In the context of a normal interest rate environment, today's markets aren't providing investors with a lot of opportunities, says FPA's Steven Romick.
What the difference is--and how you can help mend fences.
A mix of conviction and caution has paid off for this 5-star fund.
Seeing few opportunities that meet their risk-reward criteria, the team at FPA Crescent --winner of Morningstar's 2013 Allocation Fund Manager of the Year award--is sticking to its discipline and letting cash build, says manager Steve Romick.
The FPA Crescent manager takes a pass on long-dated bonds and high yield, but found value in old-school tech firms.
Vanguard launches international-bond fund, FPA Crescent picks up 2 new comanagers, and managers depart at GSAM, Buffalo, and BlackRock. Also, Matthews to close its Asia dividend fund, and Morgan Stanley set to launch a global quality stock fund.
A group of top managers continue to keep looking for good investment opportunities, while taking full advantage of a rising (and potentially overvalued) market to book some gains.
Investors concerned about putting money to work in a fully valued equity market might find comfort in these conservatively managed portfolios, says Morningstar's Russ Kinnel.
A group of top managers remains cautious and commits more capital to traditional defensive sectors, while taking advantage of a rising (and potentially overvalued) market to book some gains.