Tag Archives: style analysis

Isolating the Monkey Effect. Part 3 of MPI’s Series on Smart Beta ETFs

Continuing our exploration into the smart beta segment (Part 1, Part 2), in this third post we introduce a simple “IQ Test” that can help investors and managers measure the “smartness” of the increasing number of non-cap-weight rules-based products on the market. There are numerous arguments in circulation saying that smart beta in general isn’t […]

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Challenges in Analyzing PIMCO Total Return and Other Liquid Alternatives

Is a given hedge fund manager generating alpha?  Can that alpha be captured through more liquid alternative vehicles?  How can an investor truly reveal a portfolio’s net factor exposures when traditional assets are often being intermingled with credit default swaps, options, futures and leverage?  These questions continue to stymie investors – even though answers may […]

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American Funds Growth Fund of America: A Short-Term Analysis

An October 15th WSJ article, “When ‘Focused’ Funds Falter”, finds many prominent stock-picker funds among some of the worst performing this year. Of such funds, Fairholme Fund (-27.6% YTD through Oct 13), a subject of one of our previous blog posts, is one of the most notable – along with Bill Miller’s Legg Mason Opportunity […]

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Fairholme (FAIRX) circa 2011: Two sides of the coin

Bruce Berkowitz’s fund has gotten a lot of media attention lately. Investors point to significant financial sector exposure and investments in AIG, BofA, Citi and St. Joe stock in particular as a drag on the fund’s 2011 results. While admitting on the conference call that the fund’s performance this year was “horrible” and the health […]

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Equity Europe

Equity Europe funds’ performances range from -29.7% to 10.84% over the last 52 weeks (ending September 30, 2011), in EUR terms. On average, the best 5% of the funds outperform the market (pegged to the MSCI Europe Index) by approximately 9.67% and the worst 5% underperform by approximately 11.3%. We last analyzed this asset class […]

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Carmignac Patrimoine: Defensive Strategy Pays Off

Carmignac Patrimoine, the €24 billion flagship fund of French manager Carmignac Gestion, is back in the spotlight due to its good performance this summer. Despite the turbulence in European financial market, the fund rose 2.56% while its benchmark (50% MSCI AC World+50% Citi WGBI) lost -3.19% from June to August this year. Our cumulative return […]

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Bond Global

Bond Global funds’ performances range from -8.83% to 42.73% over the last 52 weeks (ending July 29, 2011), in EUR terms. On average, the best 5% of the funds outperform the market (pegged to the Barclays Capital Global Aggregate Bond Total Return Index) by approximately 11.60% and the worst 5% underperform by approximately 3.88%. The […]

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Bond Emerging Markets Global

Emerging Markets Global Bond funds’ performances range from -11.25% to 15% over the last 52 weeks (ending July 1, 2011), in EUR terms. On average, the best 5% of the funds outperform the market (pegged to the JP Morgan EMBI Global Diversified Index) by approximately 15.08% and the worst 5% underperform by approximately 6.26%. The […]

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USD Bonds

USA Bond funds’ performance ranges from -1.27% to 31.36% over the last 52 weeks (ending May 27, 2011), in USD terms. On average, the best 5% of the funds outperform the market (pegged to the Barclays Capital U.S. Aggregate Bond Total Return Index) by approximately 7.92% and the worst 5% underperform by approximately 5.03%. The […]

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Eurozone Bonds

Eurozone Bond [1] funds’ performance ranges from -8.11% to 3.23% over the last 52 weeks (ending April 29, 2011), in EUR terms. On average, the best 5% of the funds outperform the market (pegged to the Markit iBoxx Euro Sovereigns Eurozone Index) by approximately 2.8% and the worst 5% underperform by approximately 2.9%. During this […]

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