I agree. But FLATX has lived up to it's name !!!
"flat" for the last ten years. COBYX has 50% Latin America and is doing much better

International value funds I own, MOWNX, BISMX,COBYX (heavily invested in Latin America) have beaten the SP500 in last three years with lower drawdowns. CCISX also but with equal loss in 9/2022. Typical Emerging market funds ( SIGIX GQGPX) have not done as well, although it appears they have beaten their peers. I would look for funds that are well run, invest in areas off the beaten path and have lower correlations with the US.

Not a particular judgement on the funds, but simply matter of not wanting to pay taxes because of all my put income this year. Some of them have indeed stunk up the place, though. In a market they are supposed to excel, they have been found wanting.
Would like to hear from others which funds they gave up on because I don't want to land in those funds without having the full picture.
At this point completely out of these funds
BPRRX, BGRSX (to cut a long story short ...no pun intended)
APPLX (selling each of last 3 years...what the effing F)
GRSPX (meh...)
MDISX, MQIFX (last of the funds I fell in love with the idea of owning, gotten over that the day I sold HSGFX)
All Artisan funds I owned with "value" in the name but looking to buy back (still one I own, see below)
RPHYX, RSIVX, WMCNX (Sorry people, I can do better selling puts)
PRIJX (hoodwinked into the emerging markets value will do well idea, was in my MILs account)
PVFIX (found alternative, see below)
Funds I sold partially and still hold
FMIMX
ARTKX (if I sell it will generate capital gains)
COBYX (my condolence to the manager's family who passed, but really when are you going to turn around?)
Funds looking to sell at least some off to capture tax loss, hard decisions
IVWAX (my bad luck has to be excellent, manager has to leave, and with all that cash still stinks)
VGPMX (not "golden" any more)
VSIAX (bad timing)
WHGIX, FEVAX (not too worried, but since I don't reinvest dividends, have a loss on cost basis)
Moves that paid off
TMSRX (For MILs account)
PVCMX (Mr Cinnamond, you are not allowed to closed and then re-open new fund any more, it's illegal)
VLAAX, VALIX (lucky timing)
ONERX (Jeff Wrona found God. M* says NEGATIVE. F Them. Rock On)

Out of curiosity, why do you hold so many funds? I'm ballparking statistically here, but if most funds fail to beat the market, aren't you raising your chances of under performing the market with each fund you add?

Not a particular judgement on the funds, but simply matter of not wanting to pay taxes because of all my put income this year. Some of them have indeed stunk up the place, though. In a market they are supposed to excel, they have been found wanting.
Would like to hear from others which funds they gave up on because I don't want to land in those funds without having the full picture.
At this point completely out of these funds
BPRRX, BGRSX (to cut a long story short ...no pun intended)
APPLX (selling each of last 3 years...what the effing F)
GRSPX (meh...)
MDISX, MQIFX (last of the funds I fell in love with the idea of owning, gotten over that the day I sold HSGFX)
All Artisan funds I owned with "value" in the name but looking to buy back (still one I own, see below)
RPHYX, RSIVX, WMCNX (Sorry people, I can do better selling puts)
PRIJX (hoodwinked into the emerging markets value will do well idea, was in my MILs account)
PVFIX (found alternative, see below)
Funds I sold partially and still hold
FMIMX
ARTKX (if I sell it will generate capital gains)
COBYX (my condolence to the manager's family who passed, but really when are you going to turn around?)
Funds looking to sell at least some off to capture tax loss, hard decisions
IVWAX (my bad luck has to be excellent, manager has to leave, and with all that cash still stinks)
VGPMX (not "golden" any more)
VSIAX (bad timing)
WHGIX, FEVAX (not too worried, but since I don't reinvest dividends, have a loss on cost basis)
Moves that paid off
TMSRX (For MILs account)
PVCMX (Mr Cinnamond, you are not allowed to closed and then re-open new fund any more, it's illegal)
VLAAX, VALIX (lucky timing)
ONERX (Jeff Wrona found God. M* says NEGATIVE. F Them. Rock On)

@LewisBraham. I used distributions from CGMFX and FAIRX to buy COBYX. Frankly, I've thought of selling CGMFX a few times but for different reason. Heebner is Old, and there is no succession plan in place. Also his bond short - I thought that was a good thing to have in rising rate environment. Bond rates went up, his fund goes down - WTF?!
Now I'm wondering if he has lost it and/or is even managing the fund.

I don't have anything against new funds, but we gotta know something about it. Just as an example I went into COBYX soon after it opened. Because I know exactly what I should expect and thankfully have not been dissapointed.
I was in AKREX for a while as well until it ballooned and I didn't like its manager succession.
So tell us something "special" about BIVRX.

ICMAX, PVFIX, COBYX, MOATX, etc. et. al. FIN.

CGMFX doesn't pay out anything, does it?

If you are asking if it makes distributions, you are correct in that it has not in a while. Then again, it had bad time some time back and probably sitting on tax losses. On top of that may not be trading much lately. It's thesis has it short long term bonds for a while. Frankly one of the reasons I held on to it because I wanted to do that but couldn't myself.
If JORDX was still open I would have closed CGMFX position and moved it over. Unfortunately JORDX was one fund despite doing well could never garner assets to keep it viable.
Finally, don't mean to sound morose, but the manager is the fund at places like CGMFX and FAIRX. There is no succession planning as far as I can tell, and even if there was I wouldn't believe it. I had a good run with AKREX and got out for same reason. Needless to say I sold early but I felt COBYX was better long term bet than AKREX. AKREX suggests there is now succession planning, but I'm not buying it. Not as if Munger is waiting to fill Buffet. T
This is one issue with concentrated, eponymous funds I think investors should be aware off. Heebner is what?...76?

@VF
Yes, my largest equity MF, CFIMX, owns a large slug of AMZN and GOOG! ...and Davis were once "value" investors!

I made comment on Weitz on another thread, likening him to Miller. Sorry, but I think Davis and Co might fit the same mould. Managers, you should stick with your style. People should decide if they want to invest and stay invested in you. Your style needs to stick. Hussman sucks but he is consistent.
It is very important for me for my managers to have courage of their convictions. Changing definition of "value" to market your fund is sheer hypocrisy. Amazon has a profit margin of less than 2%. Biggest hypocrite, M* has fair value estimate of $1050. WTF? Compare with Walmart's numbers. COBYX owns Walmart. Another consistent fund PVFIX. So are CGMFX and FAIRX. They are investing exactly how they say they will and what I expect.
CFIMX has no business owning Amazon. FCNTX is supposed to be contrarian. HTF is Amazon contrarian? I don't get why people don't just buy QQQ if they want to play high flying growth stocks. Or buy Profunds Leveraged fund.

I've said this before, and I'll say this again.
1) When you buy vs What you buy
2) do not reinvest dividends (especially in the Dweebners and the Dorkiwitzs)
I'm in both CGMFX and FAIRX playing with the houses money. I have the luxury to just wait and see if they turn around or go bankrupt.
No such luck with Hussman though. Because I didn't follow my 1-2 mantra when I bought it back first in 2001. I thought if anything this was the fund to DCA into, and so I did. Now I'm selling little every year. Might sell out completely this year. Funds managed by 1-2 people need 1-2 mantra.
PVFIX, I'm considering adding now after so many years of just holding.
COBYX, I did not time perfectly but not doing too badly. Not sending new money though.

I used to have JORDX in this list. Unfortunately manager closed the fund. I guess it was not gathering enough assets. I would have thought $150MM was enough for him. Apparently not.
PVFIX is another fund that belongs to my list. Largely in cash forever, but I like it. Sometimes its about keeping money in cash or in a fund like COBYX, PVFIX. It's about Prudent risk. On the other hand, sometimes you just go with a CGMFX and FAIRX. Wierd Science, and I think that's okay.

Never said it was good or bad, my point was concentrated funds tend to closer sooner to preserve flexibility. Personally, I like them and own a few of them.

Sure. 35 stock IMO is not that concentrated. There are studies that show beyond 20 holdings it matters less. However, let's not get into statistical mumbo jumbo. It matters more if there is MUCH concentration in top 5-10 holdings. FAIRX as example.
I doubt you will ever see wild swings in FMIJX, and that's not just because managers are more competent or they invest in "value" stocks. Their top holding could be carved in half and it would go down 2%. Par for the course. And FMIJX is more diversified across sectors which is the real diversification we seek. We all know too well how diversified Large Cap Growth was (NOT!) in the early 2000s.
My point was - and I quoted some numbers already - FMIJX has more than 35 "holdings". Can't simply go by number of disclosed holdings to determine concentration.
As an aside, I didn't know Mutual Funds are not required to divulge ALL their holdings. Recently reading annual report for FPIVX, I read "the fund does not disclose all its holdings". So I went checking. I wouldn't be surprised if the 18 (other) and 11 (short) holdings of FMIJX are undisclosed. Need to go do some digging. Right now I'm trusting M* (what have I done!)
PS - Your logic on owning concentrated funds, i.e. best ideas I like. I own a few myself, but not what you might like :-)
COBYX, FAIRX, APPLX, PROVX, CGMFX, FVALX, INTLX,...not sure I got all of them.

@jerry I was just trying to find funds that will go cash if they don't find value. ARIVX was one such fund. COBYX which I own is yet another. Not sure how one could "screen" for such funds. If you have a better way, please do share.
These are basically funds I will stay invested in even if 1929 occurs. When I'm panicking and selling everything else, I will buy more of THESE Funds. That's the idea.
I think people know I own HSGFX and HSTRX, while I don't own the fund cited in Prof's article. One day Hussman is going to be right. This is about THAT day.

This is exactly why I own IVA Worldwide - IVWAX - it even comes with an "owners manual" - but sorry it is closed.

@jerry I was just trying to find funds that will go cash if they don't find value. ARIVX was one such fund. COBYX which I own is yet another. Not sure how one could "screen" for such funds. If you have a better way, please do share.
These are basically funds I will stay invested in even if 1929 occurs. When I'm panicking and selling everything else, I will buy more of THESE Funds. That's the idea.
I think people know I own HSGFX and HSTRX, while I don't own the fund cited in Prof's article. One day Hussman is going to be right. This is about THAT day.

Okay, these are not "Bear Market Funds". Just word play in the article. I don't see anything wrong with buying funds that have both lower downside capture ratio than upside. Matter of fact this can become especially important if bonds cannot produce the necessary "balance" to an all stock portfolio coming off historically low rates.
PVFIX, ICMAX, COBYX, MOATX et.al I'm expecting to hold up better.

Just to throw out a name (NOT A RECOMMENDATION) for discussion purposes:
Cook & Bynum COBYX:
So far, its record sucks, and it has a high expense ratio, yet I am strangely attracted to its out-of-left-field bent, as an explore - not core.:
- 6 names in the portfolio (3 of which are 12-15%)
(44% domestic/15% foreign/41% cash)
They sound like they are strongly influenced by and can recite Ben Graham chapter and verse, with a dash of Buffett: ("a concentrated portfolio of companies that meet the following core investment criteria: Circle of Competence, Business, People and Price.")
Is COBYX attempting to pull off what Buffett did early on, or for that matter, Berkowitz?

It dropped 6%, but suddenly I'm not regretting not buying SEQUX any more. I understand large bets can be beneficial. FAIRX, COBYX....I'm risking enough on high betters. Don't need any more.

I have a set of "high conviction funds" I own. This doesn't mean I have high conviction in the manager. It means managers have high conviction. It is that sleeve of my money which I would use to buy stocks but don't. FAIRX, COBYX, ARIVX fall in this category. If something does not meet manager expectation, fund is in cash.
Let Cinnamond pick some stocks first, THEN let's see how he performs :). He is not doing any picking at this time with mostly in cash. End of year I will always sell some of my losers and take tax break. I'm not married to any fund, but I know for experience, making wholesale moves is not a good idea. Sell entire stake, the fund might just bounce back.
Hurry up slowly, I say.

I have practiced this for a while now. However, you then end up owning many funds. I'm fine with it, some people aren't, and others downright frown on it.
I maintain independent portfolios at all major brokerages. By definition I have multiple funds in same "category". On top of it, I have a smattering of eponymous funds I own, which if I didn't I might own some independent stocks. These last category of funds tend to be very very focused. FAIRX, CGMFX, COBYX are examples. Again, here I'm diversifying in the same "category".

All Search Tools have now been updated with performance data through March.
The MFO Fund Dashboard contains all funds profiled through April commentary.
Some notable funds on the Three Alarm list, which examines only absolute return within category, include:
Greenspring (GRSPX)
American Century One Choice 2025 A (ARWAX)
American Century One Choice 2035 A (ARYAX)
Third Avenue International Value Instl (TAVIX)
The Cook & Bynum Fund (COBYX)
Muhlenkamp (MUHLX)
Fairholme (FAIRX)
Valley Forge (VAFGX)
Hussman Strategic Growth (HSGFX)
Hussman Strategic International (HSIEX)
AMG Managers Brandywine Advs Mid Cap Gr (BWAFX)
Royce Partners Svc (RPTRX)
Royce Premier Invmt (RYPRX)
Delafield Fund (DEFIX)
FpA Capital (FPPTX)
Paradigm Value (PVFAX)
Royce Low Priced Stock Svc (RYLPX)
Royce Micro-Cap Invmt (RYOTX)
Royce Select I Invmt (RYSFX)
Royce 100 Svc (RYOHX)
Royce Heritage Svc (RGFAX)
Royce Pennsylvania Mutual Invmt (PENNX)
Artisan Small Cap Value Investor (ARTVX)
Ave Maria Opportunity (AVESX)
Royce Global Value Svc (RIVFX)
Royce Select II Invmt (RSFDX)
Wintergreen Investor (WGRNX)
Of Royce's 27 funds, nine are Three Alarm.
Pacific Advisors has five Three Alarm Funds...they only offer six. From its website:

We are a family of six focused mutual funds, each designed to meet a different need and to complement each other when building a diversified investment plan. Whether you are just starting out in your career, or enjoying retirement today, we deliver top quality service and a wide range of investments to meet your changing needs.

Here is a snapshot (from MFO Premium beta site) of their lifetime performance:

Really horrible family of funds, seems to me. Why would anyone buy them?
Vanguard offers 150 funds. How many are on the Three Alarm list? None. I find that remarkable. How many are on the Honor Roll? 32. I find that remarkable too.
A look at just-turned-three Great Owls, finds:
Guinness Atkinson Dividend Builder (GAINX)
Rainier International Discovery Instl (RAIIX)
DFA World Core Equity Institutional (DREIX)
Seafarer Overseas Gr and Income Instl (SIGIX)
Wasatch Frontier Emerg Sm Countrs Inv (WAFMX)
PIMCO Total Return Active EtF (BOND)
AQR TM Large Cap Momentum Style I (ATMOX)
Vanguard Target Retirement 2060 Inv (VTTSX)
2060?!
A total of 8159 funds (oldest share class only, at least one year old) are included in this quarter's update.
We also updated the look a bit to support new site theme...here's example of Risk Profile output:

Enjoy.
c