Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Very well done fund profile of RIMIX - CNRYX by new contributor Dennis B. ... I bet I'm not the only one wondering if Dennis is our old discussion board colleague "Scott," who had a thing for and first intro'd the board to the fund.
I bought PRBLX b/c of its eclectic set of holdings and fairly solid history through several market cycles, not b/c it's an ESG fund. That said, I'm inclined to trim/liquidate for a bit to see how this plays out in the markets, even though it's "onl…
That's an friggin' extraordinary last paragraph to write as a wrapup this last summer.
Yep, that bit about WF's fee income especially sets the bells ringing now, eh?
For people considering dumping PRBLX specifically because of the WF failure, it might be worth considering that very few of the competitors do any of the kind of ESG risk analysis P. does as an apparently routine strategy, contributing to the fund's…
Here from the 6/30 report/commentary is their public explanation of why they bought it in the first place:
We decided to buy Wells Fargo after many years of waiting for the right entry point. At the time of our purchase, the stock was trading at a…
In case anyone else is curious, here's what "Relaxed Constraint" means (quoting from the Principal Investment Strategies section):
"Relaxed Constraint” in the Fund’s name reflects the Fund’s strategy to take long as well as short positions in the …
On the Matthews-Seafarer question, the chart shows MAPIX (AF's old fund) still outpointing SFGIX* since SFGIX's inception, +41.8% to +30.5%.
Yes, they're different animals, but generally I've thought Foster appears to be good manager who's made a …
In the minor details department, might be worth noting that the PRBLX portfolio position in WF is an outlier in the Parnassus funds generally. Aside from PRBLX, the only P. fund that owns WF is PARNX, and it's top 25 but well down the list.
The fi…
Now they just have to get popular enough to work up to a decent trading volume - something the "inactive" XMPT hasn't been able to do -- altho it has been trending a bit higher lately.
The latest about the laidoff / fired / retained is extremely troubling.
Good article; I'd heard briefly about the class actions but not the details. Notice at the end, it says that Cordray of the CFPB "strongly hinted" the case is being referred fo…
Thanks for the post. I guess P. figures they don't know all they need to know, and they're being cautious.
Frankly, though, I don't think WF deserves any points for ripping off customers and then giving some of the proceeds to charity, and I doubt…
Sept-Nov is traditionally the longest weak period of the year for munis. That they're just slightly down on NAV with the runup in T rates of the recent past during a seasonally weak period speaks pretty well for the class, IMHO.
For someone who wa…
It'll be interesting to see what they do with it now.
FWIW, Parnassus has a feature for easy lookup of historical holdings. On just a very quick check, looks like Wells first appears this year in May. Last time before that they held it looks like l…
I take it it's Parnassus you mean? I'd call them. It's been a while, but I used to connect easily with a real person there.
Hasn't PRBLX made a habit of WFC's being about the only bank they'd own? Can't remember what that decision was based on - m…
Interesting point that foreign entities are leading. Reminds me that the first things I read about the insurance industry's waking up to climate risk were about Swiss Re's perspective on it, if I'm recalling correctly - that was several years ago.
A couple that don't involve liquidity per se:
* Longer duration is what got whacked in fixed income, and OSTIX is short duration.
* The carnage in the FI cef's I own/follow (which generally live right around the boundary of investment grade and j…
Thanks, Lewis. My interest in this story, and that earlier Vanguard story, is in watching the investment industry's slow awakening to climate risk and how long it's taking to reach the same level of realization as the insurance industry and the Dept…
Apologies if I didn't catch this in TSP's posts, but JG said pointedly that rate risk is a place to dial back; the rate bottom's in, he says, with the failure to breach the earlier T lows. Also:
- Reiterated that 2% on the 10yT may be a buy, but pr…
The recent mini-blip down in the fund must have something? a lot? to do with the yen - it's been sliding, and Gavekal has 39% in apparently* unhedged Japanese stocks.
* Apparently, because the Principal Investment Strategies section of the prospect…
What do any of these (except for DSENX / DSEEX) have that PRBLX does not?
Brings to mind the discussion a couple of years back about MFO's crowning of SMVLX as a "great owl" before it had shown what it does in a market unfavorable for its schtick.
…
I'd think hard about the fund's sector strategy if I were tempted to buy in. Right now, and from memory basically always, Smead invests real money in just three sectors: consumer discretionary, financials, and health. Those sectors' fortunes pretty …
Thanks again for making a habit of posting the Bespoke valuation reports, Ted. It's hard to beat simple & comprehensive like Bespoke does.
The 10c summary: financials lead the U.S. pack, utes & health getting smacked, Brazil's taking a pos…
About SEEDX, I looked into it twice after it was profiled here, but didn't see anything special enough to consider replacing the U.S. funds I usually use - from Parnassus and Jensen. Oakseed returns have been nothing to write home about, and it's no…
Just fyi, QLENX is ntf at Fidelity, but it also has a slightly higher E.R. than QLEIX. You can get either of them at Fido with a $2,500 initial investment in an IRA; the minimums Kevin mentioned are for group retirement plans, according to the "fees…
Now I want a Hamptons t-shirt with the mug design. I think I could afford that ... altho I'm a little worried about the rampant inflation in the t-shirt market.
"Any writer who refers to Scrooge McDuck to make a point has my vote!" @AndyJ- for sure! Even better, though, would be The Beagle Boys, Scrooge's long-time nemesis (nemesi?).
Hey Joe, as a wee lad, I'd check the pharmacy's comic book stand for the …
You know this about perma-inflation Singer, right?
Ah, so he was the one; I was telling someone about the terrible Hamptons r/e inflation the other day and couldn't remember what caricature of a clueless zillionaire had said it.
Good writing, too. …
Yep, it's amazing how much even a partial year's returns can color a fund's overall relative record. I finally got that thru my thick head only in the last couple of years.
Jensen was okay but not great for years, then started a run in Q4 15. The …
Hi Andy - Always nice to hear from you. I haven't been able to find QLENX with a low minimum to invest.
Hi Will, they're both offered for low minimums at Fidelity in IRAs. I don't know about any other brokerages. -- Cheers, Andy J.
* FRIFX, the chicken's way of investing in financial-product real estate -- but I like the look of GFMRX if I ever want to go whole hog.
* A small position in PGRNX as a long-term bet on energy efficiency, renewables, the energy economy transition…
Excellent article. Due to SEC regs, shareholder resolutions typically don't have much in the way of teeth; the resolutions being proposed these days at carbon-intensive firms are all but entirely about financial/investment risk disclosure -- disclos…
Just thought I'd post this link from Morningstar. Probably a damn pay-wall. Let me know, and I'll solve THAT little capitalist plot. ;)
http://news.morningstar.com/articlenet/article.aspx?id=759947
That's an analyst report in the form of a regular a…
Just a quick note, Gary - the reason the 60d rollover got into the conversation is that if you were within the 60 days and hadn't done one in a year, you could simply redeposit the $ you took out of your Roth and call it a rollover, with no conseque…
