We’ve reported on the serious performance challenges faced by Grandeur Peak through much of 2018 and their subsequent decision to reopen four funds, three of which had been hard-closed; that is, unavailable even to existing shareholders. Continue reading
On December 31, 2018, FPA launched FPA Flexible Income Fund (FPFIX). The fund seeks to provide long-term total return, which includes income and capital appreciation, while considering capital preservation. This marks FPA’s first new bond fund since becoming adviser to FPA New Income (FPNIX) in 1984. Morningstar celebrates New Income for “a strong management, process, and risk/reward profile and has been a safe haven from losses and bond-market excess.” FPA hopes to leverage those virtues by applying them to a fund that has permission, but not the obligation, to follow a modestly more aggressive path.
FPA tends to be the home of absolute Continue reading
Effective January 1, 2019, Castle Financial & Retirement Planning Associates discontinued its voluntary fee waiver for All-Terrain Opportunity (TERIX) and will not seek reimbursement of any fees it voluntarily waived.
Welcome back to our readers employed by the Securities and Exchange Commission! The whole “shut the government down” thing struck me as unproductive lunacy and ended up with a number of our readers (most visibly the SEC folks) furloughed. Continue reading
Dear friends,
January 1, 2019. Welcome to a New Year!
Or not.
The whole question of why we designate January 1 as the start of a new year is a bit unsettled. As you think about it, January 1 aligns with nothing. No major historical event. No astronomical occurrence. No grand moment in any of Continue reading
But, it is, in general, the best place to begin the search for the answer. Optimists, who assume things will work out, tend to see more paths forward, more options worth considering, than pessimists (often dubbing themselves “realists”) who know that it’s eternally time to duck-and-cover.
The word “optimism” entered the English language (1759, in French 1737) several generations before pessimism (1794) did.
The psychological research on Continue reading
Most funds don’t show up on investors’ radar until they have at least a three year record, which is also the point at which they receive their inaugural Morningstar rating. That’s a generally sensible, sometimes silly constraint since many funds that have been operating for fewer than three years are actually long-tested strategies managed by highly experienced professionals which are just coming to market in a new form. Relatively recent examples of such funds include Andrew Foster’s Seafarer Overseas Growth & Income (SFGIX), Rajiv Jain’s GQG Partners Emerging Markets Equity (GQGPX), Abhay Deshpande’s Centerstone Investors (CETAX), and Amit Wadhwaney’s Moerus Worldwide (MOWNX). Collectively, those four managers had overseen more than $100 billion using strategies later embodied in their “too new to be on the radar” funds.
As a result, MFO Premium has Continue reading
Effective 4 December 2018, the Artisan Partners officially rechristened Artisan International Small Cap as Artisan International Small-Mid Fund. Four other consequential changes were attendant to it:
On 15 October 2018, the fund reopened to new investors
On that same date, a new manager, Rezo Kanovich, took control of the fund. Mr. Kanovich and his analyst team, all of whom resigned on rather short notice, have guided Oppenheimer International Small-Mid Company (OSMAX) since early 2012.
On 4 December 2018, the fund’s investment guidelines formally changed to broaden the investable universe, though Continue reading
On November 1, 2018, the Board of Trustees of the Centaur Total Return Fund announced an epochal change: Zeke Ashton, Centaur Fund’s longest-tenured manager and one of its four founding managers, had notified the Board that he intended to resign after a run of 13.5 years. The Board announced an interim management agreement, effective November 15, 2018, under which DCM Advisors, LLC, would assume responsibility for the fund.
While the fund will Continue reading
Both the stock market’s recent volatility and the financial service industry’s ongoing revolution (there’s blood in the streets!) create and foreclose opportunities. Each month we note, briefly, the recent developments that might change the number and nature of opportunities available to you.
And, in the ongoing spirit of our predecessor FundAlarm, we do occasionally point and Continue reading
Dear friends,
Winter is coming.
I’m so thankful.
Traditionally, year’s end has been a slower time. The growing season has ended, and both the farm fields and the sports fields lie mostly empty in this part of the country. Going out at night is just a touch less attractive when “night” settled in at about 4:30. New projects and wild ambitions are set aside for the new year. Traditionally, it’s a season for festivals and celebrations, only occasionally draped in religious garb. In the northern hemisphere, every religion and every culture seems to have reached the same conclusion: it’s cold, it’s dark, it’s time to get together!
Too, it’s time to reflect on the year just past and all the things we have to be thankful for. (Yes, I was awake pretty much all year in 2018, but that doesn’t change my sense of Continue reading