{"id":17915,"date":"2012-02-22T17:56:55","date_gmt":"2012-02-22T21:56:55","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17915"},"modified":"2012-02-22T17:56:55","modified_gmt":"2012-02-22T21:56:55","slug":"desperately-seeking-value","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=17915","title":{"rendered":"Desperately Seeking Value"},"content":{"rendered":"

Andrew Allentuck was kind enough to both me and Malachite Aggressive Preferred Fund<\/a> in his Financial Post article today, Desperately Seeking Value<\/a>:<\/p>\n

Some managers add value to market returns. James Hymas\u2019s Toronto-based Malachite Aggressive Preferred Fund, for example, produced a 14.8% average annual gain for the five years ended Jan. 31, 2012 vs. the 4.15% average annual gain of its benchmark, the BMO Capital Markets 50 Index.<\/p>\n

His fees, which start at 1.34% of net asset value and drop as amounts invested grow, are below average.<\/p>\n

.His style is the rigorous fundamental analysis used for fixed income assets \u2013 balance sheets, study of corporate capital structure, and a good deal of what one might call iconoclastic beliefs in the market. His territory, preferred shares, is usually ignored by other managers. But his returns show that a maverick manager who does not follow the market can perform well for clients.<\/p><\/blockquote>\n

There’s a rather good picture of me with the article:<\/p>\n

\"\"<\/a>
Click for Big<\/i>
Perfect for Sorority parties!<\/i><\/div>\n

Those who are fixated on the phrase produced a 14.8% average annual gain for the five years ended Jan. 31, 2012 vs. the 4.15% average annual gain of its benchmark<\/i> are reminded that the five year period to 2012-1-31 included the Credit Crunch, when market conditions were perfect for my investment style. While I certainly hope to continue delivering performance that earns my fee, I do not expect to see such ideal conditions ever again. See Annualized Performance to Fourth Quarter<\/a> for a good historical overview.<\/p>\n

Update<\/b>: The on-line version posted on canada.com<\/a> has the picture that was printed in the paper:<\/p>\n

\"\"<\/a>
Click for very big<\/i><\/div>\n","protected":false},"excerpt":{"rendered":"

Andrew Allentuck was kind enough to both me and Malachite Aggressive Preferred Fund in his Financial Post article today, Desperately Seeking Value: Some managers add value to market returns. James Hymas\u2019s Toronto-based Malachite Aggressive Preferred …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-17915","post","type-post","status-publish","format-standard","hentry","category-press-clippings"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17915"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17915\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}