The Marshfield Concentrated Opportunity Fund MRFOX offers a different twist on mutual-fund management: a husband-and-wife team.
This record makes the duo a good source of market ideas and investing lessons. Here are highlights from a recent interview: Auto parts vendors move to their own cycle, which has little to do with economic growth. Discount retailers are counter-cyclical because consumers are more likely to shop at them when economies weaken. TJX and Ross Stores are also less likely to be disrupted by online sales since people like to shop for bargains in person.
3: Be different: Marshfield Concentrated Opportunity Fund has concentrated positions that deviate widely from their benchmarks. The top six positions are each 5% holdings or more. The top two are near 10%. For context, a lot of mutual funds cap position size at 2%-3%. The fund managers also are not afraid to hold cash when few investment opportunities arise.
“The main thing we have learned over the years is that we have to be as different as we can stand to be, in ways that make sense to us,” Niemczewski says. Also, look for signs that companies value employees. Consider Expeditors International of Washington EXPD, +0.08%. Unlike a lot of shippers, Expeditors owns no transportation assets. Instead, it buys cargo space from airlines, ocean liners, and truckers and uses it to piece together shipping routes.
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