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"Core" Bond Fund Replacement

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Comments

  • edited 12:52PM
    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.


    ¹ https://www.mutualfundobserver.com/2023/12/missed-opportunity-in-brazilian-interest-rates-sowed-the-seeds-of-finding-the-right-fund/
  • APHPX and QDSIX not battle tested totally agree. With QDSIX, one also has to have conviction in AQR's quant strategies as I pointed out earlier.
  • edited 3:14PM
    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.:-)
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