I'm very glad to see it close. We've been cautioning investors not to expect as much from it because its asset base has significantly limited its flexibility. At a certain level, it's going to lose its ability to distinguish itself from an index fund.
Some funds shift their assets heavily, but it's really hard to blunt the blow of volatility. Negative returns in the double digits are not uncommon.
It's a good, solid core fund and has a good, long track record, so all of that provides an extra measure of comfort, and it's reasonably priced. Given the pleasing results there, we wouldn't be surprised if the newer offerings are attractive as well.
I think Tubby would be wise to hire Kyle for one very, very big project: Free throw shooting!!!!!!!!!!!!!!!!!!!!!!!!!!!
It's to promote the beauty and power of math. It is beautiful and powerful and how it shouldn't be a scary thing.
He tends to own more foreign stocks than his competitors. That may be part of the explanation behind the above-average performance.
It's not an auspicious time to roll out a small-cap fund, so investors should keep their expectations in check since small-caps may be in for a breather.
We hate to see any new fund rolled out right when a sector is red hot. That just attracts performance chasers, and performance chasing is a very dangerous game to play.
If a manager's being inundated with cash, it can make his job difficult. This is an attempt to let things cool off. Once they do, I'd look for this one to reopen.
I don't think the conflicts completely disappear but the transaction certainly helps alleviate some of that.
