The 25-Largest Funds

The 25-largest fund by AUM as of 31 May 2019, shown below along with YTD performance. The top 3 spots are Vanguard, as are 10 of the 25. What were the top 20 in 1999? See post here on Twitter by Morningstar’s Ben Johnson.

Fairholme Rebounding

As this decade comes to a close, legendary investor Bruce Berkowitz appears to be getting things right again. After making ill-timed bets on bank in 2011 and ill-advised bets on Edward Lambert and Sears in the years since, Fairholme is enjoying a resurgence. Much of the turnaround likely do to his speculation in Fannie and Freddie, which have tripled this year. (Story in WSJ today about regulators pressing to turn Fannie and Freddie private again.) Below are the YTD risk and performance numbers of his three funds: FAIRX, FOCIX, and FAAFX. Today’s AUM of $1.4B is perhaps 5% of its peak, when Mr. Berkowitz won Morningstar’s Fund Manager of the Decade in 2010.

MFO Ratings Updated Through May 2019

All fund risk and return metrics, ratings, and analytics have been uploaded, reflecting performance through May 2019.

Some highlights:

  • all 11 sector ETFs retracted in May, most between 7 and 11%, but gains remain strong year-to-date … all positive, most between 7 and 16%
  • 7 of 17 Timothy Plan funds on MFO’s Three Alarm list
  • Dreyfus fund family rebranded to BNY Mellon
  • added 4-year evaluation period to MultiSearch (thank you David)
  • Lipper added several new fund categories, including Emerging Markets Mixed Asset, Frontier Markets, Global High Yield, Short High Yield, Absolute Return Bond, and Real Return … see Definitions/Categories

As always, if you see anything amiss or have suggestions for improvement, let us know and we will respond soonest.

Please enjoy the latest data.

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MFO Premium Site Webinar Charts & Video – Wednesday, 15 May 2019

We enjoyed our best webinar day yet with about 50 participants.

I actually wore a tie (ha!) and displayed our new MFO Coffee Mug (thank you David) to mark the progress we’ve made on the site.

Can’t thank you enough for your continued support!

Please find link to charts here.

Please find link to conference video here.

Please feel free to reach-out at any time with questions and suggestions via email: charles@mutualfundobserver.com. We can even schedule a Zoom teleconference at your convenience.

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AQR Fund Family Performance Sagging

Latest MFO Fund Family Scorecard gives AQR a “Lower” grade. Of AQR’s 39 funds, 26 trail their peers since launch through April 2019 based on absolute return.

Fortunately, most of AQR’s AUM is in just five funds: Managed Futures Strategy (AQMIX), Style Premia Alternative (QSPIX), Large Cap Defensive Style (AUEIX), Long-Short Equity (QLEIX) and Large Cap Multi-Style (QCELX), which have all bested their peers since launch.

But it’s been a tough past year for two of these: Style Premia Alternative (QSPIX) and Long-Short Equity (QLEIX), each down 13-14%, particularly since alternatives tend to target investors with more moderate risk tolerance.

Register for MFO Premium Webinar – Wednesday, 15 May 2019

As highlighted in this month’s commentary, we have two sessions planned, one hour each nominally, on Wednesday, 15 May 2019 at 2 pm and 5 pm eastern … 11 am and 2 pm pacific.

Like last time, we will employ easy-to-use Zoom web conferencing tool.

Intention is to help walk users with the new QuickSearch tool, a “lite” version of MultiSearch, plus provide an update on our premium site’s latest features, like the Compare tool, empty column hide option, and ability to export (up to 25) funds from results table to Watchlists.

Please register here for the first session, or here for the second session.

Thank you!

MFO Premium Site Webinar Charts & Video – Tuesday, 15 January 2019

Thank you all for attending!

Please find link to charts here.

Please find link to conference video here.

And, below is Brad’s beautiful big picture view … he was awesome!

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Register for Webinar – 15 January 2019

As highlighted in this month’s commentary, we have two sessions planned, one hour each nominally, on Tuesday 15 January 2019 at 2pm and 5pm eastern … 11am and 2 pm pacific.

Like last time, we will employ easy-to-use the Zoom web conferencing tool.

Brad Ferguson of Halter Ferguson Financial will highlight how he uses the premium site to find funds that best match his clients needs … and “the next Robert Gardiner.”

We’ll also discuss latest upgrades, including a lightning fast, highly addictive MultiSearch tool … should load today!

If you’ve not already done so, please register here for first session:

https://zoom.us/meeting/register/c6501c7fc6e7d51bd746f627e8486654

Or, here for second session:

https://zoom.us/meeting/register/ff9379c674d9c5a6d746f627e8486654

Thank you!

All Dodge & Cox Funds Trending Down

Through October, all six Dodge & Cox funds below 3- and 10-month simple moving averages (SMAs), including its Income fund DODIX. Its closed International Stock fund DODFX is trending 8.5% below is 10-month SMA.

Hussman Funds

Since inception Hussman funds have been one of great destroyers of capital in the mutual fund industry, except for the fees they generate, which are currently as high as 2% per year. And even still, they maintain an AUM of $600M. Can you believe that?