10 Perfect Funds and Other Observations Through October

TFS Funds is off to the dust bin … had been one of better performing families.


ArrowPoint is now ArrowMark (I believe over trademark infringement) and has always been Meridian Funds. The MFO Scorecard has been updated accordingly.


Here’s summary (OSC means Oldest Share Class, ASC means All Share Classes), click on image to enlarge:



Here are the some performance metrics from the MultiSearch screener for the four Meridian funds since inception:



Fairport-based Manning & Napier acquired 75% of Rainier more than a year ago after a period of heavy outflows from Seattle-based Rainier. While the three Rainier Funds still don’t formally carry the Manning & Napier name (eg., Rainier Large Cap Equity Instl), we’ve updated the MFO ScoreCard (and our master names list) to reflect it.



The MFO 5-Year Great Owl Manning & Napier Rainier International Discovery Series I RAIIX is contractually sub-advised by Rainier. Its portfolio manager is Henrik Strabo.


On the whole, however, the Manning & Napier fund family has not rated well on the absolute-return driven MFO Scorecard (OSC means Oldest Share Class, ASC means All Share Classes), click on image to enlarge:



Similarly, it has no funds on the MFO Honor Roll and 7 on the MFO Three Alarm list:



All that said, Manning & Napier’s overall numbers suggests a firm that focuses more on risk adjusted returns and capital preservation than absolute returns, which drive the ScoreCard, Honor Roll and Three Alarm designations.


The irony is that their philosophy states: “A Focus on Absolute Returns – A focus on price can help investors avoid permanent loss of capital and is aimed at maximizing absolute returns over the long-term.”


David profiled positively Manning & Napier Pro-Blend Conservative Term Series S EXDAX in 2015 and Manning & Napier Disciplined Value Series I MNDFX in 2011.


Since inception, they both hold an MFO Rating of 5, or top quintile in their categories, as do 8 other funds in Manning & Napier’s line-up:



October marked the 10th year of the current full market cycle, which started in November 2007 (top of last cycle) and bottomed in March 2009.


Here are 10 funds that have delivered perfect scores in their categories across multiple risk and performance metrics since the start of the cycle and consistently within it:



By name and symbol:

  • Matthews Asia Dividend Fund Inv (MAPIX)
  • Artisan International Value Fund Inv (ARTKX)
  • MFS International Value Fund A (MGIAX)
  • GMO Quality Fund IV (GQEFX)
  • Jensen Quality Growth Fund J (JENSX)
  • Eaton Vance Atlanta Capital SMID-Cap Fund I (EISMX)
  • American Century NT Mid Cap Value Fund G (ACLMX)
  • Janus Henderson Small Cap Value Fund L (JSIVX)
  • Vanguard Tax-Managed Balanced Fund Admiral (VTMFX)
  • Eaton Vance and Diversified Currency Income Fund A (EAIIX)


Eight are MFO Great Owls (five 10-year, three 20-year).