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Herro's guru status has always puzzled me. OAKEX has seemed like a so-so offering from an otherwise great shop, whose performance always seems to be overlooked when Herro is trotted out to do an interview somewhere.
Good `ol Royce ! Re-opening just before changing their names and combining them with a half dozen other copy cat funds and adding three more share classes !
Atta boy, Chuck ! Let's keep those AUM numbers up !
DODLX -- enough of a track record ?
D&C had it in pre launch six years prior to the 2012 launch. Doesn't seem like the Royce kind of shop which develops offerings just to garner AUM.
Evil.
A lot of that stuff needs to be reinvested in future capacity, not short-term gains for shareholders.
The GMO team has written on this stuff quite a bit, and I've found if pretty convincing.
Lord knows how the Royce Discovery funds which Neckhov has been the manager of have stuck it out for so long. They have been abysmal for some time. Buy, you know, Chuck Royce will try anything once as long as he can stick a 2.5% ER on it.
Hey, no biggie...it's what Royce does ?
They'd have shifted the benchmark index anyway had the funds shown underperformance.
Old wine, new wine, boxes and bottles. Drink up, Chuck !
I have about half a year's living expenses in cash and short term investments. I'd say about 80% of that is straight cash. My wife holds another slug of money equivalent to about 25% of our annual living expenses, separately, in cash and conservat…
Dude, check out the latest Semi-Annual Report.
Fully three Royce funds are now changing their names. Some make sense because the old names never made sense (Royce Value Plus, for example...where was the "plus" under Chip Skinner's stewardship ? …
I should have mentioned I have a large-ish block of stock I currently hold which pays a decent dividend, and which I automatically reinvest; I am hoping that can be executed with Vanguard / TROW w/out too much difficulty.
That's what I meant, actually.
I am looking for a vehicle to hold about 8 stocks and 4 mutual funds (taxable account). I rarely trade.
Vanguard appeals to me because it has tremendous availability of funds (internal and external). TROW because t…
If anyone knows how to hold these funds in an IRA let me know. I've had the worst time trying to set up an account directly with them. They have a partner they supposedly work with, but they don't return calls. Thanks.
Thanks, Ted.
For the board: Hasn't there been some bit of research which shows that, in fact, quite a few managers are skilled, and would actually do quite well if they stuck to their (say) top 30-50 ideas, rather than overdiversify and, further, …
I love this line: we believe these new names will help to distinguish each Fund’s approach within our lineup
Shame they didn't do that from the start, huh ? Wonder why there's confusion about their line-up anyway...because they just churn out co…
A few random comments (by someone who otherwise is intrigued by the shop)
1. Only downside I can see to OSTFX is that it tracks very much the Vanguard all-cap index, with slightly less volatility (and Osterweis benchmarks the fund against the S&am…
@Mo: Chuck sold out to Legg Mason; and offered up his soul in the bargain. See David's comments in this month's commentary about how copycat funds have proliferated at Royce post-LM acquisition. I'd like to see, in addition, how many of the new R…
Chip Skinner still running RYVPX (or, whatever its to be called now)?
He was a big drop off from Whitney George when he took over that fund.
Churn, churn, churn, Royce (I mean, Legg Mason, I mean, Royce, I mean Legg Mason...).
The fund's performance is fine (two years in the top 5%, two years in the bottom 5%, strong start to 2015)
But how do you benchmark something like this? All Royce funds have style creep -- how can you (for example) benchmark a hypothetical fund th…
@Ted...insult to injury is that I used to own BX too ! Unloaded my small position in a fit of profit taking a while ago. Has been up nicely since then. Drat.
@Tampa: interesting thoughts. I think there is a lot there and the relationships are hard to tease out. I have known profligate wealthy people, and deliberate growth-oriented but perpetually poor people. I think analyses of aggregate patterns (M…
Sucks. I hate it when some outside group gets there nose up under the tent. My fear is that BX will interfere with FE's culture, install their own research team, roll out a bunch of new funds, then turn around and sell it. As a First Eagle share …
Never, I mean never, would have seen this coming. Wonderful fund, star managers often in the press, white-hot money piling in, fund taken over by a financial institution. You mean, there was the possibility of bloat and underperformance?
Never, I …
Don't know if its closed or not, but opening new accounts with RiverNorth is a hassle. They don't accept new accounts directly anymore, and the firm they've given that piece of business to is highly nonresponsive.
Buying their funds through a br…
Berkowitz is a pretty darn good manager. But he's a very odd duck and gives me pause. Take, for example, his shilling of FAIRX right before the crash. When shareholders pushed back because he was growing AUM at an alarming rate his response was s…
David -- thank you for setting up this call. I likely will not be able to attend the call in person, and so would like to submit the following questions for Mr. Horn, for your consideration.
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1. I've seen PG…
Always update your prior. Too many people are content to only choose conjugate priors because it's more convenient. Don't be afraid to use a slice sampler or reversable jump if need be. And recognize that in many situations even a weakly informativ…
FPA has been bearish for years. Years. I don't think FPACX is seldom below 20% cash. They were weary of a collapse quite a while prior to 2008, and had some sort of long-standing "buying freeze".
I don't mind that, BTW. That's why I've hired th…
I enjoy it when Bloomberg (NY Times, whomever) has to go out of their way to point out someone in their stories is an Ivy League graduate, but neglect the education credentials of others mentioned in this story....
Aronstein, a 61-year-old Yale gra…
