June 1, 2022

By David Snowball

Dear friends,

Welcome to June and the unequivocal beginning of summer. I celebrated my 38th set of Augustana graduates.

Those of you who attend professional sports events think you’ve experienced “the roar of the crowd.” Pfah. Until you’ve been there on the moment when a young person becomes the first member of their family, ever, to earn a college degree, you’ve heard nothing.

I also bade farewell Continue reading →

Launch Alert: Artisan International Explorer Fund

By David Snowball

On 16 May 2022, Artisan Partners launched the Artisan International Explorer Fund (ARDBX / ARHBX). The fund is the public manifestation of their International Explorer strategy which launched in November 2020. Since inception, the IE strategy is up 41% annualized while its benchmark is up 31%. Currently, the fund is open only to advisors ($250,000 minimum) and institutions.

Artisan Partners is organized into autonomous management teams, each responsible for their own investment strategies and teams. This fund is overseen by the International Value team which is headed by David Samra and which advises the five-star Artisan International Value Fund. The IV team describes itself as Continue reading →

Easy Access Analysis

By Charles Boccadoro

Our MFO Premium search tool site now makes it quick and easy to run several analytics that previously required accessing through the main MultiSearch tool. Users can click on the Analyze link in the navigation bar atop any page, including Home, to run Chart, Compare, Correlate, Rolling Averages, Trend & Momentum, and Ferguson.

On first run, users will be prompted to enter up to 12 tickers. Once run, those same tickers can be used to run any other analysis tool or modify accordingly. This feature gets us one step closer to enhanced mobility, enabling focused fund analysis via your cell phone.

Here is screenshot of quick-access, pull-down analysis menu …

Continue reading →

Conestoga Micro Cap Fund (CMCMX / CMIRX), June 2022

By David Snowball

Objective and strategy

The Fund seeks to provide long-term growth of capital. The plan is to invest in 25-40 microcap stocks that are attractively priced relative to their growth prospects. Across the firm, the managers favor companies which have sustainable earnings growth rates, high returns on equity, low debt levels, and capable management teams. The strategy aims to produce consistent returns with low volatility and reduced downside capture.


Conestoga Capital Advisors, LLC. Headquartered outside of Philadelphia, Conestoga had its origins in the 1980s but Continue reading →

An Investor’s Journeys, In Body and Mind

By Devesh Shah

Hope your road is a long one.
May there be many summer mornings when,
with what pleasure, what joy,
you enter harbors you’re seeing for the first time;
may you stop at Phoenician trading stations
to buy fine things,
mother of pearl and coral, amber and ebony,
sensual perfume of every kind—
as many sensual perfumes as you can;
and may you visit many Egyptian cities
to learn and go on learning from their scholars.

Continue reading →

A Return To Normalcy: MICUS Chicago 2022

By Charles Boccadoro

Morningstar held its annual investment conference [Morningstar Investment Conference US (MICUS) 2022] in Chicago during the beautiful month of May, beginning on the month’s 16th day.

And with it came the return of …

  • The expansive venue of Chicago’s McCormick Place … “the largest and most flexible use convention center in North America.”
  • In-person attendees of 1500, plus another 500 virtual participants.
  • In-person appearances of top money managers, like T. Rowe Price’s David Giroux and AQR’s Cliff Asness.
  • The massive keynote luncheon, which included large round tables with white table clothes and an army of waiters in black vests.
  • Dozens of mutual fund house kiosks with sharply dressed staffers answering questions and handing out promotional material and trinkets.
  • Roof-top social gatherings at venues like the Chicago Athletic Club, with lots of smiles and chatter.
  • The traditional press dinner where Morningstar executives and analysts give generous amounts of time answering questions and providing industry perspectives.

Continue reading →

Getting Real

By Mark Freeland

Real estate investing has always been haunted by charlatans and scandals. Timeshare condominiums, swampland (ummm … critical wetlands) in Florida, bridges near Manhattan … heck, the whole reason that Greenland is called “Greenland” and not “utterly f’ing desolate wasteland covered with 1000 carnivores who scare even grizzlies land” was a real estate marketing scam.

The cold coast of Greenland is barren and bare,
No seed-time nor harvest is ever known there.
And the birds here sing sweetly in mountain and dale
But there’s no bird in Greenland to sing to the whale.

There is no habitation for a man to live there
And the king of that country is the fierce Greenland bear.

                                “Farewell to Tarwathie,” ca 1850 Continue reading →

fountain pen writing a note

Briefly Noted…

By TheShadow

Allianz Global Investors admitted to one count of criminal securities fraud in relation to its Structured Alpha Funds. This admittance resulted in a 10-year ban on Allianz advising on any mutual funds in the U.S.

AllianzGI has agreed to pay more than $1 billion in penalties and $5 billion in compensation to investors.  The Structured Alpha funds suffered huge losses during the Covid episode in March 2020.  The funds offered complex hedge strategies that were intended to Continue reading →