Building a Multi-Strategy Portfolio – Fidelity Traditional IRA

By Charles Lynn Bolin

I love reading the monthly discussions from Mr. Bolin. He is providing very useful information month after month. They’re always so insightful and analytical, yet it can be difficult to construct a portfolio because each month brings some new funds and different analyses. It would be very useful if he would have some specific portfolios and update recommended changes when he thinks it’s necessary. This month’s catastrophe portfolio is compelling, and one I may invest in for the long term. As a retiree of many years, it’s just what I want.

– MFO Discussion Board by golub1

I share a personal traditional IRA at Fidelity that I have constructed following Fidelity’s business cycle approach heavily influenced by the risk management philosophy from Mutual Fund Observer. Each investor’s needs are different, and this portfolio is Continue reading →

great horned owl

Osterweis Growth and Income Fund (formerly Osterweis Strategic Investment Fund), (OSTVX)

By David Snowball

At the time of publication, this fund was named  Osterweis Strategic Investment Fund.

Objective and strategy

The fund pursues the reassuring objective of long-term total returns and capital preservation. Osterweis starts with a strategic allocation that’s 50% equities and 50% bonds. In bull markets, they can increase the equity exposure to as high as 75%. In bear markets, they can drop it to as low as 25%. Their argument is that “Over long periods of time, we believe a static balanced allocation of 50% equities and 50% fixed income has the potential to provide investors with returns rivaling an equity-only portfolio but with less principal risk, lower volatility, and greater income” achieved through the compounding of reasonable gains and the avoidance of major losses.

Both equity and debt are largely unconstrained, that is, the managers can Continue reading →

Early Cycle Metrics and Expanded MultiSearch Headers

By Charles Boccadoro

One of the earliest articles in my tenure with MFO was entitled “Ten Market Cycles.” It characterized the risk and return metrics of the S&P500 during full market cycles (comprising bear and bull markets) beginning in the mid-1950s. This piece evolved through the years using month-ending instead of day-ending prices, making it a little easier to see the big picture, and adding new cycles. The series, if you will, is Continue reading →

Launch Alert: Brown Advisory Sustainable Small-Cap Core (BIAYX)

By David Snowball

On September 30, 2021, Brown Advisory launched their Sustainable Small-Cap Core Fund which is based on their Sustainable Small-Cap Core Strategy, which targets high-net-worth individuals and institutions, launched in July 2017. The goal is long-term capital appreciation. The strategy is to create a concentrated, ESG-screened “best ideas” portfolio populated by small-cap growth and value stocks.

Brown Advisory describes the strategy this way: Continue reading →

Emerging Markets Without China

By David Snowball

China has long been the driver of returns in the emerging markets, both because it is the largest emerging market and because the fortunes of other emerging economies are inextricably linked to China through trade, investment, and direct competition.

After a substantial correction which, at its worst, wiped $1.5 trillion in market cap off the books, China’s cheerleaders are speaking up. In August, BlackRock argued that China wasn’t really emerging and that investors should triple their exposure to Chinese equities. They then launched a mutual fund for Chinese investors, which Continue reading →

Elevator Talk: Scott Gates, Friess Small Cap Growth Fund (SCGNX)

By David Snowball

Since the number of funds we can cover in-depth is smaller than the number of funds worthy of in-depth coverage, we’ve decided to offer one or two managers each month the opportunity to make a 300-word pitch to you. That’s about the number of words a slightly-manic elevator companion could share in a minute and a half. In each case, I’ve promised to offer a quick capsule of the fund and a link back to the fund’s site. Other than that, they’ve got 200 words and precisely as much of your time and attention as you’re willing to share. These aren’t Continue reading →

fountain pen writing a note

The Briefly Noted Omnibus

By David Snowball

Artisan Partners has filed to launch two new funds: Artisan Emerging Markets Debt Opportunities Fund and Artisan Global Unconstrained Fund. Artisan routinely interviews 10-20 management teams a year, folks interested in becoming partners. Their rule has always been, “only hire category-killers.” In this case, the assassins (or defectors, according to a colleague) in question, formerly managed Eaton Vance Global Macro Absolute Return Fund. That fund, curiously, didn’t appear to be killing anything but Continue reading →