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.
Oaktree (OAK) owns a pretty decent % of Doubleline.
Oaktree loaned JG some administrative employees to help get DoubleLine off the ground, enabling DL to go from nothing to a fully functioning investment group in a matter of a few months, explained …
@AndyJ Are there better indices (superior to market-cap) to use "on the way down"? I'm looking at RAFI
Bitzer, I don't know the research on the downside aspect of RA's fundamental index approach, but it would be worth looking into ... seems fairly…
There are several discrete sections of the monthly commentary, and for the most part, the author and/or theme of each repeats each month. Skim or skip the parts that aren't of interest. There's no law that says you have to read every word of every s…
Staples (VDC etc.) are bouncing today, up ~ 1%, while industrials (VIS, etc.) are flat. The more defensive of the two is where the $ is going. Big surprise? Nope - looks like the active $ may be semi-hedging against more weakness ahead.
Good piece, backing up the clear tendency of market-cap indexes to be great on the way up and very un-great on the way down. It's amazing how something as simple as the clearly documented record of those indexes in up- and down-markets escapes the c…
Thanks for the news, David. Looks like they've changed the retirement plan/account hard-close exception since the GPGOX and GPIOX hard closes; earlier the exception included accounts at 'intermediary platforms,' and now it's 'direct shareholders onl…
This is a good link to monitor the spread of high yield bonds. Currently the spread is 375 basis points, up from 330 basis points just a few months ago.
I didn't know about that specific spread calculation you linked, Mozart, but here's another on…
In the past year-plus, Fidelity has waived loads on lots of A shares. Other brokerages apparently do this also - it's a matter of negotiation between the supermarket and fund management. Load-waived shares are designated with the suffix .lw added on…
Janus Global Allocation is a mini-family: conservative, moderate, and growth. The allocations favor equities maybe more than you'd expect from the names, at least right now; for instance, Conservative, the one I have on a watch list, ~ 45% stock, 48…
Well, you've got RPHYX, with their lousy 1* rating, yet closed to additional investors, who doesn't really seem to care that M* really has no idea what they are all about. A healthy 20% of our portfolio is with them.
What's with the 1* on that? Odd…
Ha! Sounds like G and Co. have had just about enough of what G. seemed to think is a bunch of incompetents at M*. He referred to them over and over in his webcasts as 'some analysts in Chicago' who didn't know what they were talking about after the…
The only pure emerging/frontier holding I have is WAFMX. Also own MAINX, a small chunk of PAFSX just to try it out, and GPROX; those are all ~ in the 40-50% range in EMs.
I also keep an eye on HLMOX, MEASX, and SFGIX, but no $ there.
RIMIX look…
Scott, you've owned JM for quite a while, I think? I forgot about it until recently, but see it's done pretty well for quite a while and yet is still priced below book (according to M* anyway).
FYI, the figures Pimco puts on the fund pages under the Portfolio tab are apparently "duration weighted exposure" (DWE). The market value weighting is found with DWE on the monthly spreadsheet (Document tab, scroll down to "Pimco Funds Portfolio Sta…
IMHO, Mona, there's diversification benefit to owning both.
* Different managers, different cultures.
* An actively managed exposure to CEFs in RNDLX.
* There's some amount of zig and zag effect in owning both: the chart of the two since RNDLX's…
Added to DSEEX ( thanks for the initial heads up davidrmoran ) and to SFGIX ( thanks for the initial heads up to David Snowball. Researching small cap Permian producers.
Glad you mentioned the ticker, MS; I'd forgotten that Dbl I shares can be had w…
My only even slightly significant move lately was out of munis (VWALX), with the $ going mostly into existing accounts in multi-bonds PIMIX and RNDLX. In stocks, added to FMIJX and opened small starter/test positions in PGRNX and PAFSX.
So far, DSENX is high on the list for the U.S. stock exposure in the IRA my spouse plans to open with current 401k assets when she retires in ~ a year. Seems like a good equity discipline, charts well on the downside so far against known risk-averse…
If you simply must have your daily dose of sloppy scholarship, then IBD should be your primary preferred pharmacy. They will never ever short your prescription.
Now there's a hoot. And here's another one: a bunch of retired guys practically fight ov…
Hi willmatt, so you've got more bonds in BERIX (mostly non-IG, I think? M* doesn't show the credit breakdown) and VWENX (30%+ in interest-rate sensitive, IG corporates and some 'government'). I'd factor those into the decision.
The lineup doesn't …
Do you think it's a bad time to buy a fund with a large stake in treasuries?
Depends on how much you have in equities, and the nature of those equities. If it's a larger and/or riskier stake, it's not a bad idea to have some T's on your side in a …
TAVFX was an outstanding U.S. small value fund coming out of the tech crash. But after MW shifted the focus, it lost its edge, IMHO. I owned it for several years, sold in early 2007, never considered it again. The heavy, heavy losses during the cris…
I agree with David. They certainly haven't been on a fund-launch rampage since going public, and the recent Krug/ARTFX launch is very much in line with the 'category killer' approach.
I see nothing wrong/imprudent with opening a small position in ARTFX.
No joke. Once people realize who the manager is that Artisan lured away to launch ARTFX, the assets may pile up quickly, and Artisan closes funds at moderate AUM levels. I've be…
Alternative views here, from BofA and TRP, summarized at Barron's blog.
The OP-linked article doesn't consider the HY spread, which is at least as important as yield considered in a vacuum; it's really compressed, but not approaching record territo…
The Shiller Enhanced CAPE fund (DSENX) seems more in the Db'line wheelhouse, vs. a straight actively-managed equity fund. It's a formulaic sector-rotation stock strategy represented by derivatives, backed by a Gundlach bond strategy ... broadly simi…
For comparison, here's what David Sherman calculated after the October '13 dividend, when RSIVX was brand-spanking new.
Current yield: 8.43%
Approximate expected gross investment yield: 7.12%
Approximate duration: 3.12 yr.
Avg market price: 103.61
…
Thanks, David. I just wonder why they won't publish those figures you quote on the web site, just as data and without the "approximation" number, which isn't nearly as supportable. Doesn't seem like they would be promising anything or running up aga…
Do The Math? We've had this discussion before.
Yes, and there was another one before that, where I reported what David Sherman sent via e-mail, but those were a while back. The OP's question refers to "current yield." It's of course possible to fi…
Charles, yes, that appears to make MFO internal-logic sense for PRBLX on the basis you state, but in the case of comparison with SMVLX, you've given the latter a rating only over a period during which, simply by its structure, it would be very surpr…
I kinda see where you're coming from, Charles, but not really. I'm not able to get past the fact that since SMVLX launched, a period that includes both up and down markets, PRBLX has gained 85% cumulative vs. SMVLX's 63% ... with lower drawdown.
Fr…
Charles: " It is PRBLX's performance during the five year bull market that lands it in the 4th quintile."
Sorry to disagree, but that factoid actually supports the notion that low downside risk may be somewhat underweighted in the MFO system.
The…
I haven't explored the data protocols that produce the owl list, but the fact that PRBLX doesn't make the list suggests to me that the protocols might underweight down-market performance in some way ... just a thought.
Cheers, AJ
Welcome, Guido! I'd missed the previous posting of the link and appreciated your posting it, I wouldn't have seen it otherwise.
Same here; thanks. Some very useful links can get lost in the daily blizzard.
