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RCTIX
Jul 7, 2021 14:38:05 GMT
Post by paulr888 on Jul 7, 2021 14:38:05 GMT
On a positive note, RCTIX held up very well during well during the 2020 Q1 chaos AND has rebounded back to its all time high of 2019. That is more than I can say about the majority of bond OEFs I own. Good luck with it.
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RCTIX
Oct 4, 2021 23:45:06 GMT
Post by chang on Oct 4, 2021 23:45:06 GMT
Curious if any other RCTIX owners are buying, holding or selling. I bought a few months ago near the top, but after a few wobbles it has held up well and strated drifting upward. I'm thinking about adding.
Frustratingly, it is not eligible for AIP at Fido (where I bought it). However, I discovered that VG supports it, and I have free TF waivers at VG, so I can buy more there.
I won't repeat my thoughts/thesis about buying it in the first place (posted elsewhere). I was swayed by the depth of management experience in the niche where they operate, as well as signifiant management investment in the fund and related (less liquid) funds.
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RCTIX
Oct 5, 2021 0:13:55 GMT
via mobile
Post by Chahta on Oct 5, 2021 0:13:55 GMT
I called and talked to River Canyon last month. The guy I talked told me they set the fund up for rising rates. I am interested in it but don’t own it. M* recently put it into the “short term” category but RC doesn’t view it that way.
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Post by roi2020 on Oct 5, 2021 1:15:09 GMT
As of 09/30/2021, RCTIX had a duration of 0.66 years while 60% of assets were allocated to floating rate securities. RCTIX has not had a losing calendar year (inception date 12/30/2014) and has outperformed PDIIX in every calendar year except for 2016 and 2019. As paulr888 mentioned, the fund held up relatively well during 2020 Q1 with a -5.47 return compared to a -8.95 multisector bond category return. The fund's category returns were very good as reported on 07/31/2021 - 3 Yr (13th percentile); 5 Yr (2nd percentile). M* moved RCTIX from the multisector category to the short-term bond category some time in August. It probably shouldn't be in the short-term bond category... Investors have noticed RCTIX - assets increased from $218.5M on 12/31/2020 to $866.4M on 09/30/2021.
I reached out to Canyon Partners during Sept. 2019 and was informed there were three dedicated members of the RCTIX team.
"The River team leverage’s the other 49 investment professionals at Canyon. For example, once we hit $100mm in AUM we will begin to invest in CLO tranches. We have an 8 person CLO team managing over $4.5B in AUM. George will work closely with them to analyze the CLO structures and the underlying collateral of bank loans."
My contact also mentioned that the senior analyst was expected to become comanager at the end of 2019. To my knowledge, that has not occurred.
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RCTIX
Oct 29, 2021 13:06:01 GMT
via mobile
Post by Chahta on Oct 29, 2021 13:06:01 GMT
Per the RC website the fund can invest in: Agency & Non-Agency Residential Mortgage-Backed Securities (RMBS) Agency Collateralized Mortgage Obligations (CMOs) Commercial Mortgage-Backed Securities (CMBS) Collateralized Loan Obligations (CLOs) Re-Performing Loans (RPLs) / Non-Performing Loans (NPLs) Asset-Backed Securities (ABS) – Auto, Aircraft, Credit Card, Student Loans, etc. Corporate Debt.
Not sure how FR pertains to these investments. Non-performing loans seems kind of iffy. Sort of like a collection agency thing. Upon closer reading the FR are IO derivatives. 60% of those seems very high. Is this a “black box” fund?
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RCTIX
Oct 29, 2021 19:25:27 GMT
Post by roi2020 on Oct 29, 2021 19:25:27 GMT
Citywire interviewed the RCTIX manager (George Jikovski) earlier this year. The interview provides insight about the fund's strategy but doesn't delve into floating rate securities. PDF
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RCTIX
Oct 29, 2021 19:41:35 GMT
via mobile
Post by Chahta on Oct 29, 2021 19:41:35 GMT
Thanks for posting that.
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