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The cash doesn't bother me if it's still managing to outperform and it is. The small $25 million asset base is precisely my point. I'm surprised given its performance and risk profile more investors haven't noticed it.
Now that you bring it up again, I do remember this fund profiled by David. Looking at it now I also remember why I wasn't interested, net exp 2.06%. Also has a TF at Schwab. It may be a fine risk/return type fund, but it's priced itself out of my consideration.
Also has a TF at Fidelity,Vanguard and E-Trade.It competes in the allocation category with funds like VWELX,PRWCX,FBALX,MBEAX,JABAX, etc which can all be bought NTF. So the TF status and expense ratio probably make it less attractive to investors.
Come on Mike, how can you begrudge a man half a million dollars a year for sitting on 55% cash. You're just jealous. He turns the portfolio over 1.25X a year. What more do you want?
I am curious to know how a fund with a 10 year record has only managed to gather $25 million in assets. It's probably explained in David's profile which I've unremembered.
This is actually a mid-cap fund that M* decided to call an allocation fund because of all the cash it's holding. A rose by any other name would still smell as sweet expensive.
Delivering 9% annualized over the past decade while holding significant amounts of cash is truly impressive. On a risk-adjusted basis this fund scores well. performance.morningstar.com/fund/ratings-risk.action?t=TILDX®ion=usa&culture=en-US Look at the upside/downside capture ratios, standard deviation, alpha, etc. This fund plays defense really well. The thing I agree with though is the fees are too high. Also, this fund was never run by Whitney Tilson. Correction, Tilson was on it for two years but this was always Zeke Ashton's baby.
So, at 2.06% fee, Centaur is making 309K per year in fees to hold on to 55% of the fund that is cash. Then they are making money with the 15 million. That is a sweet deal!
Comments
I am curious to know how a fund with a 10 year record has only managed to gather $25 million in assets. It's probably explained in David's profile which I've unremembered.
sweetexpensive.performance.morningstar.com/fund/ratings-risk.action?t=TILDX®ion=usa&culture=en-US
Look at the upside/downside capture ratios, standard deviation, alpha, etc. This fund plays defense really well. The thing I agree with though is the fees are too high. Also, this fund was never run by Whitney Tilson. Correction, Tilson was on it for two years but this was always Zeke Ashton's baby.