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Morningstar: the most resilient international stock funds

Morningstar today ran an analysis of which funds have the best downside capture ratio during the current panic, which they date as 2/19 - 3/9/2020.

Slightly surprising:

Best: Matthews Asia Growth & Income (MACSX), 69.5%
2. First Eagle Overseas (SGOVX), 70.7%
3. Matthews India (MINDX), 71.4%
4. FPA International Value (FPIVX), 71.6%
5. Matthews Asia Dividend (MAPIX), 74.1%

One almost would have suspected that being at the heart of the storm - i.e., Asia - would have sunk the Matthews folks. Nope.

Best US equity funds?
Royce Special Equity (RYSEX), 63.5%
Yacktman Focused (YAFFX), 69.7%
Yacktman (YACKX), 71.6%
First Eagle US Value (FEVAX), 77.0%
FMI Common Stock (FMMIX), 77.4%

Royce. Hmmm. A lot of cash in the portfolio and an averse to leveraged (i.e., debt ridden) companies helps. The others keep cropped up on our "best of" screens.

As ever,

David

Comments

  • edited March 11
    I sold RYSEX last December after holding it since 2012. I keep a shadow portfolio at M* of everything I have bought so I can see how smart or stupid I have been.

    Let's just say I don't miss it now. Maybe I will some months down the road. But I doubt it.

    I bought at 19.9 per share back then. And the most recent quote -- from yesterday I suppose -- had it at 14.31. I was able to make a little money off it in December to put into bonds.

    I held FPIVX once upon a time. And I kept FMIJX. I think (hope) I'll eventually end up on the upside there.
  • I do own some of the above funds.
    WABAC, I think you may have had a typo on FPVIX. I do own FPIVX myself.
  • I do own some of the above funds.
    WABAC, I think you may have had a typo on FPVIX. I do own FPIVX myself.


    Thanks for the tip.

    I should stick to typing them out the long way, and let folks look up the tickers if they're inclined.
  • The symbol for the FMI fund is FMIMX
  • The symbol for the FMI fund is FMIMX

    I was actually comparing FMI's international fund to the FPA fund referenced in the OP. So I think I stumbled to broken-clock competence on that one.

    While the strategies are likely quite different, I am more comfortable with one than the other.

  • I have owned first eagle overseas since it’s inception very happy with it I gravitate towards funds that survive the downtrend well even if I don’t capture all the uptrend
  • Using @David_Snowball time frame (2/19 - today) I don't see how M* missed MCSMX:

    Chart comparison to oversea list with MCSMX added:

    https://screencast.com/t/nU2dzaPP
  • I need to read more carefully: the Morningstar article was limited to the Morningstar 500 funds, which tend to be larger funds with full analyst coverage. That would explain the MCSMX absence.
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