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Bond OEF Funds for Longer Term Investors

I am offering this Bond OEF Thread, as a place for posters who are not frequent traders, who typically select Bond OEFs, with the intention of holding them for at least year or longer. The Bond OEFs could be used as "ballast" selections, to counter more risky equity investments or risky bond fund selections.  The Bond OEFs could be used as "income" options for retirement or non-retirement purposes, or they may be used in buy and hold portfolios, focused on total return or related objectives.  

In my personal portfolio, I  focus on bond oefs, that help me meet my personal retirement objectives.  I personally do not harvest dividends from these funds, although that was once one of my retirement objectives.  I focus on very low risk (by my personal definition) bond oefs, not with the intention of excelling in short term total return performance results, but with the intention of having solid bond oefs that help preserve the principal in my portfolio, and produce sufficient Total Return to cover my annual RMD withdrawal.

So, with that said, I hope to hear from other Bond OEF investors, who have longer term objectives when they select, or consider selecting, Bond OEFs for their personal portfolios.  It is my hope that this forum thread is a relatively "safe" area to discuss longer term Bond OEF investments, without being criticized for whatever longer term investment choices you make.

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Re: Bond OEF Funds for Longer Term Investors

 

Best wishes with this thread.

As a clarification, are bond index funds/ETFs, to be considered, discussed or addressed in this thread??

R48

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Re: Bond OEF Funds for Longer Term Investors


@retiredat48 wrote:

 

Best wishes with this thread.

As a clarification, are bond index funds/ETFs, to be considered, discussed or addressed in this thread??

R48


It was not my intention to discuss ETFs or CEFs as part of this thread.  It is for OEF Bond fund selections.  Bond oefs that mimic indexes are appropriate for posting on this thread, as long as they are intended as longer term (at least a year) investments.  I don't intend to interfere with posters who periodically mention their ETF or CEF investments, but that is not the primary focus of this thread.  

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Re: Bond OEF Funds for Longer Term Investors [Bond OEFs with ETF Classes/Cousins]

Posters should be aware that there are several OEFs with ETF classes [Vanguard has patent on these] or close ETF cousins. These include passive as well as active bond ETFs. The ETFs now are commission-free at many brokerages but the access to OEFs may be limited. This is not a complete list but just a sample:

Short-term

  VSCSX/VCSH [passive]

  PSHAX/MINT [active]

  FJRLX/FLTB [active]

Intermediate Core

  VBILX/BIV [passive]

  VBTLX/BND [passive]

Intermediate Core-Plus [Multi-Lite]

  DLTNX/TOTL [active]

  FTBFX/FBND [active]

  PTTAX/BOND [active]

YBB
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Explorer ○

Re: Bond OEF Funds for Longer Term Investors

Thanks, dt, for restarting the thread. Just for information and not for discussion, I recently ran a screen at my brokerage for actively managed bond ETF's. To my amazement, 136 funds came up as available to purchase. I had no idea there were that many out there.

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Re: Bond OEF Funds for Longer Term Investors


@RickatMirage wrote:

Thanks, dt, for restarting the thread. Just for information and not for discussion, I recently ran a screen at my brokerage for actively managed bond ETF's. To my amazement, 136 funds came up as available to purchase. I had no idea there were that many out there.


No doubt they are becoming more plentiful and attractive.  I have nothing against them, but they are just not an investment vehicle I use or feel any confidence in discussing.  I believe there is an investment forum exclusively for this fund class.


 

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Re: Bond OEF Funds for Longer Term Investors

I have never had any interest buying Vanguard OEFs partly because I am with Schwab and they are TF purchases. However with equivalent ETFs it makes it possible if I wanted. I do that on the equity part of my AA. 

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Re: Bond OEF Funds for Longer Term Investors

I look forward to reading this thread as it evolves.

Thank you, dtconroe.

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Re: Bond OEF Funds for Longer Term Investors

What has struck me recently is every bond fund I've researched has about the same total return over the past 5 years, Ultra Short is an exception, but Unconstrained, Core, Core Plus, Floating Rate are all in the 3.5 to 4% range. I recently tested how the bond portion of VG Target Retirement Income, if it was a stand alone bond fund performed, again, about a 3.5% annualized return from the start date of the newest component. Even my collection of Series EE and I Savings Bonds have returned about 3.5% annualized over the past 5 years.

Of course, this isn't a exhaustive study, maybe all coincidence, but it's leading me to believe not to sweat this stuff too much, and to stick with PUTIX as my core bond OEF, which at 3.8% over 5 yrs. is near the top of the range.

 

 

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Re: Bond OEF Funds for Longer Term Investors

I'll continue to check in on the "slightly different" thread as it goes along, but yeah, this is a good idea, sort of a reset and start over.  

@DJANG0  On the "slightly different" thread last night, norbertc had responded to a post by arriba (which I had not previously read), and arriba basically put out the idea of putting together several actively managed multisector bond funds, and just holding them all, and in the aggregate you should get a decent return.  I'm probably not explaining it just right, but you get the idea.  

A simple idea, but sometimes the best ones are.  It has certainly struck a chord with me.  I'm on the Schwab platform, and have two bond funds, PONAX and FIJEX.  I like both of them, and intend on holding them for the long term.  I'm going to look at adding a handful of other bond funds and then just sit back and let the mixture simmer.  One of the things I like about Schwab is that you can get into a lot of funds for $100, which is very helpful for a small investor like myself.  

As with any investment, long term for me doesn't mean hold forever regardless, but it will take something significant, or a series of missteps, before I bail out of a fund.  

@dtconroe  Thanks for starting this thread.

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Re: Bond OEF Funds for Longer Term Investors

mlott: "I'll continue to check in on the "slightly different" thread as it goes along, but yeah, this is a good idea, sort of a reset and start over."

Yep, I suspect I will occasionally post on the Slightly Different OEF Bond Thread, but what concerned me was that several long time posters, who were active on the Slightly Different OEF Bond Thread, appear to have become disillusioned with that thread.  I hope they might see this new thread, as a another chance to discuss bond oefs, maybe without as much criticism as was the case recently.  There are about as many unique investing styles, as there are posters, so hopefully those who are not looking to trade in and out of funds every few months, will have a thread to more appropriately discuss what they are doing. 

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Re: Bond OEF Funds for Longer Term Investors

In the spirit of this new thread, I will discuss a few investing changes, that I have been implementing, that supports a longer term investing philosophy.  In previous years, I subscribed to a total portfolio of 4 or 5 funds, with some being 30 to 40% of my portfolio, but none less than 10% of my total portfolio.  I found myself having to trade more than I was comfortable with, and that was exacerbated by the very poor performance by some of them.  I found myself being uncomfortable with that arrangement, and I started moving toward a different investment arrangement.  In 2019, I started reducing the total portfolio percentages in funds I was selecting, and I started increasing the number of funds I held in my total portfolio.  As of today, I hold 10 Bond OEFs (not counting OEF Money Market funds), that have at least 5% in them, and many with around 10% in them.  I am not choosing necessarily the hot 2019 performers, that have 10% or more YTD total return, but instead choosing more steady and consistent performers that are unlikely to have significant downturns/pull backs.  All of the 10 Bond OEFs I hold, are relatively low risk, low volatility, with good performance histories.  Each fund is fulfilling a particular role in my portfolio, that has value to me and my overall portfolio.  I have 2 parts of my overall portfolio--1 part for my Taxable account and 1 part for my IRA Account, and each part of my portfolio has about the same number of funds in them.  I use my Taxable Account for the safer OEF Bonds I hold, and I use my IRA Account for higher Total Return funds with a bit more risk and volatility.  My most recent fund purchases were DHEAX in my Taxable Account and PIMIX in my IRA account.  

I am certainly not recommending how any other poster invests, how many funds they should hold, what percentages they should have in their holdings.  I am simply acknowledging how I am investing for anyone interested in this thread.

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Re: Bond OEF Funds for Longer Term Investors


@mlott1 wrote:

I'll continue to check in on the "slightly different" thread as it goes along, but yeah, this is a good idea, sort of a reset and start over.  

@DJANG0  On the "slightly different" thread last night, norbertc had responded to a post by arriba (which I had not previously read), and arriba basically put out the idea of putting together several actively managed multisector bond funds, and just holding them all, and in the aggregate you should get a decent return.  I'm probably not explaining it just right, but you get the idea.  

A simple idea, but sometimes the best ones are.  It has certainly struck a chord with me.  I'm on the Schwab platform, and have two bond funds, PONAX and FIJEX.  I like both of them, and intend on holding them for the long term.  I'm going to look at adding a handful of other bond funds and then just sit back and let the mixture simmer.  One of the things I like about Schwab is that you can get into a lot of funds for $100, which is very helpful for a small investor like myself.  

As with any investment, long term for me doesn't mean hold forever regardless, but it will take something significant, or a series of missteps, before I bail out of a fund.  

@dtconroe  Thanks for starting this thread.


mlott,

Here's that post of mine that you referenced in case you or anyone else who may have missed it are interested.

BTW, as brief background...

I'm a TR investor far more interested in stocks than bonds.  I believe stocks, CEFs and other investments are where the real money is made, and regard bonds as a necessary portfolio evil component to dampen risk to my acceptable level.

I've been pretty successfully using this strategy for my bond AA since buying my first dedicated bond fund about 10 years ago, at the time I finally reduced my stock allocation to its current level from a lifetime of 95/0/5 (stocks/bonds/cash).

arriba

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Re: PIMIX Income Fund Update: Taking a Patient Approach as Growth Slows

@Sheryldell wrote:

@arriba,

Following your line of investment/thinking(less) on OEFs, which bond OEFs would you suggest for the investor who wishes to make decisions without analysis paralysis and micro analysis.

As much as I enjoy reading the detailed posts herein, I am sure I will never understand securitized bonds as you suggested.         (I would however read aubergine's post if someone finds it.)

I too like Tom Lee ; I see him on cnbc , not as often lately. He has helped me climb the "wall of worry" with the market.

Your comments on my above request will be well appreciated. TIA

On your question of which bond OEFs I'd suggest...

I guess it's reasonable that I suggest the types of and actual funds I've selected but WARN that these are the types/funds that fit MY investment strategy and risk tolerance, yours may be materially different.

Stock/bond allocation funds: 

I get about 50% of my bond exposure from stock/bond allocation funds.  High on my list of these are the ones I currently own and have owned for quite a while:  PRWCX, FBALX, JABAX, BALFX, VBIAX and VWIAX.  I also like VWENX, VEIPX and TAIFX. 

While most of my research on allocation funds relates to their respective stock %'s and stock category holdings, I do pay attention to their bond holdings as well, especially high bond alloc funds VWIAX and TAIFX.

If you can get the level of bond exposure you desire from allocation funds, this is arguably the easiest way to use a "set-and-forget" strategy for bonds.  I can't, given that I also hold some dedicated stock funds, so I also own dedicated bond funds.   

Dedicated bond OEFs: 

Munis:  I usually always have a small cluster of munis in my taxable a/c that represent about 10% of my total bond holdings.  I like and currently own munis GHYAX and NHMAX, and muni core DRTAX and NMBAX.  I also like ORNAX and a slug of others.

Multi-sector and non-traditional bond funds:  About 40% of my bond allocation is in these current faves:  PIMIX, PTIAX, JMUTX/JMUIX, VCFAX/VCFIX, JGIAX/JMSIX, ISIAX/ISIIX, SEMPX/SEMMX.

A group of MS bond funds is arguably the easiest way to use a "set-and-forget" strategy for bonds.  Select a few of the best, let their PM's do all of the research and rebalancing, hold them for full cycles, and simply enjoy their weighted-average TRs while spending real time where the real money is made.   

Spec play/holding tank dedicated bond OEFs:  I like WHOSX for LT Gov't bonds (sold it a little while ago), WAPIX for Int Core (still spec'ing on it but sold off 1/2 a little while ago) and THOPX for ST (likely parking some cash here in the coming weeks).

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Re: Bond OEF Funds for Longer Term Investors


@dtconroe wrote:

...

I am certainly not recommending how any other poster invests, how many funds they should hold, what percentages they should have in their holdings.  I am simply acknowledging how I am investing for anyone interested in this thread.


Likewise for me.

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Re: Bond OEF Funds for Longer Term Investors


@arriba wrote:


mlott,

Here's that post of mine that you referenced in case you or anyone else who may have missed it are interested.

BTW, as brief background...

I'm a TR investor far more interested in stocks than bonds.  I believe stocks, CEFs and other investments are where the real money is made, and regard bonds as a necessary portfolio evil component to dampen risk to my acceptable level.

I've been pretty successfully using this strategy for my bond AA since buying my first dedicated bond fund about 10 years ago, at the time I finally reduced my stock allocation to its current level from a lifetime of 95/0/5 (stocks/bonds/cash).

arriba

FD: The above is abviously fit your goals and I'm really glad it works for you but the above are not my goals.  I made my real money in several ways 1) As a younger investor, I was at least at 90% stocks  2) 7 years prior to retirement I made money with stocks and bonds OEFs 3) In the last several years I also made nice amounts using bond OEFs.  Generally and over many years,  I trade risky assets (stocks, indexes, CEFs, GLD/SLV, others) using T/A.  I don't see any need since retirement to take additional risk LT for years/decades to come unless I see a screeming buy/undervaluation.

----------------------------------------

Re: PIMIX Income Fund Update: Taking a Patient Approach as Growth Slows

@Sheryldell wrote:

@arriba,

Following your line of investment/thinking(less) on OEFs, which bond OEFs would you suggest for the investor who wishes to make decisions without analysis paralysis and micro analysis.

As much as I enjoy reading the detailed posts herein, I am sure I will never understand securitized bonds as you suggested.         (I would however read aubergine's post if someone finds it.)

I too like Tom Lee ; I see him on cnbc , not as often lately. He has helped me climb the "wall of worry" with the market.

Your comments on my above request will be well appreciated. TIA

On your question of which bond OEFs I'd suggest...

I guess it's reasonable that I suggest the types of and actual funds I've selected but WARN that these are the types/funds that fit MY investment strategy and risk tolerance, yours may be materially different.

Stock/bond allocation funds: 

I get about 50% of my bond exposure from stock/bond allocation funds.  High on my list of these are the ones I currently own and have owned for quite a while:  PRWCX, FBALX, JABAX, BALFX, VBIAX and VWIAX.  I also like VWENX, VEIPX and TAIFX. 

While most of my research on allocation funds relates to their respective stock %'s and stock category holdings, I do pay attention to their bond holdings as well, especially high bond alloc funds VWIAX and TAIFX.

If you can get the level of bond exposure you desire from allocation funds, this is arguably the easiest way to use a "set-and-forget" strategy for bonds.  I can't, given that I also hold some dedicated stock funds, so I also own dedicated bond funds.   

Dedicated bond OEFs: 

Munis:  I usually always have a small cluster of munis in my taxable a/c that represent about 10% of my total bond holdings.  I like and currently own munis GHYAX and NHMAX, and muni core DRTAX and NMBAX.  I also like ORNAX and a slug of others.

FD: does currently mean ST or you intend to hold for months-years to come?

Multi-sector and non-traditional bond funds:  About 40% of my bond allocation is in these current faves:  PIMIX, PTIAX, JMUTX/JMUIX, VCFAX/VCFIX, JGIAX/JMSIX, ISIAX/ISIIX, SEMPX/SEMMX.

FD: does current mean ST or you intend to hold for months-years to come?

A group of MS bond funds is arguably the easiest way to use a "set-and-forget" strategy for bonds.  Select a few of the best, let their PM's do all of the research and rebalancing, hold them for full cycles, and simply enjoy their weighted-average TRs while spending real time where the real money is made.   

FD: I actually think that 1) its much easier to hold stock index funds and what I have been saying for many years which tend to beat 80-85% of stocks funds over the years and play with your bonds.  2) Most investors should do very little with their portfolio, maybe looking at it 2-3 times anuually.  As you know I don't follow this at all.

Spec play/holding tank dedicated bond OEFs:  I like WHOSX for LT Gov't bonds (sold it a little while ago), WAPIX for Int Core (still spec'ing on it but sold off 1/2 a little while ago) and THOPX for ST (likely parking some cash here in the coming weeks).


Different strokes for different folks.

Please don't forget that the main goal of this thread is to discuss longer-term bond OEFs and not stocks, allocation funds, CEFs and other riskier funds.  I will let DT define it.

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Re: Bond OEF Funds for Longer Term Investors


@dtconroe wrote:

In the spirit of this new thread, I will discuss a few investing changes, that I have been implementing, that supports a longer term investing philosophy.  In previous years, I subscribed to a total portfolio of 4 or 5 funds, with some being 30 to 40% of my portfolio, but none less than 10% of my total portfolio.  I found myself having to trade more than I was comfortable with, and that was exacerbated by the very poor performance by some of them.  I found myself being uncomfortable with that arrangement, and I started moving toward a different investment arrangement.  In 2019, I started reducing the total portfolio percentages in funds I was selecting, and I started increasing the number of funds I held in my total portfolio.  As of today, I hold 10 Bond OEFs (not counting OEF Money Market funds), that have at least 5% in them, and many with around 10% in them.  I am not choosing necessarily the hot 2019 performers, that have 10% or more YTD total return, but instead choosing more steady and consistent performers that are unlikely to have significant downturns/pull backs.  All of the 10 Bond OEFs I hold, are relatively low risk, low volatility, with good performance histories.  Each fund is fulfilling a particular role in my portfolio, that has value to me and my overall portfolio.  I have 2 parts of my overall portfolio--1 part for my Taxable account and 1 part for my IRA Account, and each part of my portfolio has about the same number of funds in them.  I use my Taxable Account for the safer OEF Bonds I hold, and I use my IRA Account for higher Total Return funds with a bit more risk and volatility.  My most recent fund purchases were DHEAX in my Taxable Account and PIMIX in my IRA account.  

I am certainly not recommending how any other poster invests, how many funds they should hold, what percentages they should have in their holdings.  I am simply acknowledging how I am investing for anyone interested in this thread.


I follow a similar strategy in my two portfolios that contain FI OEF's. In order to provide capital for new funds, I will put existing funds  on "probation" by reducing their allocation to a minimum level of 5%. The term of this probation will usually be a minimum of 6 months and a maximum  of 12 months. In order to keep some order to this process, only two funds per portfolio can be on probation at any one time. 

In full disclosure, SEMMX, PTIAX, and DHRAX are currently on probation.

 

 

 

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Re: Bond OEF Funds for Longer Term Investors

dt, thanks for the view into your portfolio. If I held all bond OEFs I think I would have close to 10 funds too. I do hold 10 funds but a combination of bond and equity. The bond side is 6% up to 11% each fund. My smallest is IISIX after you brought it up. I plan to build it with dividends and interest distributions. I also think I will add a muni fund in my taxable account next year. Buying PIMIX is a bit of a surprise. What changed your mind? I believe it is still a long term winner. 

Rick, why is SEMMX on probation? PTIAX can almost be traded between TNX at 1.5% and 2%  


@RickatMirage wrote:

@dtconroe wrote:

In the spirit of this new thread, I will discuss a few investing changes, that I have been implementing, that supports a longer term investing philosophy.  In previous years, I subscribed to a total portfolio of 4 or 5 funds, with some being 30 to 40% of my portfolio, but none less than 10% of my total portfolio.  I found myself having to trade more than I was comfortable with, and that was exacerbated by the very poor performance by some of them.  I found myself being uncomfortable with that arrangement, and I started moving toward a different investment arrangement.  In 2019, I started reducing the total portfolio percentages in funds I was selecting, and I started increasing the number of funds I held in my total portfolio.  As of today, I hold 10 Bond OEFs (not counting OEF Money Market funds), that have at least 5% in them, and many with around 10% in them.  I am not choosing necessarily the hot 2019 performers, that have 10% or more YTD total return, but instead choosing more steady and consistent performers that are unlikely to have significant downturns/pull backs.  All of the 10 Bond OEFs I hold, are relatively low risk, low volatility, with good performance histories.  Each fund is fulfilling a particular role in my portfolio, that has value to me and my overall portfolio.  I have 2 parts of my overall portfolio--1 part for my Taxable account and 1 part for my IRA Account, and each part of my portfolio has about the same number of funds in them.  I use my Taxable Account for the safer OEF Bonds I hold, and I use my IRA Account for higher Total Return funds with a bit more risk and volatility.  My most recent fund purchases were DHEAX in my Taxable Account and PIMIX in my IRA account.  

I am certainly not recommending how any other poster invests, how many funds they should hold, what percentages they should have in their holdings.  I am simply acknowledging how I am investing for anyone interested in this thread.


I follow a similar strategy in my two portfolios that contain FI OEF's. In order to provide capital for new funds, I will put existing funds  on "probation" by reducing their allocation to a minimum level of 5%. The term of this probation will usually be a minimum of 6 months and a maximum  of 12 months. In order to keep some order to this process, only two funds per portfolio can be on probation at any one time. 

In full disclosure, SEMMX, PTIAX, and DHRAX are currently on probation.

 

 

 




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Re: Bond OEF Funds for Longer Term Investors

Gary: "dt, thanks for the view into your portfolio. If I held all bond OEFs I think I would have close to 10 funds too. I do hold 10 funds but a combination of bond and equity. The bond side is 6% up to 11% each fund. My smallest is IISIX after you brought it up. I plan to build it with dividends and interest distributions. I also think I will add a muni fund in my taxable account next year. Buying PIMIX is a bit of a surprise. What changed your mind? I believe it is still a long term winner." 

Gary, regarding PIMIX, this was a decision that forced me to do some self reflection.  PIMIX had not met my expectations for consistency in the last couple of years, but I came to the conclusion that I was holding it to a standard that I had established several years ago, when it was so successful.  There are concerns I have about the fund, but I took a step back, and I tried to be less emotional, and more objective.  I started comparing it to the "hot" multisector bond funds in the multisector bond category, and I came to the conclusion it was less risky than the other options, had a safer mix of assets that I preferred, and even with its shortcomings, I have more trust in it than the other alternatives I was considering.  That said, the last 2 years performance caused me to decide to take a smaller position in it than I have in the past.  Because I own more bond oefs, in smaller portfolio percentages, than in the past, I feel that PIMIX will not have as much impact on my portfolio as it once did--positive or negative impact.

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Re: Bond OEF Funds for Longer Term Investors

If you look at the NAV chart of the hot fund JMSIX, for instance, you will see it has done nothing but go down since inception except for this year it has had a spike. I don’t trust that. But looking at PIMIX and JMUTX, those NAVs have been up and down. I trust that type of chart much more. 

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Re: Bond OEF Funds for Longer Term Investors


@Gary1952 wrote:

If you look at the NAV chart of the hot fund JMSIX, for instance, you will see it has done nothing but go down since inception except for this year it has had a spike. I don’t trust that. But looking at PIMIX and JMUTX, those NAVs have been up and down. I trust that type of chart much more. 


The NAV? 

We have been discussing this for years.  NAV is meaningless, only total return counts.  TR is what you use in real life.

Looking at a 3 year chart show that JMSIX made 20.5% in 3 years

jmsix.PNG

Now, let's make it even clearer by comparing PCI vs SPY

Total Return % 1-Year
PCI (Price)22.03
PCI (NAV)7.76
SPY (Price=NAV)16.5

 

If you just used NAV SPY wins but in the real world PCI won nicely.

==========================================

PIMIX...sigh...the most ever discussed fund.  Two observations

1) The fewer bond OEFs you own, the less likely you will own it because you must make tough choices.

2) PIMIX was a remarkable fund thru 2017, there is no debate on this...I think :-)

If you want to own higher % then VCFIX is the better choice, if you want to own a small % you should bite the bullet and own IOFIX or don't own it or maybe use PUCZX which is a bit different but has a good risk/reward, after all we are talking about one bond fund out of several you own.  VCFIX is a dedicated securitized fund (IMO, the best category to find treasures) like the old PIMIX without Pimco tools which make it a straight forward fund and you don't have to worry that Pimco will invest in Argentinian bonds and/or predict rates by using derivative and suddenly be 2+% behind other funds.

pimix drop.PNG

The above are generic comments and your goals may be different.

Let's post again several of the best risk/reward funds(link) for 3 years 10/31/2016 to 10/31/2019

PortfolioCAGRSDBest YearWorst YearMax. DrawdownSharpe RatioSortino Ratio
VCFIX5.70% 1.75%8.39%-0.57%-1.03% 2.335.52
JMSIX5.67% 2.38%10.75%-0.46%-1.22% 1.743.85
SEMMX5.12% 0.77%6.19%0.89%-0.38% 4.0610.92
JMUTX5.51% 2.04%9.61%0.07%-1.09% 1.934.6
PUCZX7.01% 2.24%10.54%1.37%-1.13% 2.376.64
IOFIX(1)10.29% 2.61%14.04%1.08%-0.87% 3.1613.08
PIMIX5.38% 1.91%8.60%0.58%-1.11% 1.943.97
IISIX5.32% 1.52%7.39%1.14%-0.93% 2.426.29
        

 

Observations:

1) SD<3 mean lower risk.  Sure, in certain scenarios only treasuries are safe, get over it.  If you want extra performance you need to take an extra reasonable risk and if you worry have several % in TLT, EDV

2) IOFIX is the best fund and far from anybody

3) I will give a tie to SEMMX vs PUCZX because SEMMX has great SD,Sharpe,Sortino but PUCZX has the second best performance and it's meaningful.

4) Fourth place goes to VCFIX/VCFAX, an easy choice, great performance,SD,Sharpe,Sortino.  Great 1-3-5 year of risk/reward.  While you can never be sure with the top 4 with ST performance or risk, VCFIX is a great "dark" horse that delivered consistently in the last 3 years.  A good contender, complement and close to VCFIX is IISIX. This nonTrad fund adds value because of it's lower SD and different approach.

5) JMUTX is a tie with PIMIX and JMSIX is last

The above is based on 3-year performance, after all, we are talking about LT.

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