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Devesh Shah's conversation with Michael Cirami made me aware of the Artisan Global Unconstrained Fund (APHPX)¹. This fund's investment universe is incredibly broad. APHPX has credit exposure to Benin, Argentina, and Iraq while there is currency exposure to Uzbekistan, Turkey, and Egypt. As @JD_co mentioned, the fund has performed very well during its short existence but it hasn't really been "battle-tested." This is not a fund that I would select as my primary fixed-income position — although it could be a more speculative option for some.
DD is per month, not daily, and why it's not accurate. QDSIX is far from the bond category. It lost about 7-8% this year from peak to trough and in 2024. I would rather invest in QLEIX, it lost about the same in 2025, and 2024. In the last 3 years QLEIX made 128%...QDSIX only made 85%. Sharpe: QLEIX=2.8...QLEIX=1.2
Both should not be compared to bonds.
Earlier market tests do not guarantee future results. Many select only funds with many years of history and miss relatively great risk/reward in the last 3-6-12 months. That's fine; leave the small AUM for me and jump in after the best 3-5 years since inception.
Comments
of the Artisan Global Unconstrained Fund (APHPX)¹.
This fund's investment universe is incredibly broad.
APHPX has credit exposure to Benin, Argentina, and Iraq
while there is currency exposure to Uzbekistan, Turkey, and Egypt.
As @JD_co mentioned, the fund has performed very well during its short existence
but it hasn't really been "battle-tested."
This is not a fund that I would select as my primary fixed-income position —
although it could be a more speculative option for some.
¹ https://www.mutualfundobserver.com/2023/12/missed-opportunity-in-brazilian-interest-rates-sowed-the-seeds-of-finding-the-right-fund/
QDSIX is far from the bond category. It lost about 7-8% this year from peak to trough and in 2024.
I would rather invest in QLEIX, it lost about the same in 2025, and 2024.
In the last 3 years QLEIX made 128%...QDSIX only made 85%.
Sharpe: QLEIX=2.8...QLEIX=1.2
Both should not be compared to bonds.
Earlier market tests do not guarantee future results. Many select only funds with many years of history and miss relatively great risk/reward in the last 3-6-12 months.
That's fine; leave the small AUM for me and jump in after the best 3-5 years since inception.