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

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.   A second …

Continue reading “Nobody Loves a SPY”

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.  

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.  

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%.  

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).  

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.  

Three Dodge & Cox funds …   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.  

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 …

Continue reading “DODBX, FAIRX, and Vanguard”