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Interesting fund - Event Driven Opportunities - FARNX

Get in, sit down, shut up and hold on it may be a wild ride. Fund has passed the $50 mil mark in assets.
Professionals would not invest in this for at least 3 years - but I am not a professional and have invested a few coins (about 0.5%) in this fund.
FARNX is 6 months old and has $64 mil. in assets and looks like it's gaining traction. It is a small blend fund.
Reviewed past postings and I thank Ted and others for their input, I put it on My possible list some time back .
Would like to see this fund grow to about $400 mil and close.

But what do I know!!!

Comments

  • Hi Gary,

    I have this fund under review myself as a possible holding in the growth area / specialty sleeve of my portfolio. I have linked information on the fund below should others might wish more information on the fund.

    https://advisor.fidelity.com/app/fund/sasid/details/2625.html#/!

    Scroll down to view complete report.

    Old_Skeet
  • Ha, like meeting some HBS kid at a party and handing him a check for his instincts. I hope it succeeds wildly. Anyone looking into it might also want to check out the much more experienced Soviero and FLVCX.
  • Anyone looking into it might also want to check out the much more experienced Soviero and FLVCX.

    FLVCX is a great fund can get in for $2500 in retirements. Or $ 10000 in regular accounts. Also have to dance with it for 90 days or pay the 1.5% penalty.
    Have owned this fund in the past with good results.

    Don't post much but hope I did this right.

    lets see what happens

    Gary
  • This is from ZERO HEDGE IN 2009 ABOUT DAVID GLANCY :
    NDAY, FEBRUARY 23, 2009

    How To Get A Job When You Blow Up A Hedge Fund
    Posted by Tyler Durden at 10:23 AM
    Short answer - just go back to work for a mutual fund. Or at least that is what David Glancy did, when he decided to leave the treacherous world of hedge funds, in which he managed to plant a nice little frag grenade in the form of Andover Capital, and jumped back on the mutual fund wagon. On Thursday Putnam announced it was willing to receive the former Andoverite and Fidelitite with open arms, despite his shady recent track record. According to the press release:
    [Glancy] will partner with Putnam's research teams to identify opportunities across the entire capital structure, focusing on equities while also including high-yield and bank debt. Glancy has special expertise in assessing undervalued, leveraged companies, which are companies that issue lower-quality debt or that otherwise have leveraged capital structures.

    Glancy's previous venture, Andover Capital was a flop, which was down 6% in 2007, and was closed down in early 2008. However, David claims, the performance had nothing to do with his decision to close the fund, which was closed "for personal reasons." Putnam CEO Robert Reynolds seems to believe him:
    David has built a stellar career delivering superior investment returns in undervalued companies. He brings us exceptional knowledge and expertise at a time of unprecedented market dislocation - and opportunity.

    Glancy's reputation precedes him, when he generated positive returns as junk-bond manager for Fidelity in the late 90s before leaving in 2003. Ironically, Putnam, which recently announced it would eliminate 10% of its work force, was also hiring 4 other analysts (Shobha Frey, Lucas Klein, George Gianarikas and Vinay Shah) to complement their retention of Glancy and the firings of others. Sphere: Related Content
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  • gah, what is this about? Glancy was there for 2.5 years! 2000-03.

    Why post this crap? This is like the second or third time on MFO that this factoid has been posted. Did Glancy do something to you two guys??

    I am of course talking about Thomas Soviero, who has run FLVCX 11y straight as of yesterday.

    No, wanh, me wanna talk about Vinik, not Danoff. wtf?
  • gah, what is this about? Glancy was there for 2.5 years! 2000-03.

    Why post this crap? This is like the second or third time on MFO that this factoid has been posted. Did Glancy do something to you two guys??

    I am of course talking about Thomas Soviero, who has run FLVCX 11y straight as of yesterday.

    No, wanh, me wanna talk about Vinik, not Danoff. wtf?

    ROFL! Personally, I think Glancy not doing too shabby job at his Putnam funds.
  • FLVCX is a great fund can get in for $2500 in retirements. Or $ 10000 in regular accounts. Also have to dance with it for 90 days or pay the 1.5% penalty.

    At no time did I say anything about Thomas Soviero. I stated the facts about FLVCX fund that I did not like.

    As for Putnum I do not like their fee structure.... I was not looking at Putnum funds I was directed to look at them by TSP TRANSFER. - I DID - and - did not like what I saw.

    JUST THE FACTS as I see them!!!

  • Right. Your facts were 11 years out of date and accounted for <18% of the performance.

    You have to stick with all mutual funds for a period of time or pay to get out. That's the whole point, jeez. They're not ETFs or stocks.
  • Right. Your facts were 11 years out of date and accounted for <18% of the performance.

    Thanks for sharing but at no time did I make a statement about fund performance.

    Also it's not my policy of Investing in funds I have to pay a fee to get out of at 90 DAYS.
    Haven't done so in the past and not going to start now.

    FWIW

  • What good funds have shorter holding periods? I do not follow this criterion as I do not wish to bail based on 1-2 mos' performance. (Who does?) Which funds do you favor that permit this and also are good performers ?

    In a side discussion of a particular fund, you posted an article about its manager from 2000-2003. That's all. Just weird and pointless.
  • You seem to keep jerking my chain I'll bite one more time.

    .



    What good funds have shorter holding periods? I do not follow this criterion as I do not wish to bail based on 1-2 mos' performance. (Who does?) Which funds do you favor that permit this and also are good performers ?

    At no tine did I say any thing about 1 or 2 mos performance or bailing.

    As an investor I always have in place an exit strategy. Get out with as little loss - if it comes to that.

    In a side discussion of a particular fund, you posted an article about its manager from 2000-2003. That's all. Just weird and pointless.

    For a second time the reference was to his (Glancy) existence at Putnum and the funds he manages in that shop. His high fund loads and His track record are not my first choice. NOTHING MORE NOTHING LESS.

    What's so weird about that. Its BBP.

    I think you certainly have a vivid imagination.

    This has traveled a long way from My original post need to get back on track.

    It's time to move on!!!

    Good day to you.
  • "What's so weird about that. Its BBP"

    I have no idea what BBP means. Anyone know?

    Regarding FLVCX, M* obviously likes it. They have given it a Silver analyst rating, and say:
    "An outstanding fund--for those who can use it well"

    I just plotted the return using the M* tool. Better wear your seat belt during a bear market. Looks like from 5/31/2008 thru 3/9/2009, the fund fell 69.4%. The fund tends to give significantly outsized positive returns on the way up.....and significantly outsized negative returns on the way down.

    Some comments from M*: "while investors able to withstand the fund's performance gyrations have been well compensated for its risks, many haven't had the stomach for it. An annualized gain of 11.7% in the trailing 10 years through October 2013 ranks in the second percentile of all domestic-equity funds, irrespective of category. Morningstar estimates, however, that the typical investor here has earned just 4.5% per annum--the result of ill-timed purchases and redemptions."

    "Despite those disappointing results, there is much to admire here. Long-term performance has been not only stellar, but consistently so, with the fund's three- and 10-year trailing returns placing in the category's top decile and its five-year figure ranking in the top quintile."

    image
  • edited July 2014
    >> many haven't had the stomach for it.

    The very definition, as you and M* note, for why you buy and stick with a manager. Or else don't buy! My children have held FLCVX for some time, and I did, but now being retired head toward other funds and ETFs.

    M* investor returns are shocking, meaning the need for them is shocking.
    Even some of the crowd here clearly, clearly think that mfunds are vehicles to be traded more or less actively. What a terrible idea. Anytime you buy one, meaning following intense study, give management a 7-10y chance.

    Gary, when you dangle your chain, you can see what happens from some of us who read what you post.
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