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.
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.
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?
O’Shaughnessy Funds rose to MFO’s “Upper” Family Rating this past month. Good to see. All its 5 funds have fared very well against their competition this past year.
Continue reading “O’Shaughnessy Funds”
All 11 Baillie Gifford funds have outperformed their peers since launch in US. YTD, however, its international/EM funds have followed their categories down … now in 6th month of drawdown. And, last month its two growth funds dipped with FB. Still, impressive numbers so far.
Here are numbers since launch …
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Grandeur Peak, recommended strongly by David (and Sam), continues to be an MFO Top Fund Family. All seven of its funds have beaten their peers handsomely since launch. Its two open funds, Global Stalwarts (GGSOX) and International Stalwarts (GISYX), have done particularly well this past year. That said, all seven are experiencing five months of drawdown.
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Looks like GVAL has crushed competition in Global Large Cap Value category this past year thru March. Top quintile performance in absolute and risk adjusted returns, including Sharpe, Sortino, and Martin. Its 3-year numbers look good too!
Continue reading “Cambria’s Global Value ETF (GVAL)”
Perfect scores for young target-date fund series Natixis Sustainable Future. (David calls 1-2 yr old funds “Rookies.”) Honestly, hard to follow just who’s managing giving all the name changes. Still, hats-off. (Hope they … whoever they is … lock-in the “after-waivers” er.)
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”
A bit old news, but here are 2017 risk/return metrics for the top 10 US funds by assets under management (AUM), sorted by AUM. Eight index funds. Two ETFs SPY and IVV. Six Vanguard funds. The two actively managed funds, both American Funds, generate the about same fee annually $2.5B as the six Vanguard funds combined (click on image to enlarge).
Continue reading “2017 Performance of Largest Funds by AUM”