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
In the three months from September through November, 2018, Morningstar registered 199 new funds. As it turns out, 190 of the 199 are additional share classes for existing funds. Think of share classes as marketing games: The American Funds, for example offer 17 share classes with, literally 17 different expense ratios ranging from 0.20% (529F shares) to 1.80% (529C shares). At base, the adviser creates new share classes as they cut distribution deals with various new constituencies.
Only nine, none of which I find Continue reading
Each month we round up the bits and pieces of industry news, from name changes to fund liquidations, that strike us as consequential but not consequential enough to warrant a stand-alone story. Perhaps distracted by the market’s recent turmoil, advisers have authorized far fewer changes this month than in most over the past five years. Continue reading
The imminence of Halloween reveals itself in the deadened thud as the walking dead move toward the graveyard. Summer saw a curious lull in fund liquidations and manager changes both, but the end of summer is ending that reprieve. Our mid-September and October issues recount 70 obituaries, the vast majority of which were announced in the past 30 days. A precious few were high-performing funds that couldn’t attract attention. There seems to be a pattern in the remainder: lots of funds designed to Continue reading
The imminence of Halloween reveals itself in the deadened thud as the walking dead move toward the graveyard. Summer saw a curious lull in fund liquidations and manager changes both, but the end of summer is ending that reprieve. We’ve tracked 33 obituaries for this issue. A few were high-performing funds that couldn’t attract attention. There seems to be a pattern in the remainder: lots of funds designed to hedge against market volatility, lots of funds designed to hedge against rising prices and a few more funds with exposure to emerging markets. A fusty old curmudgeon might note that liquidations in a category peak at the moment of maximum Continue reading
All the developments that are worth knowing but aren’t worth separate stories, including the liquidation of Marsico Flexible Capital and worthy alternatives to it, notes on the other 19 funds slated for termination and the surprising roster of “A” tier firms with “A” tier outflows.
The Morningstar funds Continue reading
All the developments that are worth knowing but aren’t worth separate stories, including 50 funds that just earned headstones rather than headlines. An absolute disaster? 10% of vanishing funds promising “absolute returns.” Wells Fargo promises that you can trust them, just before announcing millions of additional fines. Tadas moves up, a favorite fund closes quick and hard, Monrad celebrates his 58th and the Mathers Fund leaves this veil of tears after 53 eventful years. Continue reading
In October 2016, Dennis Baran profiled City National Rochdale Emerging Markets (RIMIX/CNRYX). His bottom line on the fund,
CNRYX offers an investor exposure to emerging markets by its concentrated strategy in Asia. Since inception, the fund has adhered to its six-country Asian allocation and not included other EM Asian countries or EM countries outside of that region in any meaningful way. The manager believes that the long-term positives of the region discussed here can become a virtuous cycle that could last for decades and lead to fund outperformance. The results thus far support that thesis: the fund has earned a five-star designation from Morningstar, is ranked highest by Lipper in total return, consistent return, tax efficiency, expense, and is a MFO Great Owl.
Our 2014 profile of Zeo Strategic Income celebrated their “extraordinarily thoughtful relationship between manager and investor. Both their business and investment models are working. Current investors – about a 50/50 mix of advisors and family offices – are both adding to their positions and helping to bring new investors to the fund, both of which are powerful endorsements. Modestly affluent folks who are looking to both finish ahead of inflation and sleep at night should likely make the effort to Continue reading
In March, we highlighted some notable funds that had received Lipper Fund Awards for their excellence over the past three years. A couple people wrote to note, correctly, that they’d received five-year awards and those were even cooler, despite the fact that I hadn’t mentioned them.
Mea culpa. Mea Continue reading