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also noticed holding called 'filtration'. could this be a holding in private european 'filtration group'? looks like an appealing subsector, and also unusual as a non-american holding.
The loan market has grown substantially over the past 20 years to $1.6 trillion in size, now exceeding the high yield bond market in total par outstanding. Concurrent with the growth of the market has been a gradual shift lower in credit quality, when measured using rating agencies as a proxy. Since 2005, the median issuer net leverage in the loan market has increased more than in the high yield bond market. As a result, while the high yield market has “high-graded” in recent years, the average quality in the loan market has shifted from previously a BB oriented market to a segment that is more single-B focused.
A little while back I posted a commentary from OSTIX noting the same phenomena. At the time they weren't feeling the need to get into bank loans.
Since bank loans are still around 27% of the income sleeve at PRWCX, I hope they are as judicious as the folks at Artisan Partners claim to be.
thx for link. yes, i feel giroux's team has earned trust not only on dynamic allocation, but on selection within an asset class. (latter being artisan's point)
wish fees were a bit lower, but i need to pay for talent in largecap GARP, as i could never select\hold myself. am trying to get some experience playing with such in downcap owner/operator space, where there is no overlap here and w/primecap. its fun, but queasy-going for core value investor aware of base rates on growth forecasts.
Every now and then I get the urge to downsize my PRWCX position for one reason or other but have yet to pull the trigger. However I may finally start that in Dec as I keep repositioning that portfolio to have more international and income tiltings.
A little voice in my head (which can be wrong) keeps thinking that Giroux will retire from the fund sometime soon. I mean he's been on it for nearly 20 years now....
Why would anyone invest with TROW nowadays? This company is not what it used to be in prior decades. Their lineup of funds have lagged. And, PRWCX will not be what it has been in the past. It is hard for the firm to attract top talent. Just buy a super low fee S&P500 index and some BRK.B. Keep your costs low.
Look at the last five years performance for PRWCX. It has underperformed both VWELX and VBINX. High fees and TROW’s inability to attract and retain talent in their research analysts division has led to underperforming funds. This trend will continue worsening.
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I haven't read your link yet, but I will. I always like to read about why it's different this time.
Since bank loans are still around 27% of the income sleeve at PRWCX, I hope they are as judicious as the folks at Artisan Partners claim to be.
thx for link.
yes, i feel giroux's team has earned trust not only on dynamic allocation, but on selection within an asset class. (latter being artisan's point)
wish fees were a bit lower, but i need to pay for talent in largecap GARP, as i could never select\hold myself.
am trying to get some experience playing with such in downcap owner/operator space, where there is no overlap here and w/primecap.
its fun, but queasy-going for core value investor aware of base rates on growth forecasts.
prwcx ~10% bank loans
prcfx unlisted !
A little voice in my head (which can be wrong) keeps thinking that Giroux will retire from the fund sometime soon. I mean he's been on it for nearly 20 years now....
???
PRWCX 5 year performance (through 9/26/25): 11.65% (annualized)
VWELX 5 year performance (through 9/26/25): 10.52%
VBINX 5 year performance (through 9/26/25): 9.25%
Portfolio Visualizer gives similar results when looking at returns from Sept 2020 - Aug 2025.