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Right, munis have done considerably better than taxable rate-sensitive fare lately. I'm in OPTAX and two Nuveen muni cef's, plus what PTIAX has, and have noticed that MUB is doing about as well as most investment-grade open-end muni funds.
If the …
@Crash, I think it's just more credit exposure, but of roughly the same sorts of credit as PTIAX. Even in PTIAX, they've broken out into a more multisector strategy than their old simple barbell of munis and non-agency mortgages.
I've held PTIAX f…
@Crash: Thanks for the reminder. I do want to track it and get a feel for what they're doing with it.
From the fund overview, it's not all junk: it's showing 60% investment grade, with 23% in munis (taxable and tax-exempt), and the rest of the hol…
I've used QRSVX in the past, and bought some again a few months ago. Didn't really shop around very much, just saw an old favorite doing pretty well, still lower risk, and went for it.
Here's a light-hearted remark to follow Hank's. Hussman's HSGFX lost less Friday than TMSRX, and per M*'s Port Mgr, leads TMSRX on 1 week, 1 month, year-to-date, 3 month, and 1 year returns. You have to look back to 3y among the usual metrics to fin…
Yep, TMSRX sure looks good. Value, especially small cap, and some foreign did ok today in equities, but looks like just about the last bastion in debt - structured credit - may be stalling out and be on its way down.
This is the third time just rec…
@fundly: Thanks for correcting my post. Right, how did you find that percentage if it wasn't from AlphaCentric? Maybe you had better luck last year than finder did this year getting it from AC?
@finder: I bet you know this, but just in case, ROC on…
I agree that Fidelity seems to get the 1099 details right, consistently. I've never found a mistake on cost basis and ROC (non-div distrib) accounting, nor on their treatment of wash sales. They don't figure for you the state tax deductions you'd li…
From the name, it sounds like it could be, at least roughly, the credit side of PTIAX in its own package. I'll be interested to see a holdings report and hope it will be another decent option in (at least mostly in) securitized credit.
Edit: the p…
@BenWP: Thanks for the note on Matthews. I didn't realize they'd launched a broad, not-just-Asia EM fund. Wasn't familiar with the manager, but see he's been with Matthews since 2018 after leaving Oppenheimer. MEGMX looks kind of blendy, which is pr…
Mitt Romney's the one who really went after the GOP (his colleagues) yesterday. In part:
"Please! No Congressional led audit will ever convince those voters, particularly when the President will continue to claim that the election was stolen. The …
@Sven: good catch on ADANX. I'd thought all the AQRs must be in the tank.
The alt funds lesson I learned with AQR LS and MN, and earlier, Pimco Long-Short, is to buy when they're hot and be ready to get out when they stop, 'cause not very many are…
Just noticed recently that AQR Long-Short and Market Neutral, about which much was typed here several years ago while they were soaring at a time not much else was doing anything, are now negative since inception (per M* growth of $10k charts).
YTD, IVOL is up 14.6% vs. SCHP 10.6%, per the M* $10k growth chart function. The March drawdown was far less. Looks to me like the volatility/steepener addon to a 'normal' TIPS fund is pretty significant.
One angle I really don't get (and I saw a l…
Hey Matt,
One thought (just saw your post) about Baird muni fund options. There's a new one, been out only a shade over a year, BSNIX, that has done well so far, especially for being shorter duration and about 90% investment grade. It's ahead of b…
I just wish Toyota would make a reasonable, normal, small or mid hybrid, and sell it in the U.S.
They've been making one since 1997. It's called the Prius.
Thanks for the smartass comment. Of course I meant a pickup - that's the subject of the ar…
I still use the old M* ratings/risk pages, which are still updating. I'm seeing, though, a few changes in the way some of the up/down capture ratios are calculated. If you use those ratios, be sure to read the small print under the capture figures t…
There's one more tax-related benefit to munis to consider. If your income is fairly limited, tax-free income instead of taxable could keep the taxable income on the federal return low enough to put the 0% tax rate for long cap gains and qualified di…
I am looking for some punch over my MM funds with minimum risk. I am not too happy with RPHYX and RSIVX.
You might look at the other fund in the Semper stable too: SEMRX/SEMIX. Mostly mortgages, very short duration (0.4), mostly investment grade, c…
Good fund. I don't own it now, but will again at some point.
One thing to note about the holdings: they're usually mostly floating rate; current as of the 6/30 fact sheet = 65%.
Any time I run into a snag at Fido, I call a rep (never had to wait on hold) and it's resolved. Only thing worth noting is that there are some issues the first rep you get may not know about; but normally if they don't, they find somebody who does, …
Gotta mention PTRMX. ... dividends are .... extraordinary for a tax-free fund. N'est pas?
Good, but not extraordinary. Look at the price - $25+. The yield's only in the mid-2s.
I've looked at it off and on, being familiar and happy (as you are) wi…
Ten years? Debt, equity, and private equity in renewable energy, electric vehicles, the subset of utilities that comprehend the times we live in, energy efficiency, batteries, materials needed for an energy economy makeover, possibly grid managers .…
A good line, except the new page does work just fine for graphing, but for these ETF-suffix oddball choices.
I fogot the stake, though.
I prefer the old fund ratings & risk pages for the one shorter term data point - 1y up/down capture - missi…
To stay on the legacy pages when you change funds from a legacy link, just replace the ticker in the url with the one you want. (I think that's what David was saying.) Don't use the quote box like we used to do; that route takes you to a new-version…
From OJ's WSJ excerpt(s): "The problem is particularly acute in the fast-growing market for “structured” debt—securities using pools of loans such as commercial and residential mortgages, student loans and other borrowings."
CLOs etc. seem to be th…
I think all modern port stats fall into the "past performance is not predictive" category, as in, why would we even think they would or could be predictive? It's about probabilities, not prediction, and even in that realm their utility depends on ma…
I always wonder about people who are so concerned about immigration but dismiss climate chaos as a problem worthy of their attention. There'll be many times today's migrants headed to higher latitudes as climate refugees when large areas of the heav…
Dunno who or how, Catch, but it's always chief FI investment folks from (mostly) the big houses, with quite a few repeats and at least some of the time, one guest from overseas. I like some of the repeats 'cause you can see their strategy changes ov…
@AndyJ et al
Usually a decent overview and thoughts regarding credit markets and debt issues related. If you've a few extra minutes in the schedule, have a view.
Bloomberg Real Yield program, Aug. 2 (22 minute video)
Good evening,
Catch
Righ…
Long Treasuries are killing it, and the 3m/10y inversion I mentioned recently on another Catch thread is up into nosebleed territory. Hard to imagine the yield drop's going to continue more than a day or two longer (if that) at this pace, in the sho…
Fund Distributions are still listed at Morningstar
Bring up the fund, press Performance.
Under the Returns/Distribution, press Distribution
And the July 26 PPSIX distribution is listed.
Distributions are one (maybe the only?) area where M* provides …
@Catch, sorta but not exactly. That chart's showing cumulative difference in yield movement, including a chunk of time the Fed was in tightening mode. I'm thinking more about the changes since early this year, roughly since the jawboning/tightening …
@AndyJ: there seem to be all sorts of glitches. One that trips me up constantly is the "chart" function that fails to recognize a fund's symbols for the purpose of running a comparison. The app for iPad is also faulty and won't open on the "quote" …
