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Open Thread: What Are You Buying/Selling/Pondering
Yes, the founders moving to the background and the changes in the overall portfolio (because of the merger with Jefferies) are concerns. My view is the low Price to Book reflects that. I am long MKL and Fairfax, though MKL is starting to get pricey on a P/B basis. Waiting for a lower entry point into BAM.
While ZFC is a stock (mortgage REIT) and PDI/DBL are funds, all of them have a good chunk of similar underlying mortgage assets (particularly the non agency stuff). PDI and DBL have flexibility to go outside this realm and PDI has done so (arguably in a potentially risky way -- long duration Brazilian currency/bonds etc). However the discount to NAV for ZFC (in terms of P/B) is greater than that for PDI/DBL. I don't own ZFC yet, still trying to understand it better.
Initiated position in LUK today -- attractive Price to Book and confidence in management team. Will buy more as it goes lower. Also looking at ZFC as it heads lower; seems more attractive than PDI or DBL on a valuation basis -- will appreciate thoughts of others on this view.
I'm ratcheting down international/global exposure. CVLOX and PTHDX sells before carnage started helped. Of course I sold them for entirely different reason. Gotta go with your gut.
I bought an additional portion of RNDLX the other day based on the PIMCO news and subsequent beating that some of their CEFs took - irrational in my opinion.
In no particular order I sold OAKBX, DLTNX and WAEMX in the fund arena. In stocks I sold Softbank and added to Linn Energy and Apple.
Hmm...I was actually thinking of DCAing into OAKBX. WAEMX I have on hair trigger, and would roll over funds into SFGIX. Emerging markets exposure is good, small caps in emerging markets thinking not really a great move.
Speaking of DLTNX, never owned and no plan of buying, but I did get out of PTTRX in 401 completely.
Mona, RNSIX has a sleeve that invests in income CEFs, which the managers canincrease or decrease as they find CEFs selling for discounts. The other portion of the fund is invested by Gundlach in a core position and more opportunisticly as he finds good investments. So it's flexible mandate with a core sleeve as an anchor. I hope this helps
I did a little buying this past week and deployed a sum equal to about one percent of my cash, within my portfolio, which was split between the fixed income, the growth & income and the growth areas of my portfolio when the S&P 500 Index was back of its Friday’s close of 1968. Should stocks continue to decline my next planned target buy will occur somewhere around S&P 500 reading of 1920 and then again around 1870. Should this decline not materialize I'll just continue to hold onto my cash. This amounts to a buy step for about every 50 point decline in the Index from its recent high mark of about 2020.
I try to look at funds that fellow posters favor. It seems this fund (AABPX) is somewhat interesting and is run by committee as I counted ninteen (19) fund managers assigned to it. In addition, it carries a four star rating by Morningstar.
I have linked its M* report for those that might be interested.
I try to look at funds that fellow posters favor. It seems this fund (AABPX) is somewhat interesting and is run by committee as I counted ninteen (19) fund managers assigned to it. In addition, it carries a four star rating by Morningstar.
I have linked its M* report for those that might be interested.
You have to tell me why you like AABFX. The sucker was down 30% in 2008. Something I'm missing here? I am assuming you are able to buy without paying load, but still would think there are plenty of better options.
And totally not relevant, but I see it is 3* not 4*
Hi VintageFreak, It's AABPX, not AABFX and is no load. I already have VWINX, PRWCX, BERIX and was interested in another balanced fund. Might have considered VWELX but not available and this had similarities. I use 3 years as the most weight.
Old_Skeet, yes,19 fund manager at AABPX but fund is sub advised as it shows. Barrow, Hanley, Mewhinney & Strauss LLC. Brandywine Global Investment Mgmt, LLC. Hotchkis And Wiley Capital Mgmt, LLC.
I like that group, especially Mr. Barrow, who I've had before.
Comments
While ZFC is a stock (mortgage REIT) and PDI/DBL are funds, all of them have a good chunk of similar underlying mortgage assets (particularly the non agency stuff). PDI and DBL have flexibility to go outside this realm and PDI has done so (arguably in a potentially risky way -- long duration Brazilian currency/bonds etc). However the discount to NAV for ZFC (in terms of P/B) is greater than that for PDI/DBL. I don't own ZFC yet, still trying to understand it better.
Speaking of DLTNX, never owned and no plan of buying, but I did get out of PTTRX in 401 completely.
Considering the core of RNSIX and some of the management in common, how different of a fund is it from DBLFX?
Mona
Old_Skeet
I try to look at funds that fellow posters favor. It seems this fund (AABPX) is somewhat interesting and is run by committee as I counted ninteen (19) fund managers assigned to it. In addition, it carries a four star rating by Morningstar.
I have linked its M* report for those that might be interested.
http://quotes.morningstar.com/fund/f?t=aabpx®ion=USA
Old_Skeet
And totally not relevant, but I see it is 3* not 4*
It's AABPX, not AABFX and is no load.
I already have VWINX, PRWCX, BERIX and was interested in another balanced fund. Might have considered VWELX but not available and this had similarities. I use 3 years as the most weight.
Barrow, Hanley, Mewhinney & Strauss LLC.
Brandywine Global Investment Mgmt, LLC.
Hotchkis And Wiley Capital Mgmt, LLC.
I like that group, especially Mr. Barrow, who I've had before.