Search Results
Results 401–450
of 769 found.
A Game-Theoretic Framework for Managing Macro Risk
by Robert Huebscher,
The William Blair Macro Allocation Fund (WMCNX) seeks to capitalize on global opportunities through active management across asset classes, geographies, currencies and risk themes. Since inception, the fund has had an annual return of 5.41%, which is 115 basis points ahead of its benchmark. Its management team uses game theory to understand and assess geopolitical risks and how they will impact portfolio performance.
A Top-Performing Non-U.S. Core/Blend Fund
by Robert Huebscher,
The ASTON/Pictet International Fund (APCTX) builds a diversified portfolio of companies based outside of the U.S. through bottom-up fundamental analysis. As of June 30, the fund’s annualized return was 167 basis points ahead of its benchmark, the MSCI EAFE index, and 112 basis points ahead of its peer-group average. I spoke with Benjamin Beneche, a co-portfolio manager of the fund since its inception, on September 1.
Gundlach: A “Big, Big Moment” for the Bond Market
by Robert Huebscher,
The bond market is “sniffing out” an unfriendly change in the direction of interest rates, according to Jeffrey Gundlach. Rates are going up, he said, and investors should position their portfolios defensively for a long-term secular rise in rates.
A Value Fund with an Outstanding 10-Year Track Record
by Robert Huebscher,
Over the last 10 years, the Intrepid Capital Fund (ICMBX) has returned 7.59%, which is 172 basis points ahead of its benchmark and 221 basis points ahead of its Morningstar peer-group average, placing it in the top 3rd percentile of that peer group. It has also outperformed the S&P 500 and Russell 2000 over that time period. I spoke to Mark Travis, its manager, on August 30.
A 40-Year Veteran on Today’s Unique Bond Market Challenges
by Robert Huebscher,
Roger Early is a 40-year veteran of the bond market and executive director and head of fixed income investments at Delaware Management. He is executive vice president and co-chief investment officer of Delaware’s total-return fixed income strategy. I spoke with him last week about the dynamics of the fixed-income market.
Evermore Global Advisors: Alpha through Corporate Catalysts
by Robert Huebscher,
The Evermore Global Value Fund (EVGIX) has a five-year annualized return of 8.14%, versus 4.62% for its benchmark, the MSCI All Country World ex-US index (ACWI ex-US). I spoke with David Marcus, the founder of the firm, on August 12.
Lessons from a Ponzi Scheme
by Robert Huebscher,
New Ponzi schemes are uncovered approximately once a week. Rarely, however, are the victims’ details known. That’s what is remarkable about the Wincapita Ponzi scheme, where academics have been able to study the demographic data from over 53,000 pages of police investigation documents.
A Top Performing Global Long-Short Fund
by Robert Huebscher,
The Calamos Phineus Long/Short Fund (CPLSX) seeks strong risk-adjusted and absolute returns across the global equity universe. It has outperformed its S&P 500 benchmark by over 300 basis points annually over the last decade. I spoke with Michael Grant, its manager.
A Solutions-Oriented Fund Family
by Robert Huebscher,
As executive vice president and head of Northern Trust’s funds and managed accounts business, Shundrawn Thomas oversees the development, management and distribution of Northern Funds, Northern Institutional Funds, FlexShares Exchange Traded Funds and its proprietary managed account solutions. I spoke with Shundrawn on July 22.
Inside the GoodHaven Fund, a Top-Performing Value Fund in 2016
by Robert Huebscher,
The GoodHaven Fund (GOODX) is managed by Larry Pitkowsky and Keith Trauner of GoodHaven Capital Management, LLC. As of July 13, the fund had returned 12.75% year-to-date, as compared to 3.84% for the S&P 500, placing it in the top 2nd percentile of its Morningstar peer group.
How Fidelity is Positioning Its Index Fund Offerings
by Robert Huebscher,
Two recent announcements from Fidelity Investments, well-known for its actively managed mutual funds, show that it intends to strengthen its competitive positioning and grow its market share in the index fund business. I spoke with Colby Penzone, the senior vice president for Fidelity’s Investment Products Group, about those announcements.
A Top-Performing Multi-Asset ESG Income Fund
by Robert Huebscher,
Martin Wildy is portfolio manager of the Eventide Multi-Asset Income Fund. Martin has more than 10 years of experience as a portfolio manager and analyst, building sustainable portfolios of companies in the tech, banking, real estate, and other sectors. His fund actively invests in green bonds, “yieldcos” and MLPs. I spoke with Martin on June 24.
A Low-Cost Tactically Managed ETF Solution
by Robert Huebscher,
Sage Advisory Services was founded in 1996 by Robert G. Smith, III and Mark C. MacQueen with a simple mission: to better meet the unique investment management needs of institutions and individuals through industry-leading analytical services, innovative investment solutions and an unwavering focus on risk management. I spoke with Bob Smith about Sage’s strategies and how they are helping advisors achieve their clients’ investment objectives.
How USAA Funds is Serving Advisors
by Robert Huebscher,
USAA Investments manages over $68 billion in assets. I spoke with Karyn Bostick, director of third-party distribution, and Regina Shafer, portfolio manager of the five-star and bronze-rated USAA Tax-Exempt Intermediate-Term Bond Fund (USATX), at this year’s Morningstar conference in Chicago.
Gundlach – Trump Will Be an Economic Success
by Robert Huebscher,
Not only will Donald Trump win the November election, but his victory will propel U.S. economic growth higher, according to Jeffrey Gundlach. Trump will fuel a debt-driven increase in government spending, which Gundlach said will push GDP growth to levels reminiscent of the Ronald Reagan era.
The Strategy behind a Five-Star Market-Neutral Fund
by Robert Huebscher,
Jonathan Angrist is president and chief investment officer of Cognios Capital and lead manager of the Cognios Market Neutral Large Cap Fund (COGIX). That fund recently earned a five-star rating by Morningstar and is in the top 5th percentile of its peer group for the prior three years. In this interview, Jonathan discusses the strategy behind the fund.
A New Strategy for Downside Protection or Yield Enhancement
by Robert Huebscher,
Vest Financial Group Inc. was cofounded in 2012 by Jeff Chang. In this interview, Chang discusses Vest’s dedication to serving investment advisor and brokerage firms in bringing wider access to innovative options-based strategies.
An Options-Enhanced Value Strategy
by Robert Huebscher,
Brian Yacktman is the son of the legendary investor, Don Yacktman, and the chief investment officer, portfolio manager and a principal of YCG Investments. In this interview, he discusses how he has melded a traditional value-oriented approach with the use of options to deliver risk-adjusted outperformance for his investors. Please visit YCG Investments at booth 123 at Schwab IMPACT.
A Distinctive Risk-Managed Equity Strategy
by Robert Huebscher,
Jerry Miccolis is the chief investment officer of Giralda Advisors LLC and the lead portfolio manager of The Giralda Fund (GDAMX) and Giralda Risk-Managed Growth Fund (GRGIX). He maintains a focus on applying innovative risk management techniques with a goal of delivering long-term capital appreciation to investors while also protecting against the effects of adverse market conditions. I spoke with him last week.
Gundlach: Trump Will Win
by Robert Huebscher,
Donald Trump will be our next president, according to Jeffrey Gundlach, because Hillary Clinton is such an ineffective campaigner. Gundlach did not endorse Trump or say whether he would vote for him. But he said a Trump victory is inevitable – and offered some insight into how markets will react.
Stephanie Kelton: National Debt – Washington’s Wall Against Progress
by Robert Huebscher,
The much-ridiculed plan to build a wall on the Mexican border has dominated the political discourse since Donald Trump proposed it last June. But, according to Stephanie Kelton, we already have a wall and it is very tall and nearly insurmountable. It is the national debt.
What Capital Cycles Mean for Investment Performance
by Robert Huebscher,
Study an industry and you will observe that it follows a prescribed capital cycle. As prices rise, firms invest to expand production capacity; inevitably, overcapacity results and drives prices down. Investors understand the capital cycle, according to Edward Chancellor, but don’t always heed it. If they did, they would have averted market crashes, such as those following the dot-com and real-estate bubbles.
Bruce Greenwald: The Crisis Bigger than Global Warming
by Robert Huebscher,
Manufacturing is dying on a global basis, according to Bruce Greenwald, and its collapse will mean the demise of economies – like China – that are highly dependent on exported goods. Contrary to what Robert Gordon and others have contended, productivity is growing in the manufacturing sector – roughly twice as fast as the demand for those products. If third-world countries don’t adjust their economies to reflect this reality, Greenwald said it would be a “crisis greater than global warming.”
The Newest Threat to Robo Advisors
by Robert Huebscher,
Today’s financial planning tools, including the new generation of “robo” advisors, have profound shortcomings, according to Dan diBartolomeo. DiBartolomeo says that the technology most advisors use suffers from serious problems – from prescribing a costly regimen of ongoing portfolio rebalancing to failing to incorporate a holistic balance sheet of assets and liabilities – and these problems are unwittingly depleting their clients’ assets.
Gundlach’s Bond Market Outlook (and a Warning for Junk Bonds)
by Robert Huebscher,
The first third of 2016 has been good for bond investors, but don’t expect that performance to continue for the remainder of the year, according to Jeffrey Gundlach. It has left many sectors of the bond market overvalued. In particular, junk bond investors should be wary of pending defaults and lower recovery rates.
A Value Fund with a Long-Term Success Record
by Robert Huebscher,
Tim Hartch has been a co-manager of the BBH Global Core Select fund (BBGRX) since inception and has also co-managed the BBH Core Select fund (BBTEX) since October 2005. I spoke with Tim about his management philosophy and how he has been able to outperform his benchmark over a long time period.
Gundlach’s Warning for “Risk Assets”
by Robert Huebscher,
So-called “risk assets” – securities, like equities, that offer the greatest opportunity for returns but the highest exposure to risk – are priced at levels that are eminently unattractive, according to Jeffrey Gundlach. Indeed, he said that investors in risk assets should expect returns of only 2% versus potential losses of 20% – an ominous 10-to-1 tradeoff.
A Strategy that has Successfully Hedged Equity Exposure
by Robert Huebscher,
Randy Swan is president and CEO of Swan Global Investments and its portfolio manager. Since its inception in 1997 through February 29, 2016, the return for his strategy has been 8.38%, versus 6.23% for the S&P 500, and 6.26% for a balanced index of 60% S&P 500 and 40% Barclays US Aggregate Bond.
Bob Doll on His 2016 Predictions
by Robert Huebscher,
Bob Doll is a senior portfolio manager and chief equity strategist at Nuveen Asset Management, and prior to that held similar roles at Blackrock, Merrill Lynch Investment Managers and Oppenheimer Funds, Inc. We spoke with Bob to get an update on his 2016 predictions for the financial markets.
Thornburg Investment Management: Our Unique Investment Approach
by Robert Huebscher,
Thornburg Investment Management’s first equity fund, the Thornburg Value Fund, has returned 6.80% since its inception in 1995, versus 5.23% for the S&P 500. On February 8, I spoke with Bill Fries, who is in the process of transitioning to senior advisor this year, Connor Browne, the manager of the Value Fund and who was mentored by Bill when he managed that fund and Jason Brady, president, CEO and the head of global fixed income.
The Danger in Emerging Market Debt
by Robert Huebscher,
Most observers saw the recent troubles in the high-yield markets – the gating of the Third Avenue and Stone Lion funds – as a precursor to a junk-bond crisis. Instead, investors should be focusing on a potentially bigger problem, according to Russell Napier. Open-end mutual funds holding emerging-market debt are at risk.
James Montier on Fed-Induced Bubbles, Market Valuations, Smart Beta and Liquid Alts
by Robert Huebscher,
James Montier is a member of Grantham Mayo van Otterloo’s (GMO’s) asset allocation team. In this interview, he discusses the effect of monetary policy on market valuations, and offers his opinion on smart-beta and liquid-alt investment products.
The First Eagle Portfolio Management Team on the Trends Driving Global Opportunities
by Robert Huebscher,
First Eagle’s Global Fund (SGENX) is its flagship fund, with over $45 billion in assets. Since inception (1/1/79), it has returned 13.35% annually, versus 9.50% for the MSCI world index. Over the last 15 years, it has been in the top 2% of its peer group. I recently spoke with its managers about the global trends driving opportunities for their fund.
Albert Edwards – Dollar Appreciation and a Global Recession
by Robert Huebscher,
As the equity markets have suffered their worst performance ever to start a year, we’ve heard the familiar refrain from the chorus of sell-side analysts: Don’t panic, the economy is fine and the markets will recover. Among the few who are warning that things could get worse – indeed, much worse – is Albert Edwards.
Gundlach’s Forecast for 2016
by Robert Huebscher,
Jeffrey Gundlach is a prescient and accurate forecaster. Last week, as he does each January, he offered his market outlook. But unlike prior years, when Gundlach typically offered high-conviction investment ideas, this year he said he would let market movements over the near-term dictate his outlook.
Krugman’s Billionaire Derangement Syndrome
by Robert Huebscher,
The New Year can be a time for taking positive, productive steps to improve one’s life and those of others. But not for Paul Krugman. He used his January 1 column in the New York Times to chastise the super-rich as narcissistic egomaniacs who use their wealth to manipulate the political process for their own purposes.
Gundlach – The Scariest Indicator in the World
by Robert Huebscher,
Those Federal Reserve governors who intend to vote for an increase in rates at their December meeting need to take a close look at some of the charts Jeffrey Gundlach presented on Tuesday. One chart – which Gundlach called his “scariest” – carried a particularly ominous signal for the global economy.
Robert Merton on the Promise of Reverse Mortgages and the Peril of Target-Date Funds
by Robert Huebscher,
Target-date funds are an exceptionally bad way to save for retirement, according to Robert Merton. But, he said, reverse mortgages are a powerful – yet largely untapped – tool for retirees to improve their standard of living.
Why Inflation Is Lower Than You Think
by Robert Huebscher,
Financial pundits routinely claim that inflation is much higher than the reported statistics. We hear, for example, that food prices have risen much faster than the roughly 1.5% increase in the CPI over the past several years. Viewed over the longer term, however, inflation is far lower than reflected in the published data.
Dan Fuss: Rates Will Rise (and so will taxes)
by Robert Huebscher,
If there truly were a “bond king,” it would not be Bill Gross or Jeffrey Gundlach. It would be Dan Fuss, whose tenure in the fixed-income markets has spanned more than half a century. In a talk last week, Fuss warned investors to expect higher interest rates along with higher taxes.
Results 401–450
of 769 found.
