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Thanks, Kevin, I forgot about M*'s weirdness on ERs of some funds. For QLEIX, the M* expense page shows the ER as 1.35% from the 5/1 prospectus; comparing that to the actual figures in the 5/1 prospectus, it looks like M* left out the expense catego…
Two share classes: QLEIX = TF + 1.27 ER; QLENX = NTF + 1.53 ER. Like Tony & msf said, they're available for reasonable minimums in IRAs at Fidelity -- that goes for both share classes, plus the similar but more short-biased Market Neutral, QMNIX…
msf: "Basically you're looking at bond funds whose portfolios land them in the lower left corner of the style box (short term, junk)?"
Not exactly - MS and HY funds aren't necessarily short duration. Short junk like the two funds I mentioned is con…
Some other taxable fixed-income mutual fund categories, not well represented in the AGG, with significantly different results per M* category return pages: multisector +7.6%, bank loan +9.2%, high yield +13.3%, emerging mkts +10.0%.
Short duration…
Well, if the brokerage setup is like it usually is, the inst. shares will have a lower E.R. but charge a transaction fee, and inv. shares will be NTF with a higher E.R. Many people seem to dislike paying a TF up front for inst. shares of funds (even…
The main thing that's missing with that kind of analysis is that it leads to investing only in assets at the extreme ends of the risk spectrum, when it's more diversified and can provide a better return: risk ratio overall, depending on how you do i…
Whatever you want to do, no worries, Ted. But your earlier post deserved clarification, in that the way most people invest, the investor shares are not typically available.
@MFO Members: SFVLX $2,500
Regards,
Ted
http://www.morningstar.com/funds/XNAS/SFVLX/quote.html
Ted, the point is that several commonly used brokerages do not handle the investor shares, as was noted earlier in the thread. That's true for Fidelity, …
If every investment reporter/writer posted many or all of their own pieces here, as this person is doing, this board would be nothing but a free forum for said writers to promote themselves and the publications they write for. I'm for a ban on such …
Actually, if you listened to his CEF webcast a few days before the election, Gundlach walked back his election prediction, refusing to directly answer a question on it and instead touting the PE for how far he'd come in the campaign.
I think there…
The Prez-elect campaigned on large tax cuts and increased military and infrastructure spending, which in total will explode the deficit and debt.
The current administration proposed a modest infrastructure bill, and House leaders refused to allow …
C'mon, you guys are just trying to befuddle us with elitist vocabulary and some words that don't look like English. Pretty soon you'll be using elitist punctuation like the semicolon.
As a retiree I want my fixed income to be as risk free and immune to the gyrations of the stock market (and the effects of rising interest rates) as possible in order to act as a counterweight to the risk I am taking in equitities.
Joe
Joe, sounds l…
Primer on FRs, here. Pretty good roundup, seems like.
Money quote: "A diverse portfolio of floating-rate loans should perform well when the economy is recovering and credit spreads are tightening."
Typically, they're not equivalent to junk corpora…
I'd keep in mind that although there's no way to know what happens next, rates have already risen a lot in a very short time. I'm trying not to do anything too drastic that I'll regret if rates settle into another, higher trading range for a while. …
(Edit: Corrected earlier misspelling of gaging. I am not yet "gagging" on my funds - but may soon be.)
May not be far from the truth, Hank: the former bond trader who's a frequent poster at M* is calling the recent price action a "pukeathon."
It's pretty wild, so I had to doublecheck this on the Powershares site after seeing it on M*: PCY (US$) and LEMB (local currency) both fell in price today ~ 2x the drop in the IIV, resulting in very wide discounts, for etf's.
Here's PCY, discount …
Could be a little on the late side. The fund's been positioned conservatively on both rates and credit for a while, and since the turn in rates, it's top decile again if you judge it as a core intermediate fund.
I'd never heard Robert Cohen before - good speaker, good collection of data, reasonable conclusions, not overboard talking his book. It's just one example, but offhand he came across to me as Gundlach quality without the bombast. Refreshing ...
"Vanguard Emerging Markets Stock Index's low costs overcome concerns about country weightings," writes Oey in her latest analyst report.
I'm not sure I follow that line of reasoning. Is she saying that, if the cost of an index (or, for that matter, …
If CapGainsValet starts up again this year, it's also a decent source.
It has started but he's not working for free anymore. Good luck to him...
He's apparently got a no-fee page that links a limited number of "big guys," and it's subscription o…
I didn't realize Fidelity doesn't do AB in LW A shares; too bad. AB does have an apparently well-run global hy cef, AWF, with relatively better credit than a lot of hy funds. But it's not in the same space as ANAGX; much more like AGDAX.
Apparently self-promotion ... yet another writer and another article that assumes the entire bond market can be reduced to an index of one segment of that market, with the index weighted by the size of each entity's debt.
AndyJ,
Do you think it is too early to get back into Intermediate Term Munis like VWIUX and FLTMX?
Mona
Who knows, Mona, but I wouldn't until the direction flips, at least. Even yesterday, an okay day for rate-sensitive FI, munis were flat while…
The steepening of the yield curve may be setting up the next great buy in fixed income, at some point down the road.
Fwiw, Pimco's been defensive on rates in most of their investment vehicles for many months now.
@AndyJ, I got the load info from the RiverNorth prospectus, p.37.
From the language - "as a percentage of offering price" - that's for the ipo. After the ipo, a buyer buys shares from other investors, through the middleman of an exchange, just li…
Carl Kaufman will be doing a 3rd qtr. teleconference tomorrow.
If either of you have a chance to listen to it and report, I and I'm sure others would appreciate it. OSTIX has popped back up on the radar lately for me, too, but I can't do that time …
Sven, I'm not sure where you heard there's a 2% "load" for, well, any cef; they trade like stocks, with a simple commission (e.g., $8 a trade with Fidelity). A comment on M* referred to a haircut of about that size at the initial public offering (no…
Mike, look at the differences between MAPIX and CNR in developed vs. emerging. CNR is an emerging Asia fund.
Never have come close to buying it myself, but past contributor Scott, who is/was pretty skookum about investing, intro'd the fund to the b…
