The Riskalyze Report: Yacktman Builds Cash, Loses Advisor Assets

At the request of so many investment advisors, my friends at Riskalyze share the big trends in the assets going into and coming out of advisor portfolios every week. The underlying data is aggregated from hundreds of thousands of client accounts across the $44 billion and counting that advisors manage on the Riskalyze platform*. I hope we can uncover interesting trends for you each week…


February 15th – 22nd 2015

Winners (advisor flows TO these investments increased substantially):  
  1. Apple (AAPL)
  2. Aggregate Bond Index (BND, AGG)
  3. Doubleline Total Return Bond (DBLTX, DLTNX)

Losers (advisor flows FROM these investments increased substantially):

  1. Berwyn Income (BERIX)
  2. Short Term Bonds (JASBX, PRWBX, VSFUX, RLDAX, etc)
  3. Yacktman Focused Fund (YAFFX)

* note: 4-day week due to President’s Day

Josh here – in last week’s holiday-shortened period we saw a continuation of the major trend from the week prior, advisors blowing out of short-duration bond funds. For more on that topic, read here.

A new name on the for-sale list this week is the Yacktman Focused Fund, a $10 billion product that costs 1.25% and has underperformed the S&P 500 total return index over the 1, 3 and 5-year periods. Yacktman has been very publicly building up its cash position in recent months (years?) and Morningstar reports that its currently holding 17% of its assets as dry powder.

This is a posture that’s paid off for value managers who’ve had the discipline to do this in the past. Will Yacktman look brilliant when the markets turn?

A word about Riskalyze:

In my practice, we use Riskalyze software tools to help assess clients’ true risk tolerance and to test portfolio configurations that match up accordingly. It’s changed our practice for the better, as I explain here.

Check it out today!

*(to state the obvious, Riskalyze does not share client sensitive data with me or use animals in testing).

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