Rupal Bhansali is leaving Ariel to launch her own firm 3rd paragraph - I think you mean Ariel (not Artisan) International. (Fixed! Thanks!)
The next sentence leaves me confused: " Given that
Morningstar doesn't track growth and value separately, and Bhansali is a distinctly contrarian, value investor,
the star ratings might be a bit misleading. "
It used to be that M* lumped all the global stock funds together into one "world" category. That changed in 202
1. There are now value, blend, and growth global catagories.
https://www.morningstar.com/funds/morningstar-world-stock-categories-get-some-styleAnd it used to be that funds got star ratings based on broad asset classes. That changed a long time ago. "In 2002, Morningstar enhanced the star rating with new peer groups and a new measure of risk-adjusted return. The peer groups for the rating were changed to the smaller category groups instead of the broad asset classes."
https://www.morningstar.com/content/dam/marketing/shared/research/foundational/780133_The_Morningstar_Rating_for_Funds__Analyzing_the_Performance_of_the_Star_Rating_Globally.pdf@Shostakovich - you might take a look at LTTMX. Its long term figures (including risk) look similar to AGLOX 's. The two funds follow somewhat different paths, with Lipper classifying LTTMX as a global equity income fund in contrast classifying AGLOX as a global multi-cap value fund.
Portfolio Valuation comparison of the funds.
Which gets me back to confusion about value classifications. LTTMX is a value fund (M* classifies it as a global large cap value peer of AGLOX), while Lipper lumps all global equity income funds together. In the end, they both deliver similar results with similar risks using value oriented portfolios.
If one is willing to take on more risk (i.e. use a more volatile fund), one can find global value funds that more than reward the additional risk (i.e. have better risk-adjusted returns). But if risk management is paramount, LTTMX is worth a look.
3 month T bill purchase today 3-mo T-Bill rate
$IRX trades daily; note that scale is
10x yield.
One can look at trading on Fridays and Tuesdays, the day-before and day-after the Monday Auction (except when Monday is a holiday). Just a quick look at the chart shows that rates are generally higher (prices lower) the day-after the Auction, but they are more random the day-before the Auction. Of course, the Treasury market is also affected by news and Friday-Monday gap may be an eternity, but not so for the Monday-Tuesday gap.
Unless one is playing with large $amounts, the profits to be realized by this sort of trading may be tiny. You will also be competing with Treasury dealers (Primary or general).
https://en.wikipedia.org/wiki/Primary_dealerhttps://stockcharts.com/h-sc/ui?s=$IRX&p=D&b=5&g=0&id=p75047699867
3 month T bill purchase today It should be obvious from the discussions so far, but I double-checked anyway. The following observations should be easy to remember.
EVERY 13-wk T-Bill has the same CUSIP# as some 26-wk T-Bill.
The 4th issuances of 13-wk and 26-wk T-bills have the same CUSIP# as some 52-wk T-Bill.
But Treasury won't call these reopening (even when it may appear so to us). The only difference I see is that their amounts outstanding aren't combined. Also, some brokerage sites may fail to find all these CUSIPs (as the Treasury site does) - there was a discussion of this for Schwab in another thread.
When Treasury uses the term reopening, it combines all issuances into a large total outstanding and Treasury says that it improves the liquidity of that Treasury issue. Treasury says that there are also (formal) reopening only for 2-Yr FRNs, 20-Yr & 30-Yr T-Bonds, 10-Yr & 30-Yr TIPS, and NOTHING ELSE.
3 month T bill purchase today Buying T bills at auction through Schwab brokerage has no fee just like buying brokered CDs. There is a set schedule at the Treasury while CDs are not.
https://home.treasury.gov/system/files/221/Tentative-Auction-Schedule.pdfNewly issued short term T bills,
13 week and 26 week have their auction every Monday. It would be good idea to place your order on Sunday night and the order will be filled by end of Monday. Longer term T bills and notes have their schedule. Personally I buy
13 week, 26 week and 52 week T bills to construct ladders.
Several advantages of T bills over CDs:
1. after tax return since T bills are state tax-exempt.
2. Liquidity. Easy to sell before maturity in secondary market.
3. Large $ amount can be purchase at auction.
Last year MFO have had several treads on T bills that provide additional details.
