Friday, September 08, 2006

Large Mutual Funds

One of my earlier posts displayed 20 largest mutual funds, and the 3 largest mutual fund families dominated the entire list. These 3 fund families are: American Funds, Vanguard and Fidelity. 18 funds out of the 20 largest funds by assets came from these 3 fund families.

In the list below I take a different approach. I display the 20 largest non-American funds, non-vanguard and non-fidelity funds in the descending order of their total net assets. I want to find out apart from American, Vanguard and Fidelity; which mutual fund families are fielding large funds in the marketplace. I also list the expense ratio and investment category of each fund to display in which part of the investment universe these funds invest in.

  1. Dodge & Cox Stock ( DODGX )
    Assets - $57.08 billion
    Expense Ratio - 0.43%
    Investment Category - Large Value

  2. Pimco Total Return Instl ( PTTRX )
    Assets - $ 56.17 billion
    Expense Ratio - 0.43%
    Investment Category - Intermediate term bond

  3. Franklin Income A ( FKINX )
    Assets - $ 25.20 billion
    Expense Ratio - 0.65%
    Investment Category - Conservative Allocation

  4. Dodge & Cox Balanced (DODBX )
    Assets - $ 24.68 billion
    Expense Ratio - 0.53%
    Investment Category - Moderate Allocation

  5. Templeton Growth A ( TEPLX )
    Assets - $ 23.37 billion
    Expense Ratio - 1.06%
    Investment Category - World Stock

  6. Davis NY Venture A ( NYVTX )
    Assets - $ 22.75 billion
    Expense Ratio - 0.89%
    Investment Category - Large Blend

  7. Dodge & Cox International Stock ( DODFX )
    Assets - $ 20.65 billion
    Expense Ratio - 0.70%
    Investment Category - Foreign Large Value

  8. T. Rowe. Price Equity Income ( PRFDX )
    Assets - $ 18.87 billion
    Expense Ratio - 0.71%
    Investment Category - Large Value

  9. Pimco Total Return Admin ( PtRAX )
    Assets - $ 18.78 billion
    Expense Ratio - 0.68%
    Investment Category - Intermediae-term Bond

  10. Lord Abbett Affiliated A ( LAFFX )
    Assets - $ 15.32 billion
    Expense Ratio - 0.83%
    Investment Category - Large Value

  11. T. Rowe. Price Mid-Cap Growth ( RPMGX )
    Assets - $ 14.54 billion
    Expense Ratio - 0.80%
    Investment Category - Mid-Cap Growth

  12. Templeton Foreign A ( TEMFX )
    Assets - $ 14.34 billion
    Expense Ratio - 1.15%
    Investment Category - Foreign Large Value

  13. Harbor International Instl ( HAINX )
    Assets - $ 14.07 billion
    Expense Ratio - 0.87%
    Investment Category - Foreign Large Value

  14. T. Rowe. Price Growth Stock ( PRGFX )
    Assets - $ 12.78 billion
    Expense Ratio - 0.72%
    Investment Category - Large Growth

  15. Calamos Growth A ( CVGRX )
    Assets - $ 12.52 billion
    Expense Ratio - 1.20%
    Investment Category - Mid-Cap Growth

  16. Van Kampen Comstock A ( ACSTX )
    Assets - $ 12.51 billion
    Expense Ratio - 0.80%
    Investment Category - Large Value

  17. Franklin CA Tax-Free Income A ( FKTFX )
    Assets - $ 12.44 billion
    Expense Ratio - 0.58%
    Investment Category - Municipal California Long

  18. Oppenheimer Global A ( OPPAX )
    Assets - $ 11.53 billion
    Expense Ratio - 1.12%
    Investment Category - World Stock

  19. Putnam Fund for Growth and Income A ( PGRWX )
    Assets - $ 11.52 billion
    Expense Ratio - 0.89%
    Investment Category - Large Value

  20. Franklin Income C ( FCISX )
    Assets - $ 11.41 billion
    Expense Ratio - 1.15%
    Investment Category - Conservative Allocation

The numbers are retrieved from the sources (believed to be reliable) such as Yahoo! Finance and MSN Moneycentral. This is not a recommendation to buy or sell any of these funds.

All disclaimers apply.


Larry Nusbaum said...

My Asset Allocated Fund Portfolios
PORTFOLIO #1: (long only OEF account @ Fidelity)

16% PPIAX Short Duration Bonds -5 Stars
10% KDHAX Dreman Large-V--- 4 Stars
11% RSPFX RS Partners Small-B- 5 Stars
05% GCS : DWS Global Commodities Fund
10% FLEPX Flag Large-B ------- 4 Stars
11% SGDAX Gold & PM Mid G--- 4 Stars
10% FCNTX Contrafund Large G- 5 Stars
12% KGDAX Global Opp Mid G- 4 Stars
14% PRPFX Permanent Port. L-B- 5 Stars

PORTFOLIO #2: (long-short account @ Schwab)
Current short position : RSP. Recently covered SMH short

10% PTTDX PIMCO Total Return -- 5 Stars
05% GCS DWS Global Commodities Fund
08% PRPFX Permanent Port. L-B -- 5 Stars
06% ARTKX Artisan Int. Value --- 4 Stars
05% VLEOX Value Line Small-G -- 5 Stars
10% ACGJX Growth & Income L-V-3 Stars
10% ACEQX Equity & Income L-B - 4 Stars
10% ACSWX Comstock Large-V -- 3 Stars
07% CGMFX CGM Focus Mid-B --- 5 Stars
07% LDF Latin America Disc. L -B - 5 Stars
06% GOLDX Gold shares Mid-G - - 3 Stars
05% EWA Australia Index Mid-B - N/R
05% GGT Gabelli Global Multimedia - N/R
06% FAX Aberdeen Asia Pacific Fund - 3 stars

Larry Nusbaum said...

Some of the best large funds:
1) Vanguard Total Stock Market Index (VTSMX)
If you want to have a portion of your portfolio in the stock market, buying this total index fund can be a smart way to implement your strategy. The cost is minimal, and you'll never under perform the market (other than by the small cost of the fund, taxes, or transaction costs, if any). Of course, if the market doesn't do well, neither will you. For those of you looking to shave off a little more cost, try Vanguard Total Stock Market VIPERs (VTI) , an exchange-traded fund that tracks the same stocks as the Total Stock Market Index Fund.
2) T. Rowe Price Personal Strategy Balanced (TRPBX)
Another good way to start building your portfolio is with a balanced fund. This fund is split about 65% stocks, 35% cash and bonds. It has consistently beaten its category benchmark for the past five years. When you buy this fund, you're buying lower volatility at a reasonable cost. For as little as $1,000 in an IRA account ($2,500 in a regular taxable account), you'll have instant diversification.
3) T. Rowe Price Capital Appreciation (PRWCX)
What impressed me about this fund was its ability to keep its head above water during the market meltdown of 2000-2002. There was a manager change in August 2001, but the fund has done quite well since then. This offering may hold different types of asset classes. For example, it's not unusual for it to hold some gold stocks and convertible bonds.
4) American Funds Growth Fund of America (AGTHX) or (GFAFX)
I've always admired the American Funds family, and when I discovered you can buy these funds with no load ("F" class shares through an approved advisor), I liked them even more. Growth Fund of America gives you good exposure to the large-cap growth style of investing.
5) Vanguard Intermediate-Term Bond Index (VBIIX)
Interest rates have been slowly coming up. If that pattern continues, you may want to buy an intermediate-bond fund to capture more of the upside of higher yields (shorter duration funds may offer more interest rate protection, but you won't get as much upside in higher yields). The Vanguard family offers outstanding bond funds at very low costs.
6) Dodge & Cox International Stock (DODFX).
In building a core portfolio, you should hold at least a portion in an international fund. This one provides broad exposure to multiple foreign markets and keeps costs under control. A weaker dollar may also be a "plus" for investing overseas.
Diversifying Funds
Once you have a solid core in place, you can add some exposure to other types of asset classes or market strategies that may give your overall portfolio broader diversification. These funds should be strong in their own right, but more importantly, they should offer something different than the core funds do to deserve a spot in your portfolio.
1) PIMCO All Asset (PASDX)
If you're looking for a balanced fund with a twist, check out PIMCO All Asset (the "D" share class is no-load if you're working with a fee-only advisor). The twist is that the fund tries to beat inflation by at least 5% using investments such as TIPS (Treasury Inflation-Protected Securities), real estate, and/or commodities. In some ways, this fund acts like a hedge fund without leverage and without the excess cost.
2) PIMCO Commodity Real Return (PCRAX) or (PCRDX)
This fund offers another way of adding diversification to your overall portfolio by including broad-based exposure to the commodities market. The manager uses leverage to gain exposure to the Dow Jones-AIG Commodity Index while using TIPS as collateral for the derivatives. It's not for everyone, but it does offer diversification possibilities. (My preference is for the "D" class shares, which are no-load.)

3) Third Avenue Real Estate Value (TAREX)
Third Avenue has one of the best funds in the real estate category. If you're trying to generate income, this fund can help there, too. It doesn't have the high-flying returns of CGM Realty Fund (CGMRX) , but it actually works better as a diversifying addition to your portfolio.
4) Vanguard Inflation-Protected Securities (VIPSX)
TIPS are no longer a secret. Lots of industry insiders are choosing to put a significant portion of their portfolios into these securities (in fact, for some people this could be a core holding). You can buy individual TIPS, exchange-traded TIPS (ticker (TIP) ), or a fund such as Vanguard Inflation-Protected Securities. Because TIPS have a portion of their total return tied to inflation rates, they make a terrific diversification vehicle should we run into higher inflation going forward. Even in the absence of much inflation, these bonds have proved to be beneficial.
5) Dimensional International Small Cap Value (DISVX)
If you've followed the research of Fama/French, you'll know that the benefits of small-value-style stocks extend into the international arena, too. This Dimensional Fund Advisor offering captures that portion of the market. DFA funds are available only to individuals working with approved advisors. Other retail funds that are similar include Oakmark International Small Cap (OAKEX) (currently closed to new investors) and Artisan International Value (ARTKX) . The latter has a short record, however.
6) T. Rowe Price International Bond (RPIBX)
Branching out into foreign bonds is another possible diversification strategy. This fund has a relatively low average duration of 4.54 years and an average credit rating of AA. It is not hedged, so it takes on currency risk (should be an advantage with a weak dollar). It is more volatile, however, so make sure you understand the risks before you buy. For those of you who have access to DFA funds, DFA Five-Year Global Fixed-Income (DFGBX) is another possibility in this arena."

Anonymous said...

Stars are garbage - follow managers and only managers. If a manger moves, then you should go with him/her.

I saw a posting here once, on necessary parameters for screening. I would add one more - a minimum time-of-employment for the lead manager... I leave it as an exercise for the reader to determine the minimum time-of-employment. :)

Anonymous said...

I've now got an 8.25 % position in PRPFX, and I can live with that. May slip in a bit more soon.

Big Steve