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Portfolio Review - Your comments/suggestions


Here is my portfolio. Please let me know your review comments.
Some of the funds like VGSTX is there because I have no other choice. I recently sold SFGIX to put more money into ARTKX. I prefer SFGIX over MACSX due to its diversity, and would buy it to replace MACSX at some point in future.

Fund Name % Weight
************ *********
Vanguard Dividend Growth Inv 13.57
FPA Crescent 10.37
Vanguard Global Equity Inv 10.16
Akre Focus Retail 9.23
Whitebox Tactical Opportunities Investor 7.96
Grandeur Peak Global Opportunities Inv 6.92
Grandeur Peak Emerg Mkts Opps Inv 6.7
Vanguard Capital Opportunity Inv 6.38
Artisan Global Value Investor 6.26
Vanguard Selected Value Inv 5.68
Artisan International Value Investor 3.5
Wasatch Frontier Emerg Sm Countrs Inv 3.32
Matthews Asian Growth & Inc Investor 3.31
T. Rowe Price Health Sciences 2.98
Vanguard STAR Inv 2.28
Templeton Russia & East Europe Common 1.38
Total 100


  • Can't find much fault with your portfolio, but however...

    I sold AKREX. Discussion in another thread.
    I own WAEMX, but it is on thin ice. I've decided not to get so focused (emerging AND small cap). You own an even more focused Wasatch fund.
    I own SFGIX and added to it.
    I took profits in ARTKX but hold it
    I own MACSX and GPGOX in IRA.

    Two things. Vanguard Global Equity. I suggest VMVFX instead.
    TRF? Sorry, just go with some broadly diversified international fund with heavy investment in Eastern Europe (just like I don't like buying MINDX but buy SFGIX or MACSX).
  • Hi VF,

    VHGEX is an old fund in the retirement account, held it since 2005, when Marathon Asset Management was the only sub-advisor. I bought it based on the advice by Dan Wiener in the trial subscription I tried out then. Vanguard messed up this fund by making it multi sub-advisor fund. I am holding it as one of the core holding along with VDGIX. If V'rd has a good International Lcap fund, I would have easily opted for it instead of VHGEX but both V'rd ILcap funds are mediocre.

    TRF is speculative play on Russia, as its market being cheap realtively. I have progressively become aggressive in investing style over the last 10 years. I can't imagine holding some of these funds 5-10 years ago.:-).

  • Way way way too much. You are familiar with the notion that the more = indexing? What is it you are trying to do? Compare your total to VTI (may not have the right ETF for Vanguard all-everything), or/also AOA.
  • Way too much in what sense ? Number of funds ?
    Sorry, I have not made that clear. This is a retirement portfolio spread across four different accounts for my and my spouse. Two IRAs and two Roths.
  • Yes, sorry, number of funds. Spread / number of accnts does not matter. Think about what you wish to accomplish. Roths for the more aggressive, assuming they are tapped later. Trad or whatever other IRAs tapped earlier, hence less aggressive. See if you can cut by half. Leave along for 5y, then review.

    At least this is what I did, exactly and in detail, reading the best sources. I am now, finally, down to like 4 funds plus 3 internatl. Or so I say. Gotta control that ooh new idea OCD.
  • Can I assume this is a long term buy and hold strategy? At first glance, most funds are good. Most funds are large (more than 10B AUM) Do you invest in VDGIX or VDIGX?

    I'd only keep 2 out of these four funds (maybe VDIGX and FPACX):
    Vanguard Dividend Growth Inv 13.57
    FPA Crescent 10.37
    Vanguard Capital Opportunity Inv 6.38
    Vanguard Selected Value Inv 5.68

    I'd split VHGEX into GGPOX, ARTGX, and MACSX

    I'd consider adding a domestic small cap fund.
  • Hi, mrc70: A couple of things
    (1) what's up with the 2 global funds? What's your thinking with them in the mix? It looks like the rest of your portfolio, w/o them, more than sufficiently covers the entire global, and just about all the bases (and then some);
    (2) VGSTX-- what's that trivial position about? what of any significance do you envision that 2% position doing for you? Or is that where you intend to send most of your periodic out-performance in the stock funds, and slowly build that holding into a major holding over 5,10,15 yrs, while reinvesting the biannual distribution (of course)?
  • @mrc70:

    - what's your age?
    - have you done a look through (X-ray or similar) for the asset classes?
    - does this portfolio serve as your retirement portfolio or you have other goals for the moneys?

    below comments are very high level.

    the single and most important decision in investing is asset allocation. it looks like you're around100% equities with some tiny and emerging ones to scale your average volatility to may be twice that of the S&P500. and you don't have any duration to offset it.

    if you are in your 20s or 30s and are very risk tolerant, that might work, but judging by a selection of funds that are new and introduced here at MFO, you're subject to the groupthink and will be buying most of the stuff profiled/popular here and then getting rid of it should volatility rise on the downside (the upside is usually taken as granted).

    i am not commenting on individual positions, because @my tender age of 45, i would never have 100% of my money in a portfolio like this. or, scratch that, with a guaranteed government or private pension, i might load on equities -- but that is not a choice in my lifetime.

    best of luck.

    PS there are of course other methods to wealth: to find AAPL or FB while these are still in the garage stage; bet all your chips on the tightly controlled momentum play (a la Junkster); etc.
  • 00BY,

    Sorry, that was a typo. I am in VDIGX. Invested in it in 2006 based on good reviews of M* on the new manager who took over. Very satisfied and it is my core holding now. Time to time, I think about eliminating VHGEX but don't find a good alternative at Vanguad.

    My expereiments on small cap funds are never successful so far. Tried multiple funds and finally quit that space as valuations are high. GPGOX covers it for now, though I would love a smallcap value fund rather.
  • Heezsafe,

    Actually there are three gloabl funds. I already spoke about VHGEX.
    Bought GPGOX based on what I read about the managers, not disappoined so far, up 50% since I bought. However, I understand it is a growthy fund and we are in bull market. Bought ARTGX, as I was in ARTKX from 2006 and very happy with the management.

    Invested in VGSTX due to realignment of my portfolio. I have to eliminate sooner than later.
  • Fundalarm,

    Responding to all of you separately so that I won't end up with a big message.
    I sold out all my bond funds a while ago and in cash now. Sorry, I did not provide that info, and I should have done that.

    Burnt my fingers in 2000-02 downturn by investing in stocks, and converted to funds completely from 2005-06 (transition period). I am regular at M* forums since 2005 and at fundalarm/MFO from 2006. What I am saying is I am not a novice investor to follow the crowd. I invested in CGMFX as a speculative play, after its putrified performance, and after all the performance chasers left. Since that fund like feast or famine, I stayed in it for 3 years before I quite no loss or no gain.

    I am of same age as you.
    Have not checked portfolio in X-ray in the recent past but I do that on frequient basis, being a regular visitor of M*. I play around with their tool once in a while. This portfolio is purely a retirement one. Too many funds because these are across 4 accounts of ours. I have thought about consolidating them into two but V'rd does not offer all the funds that I want, which are avaiable in TDA. For example, Artisan funds.

    Finally, close to 75% of the funds are in solid core funds (VDIGX, FPACX, VHGEX, ARTKX, ARTGX, etc.). Obviously Grandeur peak and other EM fund are not part of that core.
  • edited October 2014
    thanks, mrc70, for your responses. i actually questioned whether you're comfortable with your asset allocation and it appears that you are. the absence of anything dedicated to fixed income does surprise me, but looks like you know what you're doing (and you are probably relying on FPA PM to do the bond allocation - which is close to zero now -- for you).

    i did not question the number of funds. for hard core indexers usually a couple of funds will do the trick. for those who pick managers, up to low 20s in number of funds should be more appropriate. you do need to account for manager risk and understand styles.

    and i do see your name on M* boards:)
  • BTW, I invested in both AKRE and GPGOX funds not to fulfill some portfolio allocaiton needs, but for the concept that I believe in. In my opinion, proven manger with a new fund is a very good combo to succeeed, so I invested in them as soon as they came out. I missed a similar ones, though contemplated, for example MAPIX. Its performance in the first few years was very good, and it cooled now.
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