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.
Annaly didn't move a lot, but Gundlach started recommending it months ago and it's already had a very nice run. Not saying those last two points are necessarily related 1:1 ...
JPC is up almost 3% at the Monday open, 325k shares traded, more than average daily volume in the first 15 minutes. Bill the G. must still have some influence!
@AndyJ: these are in no way substitutes for munis. Their 8%+ distribution yield is taxed as ordinary income. Junkster and I just took this muni thread to the side a bit, sorry.
Not at all, FA - I completely understand all that. The point was tha…
BGH, which suffered mightily due to its energy exposure is on the rebound, so is HNW for example and more single asset thingies such as JRO/JQC/JSD/VTA/VVR, etc.
Good cef ideas; thanks, FA. Haven't made many adjustments lately, still putting along w…
Good stuff, but imho, the videos have gotten a little repetitive. Nowadays I'm finding the portfolio reviews more informative; most of the newer material he covers in the videos seems to be also in the reviews, and it doesn't take 15 minutes to read…
Ralph, you do understand, don't you, that M*'s star ratings are purely quantitative, based on return and risk within the M* category, and have nothing whatsoever to do with a recommendation for or against a fund?
Hey, thanks openice and heezsafe, good info. I hope the fund does mirror the separate account strategy. It might fit pretty well w/ a position in GLFOX. --- Best, AJ
Hi expat, true enough, but then to get an equivalent figure for Gundlach, we'd need to add in all the other mortgage-related investments in the strategies he runs, e.g., his other open-end & closed-end funds, the etf, his share of RNDLX and oth…
Interesting that JG's old mostly-mortgage, total return fund TGLMX has basically kept up with DoubleLine TR on return and risk, and has much lower a.u.m. I'd be tempted to put new money into the TCW fund.
About TIPS - they're Treasuries first, most of them long term, and an inflation hedge second. All Treasuries, especially long T's, are up a lot - the big 20y T etf TLT is up almost 9% ytd. Even the long T + long IG corporate BLV, where I've been par…
Six months in, the healthcare version has a grand total of $16 million in assets and trades at a tiny volume of 7,000 shares (yesterday at a scorching clip of 2,200). Unless there are others in the stable with reasonable volume, I'd suggest forgetti…
One thing I've always found attractive about PGVFX is the stake in Scandinavia. Not that many fund managers go there, and there are some well-run companies in that part of Europe.
QMNNX, QLENX, COGMX. There have been a few MFO threads that mention the first two (they're AQR funds, you can search for them), and David S. did a review of the latter in the Feb. commentary.
The two AQR funds use the same methodology, but the fir…
Does anyone own Jensen Quality Growth fund, JENSX?
Yes on JENSX, and I've been very happy with it. Have also owned PARWX, but usually avoid it in an overvalued or down market.
When the conservative Vanguard h/c fund reached the stratosphere with a P/E over 30 (by Vanguard's calculation), the handwriting seemed to be on the wall, in neon colors.
I guess she's on vacation ... I think this is the second repeat in a row.
It's PBS spring fundraising telethon time. They always run repeats of CM's shows during those, and knock out most of their best programming for "specials" and nostalgic music…
As usual, I have no idea, but added to junk mortgages after their little blip several days ago, added to stock when the S&P5c made that convincing move above the 50d, and have cut back a little on the rate-sensitive stuff.
As far as junk corpo…
Doug Ramsey makes an important point about the Fed: Fed tightening started in 2014, and there have already been eight policy tightening moves, not the one the CNN pundits et al. recognize.
From the article: "AQR has garnered what amounts to high praise from Vanguard Group’s founder and indexing champion Jack Bogle, who has said that when it comes to hedge funds, 'AQR’s strategy is the one I hate the least.' "
Gotta admit, I didn't think much of his reallocation to overweight Latin America, but the move and the timing was impeccable. LA's had a strong rebound in the last weeks, and Asia's lagging.
Another thought on PTIAX: today looks like it may be a good test of how much effect the long-term taxable munis have been having on the pricing: BAB (taxable munis) and TLT (long Treasuries) are both up, now ~ 0.8% each.
My best guess on the very recent PTIAX loss is that it's munis to a small degree, but mainly the HY mortgages -- and if they've ramped up IG corporates since the Dec 31 report, that might be part of the mix too.
I'm basing that WAG on 1 wk return …
Thanks for the tip on the Am Century fund, Junkster, wasn't aware of it. I'm about equal weight in PYMDX and NHMAX. The Nuveen yield is the main attraction there; Pimco's done especially great considering how much more they've got in investment grad…
Don't know about junk corporates; I'm tempted to first buy more shares in the core low-vol, "quality" equity funds I own when it looks like a general turn toward risk assets is happening.
On munis, the last WealthTrack guest, Dimella of Mainstay m…
I think one can just use a simple 10 mo moving average cross strategy applied to the S&P 500 and long bonds, do better than 99% of these people, and save a lot of time by not having to read their rhetoric ...
+1.
I had to edit/find to convince myself that no, there was no mention whatsoever in the interview of the elephant in the room: Fuss's bottom-dragging 22% loss in 2008, only a shade better than the equity fund PRBLX, and 4x the loss of a certain, almos…
I have a small toehold in it, but may sell it - not that impressed with management. First, they completely missed the previous runup in renewable energy (in 2013); they had zero renewables or close to it for most of that run. Second, the overall rew…
The difference with Vanguard is that the V. brokerage charges the NTF redemption fee on a last-in, first-out basis rather than the standard first-in, first-out basis.
See the second sentence of this footnote -
"9 The holding period begins on the…
