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I like to compare funds against ticker NICHX (due to returns, Sortino ratio and low market correlation). MRFOX stands out on various risk and return metrics, the other two Jain funds not so much.
I am impressed by MRFOX policy around only eating your own cooking. Intend to dive deep into this and perhaps open a starter position.
MFROX incepted 12/28/15. Growth of $10K per M* since the MRFOX inception date:
MRFOX: +$25,219.77 FDSVX: +$25,219.57 (No, NOT a typo and/or you are NOT seeing double!) FSELX: +64.645.82
We admittedly had no idea about the existence of MRFOX, but have owned the other two listed funds in the domestic, Large Cap arena since MRFOX's inception date, so not feeling too bad about sleeping on MRFOX.
FDSVX is compared as it is also a LCG fund. FSELX is compared as it is, like MRFOX (16-24 holdings), also a concentrated fund (albeit a Semis sector fund) of 35 holdings.
GSIHX (stillers corrected for quoted poster) is 17% US and 6% Novo Nordsik and 5% NVDA 2% META and 2% TSCM
May explain a lot of recent out performance
May, yeah.
10%-20% Domestic is however not uncommon in FLG funds. See SSIFX, a worthy competitor in the category with ~16% (and 9% Novo). Meanwhile, BUFIX currently has 8% Domestic.
But you'd have to look back at its holdings and its competitors for the past 3+ years as it has outperformed its peers regularly, starting in 2021:
@WABAC MRFOX has limited brokerage availability in order to control inflows. When it only existed as a separate account, $$$ flowed in heavily when the market turned down.
Initiated new position in BIZD and ETRN in my income (and some growth) portfolio.
Shifted some stuff around to consolidate positions a bit as well, but nothing major.
Ron,
ETRN is an interesting midstream co. M* FV is about 50% above current price, though its FV estimate is marked as highly uncertain. One thing that caught my eye in M* report is that they give a “poor” grade for capital allocation - I have to look into this.
Is this a trade or a long term hold buy? Anything you are able to share why you chose this company would be appreciated. Thanks.
Initiated new position in BIZD and ETRN in my income (and some growth) portfolio.
Shifted some stuff around to consolidate positions a bit as well, but nothing major.
Ron,
ETRN is an interesting midstream co. M* FV is about 50% above current price, though its FV estimate is marked as highly uncertain. One thing that caught my eye in M* report is that they give a “poor” grade for capital allocation - I have to look into this.
Is this a trade or a long term hold buy? Anything you are able to share why you chose this company would be appreciated. Thanks.
M* doesn't factor into my thinking. This just seemed like an interesting play on a new pipeline (not many of them) due to open soon that could easily be snapped up by another larger player in the area (eg, WMB). If that happens, sure, I will 'sell on the news' whenever (or if) that happens as I do whenever a merger is announced on something I hold. Otherwise will be happy to watch, maybe trade around it, and presumably pocket a solid dividend along the way.
@WABAC MRFOX has limited brokerage availability in order to control inflows. When it only existed as a separate account, $$$ flowed in heavily when the market turned down.
Do you or any one here have access to the strategy returns by year (relative to SPY) for years prior to the inception of the fund? Thanks
Fed up with waiting. My "personal rate of return" on PRNEX natural resources has hovered since forever at about minus -1%.
It's already down to 3.89% of total portf. I'm moving a slug of money from PRNEX into PRFDX equity income fund. The latter is a very, VERY middling fund. Unspectacular. We'll see what unfolds this year. Maybe re-move it again in a year. I don't really want to add to PRWCX: it's a hair away from 40% of total, already.
Yeah, @Crash. Sectors like Natural Resources are more of a momentum play, I think, than a buy and hold core investment. NR has been a poor investment for over 10 years. It's not PRNEX, it's the sector it invests in.
Growth of $10,000 over 10 years (Schwab data): PRNEX $13,528 NR category: $13,264 Compared to the broader US market S&P 500: $32,807
That's pretty much the equivalent of making about 2.5% a year on your NR investment.
Anything that isn't broad and diversified will have really good stretches along with really lean years.
Shifted some funds from VWIAX to PRCFX and MMKT. Still holding on to a significant (for me) allocation to VWIAX thinking with potential rate hike cuts later this year, it would gain ground with its investment in interm-term bonds.
@Level5 : Any reason why you're making the move at this time ? Thanks for posting as I'll begin to keep an eye on both for a comparison. I hold a small piece of PRCFX & about 7 times that amount in VWIAX.
@Derf - Thanks for your question. My wife and I are invested in a similar ratio as you; much larger allocation to VWIAX than this new, very modest investment in PRCFX (just a toe hold). VWIAX holds a 35% position in an IRA requiring RMDs, and now that the market has recovered somewhat, I thought it was time to begin diversifying beyond the value stocks and intermed-term bonds.
I do very little trading these days and had eliminated individual stocks from our port. But I always keep an eye on what seems at least to be great opportunities in some Blue Chips.
Watched GOOGL after hours Tuesday and all day Wednesday. Just a crazy amount of what seemed like undue punishment of ~7% after its earnings announcement.
It finally hit my target price just before the close yesterday and I BOT a full position at $140.39. Way out of my normal MO but rolled the dice on what is intended to be a ST trade but may turn into a LT holding.
Ended up being a ST trade, a real rarity in these parts! SOLD the entire GOOGL position for a ST gain of just under 6% in 7 trading days, earning more than it would have earned the rest of the year parked in FZDXX. All proceeds will roll back into FZDXX awaiting any other rare opportunities like this one. NVDA, looking at YOU and your 02/21/24 Earnings date!
@stillers ...having a significant amount in a high-flyer can create a bit of anxiety. This certainly applies to holders of individual equities, but I'm wondering why folks with significant positions in SPY (or similar) aren't equally wary. They should be.
Comments
I am impressed by MRFOX policy around only eating your own cooking. Intend to dive deep into this and perhaps open a starter position.
https://www.portfoliovisualizer.com/fund-performance?s=y&sl=5iNnJGMdPHyVBS03m1WrtK
https://marshfieldfunds.com/fund-facts/
MFROX incepted 12/28/15.
Growth of $10K per M* since the MRFOX inception date:
MRFOX: +$25,219.77
FDSVX: +$25,219.57 (No, NOT a typo and/or you are NOT seeing double!)
FSELX: +64.645.82
We admittedly had no idea about the existence of MRFOX, but have owned the other two listed funds in the domestic, Large Cap arena since MRFOX's inception date, so not feeling too bad about sleeping on MRFOX.
FDSVX is compared as it is also a LCG fund.
FSELX is compared as it is, like MRFOX (16-24 holdings), also a concentrated fund (albeit a Semis sector fund) of 35 holdings.
Hopefully the link worked. if not just put in your browser.
Marshfield equity composite from 2007-2020
might give you a longer track insight as to performance....note cash levels at 23% in 2007...
I've been following the fund a long time, did see Denis Baran's article a few years back and then invested when it became available on the Schwab platform..
https://issuu.com/biglehart2016/docs/marshfield_associates_for_rbc_june_2020_equity_bro
correction: see cash levels in 2020.
Baseball Fan
GSHIX is 17% US and 6% Novo Nordsik and 5% NVDA 2% META and 2% TSCM
May explain a lot of recent out performance
10%-20% Domestic is however not uncommon in FLG funds. See SSIFX, a worthy competitor in the category with ~16% (and 9% Novo). Meanwhile, BUFIX currently has 8% Domestic.
But you'd have to look back at its holdings and its competitors for the past 3+ years as it has outperformed its peers regularly, starting in 2021:
Year_Rank in Category
2021 30
2022 2
2023 7
2024 2
Shifted some stuff around to consolidate positions a bit as well, but nothing major.
ETRN is an interesting midstream co. M* FV is about 50% above current price, though its FV estimate is marked as highly uncertain. One thing that caught my eye in M* report is that they give a “poor” grade for capital allocation - I have to look into this.
Is this a trade or a long term hold buy? Anything you are able to share why you chose this company would be appreciated. Thanks.
https://www.marshfieldinc.com/wp-content/uploads/2023/11/Marshfield-Associates-Newsletter-December-2023-The-Ghost-in-the-Machine-4.pdf
They manage about $5b through separate accounts.
It's already down to 3.89% of total portf.
I'm moving a slug of money from PRNEX into PRFDX equity income fund. The latter is a very, VERY middling fund. Unspectacular. We'll see what unfolds this year. Maybe re-move it again in a year. I don't really want to add to PRWCX: it's a hair away from 40% of total, already.
See my link on this thread from Feb 3rd on page 8 for historical returns for Marshfield equity composite vs SP500
Best regards
Baseball fan
Growth of $10,000 over 10 years (Schwab data):
PRNEX $13,528
NR category: $13,264
Compared to the broader US market S&P 500: $32,807
That's pretty much the equivalent of making about 2.5% a year on your NR investment.
Anything that isn't broad and diversified will have really good stretches along with really lean years.