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Hi Hank, I don't know what M* page you were copying from as far as the RSIVX credit quality breakdown goes, but here are the figures from the page that's on the site now, with data as of 9/30.
In round #s, all of the A categories (AAA-AA-A) = 3%,…
What are your thoughts though on QMNIX which has delivered an 18% return over the past year? Can that really be market neutral?
If you're curious, wxman, look at the prospectus and the quarterly fact sheets for both funds to see what they're doin…
Anyone use preferreds? They seem to be less volatile than REITs.
Yes, I'm new to preferreds, but owned PPSAX (lw at Fido) in 2014-early 2015 and now have a stake in a preferred cef. Good income, not all that volatile, but all the preferred funds I'v…
Hmmmmm. Higher yield has made less money in PREMX vs. DLENX. Curious.
Yeah, more capital loss in PREMX. That's what those risk ratings reflect.
I've owned both at different times, don't have either now; only EM bonds now are in the etf PCY, but tha…
Crash, the 5y figures I see on M* for annualized total return are 4.16% for DBLEX and 3.42% for PREMX, which makes some difference (top 7% vs. top 24%, five stars vs. four stars), and DBLEX is "low" on the risk rating vs. "average" for PREMX.
Padi…
M* stewardship grades supposedly take manager ownership of fund shares into account. From their (PDF) explanation of stewardship grades:
"Manager Ownership of Fund Shares
Fund managers who invest in the funds they run demonstrate conviction in the…
Yep, should be a requirement with a revision to list the revisions in plain and concise language at the outset, like our health insurance booklet does each year.
ECRI is a good, thorough source on econ cycles. Their indicators have been trending down for a while now.
ECRI's Lakshman Achuthan will on Bloomberg TV/Radio tomorrow (Monday) morning. He does great interviews.
Edmond: "... junk has a general seasonal tendency to do well from early Oct through December." " The seasonals tend to pivot rather sharply in junk -- wait too long and you've missed the move."
True dat. With the spread having widened so far and s…
Five grafs below the first reference to PRHYX, the article says "The T. Rowe fund is closed to new investors ...." A bit of a lag with that info ...
The HY spread is still widening, and it's been much wider in the past; however, neither seems to co…
Just another viewpoint: anyone who owns a substantial slug in their older global funds may not particularly need to chase the micro fund - GPROX has 30% in micros and GPGOX has 25%.
It's not just the 100y bonds; Pimco has quite a bit of P'bras of various issues across the board in their credit FI funds and cef's. And they've also got Gazprom almost everywhere you look ... just don't get it.
Couldn't make it all the way to the end. What did he finally recommend people invest in now? (Gold I'd suspect.)
Yep, you got it, Hank. The guy's a classic hard-money gold bug, and he pretty much said central banks shouldn't exist. The only piece mi…
I hadn't thought about WTIFX in a long time either, Slick; had it on watch for a while but never bought in. A few years ago it was predominately in industrials; now, from a quick look, it's 3/4 or so in industrials, tech, and consumer discretionary,…
Hi OJ, you may know this already, but using Yahoo dividend-adjusted price data on a spreadsheet is an easy way to figure total return for any time period you want -- just beware of late posting of recent divs, and in rare cases, completely missing d…
... the newer ESG styles ranks companies within industries and then tries to buy the ones with the best environmental, social and governance records. So for instance oil stocks are not excluded but only the ones with the worst ESG rankings. This man…
HFXIX limits itself to S&P 500 index futures, so it's kind of a different animal from the mostly wider-ranging MF category where M* has it pigeonholed. Just from a quick glance, I'd probably compare it more with long-short or market neutral equi…
Good interview: the word "macro" really does belong in the title of the fund Mr. Singer runs, and it oughta be "global macro." His take on China and on EMs in general is worth listening to, especially during this China + EM rout, for a little balanc…
Not short duration high yield, but what I've been using for that next risk-rung up from cash is Pimco's PMZIX, an absolute return fund that uses mortgages with ye olde signature Pimco derivative & rate swap strategy. Yield about 3.30%, up 2.4% y…
Can anyone offer a reason why ZEOIX is holding up better?
From a quick glance, the main reason must be that it's not as junky as RSIVX. (See the yield difference and the credit quality distribution.)
Market neutral QMNNX. Also, I've been surprised how contained QUSOX's losses have been. It's held up better than GPROX, even with an all-foreign portfolio.
A sort of interesting technical tidbit: 1970 has been cited I dunno how many times (e.g., here, months ago) as a key support level for the S&P, and it closed there, on the nose, today.
"A bit illogical. If currently low rates aren't providing much stimulus, why do they think going back to these rates at some future point would help?"
It won't. But what else can they do...well, aside from NIRP, that is.
At that point, it'd be more…
Great point of JG's that once the first 0.25 or so is in, Fed watching will probably shift to "when's the next one" and "how fast," and won't settle down at all. Fed "uncertainty" won't go away, it'll just shift focus. (And then there's always the c…
On RSIVX, I think it depends on whether you invest primarily for income or for total return. If the former, it still looks fairly good. One indicator: last December, in the HY selloff, it did better than its peers/near-peers of the short & junky…
Had to go back & reread the text on the Stalwarts funds: says capacity is ~ $7B for the two, so they should be available for a while, or at least not hard closed for a while.
In the past I've used DFJ (small cap Japan), EWS (Singapore), and EWH (Hong Kong) for value trading, but don't have any single-country ex-U.S. holdings now. EWS is at a 52-week low, but I'm not buying (at least yet) since it looks like there are ple…
RSIVX has struggled this year, that's for sure. I see other funds as better alternatives for total return, such as DLINX, ASHDX and OSTIX.
+1. The funds Will mentioned have considerably better Sharpes and up-down capture than RSIVX. (It's in the sa…
Fidelity offers lots of A shares load-waived & NTF, including OSMAX. The ones that are LW & NTF are shown as such right below the name of the fund, at the top of the fund page, e.g., here.
Buying/selling at these levels? Not much, still ~ 40% cash & stable value, but nibbling at three relatively attractively priced cef's of various portfolios and pedigrees (PTY, DBL, FPF) and one etf (PCY), plus adding a little to core-ish bonds s…
RNDLX assets are divvied into three sleeves, two FI sleeves run by Dbl and the CEF sleeve run by RN, and RN as I understand it determines the allocations to each sleeve, which they can change fairly significantly. One attraction someone on M* mentio…
@kevindow. I have sworn off all things AQR. They are not a retail investors friend.
PS How are you able to by institutional shares?
AQR at Fidelity in an IRA is reasonable. I'm in their market neutral fund, QMNNX (investor shares' ticker), which at…
TSP: With that view on coal, you have to wonder what planet those guys are living on. Does FPA have an interstellar mailing address these days? -- AJ
P.S. And I mean that purely in an investment sense.
msf: "And you can't write checks from a MM account within a brokerage."
Yes, when they converted my account, I received a note that the old check-writing scheme was no longer valid, but that I could specify a Vanguard fund in the account for check-…
