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Next up, a review of asset allocation or so-called balanced funds, of which there are more than 1200 (oldest share class only). This type of fund can hold a mixed portfolio of equities, bonds, cash and/or property.
I followed consistent methodology used for the equity funds tabulated in Part 2.
Again, I realize that balanced funds do not use either SP500 or T-Bill as a benchmark, but nonetheless I find the comparison helpful. More than one in four such funds actually have beaten the SP500 over their life times. It's a bit re-assuring to me, since these funds typically have lower volatility. And, nearly nine in ten have done better than cash.
In the tabulation below, purple means the fund was a top performer relative to SP500 over its life time, blue represents highest Sharpe (if not already a top APR), and yellow represents worst performing APR. I included other notables based on David's commentaries, past puts by catch22, scott, and other folks on MFO, and some funds of my own interest.
Here's the break-out, by inception date:
- If you invested $10K in Mairs & Power Balanced MAPOX in Jan 1962, you would have more than $1M today and nearly four times more than if you had invested in American Funds American Balanced ABALX. But ABALX has $56B AUM, while the five star MAPOX has attracted less than $300M.
- Value Line Income & Growth VALIX does not even warrant coverage by M*.
- 2008 was a really bad year.
- Some attractive ETFs have started to emerge in this generally moderate fund type, including iShares Morningstar Multi-Asset Income IYLD.
- Putnam Capital Spectrum A PVSAX, managed by David Glancy, has outperformed just about everybody in this category since its inception mid 2009.
- RiverNorth Core Opportunity RNCOX, first reviewed on MFO in June 2011, has had a great run since its inception in 2007. Unfortunately, its availability is now limited.
For those interested, I've posted results of this thread in an Excel file Funds That Beat The Market - Nov 12.
Next up, fixed income funds.