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PDI down again. Look at an interesting article about it: http://seekingalpha.com/article/1492482-closed-end-fund-discounts-widen-so-what-are-you-buying?source=yahoo
This figure suggests that MAINX is 50% of MACSX for the same money, falling and rising proportionally at the same time. Then why keep MAINX if one can have MACNX + 50% cash?
The strategy outlined in the reference given by bee is buying PDI when it is sold at a significant discount (like now), and selling it and buying PIMIX when PDI sells at a premium. Now PDI is sold at a discount of 7%, so this is the decision time fo…
I would suggest more bond-knowledgeable people to comment, but I consider the same question now. PDI is sold at a big discount now, which is very unusual for this fund, and for PIMCO closed end funds in general. The question is whether this is a sig…
Reply to @Skeeter: Interestingly, the turnover of HOLBX is 0%, so the manager just does not do anything at all except for collecting money, invests in giant stocks and cash, and it is below average moderate allocation fund.
WAFMX and WAESX are two possible answers for closing WAEMX. But WAFMX already has more than $500M AUM, and WAESX invests in large-medium size stocks. But WAEMX is already in mid-caps anyway.
Interesting collection of funds, many of which are top-notch. For example, all emerging markets funds in the list are on the top of the list in M*, some of them are closed to new investors, but perhaps you can invest in them in this plan. The same i…
Reply to @BenWP: I am not sure that this is the case:
During the 5 years when Rao was the manager, the fund outperformed S&P 500 by 60%. Meanwhile since his departure the fund is doing almost exactly as S&P 500. It is not bad at all, but...
Just in case if you are crazy enough to invest in Japan after its recent run up: FJSCX beats DXJ and MJFOX for the last 3 years, 1 year, 3 months and 1 month.
Does this mean that FJSCX is a great fund to invest in, or it is the prettiest among the …
I do not have any money in this fund, its constant negativity does not look encouraging. However, one thing bothers me: Since inception in 2000, this fund actually beats S&P 500 by about 30%, with much smaller volatility!!!
No, I am not sugges…
This is one example when 2.25% would be well spent: WAMFX outperforms TRAMX significantly. Of course this may be just a temporary effect, beginner's luck.
Dear Hiyield007,
Please do not stop posting: I found your posts very profitable:) But then of course sabbatical is a great thing, which I am looking for:)
Andrei
I love WAFMX, I invested in it from the very beginning since I expected it to continue what WAEMX started. But of course 27% of it is invested in Nigeria and Kenya, so who knows how it will behave if/when something happens there. Matthews and Grande…
Thank you all for comments. I do understand the difference. If I understand correctly PAUIX also uses typical PIMCO derivitive mumbo-jumbo, and PIMIX can short bonds and use leverage. Both PIMIX and PAUIX are equally tax inefficient; switching betwe…
I wonder what would be returns of high quality international stocks? It seems that for US stocks they expect 4.7% premium, per year. As of now, it looks like international stocks are going to have almost 3% real return even if one does not try to fi…
Yes, this part about quality stocks always confused me. According to M*, such funds like JENSX invest in quality stocks, and of course by definition GMO Quality III GQETX invests in quality stocks. Performance of GQETX practically coincides with tha…
Reply to @David_Snowball: Some of us (me included) bought MFLDX before it adopted the sales load, so we can still buy it without any load. Are you skeptical about this fund because of the marketing machine? So far, it is doing really well, better th…
Are you comfortable with making such changes? LSFYX and especially XSIAX was doing horribly bad in 2009, much, much worse than PONDX. Of course momentum is on their side now, but this momentum shift is only about 1 month old. If searching for moment…
Reply to @Investor: Before swapping ARTRX to anything you may want to look at another fund the same managers managed, ARTMX. Since that fund inception in 1997, $10 invested there became $78. M* notes that ARTMX performed particularly well around ma…
Reply to @mrc70: I agree that duplication is undesirable; it really does not make sense if two funds invest in same stocks. ARTWX is not open yet, so I looked at top 20 holdings of ARTJX and compared them with top 20 holdings of GPGOX. They have onl…
Dear Charles,
Thanks a lot for this intriguing post. Unfortunately I am new to this discussion, but I see that it goes back in time for quite a while, e.g. http://www.mutualfundobserver.com/discussions-3/#/discussion/5580/flack039s-sma-method-
In …
I am not sure that it shows much of conviction in our picks. The favorites are decisively undecided:
Conservative allocation-4
US Large blend-4
Moderate allocation-8
Bonds-8
World Allocation-4
So most of us decided either to invest in bonds or to …
Reply to @Charles:
For ANY set of existing set of data one may invent a strategy which would produce enormous results (back testing). The question is whether this strategy is going to work in the future.
I understand that a combination of value …
I wonder whether this is a data mining effect. The main relative gain occurred, I believe, because of the combination of three factors: There was a very long almost uninterrupted uptrend in non-technology stocks in DODGX from 89 to 07 (they survived…
They had 3 major managers shifts: Bhaman 1996-2004 (also Jennings 1996-1998), Madden 2004-2007 (the shortest time interval), and Leverenz, 2007 - now. In each of these three periods the fund did much better than the average EM funds. Thus hopefully …
JG's calls on Apple ad Japan were great, but so far Doubleline Multi-Asset Growth DMLIX looks much less impressive than DBLTX. Maybe things will change in the future.
DMLIX is only 6.5% up since its inception more than 2 years ago. It has 26% in c…
Perhaps different people have different expertise, and some can swim against the current. Managers of ARTKX say that emerging markets are overvalued, and they are very good at what they are doing. Meanwhile the manager of SIGIX, who is equally good,…
They answered (if I understood them correctly) that they invested in small cap stocks long time ago in their managed accounts, then they invested in emerging markets, and now - in large caps, so they do it by choice. Interestingly, even though their…
A good intro to their fund can be found in their e-book:
http://www.cookandbynum.com/wp-content/uploads/2012/10/Quarterly-Letter-Excerpts_Full-Page_USE.pdf
Speaking about AKREX (which I own): I called them and asked whether Chuck Akre has any contingency plans in case if he decides to retire (he is 70). They did not know an answer offhand, but called few days later and told me that there are no conting…
Do not know what to say... Since inception, ARIVX almost exactly matched general small cap value funds, as well as FPACX, with a much, much smaller volatility... FPACX has 35% in cash. These people are believed to be very good. What if they really k…
Reply to @Art: Fidelity does not charge a fee for automatic investments in Fidelity funds or No Transaction Fee (NTF) FundsNetwork funds. After the initial investment, a $5 fee is charged per automatic investment into a FundsNetwork transaction fee …
Reply to @msf: I believe that RPHYX has a more sophisticated strategy, it is not just short maturity bonds, see http://www.mutualfundobserver.com/2012/09/riverpark-short-term-high-yield-fund-rphyx-july-2011-updated-october-2012/