter about even with where it began but slightly up by only a couple of grand. So over those 13 weeks my pay was only a couple of thousand from investing if one were to choose to look at it in this light. I guess that is better than being down a couple thousand.
However, my year-to-date total return through the third quarter was about 6.7%. As you may have guessed my production came during the first and second quarters.
How about you? … After being down <3% for the third quarter ... How did you fair ytd?
Old_Skeet
Catching falling knives Hi rjb112, Blitzer, John Chisum, V/F and others,
Thanks again for your comments.
If you were to look back through the historical postings here and at fund alarm you will find that in the past I go heavy in equities around fall and usually start to lighten up during the first quarter and on into and through the second quarter as we move from winter into and through spring. I am never all out of the markets as my allocation range for equities allows for a low range at 40% and a high at 70%. A neutral allocation in equities would be somewhere around 55%. I am currently about 5% heavy from neutral since equities are currently selling pretty close to fair value but we are now moving into the season where I have trended to go heavy equity. The recent pullback came at a time that I believe will add good value to my traditional seasonal move.
Generally, when equities are oversold I’ll carry a greater allocation to them and when they have become overbought I’ll reduce my allocation in them. In addition, I follow a seasonal investment strategy and tend to overweight them based upon the calendar (STS) around fall and then let my capital gain distribution pay to cash thus automatically reducing my equity allocation (an automatic rebalance of sorts). Should I need to reduce equities farther I do it in steps as the market advances (selling into the advance) until my desired allocation is reached and/or my cash allocation has reached its upper range. Naturally, if things move against me, in a big way, I'll reduce my equity allocation in a defensive move down towards its low range.
I call this a walking allocation because my asset allocation resets from time-to-time based upon market valuation, the calendar, and other considerations I feel that should influence its weighting.
I hope this provides some insight as to how Old_Skeet governs as it does allow for some flexability based upon certain variables. However, since I am totally never out of the market I consider myself a long term investor that employees some special strategies form time-to-time.
Catching falling knives I think strategy like sts will work if we repeat a 15 year market like from 1998. So will a simp,e strategy around 10 month MA. Wonder why sts uses DJIA.
Catching falling knives @rjb112 Thought provoking comments, indeed. On this board, I look for well reasoned actionable advice.
@Old_Skeet 's comments as reasoned from the streetsmartreport.com commentary seem to qualify, but I didn't take any action as that commentary doesn't reflect my investing strategy.
