Fidelity Disruptors Fund - FGDFX Anyway, back to FGDFX. As I have said, I have this new fund on my watch list, but I am holding back in making a buy decision at this time because I am not comfortable with its "team managed" structure. But, I have been impressed by its excellent risk/reward performance since its inception in May. Yes, there has been a "massive recovery led by large cap growth stocks", but I have looked at several other well known growth funds, all rated 4 and 5 stars by M*, and found that FGDFX's total returns are actually highly competitive. In addition, these other funds all have higher standard deviations which I consider to be of some importance:
Fund May - Nov 3 Months 1 Month Std. Dev.
FGDFX 41.0% 15.4% 5.0% 18.0%
POLIX 30.4 8.0 0.5 19.1
TRBCX 31.7 8.4 1.3 19.2
TRLGX 34.4 12.5 3.5 19.6
VOOG 31.3 8.7 1.8 20.1
VIGRX 35.4 10.1 2.9 21.4
I have not drawn any final conclusions about this fund at this time, but I am still intrigued by it and will continue monitoring its risk/reward performance.
Fred
P.S. Sorry, but in "preview" mode the columns line up properly under their headings, but once I post my comment I get the not exactly user friendly display as seen above. What, if anything, am I doing wrong? Is there a way around this, or is it the nature of the beast?
BAMPX FUND. AZNAX and FMSDX (as two examples) appear to be better options in the 30%-50% AA category.
BAMPX FUND. Much of the turnover in BAMPX appears to be coming from Strategic Income Opps fund (1805%) and to a lesser extent Master Total Return (556%). Total guess....perhaps short term paper purchases?
Grandeur Peak Funds to close Glbl Oppt & Intl Oppt Funds to third party intermediaries https://www.sec.gov/Archives/edgar/data/915802/000139834420024642/fp0060307_497.htm497 1 fp0060307_497.htm
FINANCIAL INVESTORS TRUST: GRANDEUR PEAK FUNDS
SUPPLEMENT DATED DECEMBER 17, 2020 TO THE SUMMARY PROSPECTUS AND
PROSPECTUS FOR THE GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND AND
GRANDEUR PEAK INTERNATIONAL OPPORTUNITIES FUND (THE “FUNDS”) DATED
AUGUST 31, 2020
Effective as of the close of business on December 31, 2020, the Funds will close to new investors seeking to purchase shares of the Fund through third party intermediaries subject to certain exceptions for financial advisors with an established position in the Fund and participants in certain qualified retirement plans with an existing position in the Fund. The Funds remain open to purchases from existing shareholders, and to new shareholders who purchase directly from Grandeur Peak Funds.
The Fund retains the right to make exceptions to any action taken to close the Fund or limit inflows into the Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
Robinhood robbed the rich & gave to it self !
Did Morningstar stop listing fund holdings?
A brief glimpse into the intricate workings of TMSRX ... TMSRX is sitting on 25% cash. Jeez.
I’m thinking some of that might be required to cover short positions.
A brief glimpse into the intricate workings of TMSRX ... TMSRX is sitting on 25% cash. Jeez.
Time to buy, sell, or hang tight ".....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.
A brief glimpse into the intricate workings of TMSRX ... 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
A brief glimpse into the intricate workings of TMSRX ... 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.pdfAbsolute 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 2
5%
TMSRX has been outperforming it.
A brief glimpse into the intricate workings of TMSRX ... @Thanks for the additional insights
@BenWPHere’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.
Causeway Global value @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?
Fidelity Disruptors Fund - FGDFX 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 2
5%
■■■■ Fidelity® Extended Market Index Fund 12%
■■■■ Fidelity® U.S. Bond Index Fund 1
5%
