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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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.


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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.


BRCNX and JOEMX have both delivered top quintile performance the past 3 and 5 year periods in their respective categories.


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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.


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