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.
If you go by John Park's record at ACTWX, the fund is more likely to shine when the market is going down than when it is going up (as has been the case this year). Take a look at the ACTWX chart from 1998 to 2004.
Multiple caveats here: how much…
The expansion of discounts is particularly pronounced in the fixed income (especially munis) space. My investments here are limited to PDI and GIM. May add more to GIM and may buy SOR, INF and DSL if the discounts expand further. RiverNorth funds…
Reply to @Kenster1_GlobalValue: "In fact, I wish FMI would produce a global fund."
...I hope and think they will do so. They closed the domestic large cap fund and the international only fund hasn't picked up too many assets despite good performanc…
AQR mutual funds are all driven by quant models, so it may be easier for them to keep launching new funds than a non-quant manager. The problem of cherrypicking strategies that backtest well remains. Since the models are quant models, fund perform…
Reply to @kevindow:
Kevin,
A few questions directed towards your experience and knowledge in the healthcare sector:
1) What do you think of the performance of the new manager at PRHSX? If it us too early to tell, what kind of time horizon would …
Bought PANW and FTNT when they dipped sharply recently. Otherwise, market seems too high to buy and not high enough to sell in a big way. Waiting for KMI, NSRGY, VIG, OZM, GIM and STWD to come down to recent (1 month) lows. Recent drops have made…
As I look more carefully at buying KMI or KMR, I am stuck on a couple of questions which may be naive. I may be missing something very obvious here:
1) Why are the yields of KMI and KMR/KMP so different? Does this yield difference translate into g…
Reply to @scott: Will the T Rowe Global Allocation fund be a fund of funds (like some of their other offerings) or will it pick specific stocks. My concern is that it may be like their other balanced/allocation funds with the primary difference bei…
Reply to @hank: "And rates were much higher. Probably in the 5-7% range on short term stuff. " ...that is the potentially scary part. The Fed was able to cut rates then to help the recovery. Less room for rate cuts now.
Reply to @Old_Joe: You may be able to access PMHIX at Scottrade or TD Ameritrade as a transaction fee fund. Alternatively, the NTF class of shares (with a higher ER) is PMHDX.
BWG
Reply to @scott: I have some picks in mind in the RE/EM sector but I want to wait a little more. In the past, I have made the mistake of getting in too early. To the extent that the talk of tapering goes away if the market falls more, a correction…
One of the things that struck me about today is that there seems to be considerable disparity in today's trading volume (relative to average trading volume) across stocks. There are a number of stocks where the volume is relatively light or average…
Reply to @Charles: These are very informative and useful tables/charts. Thanks. There is a newer, lower volatility RP fund available from AQR - QRMIX. Too early to tell if it offers a much smoother ride.
BWG
Reply to @kevindow: I should have noted earlier that POAGX is more of a multicap growth fund than a pure midcap growth fund (though M* lists it as midcap growth). I will also pay close attention to the new fund SEEDX -- John Park did a great job red…
Note that PDI's NAV is up 0.19% today!
http://www.bloomberg.com/quote/XPDIX:US
Either this downward move in PDI is portending a decline in the NAV of PDI or someone holding PDI is panicking/going bust.
According to David Schawel (https://twitter…
Reply to @scott: Thanks again. I noticed, from M*, that Kinder and his COO hold a much larger number of shares of KMI than KMR or KMP.
Although it is not an apples to apples comparison, the KMR/KMP situation reminds me of the situation with the A …
Scott,
Thanks. This is very helpful.
I need to do some research to figure out whether to target KMI or KMR..need to understand i) What proportion of KMI is made up of KMP.
ii) Whether the discount at which KMR trades to KMP has narrowed overtime.
…
Reply to @Charles: AQRIX weakness may also be due to decline in commodities -- their exposure to commodities is greater than that for traditional balanced funds.
BWG
Reply to @Old_Joe: Check the M* or fund company page. Latter is here..
http://us.allianzgi.com/Products/pages/631.aspx
As always, please do your own DD.
BWG
Reply to @fundalarm:
Hi fundalarm and Kevin,
A couple of other positives. Ivascyn has previously stepped in to buy shares in PDI. Also, the 1 month IPO holding period on DSL just expired. It is likely that holders of PDI sold it to buy DSL at th…
Reply to @David_Snowball:
David,
Can you ask the FPACX folks about their intent about farmland? They keep talking about how great an investment it is but it makes up only about 1% of the fund.
BWG
BobC and kevindow,
On the theme of unconstrained bond funds and bond CEFs, what do you think of PDI? The NAV is up over the last month but yet the fund has gone from a premium to 7- 8% discount.
BWG
I am not sure I fully buy into the idea of shareholder yield and whether it reflects sound capital allocation. Dividends and debt payoffs seem okay. My concern is with share buybacks -- there are so many cases of firms that have repurchased shares …
Reply to @bee: What is your time frame for the comparison of the performance of the two funds? A month? 3 months? A year?...
Sorry if this is a naive question.
BWG
Reply to @Charles: Maybe not such a legend? FAAFX and FAIRX up less than 3% today. According to M*, MBIA was over 20% of FAAFX a little over two months ago. Seems like he got out early - can't think of another explanation. I own shares in FAAFX.
Reply to @Shostakovich: There are folks on MFO who are much better informed about converts than I am. I don't think these funds are inflation hedges. I look at them as a relatively less risky and higher yielding alternative to equities. This fund…
