MFOHome About Commentary Discussions Funds The Best Resources Support Us!

Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Sign In Register
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.
  • Funds that Hung in there today (Last day of February 2018).
    SPFPX was best at 0.11%. Also IOFIX and PONDX were up....
    davfor davfor in Fund Discussions
  • Funds that Hung in there today (Last day of February 2018).
    BCSVX +0.13%, so you win!
    Thanks, I'll keep this one on my short list...thanks.
    PONDX held onto a .08% gain. A similar return for IOFIX.
    bee bee in Fund Discussions
  • Any of your holdings up on this horrible day? 05 February, 2018
    PFIUX was up and since Jan 1 has done better than PONDX. A little hard to tell why although PFIUX was heavily involved in currency positions so that may be why as dollar fell, but dollar has been up recently.
    VUSFX and some other low duration low volatility bond funds FPNIX
    Is anybody else a little worried that IOFAX/IOFIX NAV doesn't change because of the inability to price most of the mortgages directly?
    sma3 in Fund Discussions
  • Any of your holdings up on this horrible day? 05 February, 2018
    PONDX = 0.24%, PTIAX = 0.18%, IOFIX = 0.08%
    davfor davfor in Fund Discussions
  • IOFIX Article is Superb!
    @MFO Members: This article by Charles on IOFIX is from David's February Commentary.
    Regards,
    Ted
    https://www.mutualfundobserver.com/2018/02/lightning-in-a-bottle-alphacentric-income-opportunities-fund-iofix-february-2018/
    Ted Ted in Fund Discussions
  • IOFIX Article is Superb!
    Thanks Charles for shedding some light on the inner workings of Garrison Point Capital. Such a detailed article and well written - it was an enjoyable read.
    PennyBonds in Fund Discussions
  • Buy -- Sell -- Ponder -- January 2018
    Happpppy New Year To All!
    Results from January 1 portfolio checkup: EM Stocks = 7%, Other Foreign Stocks = 14%, Domestic Stocks = 29%, Bonds = 37%, Cash = 7%, Other = 7%. Note: Small caps = 18% of stocks.
    January changes starting today:
    Sell All -- SPHD (replace by increasing investment with an asset allocator); MAPIX (too much Japan for me for 2018); IOFIX (not comfortable leaving this one unattended for extended periods of time!)
    Buy More Of These Existing Holdings -- BTBFX, MEASX, PTIAX, MCRDX.
    Finally, finish up with miscellaneous annual rebalancing.
    Once the above are accomplished, the portfolio will return to Snooze Mode until the fall quarter -- unless a significant internal or external shock is able to arouse it!
    davfor davfor in Fund Discussions
  • Buy -- Sell -- Ponder -- January 2018
    Going into the New Year I hold 4 bond funds - emerging markets, world, high yield corporate, and bank loan. Plan on adding a multi sector tomorrow and possibly a high yield muni. Hold too large an amount in cash and hope to deploy much of that over the next week or two. Hopefully by then will hold just one or two of the bond funds depending on where the strength is in Bondland. Assuming there is any strength. I am completely out of IOFIX as it no longer meets my criteria.
    For numerous reasons, this year my main goal is to transfer all my monies to Fidelity. Another goal is to get even more fit and healthy. I don’t see the point of accumulating wealth if you can’t enjoy it by being both physically and mentally active. At my age I could go at anytime so want to hike and explore as much as possible while I am still here and able. Good luck to all in 2018!
    Junkster Junkster in Fund Discussions
  • Investing in a World of Overpriced Assets (With a Single Reasonably-Priced Asset) -- Jeremy Grantham
    @bee Interesting observations. My hunch is the most likely outcome for China is that they will continue to muddle through -- at least in the short to intermediate term. But your concerns make sense to me. Andrew Foster shared some interesting thoughts about China in a recent shareholder letter ( http://www.seafarerfunds.com/letters-to-shareholders/2017/10/semi-annual ). He is likewise concerned/disappointed.
    It does not make sense to me to focus on Japan until the crisis in Korea resolves itself. I remember from a few decades ago how short the boat ride was from Japan to Korea. Unfortunately, by missile the ride would be very much shorter. Both Korea and Japan seem quite risky to me at present.
    Your pondering about whether it is time for PRPFX is interesting. Last summer I began to decide what to do with a pot of new cash derived from the sale of a "winter" house. In July, in part using the sort of thinking you presented in a recent post about high yield, I made the following investments: MCRDX = 12.5%, PONDX = 12.5%, IOFIX = 16.7%, RPGAX = 16.7%, and GDMZX = 16.7%. Since then I have added DSENX = 6.3%, WEMMX = 6.3% and SIVLX = 7.5%. That leaves 5% which will probably soon become MEASX. All but 2 of these investments represent increases to existing holdings. This results in about 40% in stocks with about 45% of that foreign. (I allot the bonds in DSENX to the domestic stock percentage given the benchmark DSENX ties itself to.) Bonds are a little over 50% of this pot. It will be interesting to watch how this "pot" of new investments performs going forward. Its about 10% lighter in stocks and 10% heavier in bonds than the rest of my portfolio.
    davfor davfor in Fund Discussions
  • Buy, Sell and Ponder December 2017
    I’ve lightened up ever so slightly on IOFIX. Will sell more if it takes out recent lows and buy back if it takes out recent highs (adjusted for November dividend). The non agencies seem to have hit a wall here albeit IOFIX hasn’t really been affected. Had thought I would be in retirement mode in 2017 and be more diversified in bonds and happy with a 5% return but then along came IOFIX. I don’t see why the non agency story can’t continue in 2018 so anxious to see what January brings. But price is always the final arbiter, not what I think.
    Junkster Junkster in Fund Discussions
  • Why buy bonds, and a few short lists
    Hi @bee,
    Thanks for posting your findings on IOFIX. Indeed, I found the review of the material to be interesting. Don't know how Junkster finds these kind of funds ... but, I am sure glad he makes "some" of his better findings know on the MFO board.
    I'm looking to read what he has to say (on his picks and thoughts) come January.
    In addition, I just came form viewing the earnings outlook on the S&P 500 Index for 2018 on several sites I use for reference. Seems forward estimates are looking towards $155.00 full year on down towards the $135.00 range. Let's see ... $135.00 X 20 = 2700 ... $155.00 X 20 = 3100 ... and, a blended number of $145.00 X 20 = 2900.
    Your guess is a good as mine ... but, the blended number bubbles pretty good.
    Old_Skeet in Fund Discussions
  • Why buy bonds, and a few short lists
    I found this presentation interesting of IOFIX (IOFAX).
    Website:
    alphacentricfunds.com/wp-content/uploads/2017/01/IOFAX-Presentation-January-2017-Retail.pdf
    image
    bee bee in Fund Discussions
  • Why buy bonds, and a few short lists
    Junkster's Forum Comment
    Here is looking at you @MikeM.
    Discuss > Single Post All PostsForumsBlogsSharingTopicsJoin
    Re: Bond OEFs - what now
    Junkster 11-02-2017, 11:05 AM | Post #3880685 |
    0
    >>>> FD says "Most of my money is in 3 horses PIMIX,IOFIX and NHMAX(switched from PHMIX was luck or skill??). IOFIX last jump was 8/22, are we going to see the next one this month? let's see if the pattern will continue.<<<<<<
    Hope you are right about IOFIX FD. My problem is when a pattern becomes too well known and predictable....... Last year it had a big jump on September 30 and then it wasn't until February 24 of this year for the next one. Plus AUM which have grown dramatically may impact the pattern. But I will stay put with IOFIX for awhile. Pimco's Mark Kiesel said just the other day that non agencies are mispriced and " are among the few bonds that have price upside"
    I've found a newer fund and a mini IOFIX I haven't seen mentioned anywhere. It's not available in all states and I contacted them to have it blue skied in my home state of KY which takes but a few weeks. I went through that process with SPFRX when it was a young fund back in 2015. Regardless, looking forward to 2018 and seeing where the momentum will be. Junk corporates are so unloved because of valuations they may surprise. Or maybe bank loans because we may have more aggressive rate hikes.
    Will check back in next year. After this post immediately deleting all my trading and investing forums. Winter off trail hiking is just around the corner. At 70 years old hanging out on forums has lost much of its appeal. Good luck to everyone.</blockquote>
    And your point is? The Master of Misrepresentation strikes again conveniently omitting this was a post made on the Morningstar board. Trying to stir things up? That was simply my way of saying goodbye to the Morningstar forums. Had never posted there till IOFIX became a topic of conversation after my comments made on this board earlier in the year. Some great posters and conversations over there but not my cup of tea. But no way was I able to delete this fine board try as I could. As for that mystery fund much ado about nothing. The River Canyon Total Return Bond fund for the time being will not be available on any retail brokerage platforms.
    Junkster Junkster in Fund Discussions
  • Why buy bonds, and a few short lists
    Junkster's Forum Comment
    Here is looking at you @MikeM.
    Discuss > Single Post All PostsForumsBlogsSharingTopicsJoin
    Re: Bond OEFs - what now
    Junkster 11-02-2017, 11:05 AM | Post #3880685 |
    0
    >>>> FD says "Most of my money is in 3 horses PIMIX,IOFIX and NHMAX(switched from PHMIX was luck or skill??). IOFIX last jump was 8/22, are we going to see the next one this month? let's see if the pattern will continue.<<<<<<
    Hope you are right about IOFIX FD. My problem is when a pattern becomes too well known and predictable....... Last year it had a big jump on September 30 and then it wasn't until February 24 of this year for the next one. Plus AUM which have grown dramatically may impact the pattern. But I will stay put with IOFIX for awhile. Pimco's Mark Kiesel said just the other day that non agencies are mispriced and " are among the few bonds that have price upside"
    I've found a newer fund and a mini IOFIX I haven't seen mentioned anywhere. It's not available in all states and I contacted them to have it blue skied in my home state of KY which takes but a few weeks. I went through that process with SPFRX when it was a young fund back in 2015. Regardless, looking forward to 2018 and seeing where the momentum will be. Junk corporates are so unloved because of valuations they may surprise. Or maybe bank loans because we may have more aggressive rate hikes.
    Will check back in next year. After this post immediately deleting all my trading and investing forums. Winter off trail hiking is just around the corner. At 70 years old hanging out on forums has lost much of its appeal. Good luck to everyone.
    Old_Skeet in Fund Discussions
  • Why buy bonds, and a few short lists
    I mentioned IOFIX here back in March. Received virtually no attention, albeit a couple did purchase. Has run circles around PIMIX/PONDX and not lagging the S&P by but a few percentage points. But they sure paid attention over at Morningstar. A much more active forum and much more bond centric. Non agency rmbs have been the place to be in Bondland. However unless the S&P has a serious dip in December it will be the second year since 2008 I haven’t been able to beat that benchmark exclusively trading bonds.
    And 2018 is not looking promising unless it’s a negative year for stocks. Normally you can always find some sector in bonds beating the S&P. But can’t see what that could be next year. January and February are usually the tell so real curious what bond sector shines. Maybe IOFIX and non agencies continue their winning ways? Or maybe emerging market bonds get even stronger? Or bank loans have a year like 2016 especially with short term rates continuing their rise but at a more rapid rate. But who knows, maybe we just see a bear and a reset in both stocks and bonds next year. Fine with me.
    Junkster Junkster in Fund Discussions
  • Pimco Has A Manager Who Tops Dan Ivascyn. His Name? Dan Ivascyn
    PCI is still retains a discount although. Narrower than in the past.
    Separate question: Do folks regard PONDX/PIMX/PONAX as a core holding or a high yieldly satellite? Just curious what folks like @junkster, @davidsnowball, @mikem, @oldskeet think?
    Regards,Mike

    Mike I can't help you because of the short term nature of my methodology. I was in PONDX in 2012 and a few months in early 2013 but not again until this year. Its returns from 2013 through 2016 were not inspiring. Much of this year's returns are from its exposure to rmbs primarily non agency. I read somewhere PIMCO and Ivascyn are buying all the legacy non agency rmbs from before the crash they can get their hands on. I am 55% IOFIX and 45% DPFNX now which is primarily all non agency but with a heck of a lot less AUM. How long this ultra steady rise in that market can continue there I have not a clue. But the strong housing market has helped immensely.
    It was a huge month for non agency RMBS bonds. But have been paring back IOFIX because of its exposure to Houston. If last month's high is taken out (adjusting for the ex div date) will ramp back up.
    Junkster Junkster in Fund Discussions
  • Bad day. Which of your funds held up the best?
    IOFIX and FSICX ... 0%.
    Perfect alt fund ... never loses money (on up or down market days), but provides some amount of positive return on up market days.
    Terminal alt fund ... loses money on up market days.
    Charles Charles in Fund Discussions
  • Pimco Has A Manager Who Tops Dan Ivascyn. His Name? Dan Ivascyn
    PCI is still retains a discount although. Narrower than in the past.
    Separate question: Do folks regard PONDX/PIMX/PONAX as a core holding or a high yieldly satellite? Just curious what folks like @junkster, @davidsnowball, @mikem, @oldskeet think?
    Regards,Mike
    Mike I can't help you because of the short term nature of my methodology. I was in PONDX in 2012 and a few months in early 2013 but not again until this year. Its returns from 2013 through 2016 were not inspiring. Much of this year's returns are from its exposure to rmbs primarily non agency. I read somewhere PIMCO and Ivascyn are buying all the legacy non agency rmbs from before the crash they can get their hands on. I am 55% IOFIX and 45% DPFNX now which is primarily all non agency but with a heck of a lot less AUM. How long this ultra steady rise in that market can continue there I have not a clue. But the strong housing market has helped immensely.
    Junkster Junkster in Fund Discussions
  • Performance Trust Strategic Bond Fund
    Schwab.com shows PIMIX with a portfolio breakdown consisting of 151% bondholdings, meaning it is highly leveraged, and PONAX is the same. With this much leverage these funds are too risky for this retiree. IOFIX appears to be nearly all securitized debt, which I believe basically means mortgages, again too risky for me. With the debt market at an all time high I plan to stick with treasuries, CDs and cash for now rather than stretching for yield.
    Joe in Fund Discussions
  • Performance Trust Strategic Bond Fund
    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, interest rate sensitivity is determined by Weighted Avg. Effective Duration: 1.8yrs, so it may be risky if they are wrong with respect to securitized debt, but they are safe with respect to the Fed. Is it their "magic sauce"? Is it similar in this respect to what ensures magic stability of RPHIX?
    finder in Fund Discussions