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Has this fund entered into the land where it works until doesn’t?


  • I was tempted to buy it after reading Davids article about it and all the discussions about it. After a lot of research I decided to buy BAMBX.
  • Not many of my sells keep me out of further losses, but getting rid of TMSRX last year was the right move.
  • edited January 7
    The expenses present a problem for me - but they’re not uncommonly high for these hedge like funds. I still have a modest hold on it, having sold about half late last year. I don’t stay awake at night worrying about this one. But, I’m guessing TRP has it parked conservatively while expecting some dramatic change in the markets. And, I’ve found TRP’s macro calls generally correct. Also, note they benchmark this one against 90-day T Bills. Talk about picking a “straw-man” benchmark!

    It would be fun tracking fund flows on this one, and a few others. As retail investors we have notoriously poor timing skills. Anybody have a link to a site that tracks recent fund flows by individual funds? Thanks in advance. Also - Is there an etf that buys the funds being most sold by retail investors? (a contrary bet)
  • M* Quote page has fund-flow bar chart under the chart display.
  • edited January 7
    Thank you Yogi.
  • edited January 8
    The fund is off 1.29% YTD. If they’re having to unload assets due to heavy redemptions it would explain part of it.

    But what an odd week it has been. Enough to throw any money manager’s barometer into dysfunction. Suddenly we’ve awakened to inflation. Really? So rates on the 10-year are almost back to where they topped-out last March. Back than there wasn’t the hysteria that seems to have accompanied this week’s bump-up in rates. The Fed speaks? Does anyone listen? You can’t invest based on what they say because they can change course on a dime if, in their words, “the current data suggests …”

    Talk about cross-currents … Industrial metals are on a tear this week. Rio Tinto (RIO) is having the best week since I bought it several months ago. But, gold - a typical inflation hedge - has seen two of its worst days in recent memory, dropping more than $35 on 2 days this week and dragging down miners. Wheaton Precious Metals (WPM) has experienced its worst week since I bought it several months ago. Than there’s the tornado that has ripped through the ARKK-type funds - affecting other market sectors. Maybe one of those yellow highway caution signs needs to be displayed: “Caution! Short Sellers at work”

    Sorry if this is too far off topic. But I think these are the type of questions to think about when buying or owning a “multi-asset” fund. Or, do we just buy whatever has the best 3 year track record?
  • edited January 9
    I’m impressed if you already have your weekend Barron’s. Mine on Kindle comes in Saturdays - usually in the late morning.

    Positive stories in B do cause stocks to spike. Generally the industrial metals were hot this week. Bloomberg reported today that NGLOY - one I held for a while - was on fire today (figuratively).

    Back to TMSRX - Suspect they have some precious metals miners in the mix. Seems to me a lot of hedge fund managers like to hold a bit. Might help explain its woes this week.

    Chart TMSRX from Lipper
  • I don't have weekend Barron's yet. But I start looking for stories on Friday that may make weekend Barron's and this one is already filed under European Trader. On PC, I get online version of the weekend issue typically by Friday 9pm. That is why I am able to report my Part 1 summaries to my readers early on Saturday.
  • Sold TMSRX in 2021 with some small profits. I did the same thing with ACVVX QMNNX PAUAX MFLDX years ago. ADANX is on my watch list and I may reduce my holdings in that one. Once they start declining I'm gone, because I don't have confidence that these funds work in every market. There's enough funds like BAMBX CVSIX ARBOX VARAX that continue to work for me. I probably should just simplify and go with funds like VWINX AONIX EXDAX FIKFX .
  • I am seriously considering moving some if not all of my position in TMSRX to PMEFX.
  • Bobpa said:

    I am seriously considering moving some if not all of my position in TMSRX to PMEFX.

    FYI, co-manager Mark Saylor left the fund in October. Apparently, the fund is only available directly from Penn Mutual.


  • I have PMEFX in my 401 at Schwab.
  • I have some reluctance to invest in multi-asset funds or some x-y-z strategic funds. I view my portfolio as a multi asset personal strategic fund in itself. My first objection is I don’t want find someone else’s strategy turning around and working cross- current to what I want. Next I want to invest in assets not ideas. I view assets as stocks, bonds, land, gold, and cash. Common stocks are bought in companies I think will make me some money. Right now it’s housing, water, and infrastructure. Bonds are more a low volitility decision rather a money making try. Intermediate government bond have a historically negative correlation with equities. Not a positive return this year for IG ,but APOIX gave a 6% return in 2021. I buy gold because it’s not stocks or bonds and because the pharaohs valued it and we hoard it at Fort Knox. Despite all the talking it down, it seems to have some staying power. I doubt bitcoin will dethrone it. Land is not REITS. A reit fund is a equity fund of companies the manager is confident will pay their rent or mortgage. And cash is spending money, some that’s for now kept in money markets, some that’s for later kept in a mutual fund I think has low volatility. There is a lot, I mean a lot, of discussion about alternative and allocation funds. All of which I read but in the end I like my way more. Mom and the nuns always called me stubborn.
  • fred495 said:

    Bobpa said:

    I am seriously considering moving some if not all of my position in TMSRX to PMEFX.

    FYI, co-manager Mark Saylor left the fund in October. Apparently, the fund is only available directly from Penn Mutual.


    It’s available at Schwab with a TF.

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