While most long-only equity funds have struggled in the past decade, Donald Yacktman’s two funds have returned 12.4% and 12.9% per year, respectively. And in a recent interview with The Wall Street Transcript (click here for a PDF) Yacktman and his two co-managers discussed how they’ve been able to do so well during such a [...]
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How to Avoid “Closet Indexers”
December 20, 2010
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While most mutual fund investors turn to funds that they hope will beat the broader market, a new study shows that a big portion of mutual fund managers are “closet indexers” — that is, they do little to distinguish their funds from passive index funds. The study, performed by Antti Petajisto, visiting assistant finance professor [...]
Read moreTop Manager Looks for Graham-Like Stocks
September 20, 2010
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John D. Spears’ Tweedy Browne Global Value fund is in the top 1% of funds in its class based on 15-year returns, according to Morningstar, and Barron’s recently offered a look into just how Spears manages this top-performing fund. According to Barron’s, Spears and his partners at Tweedy Browne “try to find what [Benjamin] Graham [...]
Read moreAfter 20 Years of Beating Market, Danoff Talks Strategy
September 17, 2010
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The Boston Globe has a feature today about Fidelity Contrafund manager William Danoff, who has compiled one of the best long-term track records in history and today reaches the 20-year mark of heading the fund. Since he took over, Danoff’s fund has generated average annual returns of 12.2% — nearly 4 percentage points better than [...]
Read moreIs High Turnover a Bad Thing? That Depends
February 15, 2010
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Turnover is one of the more looked-at statistics for money managers. But what are the implications of turnover rate on a portfolio? A new study funded by not-for-profit Investor Research Responsibility Center Institute (IRRC) digs into that topic, finding that many managers trade more frequently than they think — and often to their detriment. The [...]
Read moreThe Lost Decade? Maybe Not
December 28, 2009
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The general consensus in the media has been that the 2000s was a “lost decade” for stocks, with major indices like the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all in the red since Jan. 1, 2000. But in an interesting piece for CBS Money Watch, Allan Roth says the reality wasn’t as [...]
Read moreAre Concentrated Funds More Volatile? Maybe Not
October 7, 2009
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How many stocks is enough for your portfolio? We examined that question a little while back, and now new evidence supports the idea that “enough” might be a lower number than most people think. The data comes from Morningstar Inc., which was recently asked by The Wall Street Journal to look into the issue of [...]
Read moreTop Manager: Focus on High-Quality Stocks, Repeatable Strategy
September 1, 2009
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Donald Yacktman, whose was Yacktman and Yacktman Focused funds are both in the top 1% of their category for the past one, three, five, and ten years according to Morningstar, says he thinks high-quality stocks are now offering more value than the lower-quality picks that have surged during the rally. Yacktman, a bottom-up stock-picker whose [...]
Read moreSwensen on Why Individual Investors Will Always Be at a Disadvantage
July 30, 2009
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WealthTrack has released some previously unaired parts of Consuelo Mack’s May interview with Yale Chief Investment Officer David Swensen. In the clip below, Swensen discusses a variety of topics, including why he thinks some corporate bonds are a good bet for professional investors but not a good bet for individuals; why individuals will always have [...]
Read moreBear Market Winners: A Good Long-Term Bet?
June 16, 2009
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Given the major trauma the events of 2008 and early 2009 had on investors, it might seem hard to blame someone for latching onto the advice of the relatively few strategists who have fared well — or at least not that badly — during the bear market. But according to newsletter-tracker Mark Hulbert, doing so [...]
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