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RSIVX WBMAX ARIVX PRPFX AQRNX MFLDX WAFMX SFGIX I just hope GPMCX is not the next.
Not arguing with your overall point, but I don't think WAFMX and SFGIX deserve to be on that list. Sure, they've lost a good amount of money on an absolute basis…
I don't think this is actually a reduction. GPEOX currently has an expense ratio of 1.82% (as of August 31, according to Grandeur Peak's website), so setting the cap at 1.95% means there is no change in the expense ratio. Similarly, GPROX's curren…
A poster on the Bogleheads forum helpfully pointed out the difference between the upcoming fund and the current (closing) fund:
"By the way, nobody seems to have mentioned the difference between Style Premia Alternative (I) and Style Premia Alterna…
Thanks David. Sad news about FundFox. It revealed a unique and interesting side of the mutual fund industry that more investors should care about.
Speaking of managers owning up to mistakes, you had mentioned that you were planning to meet with t…
Isn't a taxable distribution just an accountant's way of saying, "You made a profit...now you need to pay your taxes on that profit."
True, except in this case, the "person" that made the profit is the fund, and not necessarily the investors. FAI…
Well, that explains this earlier post: AQR Style Premia Alternative II Fund in registration
Here is the fund closure announcement from AQR's website: https://funds.aqr.com/news/soft-close-of-aqr-style-premia-alternative-funds
Likely hurt by Valeant, as with other bandwagon funds that followed in Bill Ackman's hijinks.
This thread from a few days ago is relevant: http://www.mutualfundobserver.com/discuss/discussion/24442/jason-zweig-can-you-pick-the-guys-who-pick-the-g…
I use VTMSX in a taxable account, which is the tax-managed version of Vanguard's small cap index fund. IMO, it is very difficult to find consistent performers in actively managed small cap funds. It is easy to see who has hit home runs in the past…
FAIRX was down 2.72% in 2014 (compared to +13% for the S&P 500), and just a bit more than flat this year (compared to +2% for S&P). So folks who bought into FAIRX during the last two years are probably not feeling all that "successful" with…
I also use an index fund for REITs. Not because of fees, but because of the inconsistent performance of actively managed funds in this sector.
Vanguard REIT Index (VGSIX) is lagging its category this year -- but is still top 30-40% over the past 3…
I always go with whichever one is higher. It's all just on paper until you spend it anyway. :)
Well, Morningstar still gives the same price for today, it just claims it went up from yesterday instead of down. I guess there is just conflicting sourc…
What is the difference with the new fund? Perhaps they are planning to close the existing fund and put new investors in this one instead?
QSPIX has done very well since it opened. Even more so for the related QMNIX. These were on my watchlist, b…
The "review" appears to have consisted of a phone call to fund management. I find it pretty telling that they give such a level of deference to these guys, and none whatsoever to others
I think it is a fair approach. After all, it is basically the …
They describe their strategy somewhat in this presentation: http://www.catalystmf.com/i/u/6149790/f/CatalystMacroStrategyFund/MCXAX_Presentation_--_2015_Q1.pdf
I put some money into it recently. I view it in the same category as other go-anywhere, …
msf, normally I would agree, but in this thread, David's post was making the argument that when a fund is miscategorized, then the stars don't actually reflect the fund performance, because it is being compared against the wrong peers.
In the cas…
Lot of discussion on RPHYX's recent performance in this thread: http://www.mutualfundobserver.com/discuss/discussion/24102/rphyx-rsivx-new-commentary-explains-mistakes-that-resulted-in-credit-losses#latest
I understand that RPHYX is miscategorized,…
I mulled over the letter a bit more and had some further thoughts on the three mistakes. As mentioned, I only hold RPHYX, but given the funds share the same manager (and have substantial overlap), it's worth keeping tabs on both.
- Goodman: The pr…
Bloomberg has a piece on this release from Sequoia Fund, and Bloomberg notes that two independent directors of Sequoia Fund, Vinod Ahooja and Sharon Osberg, resigned from the board last weekend.
Link: http://www.bloomberg.com/news/articles/2015-10…
MFO summarized the highlights of the conference call when RNDLX reopened at the end of August 2013: http://www.mutualfundobserver.com/2013/10/october-1-2013/
Since reopening, assets have about doubled ($2 billion now, according to Morningstar). Pe…
I hold RPHYX rather than RSVIX, but similarly disappointed at performance versus similar funds such as ZEOIX. I am waiting for their 3rd Quarter commentary to (hopefully) get some clarity as to what has happened to these funds' NAV and what to expe…
Small value (and value in general) has been a beaten-down market category with very few stars. From the updated MFO fund ratings, there are only two "Great Owls" in the Small Value category this quarter. (I think there were only two in the last qu…
VWINX is a newly added holding for me. Given that it has income as a main goal (and even "income" in the name), I am not sure it is suitable in a taxable account unless you do indeed want the income. That said, I took a quick look at the past dist…
I do not understand spreading over so many CEFs with 1 to 2% in each of them. CEF itself is a diversisifed fund, right ?
I think you need to understand that for the CEF portion of RNDLX, the strategy isn't really about investing in bonds, it's about…
For RNCOX (and similar funds-of-funds), the ER you are referring to is the "Total ER", which includes both RiverNorth's management fee, plus the management fees of the funds (CEFs) that it invests in.
Looking at their website, RiverNorth's actual m…
That's because the interest dividends are taxed at, say, 25%, while you only get tax credit for 15% of the capital loss.
I understand your point, but this is not entirely correct. If you have long term capital gains that are taxed at 15%, and your …
The most recent shareholder commentary for RPHYX said that the average maturity of the entire portfolio was 5.8 months, with 48% having an "Expected Effective Maturity" of 30 days or less (perhaps this is due to call options). So my expectation is …
I am still in RPHYX. I noticed that the NAV has dipped over the past year (it used to be consistently above $9.95, and now it's below $9.85). Also, total return now seems around 2.5% instead of 3+%, so they are below their original goal of 300-400 …
By coincidence, I recently sold PAIUX (similar fund as PASAX) and switched to Vanguard Wellesley. I actually do think Rob Arnott has some unique viewpoints and methods. However when I thought about what I actually want to achieve, it seemed that a…
First you need to articulate the reasons why you need a new fund, then you can narrow your search to funds that are consistent with the goals you have. If you're replacing an existing fund, think about the reasons why you're dissatisfied with your …
I remember the hype on this board when this fund debuted. David was very skeptical of them (giving a very cautious review of the long/short fund) and it's very generous of him not to chime in with an "I told you so."
I'm glad I missed the bus on t…
FYI, there is a lower minimum of $2000 for DRMCX and DRESX when buying in an IRA, at least at TDAmeritrade (both funds) and Vanguard (only DRESX is available). Given their high turnover, you would probably want to keep these funds in a tax-advantag…
Both the CSI300 and Shanghai Composite ended up down over 8% today: http://www.reuters.com/article/2015/07/27/us-markets-china-stocks-idUSKCN0Q10KE20150727
The ER of the fund itself (according to their fact sheet) is 1.16% -- the remaining expenses are for the underlying funds.
RNDLX has a CEF allocation and a bond allocation (currently divided about 50/50). The CEF portion is something like a fund-o…
The article suggests that one of the reasons Puerto Rico was able to amass a debt it could never repay is because mutual funds were engaged in competition to offer investors higher yield.
Makes one wonder if our mutual funds focus on our financial …