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Our Funds Boat, week, -1.09%, YTD, +3.33% self inflicted wound.....AUG 13, 2011

edited August 2011 in Fund Discussions
A Good Saturday morn'in to ya'll,

A quick one today..........

From the cash account, we purchased FINPX and added to FSAGX. A portion of DHOAX was sold and monies used to purchase APOIX. And noted in another post, we may have purchased these at the near term top. Only time will tell whether this was foolish and if we get lucky. This house still finds too much smoke in the air and looking at these new fund(s)/additions to prove positive in the future; and if not, will be a self inflicted monetary wound coming off of the high spirits of the vacation period.
Our biggest exposure area is in high yield bond funds; and shows them to now be down YTD in the - 1 to -2% area. Being cousins to the equity market has pressured this area, but the YTD numbers are still ahead of broad equity returns, and of course; providing a decent yield. IF the big market traders still pressure equities to retreat, we too; may have to unload more HY/HI funds, regardless of the yields in place with these.

Hopefully, you are able; if you choose to view the highlighted tickers here. I posted a note about this in the "tech section" as I no longer "see" the highlighted tickers in our own posts.

Ok, this is all for now.

Take care,

The immediate below % of holdings are only determined by a "fund" name, NO M* this week for changes the M* breaddown is at the end of this write; and a bit more realtistic, although with flaws, too.

CASH = 8.3%
Mixed bond funds = 81.8%
Equity funds = 9.9%

-Investment grade bond funds 18.6%
-Diversified bond funds 18.5%
-HY/HI bond funds 25.8%
-Total bond funds 14.6%
-Foreign EM/debt bond funds 4.3%
-U.S./Int'l equity/speciality funds 9.9%

This is our current list: (NOTE: I have added a speciality grouping below for a few of fund types)

---High Yield/High Income Bond funds

FAGIX Fid Capital & Income
SPHIX Fid High Income
FHIIX Fed High Income
DIHYX TransAmerica HY
DHOAX Delaware HY (front load waived)

---Total Bond funds

FTBFX Fid Total
PTTRX Pimco Total

---Investment Grade Bonds
APOIX Amer. Cent. TIPS Bond
DGCIX Delaware Corp. Bd
FBNDX Fid Invest Grade
FINPX Fidelity TIPS Bond
OPBYX Oppenheimer Core Bond

---Global/Diversified Bonds

FSICX Fid Strategic Income
FNMIX Fid New Markets
DPFFX Delaware Diversified
TEGBX Templeton Global (load waived)
LSBDX Loomis Sayles

---Speciality Funds (sectors or mixed allocation)

FCVSX Fidelity Convertible Securities (bond/equity mix)
FRIFX Fidelity Real Estate Income (bond/equity mix)
FSAVX Fidelity Select Auto
FFGCX Fidelity Global Commodity
FDLSX Fidelity Select Leisure
FSAGX Fidelity Select Precious Metals
RNCOX RiverNorth Core Opportunity (bond/equity)


CAMAX Cambiar Aggressive Value
FDVLX Fidelity Value
FSLVX Fidelity Lg. Cap Value
FLPSX Fidelity Low Price Stock


  • Hi Catch ... Skeeter here,

    I don't really know how; but, I am but slick for the year-to-date ... and, down about 1% last week.

    From my perspective stocks in general are oversold and presently offer good value.
    I compute the Forward P/E Ratio for the S&P 500 Index at 11.3 (1179/104=11.3). In comparison, the Index has a historical average Forward P/E Ratio of 15.5. Since, these are not normal times, lets discount that by about 10% to 14. With this, stocks from my perspective are now selling at about a 20% discount.

    As such, I am still buying equity ballast at a measured pace. As anticapted gains are had form these transactions ... I will then sell them off sometime in the future booking a profit. Currently, my portfolio is somewhere between 55% to 60% equity.

    Good Investing,
  • Catch, could you edit your message and enter a space before your tickers. It will make them work again while the bug is being worked.
  • Hi Investor, Just placed a post back to you in the tech section and did add the space at the left margin area in front of the tickers. Highlighted is normal again.

    Thank you for your time and efforts with this.

    I think Skeeter and catch has the right ideas. A portfolio of 60s% equities and 40%s fixed vehicles make lots of sense. I still got a long way to retire so I think I just kept everything in 80s/20s [this could work out long term]
  • Catch, any reason you shy away from DBLTX? I have been happy with PTTRX's returns this year, especially with gross on the wrong side of the treasury trade this year, but DBLTX remains on a tear. Are you awaiting resolution on the TCW battle? or is it that you want to avoid the MBS market.

    Just curious, thanks.
  • Hi mobryon,

    A sad excuse, but we kinda "forgot" about this fund. Not that there was not consideration when the fund first formed; as the fund's focus and management skills offer another bond sector. Without doubt, the skills are apparent in the YTD and when compared to other mortgage related funds, to the best of my knowledge, Gundlach and Co. have excelled. The TCW legal challenge is a concern though. Scott noted that he thought this would not be problematic for DoubleLine; and perhaps that is or will be the case. I have little knowledge of all of the allegations; much less an educated guess as to how a judge/court/jury could be allowed to or would rule in the findings. I suppose this should be the least of the concerns for investing in this fund.
    The "forgot" excuse is more of a time issue, more than anything else. All of us, and I know this is the case at this house; many times just run out of time for the research and tracking we would really like to perform. We have all missed moves in areas, that had shown promise; if only the time were in place to have "discovered" the move.

    Overall, as a balance to equity or bond portfolios; DBLTX seems to have proven in a short time that it is a valid sector investment. The cash flows have been overwhelming from the beginning; and should indicate the confidence of investors who followed the management when this company/fund was born.

    We missed one; among the many others that this house and others miss.

    As usual, we are observing the markets and attempting to find where the sentiment may lay going forward; as to equity/bonds or other sectors. A tough road to travel; being the look forward and none of us have a true map of the travel route we are attempting.

    Thank you for the excellent query.

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