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Post by anitya on Oct 30, 2023 1:47:05 GMT
I noticed posters are discussing various aspects of fixed income funds in other threads and I figured we could use some continuity and a catch all thread.
To start, I wanted to find out YTW (Yield to Worst) for each fund. M* in their Fixed Income Exposure Analysis (under portfolio tab) includes a table of YTW by credit rating of securities in a fund but I was looking for fund level YTW. Can I do better than taking M* table and calculating a weighted average YTW for a fund level YTW? I also prefer to eliminate the possibility that I might introduce errors.
I know some funds in their fund card and Quarterly fund information provide fund level YTW information but it would be nice to get an independent third party (e.g., M*) determination, rather than rely on the fund's self certification.
Thanks
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Post by keppelbay on Oct 30, 2023 3:42:47 GMT
Is YTW really useful at the fund level? At best it is a snapshot of a moment in time. If the fund trades actively the information will be stale.
Data aggregators may be convenient, but in my experience they are often wrong. For example, data on CEF distributions and earnings sources are particularly bad at CEF connect and Fidelity (Fido says they get the data from M*). If I need information to base a decision on, I use the funds own web site. They have a strong interest in providing accurate information, for reputational as well as legal reasons.
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Post by anitya on Oct 30, 2023 4:14:15 GMT
keppelbay , I understand. I do not dispute that CEF Connect and Fidelity may be getting their data from M* but I do not know how they are digesting or presenting that information to us. If I have to rely on M* data or somebody else's use or interpretation of M* data, I will rely on M* data. For example, if you are curious, go on Fidelity community and search for my (and a few others') conversation with Fidelity moderators about Fidelity's characterization of dividends prior to issuing Form 1099. I am not faulting anybody. Just acknowledging the state of affairs. I definitely try to exhaust fund website information before I buy my second tranche and sometimes try to talk with the fund manager. Not looking for a lazy way out. I often buy very obscure fixed income funds and these managers may not have resources or willingness to present information I seek. Every business and person, especially that is close to money, rolls the legal dice! As to business reputation, here is some comedic relief www.youtube.com/watch?v=FwHMDjc7qJ8
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Post by yogibearbull on Oct 30, 2023 11:18:32 GMT
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