Rondure and Grandeur Peak

I just finished the GP Annual Report and June quarterly letter.

Three highlights:

  • All of their strategies, except EM Opportunities (GPEOX/GPEIX), are substantially outperforming their benchmarks, YTD (through 6/30/17). In general, the lead is between 400 – 500 bps. The EM lag reflects the fund’s small cap orientation (it trails the EM Small benchmark by much less than the EM All benchmark, reflecting the generally softer performance of small caps), valuation concerns that led to an outsized cash position early in the year, and a few individual-issue problems. It remains a five star fund and a Great Owl.

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Nobody Loves a SPY

There are an interesting article in the WSJ today reporting that on Monday SPY, the SPDR S&P 500 ETF, had its lowest trading volume in 11 years. 32 million shares changed hands, down from an average of about 80 million shares a day. Of necessity, that means that “sophisticated” investors sat out.

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Bull Market @101 Months!

The latest up-market cycle reached 101 months, from March 2009 to July 2017, inclusive … about 8.5 years.

Annualized return for SPY over that period: 17.8%, or just under 300% total return … for those wise, lucky and flush enough to invest at the bottom … and brave enough to hold.

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US Near 10,000 Funds!

We started rating Money Market funds this month. If for no other reason then to help track asset flows. Using similar reasoning, we also now include funds that are just one month old.

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MFO’s Fund Family Scorecard

MFO’s Fund Family Scorecard measures how well funds run by the same management company have performed against their peers since inception.

We first published the card in June 2014 commentary with How Good Is Your Fund Family?, followed by updates in May 2015 and May 2016. Beginning in June 2016, our premium site updates the card monthly and provides fund family metrics.

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Gotham Funds

Gotham now has 16 funds. Half just a few months old. Oldest just over four years. Average ER 2%. But 15 of 16 have beaten their peers since inception by an average of 5%. Through January, the funds have $2.9B in AUM … most in their oldest three funds: Gotham Enhanced Return Fund (GENIX), Gotham Absolute Return Fund (GARIX), and Gotham Neutral Fund (GONIX). Gotham is top rated on the MFO Fund Family Scorecard.

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Fund Category Leaders by AUM

Vanguard by far has largest number of funds leading their respective categories in assets under management, as seen in table below. At 44, that’s almost 30% of the 155 categories Lipper tracks.

Pulling on this one a bit more … Vanguard has 178 funds in 81 categories, so with 44 of its funds leading their categories in AUM, Vanguard leads more that half of the categories it “competes” in! Wow.

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AMG Chicago Equity Partners Balanced (MBEAX)

Risk/return data for AMG Chicago Equity Partners Balanced (MBEAX), Lipper flexible portfolio peer group, Vanguard Balanced Index (VBINX – 60/40 passive) and Vanguard STAR (VGSTX – 60/40 active).

For readers interested in a quick glance at the raw data that we referred to in the February 2017 MBEAX profile, these tables might be helpful. The full data set, including other time periods and other measures, is available by entering MBEAX in the “fund ticker” window of the Multi-Search.

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Fairholme, O’Shaughnessy, Waddell & Reed, Ivy, and Category Averages

Fairholme entered the Top category on MFO’s Fund Family Scorecard. All three Fairholme Funds have beaten their peer averages on an absolute return basis since inception. It joins other top performing families Dodge & Cox, FMI, Longleaf, Oakmark, Oberweis, Osterweis, Grandeur Peak, Gotham, Tweedy Brown, Artisan, Mairs and Powers, RiverNorth, PRIMECAP.

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Dodge & Cox, Rookies, and Great Owls

  • Dodge & Cox Balanced Fund (DODBX)
  • Dodge & Cox Global Stock Fund (DODWX)
  • Dodge & Cox Income Fund (DODIX)

All on Honor Roll, which means they are top quintile in category the past 5, 3, and 1 year periods on an absolute return basis.

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