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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.:-)
  • edited 4:25PM
    AQR had a rough patch from 2018 to 2020.

    Since then, their funds (i.e. QLEIX, QDSIX and QMNIX) have performed very well. QDSIX had the far better max drawdown during that period and also lowest SD.....and the lowest return of the 3.
  • Max DD for QDSIX since inception is 4.45% as per PV unless @FD1000 you have info to the contrary.
  • QLEIX is a lot more volatile than QDSIX and nobody other than you has compared that to a bond @FD
  • edited 5:02PM
    "QDSIX is far from the bond category. It lost about 7-8% this year from peak to trough and in 2024"

    YTD return as of end of September is 13.24% (per PV) with one negative month. Where are you getting your numbers from @FD?

    Per Barchart, YTD as of 10/3 is 13.08%.
  • so so confused

    QDSNX:

    Asset Class% Net Short Long

    U.S. Equity 8.23 127.53 135.76
    Non-US Equity 6.68 89.05 95.73
    Fixed Income 12.79 278.80 291.59
    Other 37.97 4.41 42.39
    Cash 29.33 174.56 203.89
    Not Classified 4.98 0.44 5.42
  • stayCalm said:

    Max DD for QDSIX since inception is 4.45% as per PV unless @FD1000 you have info to the contrary.

    Reread my post.
    DD is a monthly number.
    If on April 1st a fund NAV is at 10, then 9 on April 20, and back to 10 on April 30th.
    DD=zero and tells you nothing about fact that it was down 10% from peak to trough.
  • Where is the actual data that supports your contention that QDSIX has dropped 7% in 2024/25?
  • edited 5:22PM
    We should probably start a new thread for discussions regarding QLEIX, QDSIX, and QMNIX.
  • edited 5:33PM
    I did not mean to hijack the thread, I was addressing Bitzer's question to me. Good luck to OP and anyone else shopping for a bond fund or sub, I don't have any further commentary.
  • Thread "wandering" is in the finest traditions of MFO. Been happening since day one.:)
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