Post by yogibearbull on Oct 8, 2022 13:02:09 GMT
www.barrons.com/topics/mutual-funds-quarterly
(Performance data quoted in this Supplement are for 2022/Q3 and YTD to 9/30/22)
Pg L3: Good ACTIVE mutual funds that are OPEN, BROAD-based, in the TOP 20% of peers in various timeframes, have average ERs and have manager succession plans: LC-growth OLGAX, FDSVX; dividends PRDGX, IHGIX; SC-value BRSVX, AASMX; international MIEIX, DPWRX; fixed-income DODIX, SCCIX.
Pg L10: Large-cap GROWTH funds have disappointed in 2022 (-4.1% in Q3; -32.1% YTD to 9/30/22) and there were outflows (but some related ETFs had inflows (VUG, SPYG, etc)); as expected, there were funds that did much better (BPTRX, etc) or worse (MSEQX, etc) than the averages. Large-cap VALUE also disappointed in Q3 (-5.9%) but was relatively better YTD (-16.6%). Several funds with large losses and outflows may have large YEAREND CG distributions (bad in taxable accounts; not relevant in tax-deferred/free accounts). MANAGED-FUTURES did well (after several disappointing years) and attracted inflows (QMHNX, PQTAX, etc). COMMODITY funds also saw inflows (DBC, FTGC, etc). Interestingly, despite the market selloff in both stocks and bonds, several INDEX funds had inflows, stocks (VOO, IVV, VTI, etc) and bonds (TLT; IEF, BND, LQD; SHY, VCSH, etc) (bulls will point to this as strength, bears as lack of capitulation yet).
EXTRA from Part 2: Pg 22: Katrina DUDLEY, EUROPE TEMIX. Things couldn’t be worse for Europe but that is how opportunities develop. Costs have risen sharply due to supply-chain disruptions, energy crisis, Russia-Ukraine war. However, Europe wasn’t overvalued before all this, jobs are holding up so far, and any recession may be short and shallow. Be selective as countries are following different paths. Lower currencies (vs DOLLAR) are hurting the returns of the US investors. She LIKES telecom, energy, industrials, insurance, aircraft leasing, etc; she is AVOIDING travel, entertainment, etc. CHINA will remain a global growth engine despite pause or slowdown, so European companies with China exposure would be fine. RISKS include the ECB polies, energy crisis.
Pg L37: In 2022/Q3 (SP500 -4.88%): Among general equity funds, the best were SC-growth -1.61%, MC-growth -1.65% (yes, it was BAD Q3, following terrible Q2) and the worst were equity-income -5.75%, multi-cap-value -5.64%, LC-value -5.60%, MC-value -5.45%; ALL general equity categories were negative. Among other equity funds, the best were short funds +6.54%, Lat Am +5.28%, and the worst was China -21.55%. Among fixed-income funds, domestic long-term FI -2.72%, world income -4.16% (not very refined in Lipper mutual fund categories listed in Barron’s).
LINK
(Performance data quoted in this Supplement are for 2022/Q3 and YTD to 9/30/22)
Pg L3: Good ACTIVE mutual funds that are OPEN, BROAD-based, in the TOP 20% of peers in various timeframes, have average ERs and have manager succession plans: LC-growth OLGAX, FDSVX; dividends PRDGX, IHGIX; SC-value BRSVX, AASMX; international MIEIX, DPWRX; fixed-income DODIX, SCCIX.
Pg L10: Large-cap GROWTH funds have disappointed in 2022 (-4.1% in Q3; -32.1% YTD to 9/30/22) and there were outflows (but some related ETFs had inflows (VUG, SPYG, etc)); as expected, there were funds that did much better (BPTRX, etc) or worse (MSEQX, etc) than the averages. Large-cap VALUE also disappointed in Q3 (-5.9%) but was relatively better YTD (-16.6%). Several funds with large losses and outflows may have large YEAREND CG distributions (bad in taxable accounts; not relevant in tax-deferred/free accounts). MANAGED-FUTURES did well (after several disappointing years) and attracted inflows (QMHNX, PQTAX, etc). COMMODITY funds also saw inflows (DBC, FTGC, etc). Interestingly, despite the market selloff in both stocks and bonds, several INDEX funds had inflows, stocks (VOO, IVV, VTI, etc) and bonds (TLT; IEF, BND, LQD; SHY, VCSH, etc) (bulls will point to this as strength, bears as lack of capitulation yet).
EXTRA from Part 2: Pg 22: Katrina DUDLEY, EUROPE TEMIX. Things couldn’t be worse for Europe but that is how opportunities develop. Costs have risen sharply due to supply-chain disruptions, energy crisis, Russia-Ukraine war. However, Europe wasn’t overvalued before all this, jobs are holding up so far, and any recession may be short and shallow. Be selective as countries are following different paths. Lower currencies (vs DOLLAR) are hurting the returns of the US investors. She LIKES telecom, energy, industrials, insurance, aircraft leasing, etc; she is AVOIDING travel, entertainment, etc. CHINA will remain a global growth engine despite pause or slowdown, so European companies with China exposure would be fine. RISKS include the ECB polies, energy crisis.
Pg L37: In 2022/Q3 (SP500 -4.88%): Among general equity funds, the best were SC-growth -1.61%, MC-growth -1.65% (yes, it was BAD Q3, following terrible Q2) and the worst were equity-income -5.75%, multi-cap-value -5.64%, LC-value -5.60%, MC-value -5.45%; ALL general equity categories were negative. Among other equity funds, the best were short funds +6.54%, Lat Am +5.28%, and the worst was China -21.55%. Among fixed-income funds, domestic long-term FI -2.72%, world income -4.16% (not very refined in Lipper mutual fund categories listed in Barron’s).
LINK
