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.

Continue reading “MFO’s Fund Family Scorecard”

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.

Continue reading “Gotham Funds”

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.

Continue reading “Fund Category Leaders by AUM”

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.

Continue reading “AMG Chicago Equity Partners Balanced (MBEAX)”

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.

Continue reading “Fairholme, O’Shaughnessy, Waddell & Reed, Ivy, and Category Averages”

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.

Continue reading “Dodge & Cox, Rookies, and Great Owls”

DODBX, FAIRX, and Vanguard

Dodge & Cox Balanced (DODBX) is back on the Honor Roll. The only D&C fund to do so.

Fairholme Fund (FAIRX) remains on the Three Alarm list … still in the dog house. As is Sequoia Fund (SEQUX).

Vanguard has 31 Great Owl funds! Can you believe that?! Fidelity has 23. T Rowe Price has 20.

Surprise, Up 10% Plus Past Year

Three perennial GOs remain GOs this month along with Honor Roll distinction: Vanguard Wellesley Income (VWINX), Vanguard Wellington Balanced (VWELX), and Vanguard PRIMECAP (VPMCX). The past 12 months, they’ve each delivered top quintile excess returns. They are also among the highest AUM funds in their respective categories. So much for scale eating returns, in this case anyway … it’s been that kind of market. All these funds, more than 10% return! So much too for 1% real return predictions.

Continue reading “Surprise, Up 10% Plus Past Year”

Great Owl Ratings are Based on Relative Return in Category

GO distinctions are based on a fund’s relative risk-adjusted return within category. So, the category can perform badly, like commodities and EM have done last few years … indeed among the most hated funds, but individual funds can still get high marks.

Continue reading “Great Owl Ratings are Based on Relative Return in Category”

3 Bottom Fund Families Each with $1B AUM

I continue to marvel at results of Fund Family Scorecard, which went live on the premium site last week.

How do poor performing fund management companies persist? Could be that absolute return is not a concern, that it’s all about risk adjusted return. Could be that some of the funds did well initially, then went south but investors are too stuck to change. Could be that these firms just have strong marketing and, my friend Ed offers, “write good newsletters.” Could be that they are just having a run of bad luck and stuck in an uncooperative and “irrational” market … but given enough time and a return to sanity, the Great Pumpkin will appear.

Continue reading “3 Bottom Fund Families Each with $1B AUM”