TMSRX is sitting on 25% cash. Jeez.

I’m thinking some of that might be required to cover short positions.

TMSRX is sitting on 25% cash. Jeez.

".....At this point I view bonds as the wastewater of the investment plumbing infrastructure. They still serve some purpose - but don’t expect them to contribute to your prosperity. " Wouldn't you know that I retire when rates sink through the floor? I use the bonds for ballast, but the expected income, if I should ever need to tap it, is nice to see every month--- though lower than it was for investors of yesteryear. Shares grow painlessly and automatically. Bonds are 55% of total, now.

9 styles to 5, know wonder TMSRX is doing better. As the ad says, "More is better" !
@BenWP : What are you referring to : STEAM guy ? just wondering.
Stay safe, Derf

After reading the list of "styles" hank had posted above, it reminded me of another Team-managed ALTs fund - MASFX. Its been around longer, but hasn't done much.
https://partnerselectfunds.com/pdfs/fact-sheets/MASFX_fact_sheet.pdf
Absolute Return | Target Allocation: 19%
Arbitrage and Event Driven | Target Allocation: 19%
Contrarian Opportunity | Target Allocation: 18%
Long-Short Credit | Target Allocation: 19%
Opportunistic Income - Target Allocation 25%
TMSRX has been outperforming it.

@Thanks for the additional insights @BenWP
Here’s the various styles used under TMSRX’s 5 management teams as I understand it.
Macro and Absolute Return
Fixed Income Absolute Return
Equity Research Long/Short
Quantitative Equity Long/Short
Volatility Relative Value
Style Premia
Dynamic Global FX
Dynamic Credit
Global Stock
What I’m wondering is whether the manager of the Macro and Absolute Return portion might be long a certain stock based on macro readings while the manager of the Volatility Relative Value component might be shorting the same stock? Might different managers work at cross purposes?
Than there’s the “little issue” of TRP paying management fees to Blackstone for inclusion of one of its hedge funds in RPGAX (10% of the fund’s holdings). One might assume (1) that the experience has proven highly instructive to TRP as to how to effectively manage a hedged fund and (2) eventually TMSRX will replace the Blackstone fund within RPGAX.

@MikeW: I was going to try to learn something about this Causeway fund but M* is thwarting my efforts to look at the fund holdings. This value firm has been a M* darling for a long time, although it’s hard to understand what the (fatal?) attraction might be. The firm has been hemorrhaging assets over the past five years resulting in the « flagship » fund holding only $50M. Causeway has not had any better luck in EM value, either. You are certainly right to note that this year has been fabulous. M* will still adore value, however.
Ok, now I see the holdings. M* reports that Global Value has been selling large percentages of its top 20 holdings. Surely, this is not a sign of conviction. Maybe you have some play money you were going to give to your family? Why not make a donation to a struggling MF?

IOW, you can't substantiate your mistaken claim and you expect me to do that for you.
To repeat what I wrote above: Fidelity's prospectuses are typically vague, but this one more than usual.
Perhaps with more diligent investigation you would discover that when a Fidelity fund "is meant to be [statically] allocated to the underlying funds", Fidelity says so. Compare and contrast with another Fidelity fund of funds, this one with a static target allocation:

Principal Investment Strategies

• Investing in a combination of four Fidelity® stock and bond index funds (underlying Fidelity® funds) using an asset allocation strategy designed for investors seeking a broadly diversified, index-based investment.
  
• Allocating assets among underlying Fidelity® index funds according to an asset allocation of approximately:

■■■■ Fidelity® 500 Index Fund                     48%
■■■■ Fidelity® International Index Fund        25%
■■■■ Fidelity® Extended Market Index Fund 12%
■■■■ Fidelity® U.S. Bond Index Fund            15%

I have been watching Columbia Diversified Fixed Inc Allc ETF (DIAL) for the past 2-years. As a multi-sector fixed income ETF:
https://www.columbiathreadneedleus.com/investment-products/exchange-traded-funds/Columbia-Diversified-Fixed-Income-Allocation-ETF/DIAL/details/?cusip=19761L508&_n=1&cid=2020CTI_Google_CTIDIALETF&gclid=EAIaIQobChMI3Lzo3-rS7QIV1_bICh1TnQZcEAAYAyAAEgKmrPD_BwE&gclsrc=aw.ds
This fund seeks investment results that, before fees and expenses, closely correspond to the performance of the Beta Advantage® Multi-Sector Bond Index.
The Beta Advantage® Multi-Sector Bond Index is a rules-based multi-sector strategic beta approach to measuring the performance of the debt market through representation of six sectors, each focused on yield, quality and liquidity of the particular eligible universe. The index will have exposure to the following six sectors of the debt market: U.S. Treasury securities; global ex-U.S. treasury securities; U.S. agency mortgage-backed securities; U.S. corporate investment-grade bonds; U.S. corporate high-yield bonds; and emerging markets sovereign debt.
It’s 3-year history shows:
YTD = 8.26 / 3-year CAGR = 6.64 / StDev = 5.51 / sharpe = .93 / sortino = 1.22
I am interested in this ETF as a substitute for PIMIX and would appreciate your thoughts / opinions...
Brian aka level5

https://finance.yahoo.com/news/irs-bitcoin-and-virtual-currency-tax-form-193503386.html
I own zero "crypto " currency, do you ?
Stay Safe, Derf

"Donut'' day @ TMSRX , otherwise my 2 position were off 2.58 %.
Stay Safe, Derf

IMHO, if one of these alt funds did produce decent returns with limited volatility, one of 2 things would happen: the minimum investment would suddenly increase to 5 or 10 million to prevent too much cash coming in, or the fund manager would leave the fund company and set up his own hedge fund based in Bermuda to maximize his income !

@wxman123
Here is the answer: pay businesses to be closed:
https://www.washingtonpost.com/politics/2020/12/15/false-choice-between-economy-containing-virus/

I can tell you have a “PHD” @BenWP :)
(PHD = “pile it higher and deeper”)
Kidding aside - It’s a fascinating fund. I’ve held it from the start. But I still haven’t figured out how the 5 different managers keep from shooting one another. TRP tried a 2-manager approach with PRWCX 10-15 years back and it didn’t last long.

Nothin.
Unsure about travel in 2021. That’s the biggest discretionary expense. So, like 2020, next year might require little drawdown from investments. That argues for staying the course rather than building cash. Somehow wish it were other. (But have reduced spec positions while waiting for the next 25-30% selloff).
Nice bounce today across the boards. DJI is up 300 in early afternoon - above the 30,000 mark.
Energy’s strong with Brent over $50 and NYMX close behind.
And a pop of about $25 for gold, with miners up a couple percent today.
I remain convinced a lot of the action is of “the elephant chasing his tail” variety, with folks investing $$ they’d have spent on things without the Covid related restrictions. But “don’t fight the tape” (or do so at your own peril).
In the meantime .... What’s not to like?
At this point I view bonds as the wastewater of the investment plumbing infrastructure. They still serve some purpose - but don’t expect them to contribute to your prosperity.

Interesting it so outperforms QQQ.
From 2.5y ago; author Kam's writeup is interesting, sort of:
https://www.forbes.com/sites/kenkam/2018/06/01/the-6-greatest-mutual-fund-managers-of-the-last-decade-to-use-now/?sh=4d83fd94e678
(Turns out Kam died a year-plus ago.)

You might be surprised at how many fund of funds exist in the 30/50 space. Far more than you might think.

All I can say is that the holdings came up fine for me with relatively recent versions of Firefox, Chrome, Edge, and IE, though pulling up the holdings failed on an older browser. I wasn't even logged in to M* with those newer browsers and I went to a fund that I'd never researched before (so it couldn't have been cached).
You could always go to the old "holdings" page - that is the same functionality, plus (it displays the top 25). That works on my old browser.
http://portfolios.morningstar.com/fund/holdings?t=FSMEX

Too bad that link isn't their default view anymore.
It's a good idea to update browsers anyway since Flash is dead. And I don't mean The Scarlet Speedster.
But there does seem to be a trend that M* is just less friendly to regular investors that paid the bill when they were growing up. Maybe they think the real money going forward is in selling their index products.
BTW. FSMEX has been great for me. I am not buying anymore at it's current valuations. I might add it, or a similar ETF to my wife's IRA in days to come. It's pretty much medical care as a utility.

Wow. A focused fund ("normally hold[s] a core position of between 20 and 30 common stocks") no less.
Prospectus
Gives a whole new meaning to "investing with conviction."
"Portfolio turnover is greater than most funds due to the investment style of the Fund."
Annual Statement