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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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October is up!

David_Snowball
edited October 2013 in Fund Discussions
Thought you'd like to know.

In a bit of a departure from recent content, we did lots more with individual funds (two conference call summaries, two conference call announcements, two profiles, two updates, an Elevator Talk, and one short piece) and less on industry-wide/economy-wide stuff.

Except that I did poke Morningstar (again) which will make my visit to their conference tomorrow just a bit more ... richly nuanced than usual.

As ever,

David

Comments

  • InvestorInvestor
    edited October 2013
    David, excellent commentary.

    To my delight you have profiled OBIOX and I am glad that they instituted better risk controls. I agree this time around they are much better.
  • David_Snowball
    For you, big guy. You put them on the radar and stuck with it. I'm glad I finally had the opportunity to wade through things with them.

    David
  • John_Oberweis
    Many thanks to David for the writeup! I appreciate your time, your professionalism, and having a chance to get to know you a little bit, David!

    Again, we are so highly regulated I really cannot participate in discussions here--you cannot imagine the ways one can run afoul of SEC or FINRA regulations here, so we simply don't participate.

    However if anyone has any questions about The Fund or would like more information, feel free to contact me or visit our website at www.oberweisfunds.com

    Oh, and thanks to Investor for putting the bug in David's ear!:)

    John P. Collins, CIMA
    Direct: 630-577-2364
    [email protected]
  • CharlesCharles
    edited October 2013
    Happy October David!

    Very much enjoyed the commentary this month, once again.
    Thirty-three percent of the currently fantastic funds were not so distinguished twelve months ago.
    Suspect that is true of so many "Best Funds" lists! In this case such wisdom only cost $250.

    I'd venture to say you believe FPA Paramount looks pretty promising, despite its strategy change and new manager (ie., David's Take of FPRAX is Positive). High marks for parentage and its manager's performance with FPIVX, even if the September's profile proper seemed a bit ambivalent.
    There is one and only one bright spot in the picture for active managers: international small cap funds, nearly 90% of which outperform a comparable index. Which international small caps qualify as Fantastic you might ask? That would be, none.
    Gotta love it.
    The bottom line: invest your intellectual resources where your likeliest to see the greatest reward. In particular, managers who invest largely or exclusively overseas seem to have the prospect of making a substantial difference in your returns and probably warrant the most careful selection. Managers in what’s traditionally the safest corner of the equity style box – large core, large value, midcap value – don’t have a huge capacity to outperform either indexes or peers. In those areas, cheap and simple might be your mantra.
    Nice!

    Tealeaf Fund "will eventually ask you for 2.62 – 3.62% of your money each year." No words.

    image
    Nice graphic.
    What does the large-cap growth or small-cap value manager do when there are no good opportunities in their style box? They hold cash, which lowers your exposure to the equity markets and acts as a lead-weight in bull markets, or they invest in companies that do not fit their criteria and end up taking excess risk in bear markets. Neither one of these options made any sense when I was managing family-only money, and neither one made sense as we opened the strategy to the public …
    My thoughts precisely!

    "If there is no opportunity, we leave the space." But Mr. Frank remains invested in equities, of some market cap, looks like. FRNKX came into its own during current bull run:

    image

    OBIOX ranks top honors in the MFO risk-adjusted rating system for the past 3 and 1 year periods. "Indeed, OBIOX in 2013 isn’t even the OBIOX of 2009." Good thing. Between October 2007 and March 2009, OBIOX incurred a horrifying -70% drawdown. It rates a 2 in risk-adjusted return over past five years. After six years, the new strategy is producing new highs.

    image

    Just registered for the Beck, Mack & Oliver Partners (BMPEX) call. Absolutely love these calls. You're changing landscape here David.
    In early December we’ll give you a chance to speak with the inimitable duo of Sherman and Schaja on the genesis and early performance of RiverPark Strategic Income, the focus of this month’s Launch Alert.
    Looking forward to this!

    As of Friday, 10/4, RiverPark Strategic Income Fund (RSIVX, RSIIX) was still not available at Schwab.

    Looking forward to reading Greener Pastures.

    "Virtus Dynamic AlphaSector Fund (EMNAX)...Class A Shares, 2.56%; Class B Shares, 3.31%; Class C Shares, 3.31%; and Class I Shares, 2.31%." No words.
    FMI Focus (FMIOX) will reorganize itself into Broadview Opportunity Fund in November. It’s an exceedingly solid small-cap fund (four stars, “silver” rated, nearly a billion in assets) that’s being sold to its managers.
    Interesting.
    Meridian Value (MVALX) is Meridian Contrarian Fund. Same investment objective, policies, strategies and team.
    Wow.

    "They are killing off three funds that were never a good match for the firm’s core strengths." Good for M&N.

    Just don't know how you pack so much in every month! In any case, can't thank you (and Chip et al) enough.

    Off to farmers' market.

    Charles
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