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ARTISAN GLOBAL SMALL CAP FUND (ARTWX) to open on March 31
Those of us who are already in GPGOX, this fund would be a duplication. I am really interested in a Global smallcap value fund. Is there a fund with that mandate ?
Royce fund (RIVFX) has value in its name but M* portfolio concentration shows that it is mostly in the Growth/Blend area. Probably, they are finding the value there. I sold that fund after 3 years of disappintment and would love to have a Global smallcap fund, managed by reputed managers akin to GPGOX, that has a value tilt.
Reply to @mrc70: I agree that duplication is undesirable; it really does not make sense if two funds invest in same stocks. ARTWX is not open yet, so I looked at top 20 holdings of ARTJX and compared them with top 20 holdings of GPGOX. They have only one stock in common, so these two funds allow diversification rather than duplication. Performance of ARTJX was very similar to that of GPGOX since inception, but performance of ARTHX was better. Since ARTJX is closed to new investors, ARTWX may present an interesting opportunity. I did not make any final decisions yet. Of course, if one already has too much in small global stocks, there is no need to add more.
Reply to @andrei: I have both ARTHX and ARTRX. I really like ARTHX more (despite recent manager leaving) and I will probably keep ARTHX and consider swapping ARTRX with ARTWX.
Do you think Mark Yockey is overly extended? After all, he is already managing Artisan International, Artisan International Small Cap and Artisan Global Equity Funds. Now, there is a new fund, and it's him again.
Reply to @goldenwaterox: I'll see your 3 Mark Yockeys and raise you 3 Laura Geritz's. An excellant manager @ a good shop with an excellant support staff is a good sign for continued success in a new but similar endeavor. About Laura Geritz, CFA.Manager/Co-manager WAEMX (closed),WAIOX,WAFMX.Total assets of the three funds,2.35 billion dollars. Ms. Geritz joined Wasatch Advisors in 2006 and serves as the Lead Portfolio Manager of the Wasatch Frontier Emerging Small Countries Fund.https://secure.wasatchfunds.com/News/Article.aspx?a=2013 WAFMX 1 Year Anniversary She also serves as a Portfolio Manager of the Emerging Markets Small Cap Fund and the International Opportunities Fund with Roger Edgley, Wasatch’s Director of International Research. Prior to joining Wasatch Advisors, Ms. Geritz was with Mellon Corporation. She received a Bachelor of Arts degree in Political Science and History and a Master’s degree in East Asian Languages and Cultures from the University of Kansas.
I posted this elsewhere too. FWIW, Ms. Geritz. Invested >= $1M in her fund. You rarely see an emerging market fund mgrs investing that much in their funds and we are talking about riskiest of EM. Of course, I understand $1M is no big deal for them.
Reply to @Investor: Before swapping ARTRX to anything you may want to look at another fund the same managers managed, ARTMX. Since that fund inception in 1997, $10 invested there became $78. M* notes that ARTMX performed particularly well around market inflection points, such as 1999-2000 and 2008-09.
ARTMX is closed now, and it has 20 times larger AUM than ARTRX, which has an additional flexibility of being global. So ARTRX is a rather intriguing fund.
Reply to @andrei: I know. I had actually invested in ARTMX in an older 401k. Unfortunately, when I had rolled over that 401k, I could not bring it to my Rollover IRA.
ARTRX was a different fund early in its life. It was named "Artisan Opportunistic Growth" and it was a predominantly domestic fund. Jan 2011, it has changed its benchmark to world benchmark and later changed its name in May 2012 to "Artisan Global Opportunities". So, its pre-2011 record is less relevant.
It's ER is cheaper at 1.35%. It is the only Artisan fund that I know that has some percentage of assets directly in Emerging Markets. It is more focused on mid-cap growth area which the managers have more experience. Although it is a global fund it has higher percentage in USA. Very heavy in tech sector.
I do like ARTHX for its more large cap, more consumer staple bend which kind of protects itself better in declines. Also, ARTHX has lower P/E, P/Book, P/Sales and P/Cash Flow which I prefer. It may change but ARTHX is more of the GAARPy fund vs deep growth ARTRX. I believe ARTWX with a lower cap would be a better companion to ARTHX than ARTRX.
ARTRX is actually not a bad fund but I have to make choices. I currently have too many Intl and Global funds and I am hard pressed to choose so at this moment ARTRX is my least preferred one.
Reply to @goldenwaterox: He's got the same two co-managers with him now on all three existing funds, and they'll be with him on ARTWX too. But yes, I think being overextended is at least a mild concern.
I am also interested in a global SCV fund, but I have yet to find one. The closest fund combination would be QUSIX (available in Fidelity retirement accounts for a $500 minimum per test trade) and an attractive domestic SCV fund, and my choice would be the closed WSCVX which I own. A 50/50 mix of these two funds makes a nice M* portfolio x-ray:
LC: 1/3/0 MC: 7/7/8 SC: 30/30/15,
with 46% US equities, 45% Foreign equities, 1.38% composite ER and a $911M average market cap.
In our portfolio, we us ABNIX to cover our foreign and EM SC/MC equity exposure and a VXF-equivalent for our domestic SC/MC exposure.
Reply to @kevindow: I've been thinking about pairing QUSIX with HSCSX as a global small value combo, but the trigger finger hasn't come down with the requisite itch yet. Homestead is sort of blend-y, but the metrics much of the time are in the value range.
Mrc, I totally forgot about TGSAX, which is indeed a global SCV fund, although currently it has a relatively low 29% exposure to US equities. It is a decent, but not stellar fund which is available for a $500 minimum in Firstrade retirement accounts according to a test trade I just made. Here is a LINK to the fund web site.
Reply to @Investor: I have ARTHX paired with WAGOX (to get the smaller cap exposure). It also diversifies a little more based on fund family philosophies. Wasatch tends to lean more towards growth. Morningstar says it is more of a mid-cap fund and not a small-cap. Both are about 40% US and 55-60% international.
Reply to @Kaspa: I have also GPGOX and GPIOX which are managed by former managers of WAGOX WAIOX.
I like those as well. The decision to sell ARTRX is set for me. The decision to put the proceeds to ARTWX or add to GPGOX is open. I am leaning towards giving ARTWX a try.
Comments
I am really interested in a Global smallcap value fund. Is there a fund with that mandate ?
Royce fund (RIVFX) has value in its name but M* portfolio concentration shows that it is mostly in the Growth/Blend area. Probably, they are finding the value there. I sold that fund after 3 years of disappintment and would love to have a Global smallcap fund, managed by reputed managers akin to GPGOX, that has a value tilt.
Mike_E
Performance of ARTJX was very similar to that of GPGOX since inception, but performance of ARTHX was better. Since ARTJX is closed to new investors, ARTWX may present an interesting opportunity. I did not make any final decisions yet. Of course, if one already has too much in small global stocks, there is no need to add more.
Ms. Geritz joined Wasatch Advisors in 2006 and serves as the Lead Portfolio Manager of the Wasatch Frontier Emerging Small Countries Fund.https://secure.wasatchfunds.com/News/Article.aspx?a=2013 WAFMX 1 Year Anniversary She also serves as a Portfolio Manager of the Emerging Markets Small Cap Fund and the International Opportunities Fund with Roger Edgley, Wasatch’s Director of International Research. Prior to joining Wasatch Advisors, Ms. Geritz was with Mellon Corporation. She received a Bachelor of Arts degree in Political Science and History and a Master’s degree in East Asian Languages and Cultures from the University of Kansas.
FWIW, Ms. Geritz. Invested >= $1M in her fund. You rarely see an emerging market fund mgrs investing that much in their funds and we are talking about riskiest of EM. Of course, I understand $1M is no big deal for them.
ARTMX is closed now, and it has 20 times larger AUM than ARTRX, which has an additional flexibility of being global. So ARTRX is a rather intriguing fund.
ARTRX was a different fund early in its life. It was named "Artisan Opportunistic Growth" and it was a predominantly domestic fund. Jan 2011, it has changed its benchmark to world benchmark and later changed its name in May 2012 to "Artisan Global Opportunities". So, its pre-2011 record is less relevant.
It's ER is cheaper at 1.35%. It is the only Artisan fund that I know that has some percentage of assets directly in Emerging Markets. It is more focused on mid-cap growth area which the managers have more experience. Although it is a global fund it has higher percentage in USA. Very heavy in tech sector.
I do like ARTHX for its more large cap, more consumer staple bend which kind of protects itself better in declines. Also, ARTHX has lower P/E, P/Book, P/Sales and P/Cash Flow which I prefer. It may change but ARTHX is more of the GAARPy fund vs deep growth ARTRX. I believe ARTWX with a lower cap would be a better companion to ARTHX than ARTRX.
ARTRX is actually not a bad fund but I have to make choices. I currently have too many Intl and Global funds and I am hard pressed to choose so at this moment ARTRX is my least preferred one.
Hi mrc,
I am also interested in a global SCV fund, but I have yet to find one. The closest fund combination would be QUSIX (available in Fidelity retirement accounts for a $500 minimum per test trade) and an attractive domestic SCV fund, and my choice would be the closed WSCVX which I own. A 50/50 mix of these two funds makes a nice M* portfolio x-ray:
LC: 1/3/0
MC: 7/7/8
SC: 30/30/15,
with 46% US equities, 45% Foreign equities, 1.38% composite ER and a $911M average market cap.
In our portfolio, we us ABNIX to cover our foreign and EM SC/MC equity exposure and a VXF-equivalent for our domestic SC/MC exposure.
Kevin
Mrc, I totally forgot about TGSAX, which is indeed a global SCV fund, although currently it has a relatively low 29% exposure to US equities. It is a decent, but not stellar fund which is available for a $500 minimum in Firstrade retirement accounts according to a test trade I just made. Here is a LINK to the fund web site.
Kevin
I have ARTHX paired with WAGOX (to get the smaller cap exposure). It also diversifies a little more based on fund family philosophies. Wasatch tends to lean more towards growth. Morningstar says it is more of a mid-cap fund and not a small-cap. Both are about 40% US and 55-60% international.
I like those as well. The decision to sell ARTRX is set for me. The decision to put the proceeds to ARTWX or add to GPGOX is open. I am leaning towards giving ARTWX a try.