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Post by chang on Feb 3, 2021 1:11:59 GMT
I give MFO a superficial read every month; I don't read every word but I do pick and choose. I thought Snowball's 2020 self-portfolio analysis was interesting: www.mutualfundobserver.com/2021/02/snowballs-indolent-portfolio-2/ A few highlights: - He basically "stayed the course" throughout 2020
- His target asset allocation: "50% stocks, 50% income. Within stocks, 50% domestic, 50% international and 50% large cap, 50% small- to mid-cap. Within income, 50% cash-like and 50% more venturesome"
- His only moves in 2020: (1) sold Artisan International Value; (2) bought Palm Valley Capital Fund; (3) shifted from TRP Spectrum Income to TRP Multi-Strategy Total Return
- Still hanging on to FPACX (a dud IMO)
- Holding SIGIX (me, too; see Grantham on EM Value)
- Holding GPMCX (me, too, but not enough!); also GPRIX
- Holding RPHYX (he brought it to everyone's attention years ago)
- Palm Valley Capital Fund - new purchase in SCV arena
My comment on Palm Valley Capital Fund (PVCMX): Holding 45% cash? Not for me! I don't like "cash hoarding" funds. Why? Because (1) It inflates the ER to ridiculous levels (I don't need to pay someone 1.25% to hold cash); (2) They never spend it! It sounds good on paper ("we keep dry powder") but history shows that these (typically deep value) funds plummet in bear markets just as badly as fully-invested funds, and the managers never spend the money! I remember FPACX held 30-40% cash all the way through 2008-2009. |
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Post by steadyeddy on Feb 3, 2021 1:34:34 GMT
I am intrigued by TRP Multi-Strategy fund.. available at Schwab NTF and low minimum of $100.
I like the strategy too (from Prospectus):
The fund primarily seeks exposure to the following strategies, which rely on both fundamental and quantitative research, and are described in more detail below: Macro and Absolute Return; Fixed Income Absolute Return; Equity Research Long/Short; Quantitative Equity Long/Short; Volatility Relative Value; Style Premia; Dynamic Global FX; Dynamic Credit; and Global Stock. The fund’s allocation to a particular strategy will vary, and the fund may not have exposure to all of the strategies at all times. The fund’s overall allocation to each component strategy is driven by both risk analytics and the adviser’s outlook on the global economy and securities markets. Through exposure to these strategies, the fund seeks returns that are independent of market direction.
The fund expects to primarily allocate its overall portfolio among the following strategies:
Macro and Absolute Return This strategy seeks to leverage T. Rowe Price’s global research expertise to select investments that represent, in the adviser’s opinion, the best investment ideas across all equity and fixed income asset classes. The ideas can be macro in nature, meaning that they rely on T. Rowe Price’s analysis and prediction of large-scale events or trends that create the potential for strong performance, or they can be security-specific ideas that are focused on the expected return of a particular security or group of securities. This strategy may use call and put options, equity index futures, bond or interest rate futures, total return swaps, and credit default swaps.
Fixed Income Absolute Return This flexible fixed income strategy seeks consistent positive returns without constraints to particular benchmarks or fixed income asset classes, such as government-issued securities or corporate bonds. The strategy has broad discretion to adjust duration (which measures price sensitivity to interest rate changes), credit exposure (which refers to the allocation between investment-grade and non-investment grade instruments, commonly known as junk bonds), and overall volatility (which refers to the amount of risk associated with the strategy as a whole) based on interest rates and global fixed income investing conditions. The fund may invest in the T. Rowe Price Dynamic Global Bond Fund as an efficient means of gaining exposure to this strategy. While most assets are typically invested in bonds and other debt instruments, this strategy also uses interest rate futures, interest rate swaps, forward currency exchange contracts, and credit default swaps.
Equity Research Long/Short This strategy relies on T. Rowe Price’s extensive fundamental research capabilities to provide long and short exposure to global large-cap stocks. Utilizing a proprietary global rating system developed and maintained by T. Rowe Price, long positions are established in the stocks of companies that the adviser views as most attractive within the large-cap stock universe and short positions are established in companies viewed as least attractive. The strategy leverages T. Rowe Price analyst convictions in companies to create a dynamically traded component portfolio that seeks to achieve returns that are not closely correlated with the returns of the overall equity markets.
Quantitative Equity Long/Short This strategy relies on T. Rowe Price’s quantitative research capabilities to provide long and short exposure to small- and mid-cap U.S. stocks.
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Post by retiredat48 on Feb 6, 2021 20:07:46 GMT
Chang...I can't get your symbols ... GPMCX (me, too, but not enough!); also GPRIX...and
Holding RYPHX ......to work in stockcharts.
Are these correct?
R48
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Post by yogibearbull on Feb 6, 2021 20:51:25 GMT
Chang...I can't get your symbols ... GPMCX (me, too, but not enough!); also GPRIX...and Holding RYPHX ......to work in stockcharts. Are these correct? R48 not in Stockcharts database. Try M*. Stockcharts has GPROX, another class of GPRIX. RYPHX looks like typo. Stockcharts has RPHYX. |
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Post by chang on Feb 7, 2021 0:34:05 GMT
Chang...I can't get your symbols ... GPMCX (me, too, but not enough!); also GPRIX...and Holding RYPHX ......to work in stockcharts. Are these correct? R48 not in Stockcharts database. Try M*. Stockcharts has GPROX, another class of GPRIX. RYPHX looks like typo. Stockcharts has RPHYX. is correct. But the other should be RPHYX (better still, use RPHIX). |
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Post by Norbert on Feb 7, 2021 6:18:00 GMT
steadyeddy"I am intrigued by TRP Multi-Strategy fund.. available at Schwab NTF and low minimum of $100." I'm more than intrigued; decided to put 7% of portfolio there. Am pretending it's a MS Bond Fund. OK, it probably won't work out, but what's a fellow to do in a low interest rate world? Do you remember Pimco's Arnott's PAUIX? It seemed intriguing at the time too and ended up disappointing me big time. "Maybe this time will be different", he tells himself. N.
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Post by steadyeddy on Feb 7, 2021 15:32:29 GMT
steadyeddy "I am intrigued by TRP Multi-Strategy fund.. available at Schwab NTF and low minimum of $100." I'm more than intrigued; decided to put 7% of portfolio there. Am pretending it's a MS Bond Fund. OK, it probably won't work out, but what's a fellow to do in a low interest rate world? Do you remember Pimco's Arnott's PAUIX? It seemed intriguing at the time too and ended up disappointing me big time. "Maybe this time will be different", he tells himself. N. , gutsy move! Did you already put 7% into it or planning to buy? DCA or one shot buying? This 3-year old fund did basically nothing for the first two years... and then it held up very well during the March 2020 carnage... and then took off.. It does not distribute much cap/div.. may be suitable for taxable accounts it appears. Just for kicks, I did a backtest with VG Lifestrategy Income (VASIX) which maintains a 20% global equity & 80% bonds/cash.. see the linkSurprising that VASIX performed just as well in 3 years... some thing to think about. |
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Post by jcserc on Feb 7, 2021 16:07:54 GMT
I also allocated about 5% of PV to TMSRX.
My allocation is supposed to be 70% equity and 30% bonds but in this low-rate environment, I shifted to 20% bonds and 10% to "alternatives/others", where I placed TMSRX. Not bad at all so far, with a 5% return in 3 and a half months.
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Post by Norbert on Feb 7, 2021 16:14:58 GMT
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Post by steadyeddy on Feb 7, 2021 16:25:57 GMT
I also allocated about 5% of PV to TMSRX. My allocation is supposed to be 70% equity and 30% bonds but in this low-rate environment, I shifted to 20% bonds and 10% to "alternatives/others", where I placed TMSRX. Not bad at all so far, with a 5% return in 3 and a half months. Good deal. Please keep posting progress as time goes on. Thanks. |
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Post by steadyeddy on Feb 7, 2021 16:26:19 GMT
Thanks for the clarification, Norbert. |
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Post by FD1000 on Feb 7, 2021 17:00:00 GMT
From the article: By design, my portfolio is meant to be mostly ignored for all periods An asset allocation that’s around 50% stocks and 50% income gives you fewer and shallower drawdowns while still returning around 6% a year with some consistency. That’s attractive to me. “Beating the market” is completely irrelevant to me as an investor and completely toxic as a goal for anyone else. You win if and only if the sum of your resources exceeds the sum of your needs. He made only 2 changes. Invested in up to 10 funds. The portfolio: -16.7% loss during the bear, which is 2.8% better than its peer average. +22.5% gain in 2020 Basically, invest according to needs, hardly traded and most funds did well. Sounds pretty good to me. FPACX: stands out as has been, there are much better choices. PVCMX managed by Cinnamond, the same guy who managed ICMAX in 2006-10(I think). Cinnamond is very discipline and if he can't find stocks he likes(great value) he stays in cash. IMO, I don't like it. The 3 month ( chart) shows PCVMX is 30% behind IWM buy maybe for Snowball it makes sense within his total portfolio context. BTW, I used to owm ICMAX years ago for several months but when it lagged I switched :-) TMSRX: not bad, since inception VWIAX had better performance but also higher SD( link). VWIAX is a reliable LT hold while no way to know what TMRSX will do. TMRSX did better in down and volatile markets. The future? who knows. If you are a trader, you know what to do when a fund lags ;-) See attachment for current holdings I found OTRGX/OTRFX in Multialternative category, see PV results in the link above. See ( chart). ER=3.4% is ridiculous even for me ;-) In the last 3 months it made double of TMSRX with a smoother ride too. Attachments:
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Post by fred495 on Feb 7, 2021 17:08:51 GMT
steadyeddy said: "Just for kicks, I did a backtest with VG Lifestrategy Income (VASIX) which maintains a 20% global equity & 80% bonds/cash.. see the link
Surprising that VASIX performed just as well in 3 years... some thing to think about."
Actually, the results shouldn't be that surprising since VASIX and TMSRX/TMSSX have, according to M*, similar stock/bond percentage allocations, roughly 20/80. And, if you use the oldest share class of TMSRX, TMSSX, which has a performance record on PortfolioVisualizer that goes back to March 2018, VASIX, on a risk/reward basis, has outperformed TMSSX over the past 2 years and 11 months:
----------CAGR--------SD--------Sharpe---------Sortino
TMSSX----5.8%------5.15%------0.82-----------1.27
VASIX-----6.9--------4.72--------1.12-----------1.91
However, as you said, since 2020, TMSRX/TMSSX has shown more momentum than VASIX. Let's see if this trend continues.
Fred
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Post by yogibearbull on Feb 7, 2021 17:27:02 GMT
I have been watching the new multi-asset funds. It is variation of the old allocation/balanced and world-allocation funds that includes stocks [US, foreign], bonds [high- & low- quality] and alternatives [commodities, precious metals, real estate, market-neutral/long-short]. One thing to watch is the manager/analyst/research resources behind such funds. Another is that several tend to be funds-of-funds and one has to watch for top-level ER as well as those of the underlying funds.
Poor examples may be Bob Arnott's AA and AAAA funds. But newer funds have to deliver good risk-adjusted performance.
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Post by fred495 on Feb 7, 2021 20:15:30 GMT
FD1000 said: "VWIAX is a reliable LT hold while no way to know what TMRSX will do. TMRSX did better in down and volatile markets. The future? who knows."
All very true, but it's not surprising that TMSRX did better in down/volatile markets since it had, and still has, a significantly lower equity exposure than VWIAX. Almost reminds me of the old BERIX fund prior to its sale to another company. According to M*, TMSRX's equity exposure in 2020 was 22% of the portfolio, in 2019 only 12% and in 2018 just 4%. That compares to VWIAX's rather uniform 37-38% equity exposure during those years.
What concerns me more about the future performance of VWIAX is how it will handle its large bond segment (approx. 57% of its portfolio) in a seemingly rising interest rate environment. Historically, the fund's bond portfolio allocation has also been rather static. Currently, the avg. credit quality of its investment grade bond portfolio, again according to M*, is rated as "A", with an avg. effective duration of 8.18.
Here is what wunderkind David Giroux of PRWCX said in a recent M* interview about rising rates and duration:
"So, now, everybody's convinced the yields are going to go up 1% to 2%, but not above 2%. We'll see. What I would tell you about rates today is that the risk/reward on Treasuries or IG [investment grade] is so poor, it gets a situation where if rates stay static, you make very, very low returns. If rates revert back to more normalized levels, you lose a lot of money. And if rates go down, you don't have a lot of room for rates to go down. So, it's really hard to get a really great return. [...] even if rates rose 100 bps over two years, you made zero return. [...] So, as a result of that, we have a very short duration in our fixed-income portfolio, probably the shortest duration we've had since I've been running this strategy.
Our duration today is 1.5 years, just because that skew is so negative on a lot of traditional fixed income. [...] So, this is a time to be short duration in your fixed-income portfolio. [...]"
Since I basically agree with Giroux's perspective, I would not invest in a "reliable" fund like VWIAX at this time. Rather, as was often discussed in the past, I would find a more promising two-fund combination using approx. a 40/60 stock/bond percentage split of, for example, DFAU/RCTIX or, if not RCTIX, TSIIX or even PIMIX are good fixed income substitutes with duration less than 2.6. Similarly, instead of DFAU, one can simply use SPY. By the way, DFAU is offered by a well established firm, Dimensional Fund Advisors. The fund, now available as an ETF, has a long track record as an OEF.
This concept is not rocket science for posters that visit these forums regularly, nor does one have to be a very experienced trader to make some extra "free" money until the interest rate picture has "normalized". Then, by all means, VWIAX will probably again play its traditional role as a conservative and "reliable LT hold".
But, of course, always do your own due diligence before investing your own money.
Good luck,
Fred
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Post by anitya on Feb 7, 2021 21:58:44 GMT
steadyeddy "I am intrigued by TRP Multi-Strategy fund.. available at Schwab NTF and low minimum of $100." I'm more than intrigued; decided to put 7% of portfolio there. Am pretending it's a MS Bond Fund. OK, it probably won't work out, but what's a fellow to do in a low interest rate world? Do you remember Pimco's Arnott's PAUIX? It seemed intriguing at the time too and ended up disappointing me big time. "Maybe this time will be different", he tells himself. N. Recently, chang / Chang mentioned TMRSX and I did not encourage him to invest but said it should go on his watch list to invest in 2022. My concern was it did poorly in the rate increase environment of 2018 when a lot of fixed income and equities also did poorly. Nothing lives in isolation and one has to figure out how this fits in their portfolio's overall risk - return expectations. May be I should reconsider, given you make good choices. |
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Post by steadyeddy on Feb 8, 2021 0:22:14 GMT
I have been watching the new multi-asset funds. It is variation of the old allocation/balanced and world-allocation funds that includes stocks [US, foreign], bonds [high- & low- quality] and alternatives [commodities, precious metals, real estate, market-neutral/long-short]. One thing to watch is the manager/analyst/research resources behind such funds. Another is that several tend to be funds-of-funds and one has to watch for top-level ER as well as those of the underlying funds. Poor examples may be Bob Arnott's AA and AAAA funds. But newer funds have to deliver good risk-adjusted performance. TMSRX is a fund of funds.. |
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Post by steadyeddy on Feb 8, 2021 0:23:50 GMT
steadyeddy "I am intrigued by TRP Multi-Strategy fund.. available at Schwab NTF and low minimum of $100." I'm more than intrigued; decided to put 7% of portfolio there. Am pretending it's a MS Bond Fund. OK, it probably won't work out, but what's a fellow to do in a low interest rate world? Do you remember Pimco's Arnott's PAUIX? It seemed intriguing at the time too and ended up disappointing me big time. "Maybe this time will be different", he tells himself. N. Recently, chang / Chang mentioned TMRSX and I did not encourage him to invest but said it should go on his watch list to invest in 2022. My concern was it did poorly in the rate increase environment of 2018 when a lot of fixed income and equities also did poorly. Nothing lives in isolation and one has to figure out how this fits in their portfolio's overall risk - return expectations. May be I should reconsider, given you make good choices. , Norbert, I would like to request Norbert to expand on his rationale in committing 7% of his PV to this fund if he is willing to do so. |
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Post by Norbert on Feb 8, 2021 4:46:04 GMT
steadyeddyYou asked about my rationale with TMSRX. Let me emphasize that it's a 7% position, not a high conviction 25%. I was looking for a place to put cash, hoping to make a little money. TMSRX is mostly a fund of funds, largely invested in low risk bond strategies, but which also dabbles in stocks and currencies. The diversification opportunity attracts me. I had been thinking of just adding to Wellesley, but was concerned about rising rates. I also looked at short-term and floating rate bond funds, but gambled that the TRP team could do better with their dynamic go-anywhere strategy. (OK, I'm probably deluded.) Using the link below you will find a monthly allocation history. I suggest studying that to determine if you like their thinking. The managers are at least being transparent in documenting their decisions. www.troweprice.com/financial-intermediary/us/en/investments/mutual-funds/us-products/multi-strategy-total-return-fund.html#primary-holdings
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Post by anitya on Feb 8, 2021 6:57:47 GMT
steadyeddy You asked about my rationale with TMSRX. Let me emphasize that it's a 7% position, not a high conviction 25%. I was looking for a place to put cash, hoping to make a little money. TMSRX is mostly a fund of funds, largely invested in low risk bond strategies, but which also dabbles in stocks and currencies. The diversification opportunity attracts me. I had been thinking of just adding to Wellesley, but was concerned about rising rates. I also looked at short-term and floating rate bond funds, but gambled that the TRP team could do better with their dynamic go-anywhere strategy. (OK, I'm probably deluded.) Using the link below you will find a monthly allocation history. I suggest studying that to determine if you like their thinking. The managers are at least being transparent in documenting their decisions. www.troweprice.com/financial-intermediary/us/en/investments/mutual-funds/us-products/multi-strategy-total-return-fund.html#primary-holdings The manager is definitely working hard for the fees. Seems he has been more right than wrong in. Morningstar compares the fund to Morningstar Mod Tgt Risk TR - does not seem the correct index to compare. Index description here - www.morningstar.com/indexes/ixus/msaammor/quote |
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Post by yogibearbull on Feb 8, 2021 12:00:05 GMT
All multiasset funds have the same M* benchmark although Price TMSRX [3-yr SD 5.15%] is quite different from Fido FMSDX [3-yr SD 10.63%].
Multialternative
These funds offer investors exposure to several different alternative investment tactics. Funds in this
category have a majority of their assets exposed to alternative strategies. An investor’s exposure to
different tactics may change slightly over time in response to market movements. Funds in this category
include both funds with static allocations to alternative strategies and funds tactically allocating among
alternative strategies and asset classes. The gross short exposure is greater than 20%.
Category Group Index: Morningstar Mod Tgt Risk TR USD
Category Index: Morningstar Mod Tgt Risk TR USD
Morningstar Index: Morningstar Mod Tgt Risk TR USD
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Post by steadyeddy on Feb 8, 2021 12:39:12 GMT
steadyeddy You asked about my rationale with TMSRX. Let me emphasize that it's a 7% position, not a high conviction 25%. I was looking for a place to put cash, hoping to make a little money. TMSRX is mostly a fund of funds, largely invested in low risk bond strategies, but which also dabbles in stocks and currencies. The diversification opportunity attracts me. I had been thinking of just adding to Wellesley, but was concerned about rising rates. I also looked at short-term and floating rate bond funds, but gambled that the TRP team could do better with their dynamic go-anywhere strategy. (OK, I'm probably deluded.) Using the link below you will find a monthly allocation history. I suggest studying that to determine if you like their thinking. The managers are at least being transparent in documenting their decisions. www.troweprice.com/financial-intermediary/us/en/investments/mutual-funds/us-products/multi-strategy-total-return-fund.html#primary-holdings , thanks for taking the time to respond to my request and explain the rationale. Appreciate it. I will dig deeper. |
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Post by Deleted on Feb 8, 2021 14:07:13 GMT
for me 7% is usually high conviction.
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Post by Karen on Feb 8, 2021 15:06:05 GMT
For those who hold or are familiar with TMSRX's holdings, if you had to split its holding to just stocks/bonds, how would you score it for your AA split?
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Post by yogibearbull on Feb 8, 2021 15:10:36 GMT
For those who hold or are familiar with TMSRX's holdings, if you had to split its holding to just stocks/bonds, how would you score it for your AA split? 27.6% effective-equity [only 22% nominal-equity]. |
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Post by Karen on Feb 8, 2021 15:12:56 GMT
For those who hold or are familiar with TMSRX's holdings, if you had to split its holding to just stocks/bonds, how would you score it for your AA split? 27.6% effective-equity [only 22% nominal-equity]. , Thank you. Sorry, but might I ask how you scored those two? |
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Post by yogibearbull on Feb 8, 2021 15:26:29 GMT
27.6% effective-equity [only 22% nominal-equity]. , Thank you. Sorry, but might I ask how you scored those two? Check LINK1 and LINK2 [03/2018-01/2021 data], then, 5.17/18.71 = 0.276, or 27.6% effective-equity for TMSRX. |
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Post by anitya on Feb 8, 2021 16:01:15 GMT
All multiasset funds have the same M* benchmark although Price TMSRX [3-yr SD 5.15%] is quite different from Fido FMSDX [3-yr SD 10.63%]. Multialternative
These funds offer investors exposure to several different alternative investment tactics. Funds in this category have a majority of their assets exposed to alternative strategies. An investor’s exposure to different tactics may change slightly over time in response to market movements. Funds in this category include both funds with static allocations to alternative strategies and funds tactically allocating among alternative strategies and asset classes. The gross short exposure is greater than 20%. Category Group Index: Morningstar Mod Tgt Risk TR USD Category Index: Morningstar Mod Tgt Risk TR USD Morningstar Index: Morningstar Mod Tgt Risk TR USD That is M* doing a disservice and possibly causing opportunity cost to unsuspecting customers. I need to figure out who is M* competition that they can be so complacent. |
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Post by FD1000 on Feb 8, 2021 17:07:38 GMT
FD1000 said: "VWIAX is a reliable LT hold while no way to know what TMRSX will do. TMRSX did better in down and volatile markets. The future? who knows." All very true, but it's not surprising that TMSRX did better in down/volatile markets since it had, and still has, a significantly lower equity exposure than VWIAX. Almost reminds me of the old BERIX fund prior to its sale to another company. According to M*, TMSRX's equity exposure in 2020 was 22% of the portfolio, in 2019 only 12% and in 2018 just 4%. That compares to VWIAX's rather uniform 37-38% equity exposure during those years. What concerns me more about the future performance of VWIAX is how it will handle its large bond segment (approx. 57% of its portfolio) in a seemingly rising interest rate environment. Historically, the fund's bond portfolio allocation has also been rather static. Currently, the avg. credit quality of its investment grade bond portfolio, again according to M*, is rated as "A", with an avg. effective duration of 8.18. Here is what wunderkind David Giroux of PRWCX said in a recent M* interview about rising rates and duration: "So, now, everybody's convinced the yields are going to go up 1% to 2%, but not above 2%. We'll see. What I would tell you about rates today is that the risk/reward on Treasuries or IG [investment grade] is so poor, it gets a situation where if rates stay static, you make very, very low returns. If rates revert back to more normalized levels, you lose a lot of money. And if rates go down, you don't have a lot of room for rates to go down. So, it's really hard to get a really great return. [...] even if rates rose 100 bps over two years, you made zero return. [...] So, as a result of that, we have a very short duration in our fixed-income portfolio, probably the shortest duration we've had since I've been running this strategy.
Our duration today is 1.5 years, just because that skew is so negative on a lot of traditional fixed income. [...] So, this is a time to be short duration in your fixed-income portfolio. [...]"
Since I basically agree with Giroux's perspective, I would not invest in a "reliable" fund like VWIAX at this time. Rather, as was often discussed in the past, I would find a more promising two-fund combination using approx. a 40/60 stock/bond percentage split of, for example, DFAU/RCTIX or, if not RCTIX, TSIIX or even PIMIX are good fixed income substitutes with duration less than 2.6. Similarly, instead of DFAU, one can simply use SPY. By the way, DFAU is offered by a well established firm, Dimensional Fund Advisors. The fund, now available as an ETF, has a long track record as an OEF. This concept is not rocket science for posters that visit these forums regularly, nor does one have to be a very experienced trader to make some extra "free" money until the interest rate picture has "normalized". Then, by all means, VWIAX will probably again play its traditional role as a conservative and "reliable LT hold". But, of course, always do your own due diligence before investing your own money. Good luck, Fred Basically, we are talking AGAIN about the average Joe investor VS a trader. While someone can hold VWIAX for decades I'm not sure if you can hold TMSRX even for several years. You are also correct that a combo of stocks+Multi bonds would do better than VWIAX and why I don't use VWIAX. TMSRX is a fund of other TRP funds but also single positions( link). It has 4.7% invested in Indian Ruppee. The fund has broad discretion in seeking investments and utilizes a wide range of strategies to invest across a variety of asset classes including stocks, fixed-income securities, and derivatives. The fund primarily seeks exposure to the following strategies, relying on both fundamental and quantitative research, although additional strategies may be employed at any time: Macro and Absolute Return; Fixed Income Absolute Return; Equity Research Long/Short; Quantitative Equity Long/Short; Volatility Relative Value; and Style Premia. Basically, this fund is doing well but just like Norbert said "Maybe this time will be different" :-) In the past I mentioned SVARX( link). High ER about 3% but the manager does what I do, using several funds, trade and protect volatility. Risk/reward is better than TMSRX. See PV( link), the manager is definitely worth the ER. |
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