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I registered there. They confirmed that my data may be compromised. They said that I should contact them again on Sept. 13 (my friend received the date Sept 12) to finalize the registration.
@Junkster Wow, I should explore CPXIX, looks quite impressive. On the other hand if you make its plot since inception using M*, it nearly exactly coincides with the one by PIMIX, but PIMIX offered smoother ride.
@Junkster Your comments on bond funds always are important for me! So you are leaving IOFIX because of a rather small decline during two days, or because it is known? Of course PIMIX is much more known. My impression was that IOFIX momentum is only…
Thank you, Ted. Looking at M*, I see that PIMIX is 191.36% long and 39.90% short in bonds, so it is net 151.46% long in bonds, and 52% short in cash. In this sense, it seems that it is pretty aggressively leveraged.
I like what I see in IOFIX, but I am not a bond expert. They say: Weighted Avg. Life: 13.4yrs, Weighted Avg. Effective Duration: 1.8yrs. Can you help me to understand what does it imply for the INTEREST RATE SENSITIVITY? As far as I understand, int…
From the talk by Deshpande a month ago:
"Finally, and most importantly the employees of Centerstone have invested eight figures
in total into the Funds. There can be, in my mind, no other greater alignment of interest
than investing alongside one’s…
Comments by Morningstar on FMIJX:
"This approach has achieved a superb record with strong downside protection--a hallmark of FMI funds. Since inception, the fund has lost only 43% less than its index in down months. Current tailwinds won't last fo…
Dear Old_Joe,
Thanks for you reply. This is the epoch when everyone becomes cynical, some call it "post-truth era". As for these funds, I recall now that there was a discussion of these new funds in June Commentary, in "Launch Alert: Centerstone I…
Perhaps you did not read what I said: I took from Morningstar the sentence "Prior to establishing Centerstone, Mr. Deshpande was a Portfolio Manager at First Eagle Investment Management, advisor to the Global and Overseas strategies that comprised t…
It sounds like an advertisement, because the first two sentences were copied from the web, but the end of it was mine: First Eagle funds are famous for their stability, safety and growth. I always wanted to have a chance to invest with them, but the…
Did anybody understand the advantages/disadvantages of Investor Class versus Institutional Class shares? Usually the minimum for Institutional shares is much higher. This makes them less liquid, the chance that an investor jumps in and out become sm…
In the beginning of this thread I noted that the outperformance of MSCFX can be solely attributed to the first year of its existence when the fund was very small and nimble, and the money were pouring. Since that time its performance was nearly iden…
If I understand correctly, the funds invested there did not grow at all since 10.16.2009, see their website http://www.decisionmoose.com/Moosistory.html
If this is correct (please check), perhaps their methods no longer work for the last 6 years?
Dear BobC, how about AQR Long-Short Equity QLEIX ? It has the same managers, somewhat longer history than QMNNX, and a very similar growth trajectory? Strangely, according to M*, QMNNX has turnover 152%, whereas QLEIX has turnover 0%.
Well, I guess the situation is even less optimistic, if one trusts this scenario. If one gets dividends and capital gains distribution, one pays taxes, which can lead to yet another loss at least -1% or -2% (last few years have demonstrated that thi…
Concerning the star in the shadows JOHIX: This fund is doing miraculously well, but... 30% of it is in healthcare and another 27% or so is in tech. Is it possible that healthcare explains much of it? Of course, perhaps managers have demonstrated the…
A question to Charles? Do you compare Turner Medical Sciences Long/Short TMSCX to Long/Short funds, or to healthcare funds such as Janus Global Life Sciences JAGLX? In the last case, the performance of TMSCX is incredibly bad as compared to JAGLX.
Looking at M*, I see that performance of LPEFX during the market crisis of 2008 was simply horrible: It lost 73%, and it recovered only in 2014. Any idea how it will behave in the next crisis?
Dear Mona,
Thanks a lot, I understand that it works only when there is a trend. Perhaps like in health care now, but also with everything else, like currencies etc. What is surprising is how high this fund jumped during a single year. But then of c…
Some think that this is the time of the year where the bullish trend in biotech typically ends:
http://jeffhirsch.tumblr.com/post/114162634923/time-for-tactical-seasonal-sector-maneuvers
This is what is said there:
Biotech has been leading the ma…
I wonder what they are going to do with ARTZX? If eventually they are going to merge the two funds together, and the new manager will get rid of everything which was in the ARTZX, there may be unusual tax consequences.
This plot does not show the standard deviation. For example, if EM will grow 2.9% per year during 7 years, one will get approximately 20%, in average. But what if the average gain of 20% means (approximately) that one may either lose 50% or gain 90%…
SGENX is wonderful, but it lost two of its top managers, Jean-Marie Eveillard (in 2009) and Abhay Deshpande (in the end of 2014). And it has 51 billion AUM.
In fact, PYSAX has a VERY good history, since its manager David Glancy was the manager of Fidelity Leveraged Stock FLVCX during its glorious first 4 years. It was not doing well last year though...