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.
Yep. Both are currently Advisory Research funds which are moving, with their management teams, to Vaughan Nelson. The EM fund is pretty bad, the ISC fund is pretty good.
"Explain the math here"
I was snoozy. It's fixed!
"a potentially good marketing idea"
Hmmm ... one of the other featured pieces was by our bow-tied director of enrollment management. I might put in an app at Walmart, just in case.
"the symbol fo…
Not at all, Catch. If you see only what other people see, and think only what other people think, you will never be more than a shadow of other people. Often, when I'm talking to really good investors or to really good scholars, I think "geez, that'…
Oddly, the prospectus shows the fund in operation since 2013 ... though the prospectus acts as if its March, 2018 and presents odd performance numbers: up most years, down since inception? (rolls eyes)
Deb's last visit to the board, by the way, was in early July. Even at the end of days, she was, it seems, thinking of you.
Her service will be August 2, in Albuquerque. I will send a remembrance on our collective behalf.
David
Hi, Catch.
Two versions of the fund: All Asset and All Asset All Authority. Both have a contrarian bent (i.e., more value than momentum hence less US and more foreign than their peers). The difference is the All Asset All Authority is permitted bot…
Hi, Mark.
I haven't used the tool, per se. I've poked around a bit, and have read it in light of two other recent RA pieces. At base, this is simple visualization of the principle, "if value matters, then here's what has to happen for things to be …
Hi, guys.
Well, yes. His strategy is fundamentally different than this peers. That would have been clear to anyone who read either the prospectus or his voluminous writings. He trailed his peers because he had up to 85% cash, which is consistent wi…
Hi, NumbersGal.
You might look at the Launch Alert for Palm Valley Capital in our July issue.
MikeM's recollection of ARIVX in 2009 is incorrect. Here's a snippet on his asset allocation from our profile of the fund.
He’s at 85% cash currently (la…
Hi, guys.
It was a good trip. If you have the opportunity, it's well worth it. The only downside is the travel: hours in an uncomfortable seat then hours on completely crazy country roads. Everything else is, for us, bliss.
Odds and ends:
The Pal…
Hi, guys.
I appreciate the many spirited and thoughtful comments above, many of which fall in the "oh, come on, let's not hop into the gutter with the rest of the web" camp. In support of that end, I've closed this discussion since the temptation t…
Quick note on Parnussuses. There are 18 socially-conscious Great Owl funds (inception to date). Only one of those is from Parnassus. If I modify the criteria, for example a 5-year rating of "5" without the GO requirement, that pops to three funds: M…
Had I mentioned that only one person has ever been banned? Fascinating dude who covertly created several identities so he could alternately post, praise and defend himself. Boy, ya wanna talk about "too much free time."
We have moved a couple peopl…
On Fidelity Women's Leadership: the idea of favoring teams with more diversity senior leadership teams actually makes financial sense. "There's substantial evidence that gender diversity at the management level enhances a company's performance" (CNB…
Hi, hmgodwin.
The Lipper database. Following your question, I checked Morningstar and found an odd report (cash= 37% long - 24% short, net 13% currently) and the normal fund material doesn't disclose it. I've written to Mike Roos at Artisan to see …
The advisor, New York Alaska ETF Management, seems to have two employees, offices on the third floor of a nice though anonymous Las Vegas building (5550 Painted Mirage Rd) and about $90 million in assets. The founder's, Ofer Abarbanel, Linked In pro…
Heigh ho.
I have to admit that I mostly ignore (a/k/a am ignorant of) the distinctions among flavors of firms. As I was poking around yesterday on golub's behalf, I can across this list and categorization: sionline.com/simresources/simfund7/Simfun…
Heigh ho.
"SMA" is shorthand for "separately managed account." Often an adviser will have a strategy (EM small cap value) that will manifest itself in a bunch of places; it might be the basis of their mutual fund but they might, separate from that,…
I think Ed's argument might reflect his work with folks whose annual compensation runs into the tens of millions. For most of us, a $20,000,000 payday is hypothetical; for some in the upper tier of the investment industry, that amount can be quickly…
Investors are weird. SGOVX has been 14 consecutive months of outflows, peaking at a drawdown of $800 million in December, despite top-tier performance in 2018 (also in 2014, 2015, and 2016). 2017 saw fine absolute returns (14%) but rotten relative o…
The U.S., unlike the rest of the developed world, has almost no options for faithful Muslim investors. I think I've found three active fund family (Amana, Arabesque, Azzard) but no ETFs or index funds. iShares MSCI World Islamic ETF (ISWD) and iShar…
The fund has a curious profile: up to 75% high yield (sibling New Income is 25%) with the goal of adding 100 basis points to returns. While it maintains FPA's signature "absolute return" focus, the 100 bps pushes the window from AR over a 12 month p…
Welcome to the New Year, dear friends.
Given the understandable (and rising) anxieties folks face, I tried to pursue a thoughtfully optimistic tone. In the end, I suspect most folks would not benefit from fleeing the market (since they'll mistime b…
Hi, Andy.
I wrote just a bit more about the fund and its history in the "Launch Alert." I have tremendous problem using Morningstar sometimes (frequently you get a "no such fund" when you use their search, then Google finds the fund on Morningstar …
Who now remembers Julius Baer International (BJBIX)? From 1995 to the start of the financial crisis in 2007, BJBIX outran its peers by a margin of more than 2:1. Then it lost 65% in the crash, which was still better than its peers. The problem was t…
Today's a big test. They've just closed the drain on her spine. Drop by drop, her cranium will refill now. The question is, will the patch hold? The coming hours will tell!
Hi, sfnative.
Mr. Foster argues, for what interest it holds, that this is not a fundamental change. I've outlined his argument, as best I understand it, below. The shortest version: the portfolio has always been comprised of value, core and growth …
Most CSF leakage is the result of trauma (aka, banging your head). Here it seems to be some long term erosion of the bone. Weird.
But patched. More soon
Quick note while we're waiting.
Andrew's latest shareholder letter is (perhaps too long but) informative. At base, he thinks the ground has shifted in the EMs with China's rise as a sort of stabilizing force. That meant that the "Steady Eddy" stock…
I rather wish that the Times had taken, well, the time to consider a simple question: "is there any reason to believe this guy?" Our only two bits of data are (1) European investment funds buy his newsletter and (2) he's been bearish for years. Neit…
