Quick highlights of the issue include:
- Advice on how to use “active share” and how to avoid be misled by it. As part of the article, we’ve posted the active share and portfolio size for 42 funds in our coverage universe. We’ve also posted an invitation to fund managers to add their names to the list.
- Our ongoing dialogue about Morningstar’s category system includes a discussion of John Rekenthaler’s response to Charles’s February critique. Charles then adds some new analyses on the ways folks like Morningstar and Observer present “risk-adjusted returns,” since our bottom line often differs from theirs.
- We celebrate some really good one-star funds and look at the implications of category assignments (for example, it turns out that you can go from five-stars to one-star in an afternoon with nary a word of explanation). Taking up Mr. Rekenthaler’s offer, we propose a new fund category: short-term high income funds.
- In the spirit of balance and in recognition of the really good work done by others, we nominate two new essays – one by Chuck Jaffe and one by John Rekenthaler – that you really need to read and then debate.
- We profile Driehaus Emerging Markets Small Cap Growth (hedged excellence!), Guinness Atkinson Inflation Managed Dividend (focused global portfolio of the most consistently high-performing companies they can find), Intrepid Income (one-star but many charms), and RiverPark/Gargoyle Hedged Value (concentrated stock portfolio plus managed options overlay = slightly stunning long-term results).
- We inadvertently created RiverPark Fest ’13 by sharing Morty Schaja’s reflections on hedging, the highlights of the Gargoyle call and Mark’s report on his conversation with David Sherman. We promise not to mention Morty again for two months (longer if you send us chocolates).
An Elevator Talk with the managers of Salient MLP & Energy Infrastructure II, a report on the launch Conestoga SMid Cap, eight funds in registration, 50 manager changes and your cool Wordle round out the issue.
Thought you'd like to know!
David
Comments
when it’s raining, he can get up there to fix it anyway. And so the leak continues.
most likely can't ???
(sigh)
Clem
Fyi, all four links in the 'Observer Fund Profiles' section go to a 'Not Found' page.
Thanks, Chip. Great stuff.
Another great issue!
Any chance for an interview with the managers of Driehaus Emerging Markets Small Cap? That fund is interesting.