Bob Crites sent me a chart of a fund previously unknown to me, Marketfield Fund, MFLDX. The chart is in the same total return or growth format I have been using, running since inception of MFLDX in 2007. MFLDX, PRPFX, and PTTRX each returned an annualized total return of approximately 8.3% through last Friday,with all dividends reinvested and management fees deducted.
That's a very good return over the whole market cycle from a top to a crash low and back up to another possible top.
PRPFX is the legacy of Harry Browne which was a radical breakthrough for investors seeking a very diversified, managed portfolio. PTTRX has been Bill Gross's for fixed income total return since Pimco's birth. MFLDX is also run very much like a hedge fund with a wide range of permitted assets, long and short. They are now and were last year primarily in US large caps and some bonds with modest short positions in Europe and in emerging markets. Their recent thinking is almost unique at this time and quite clearly defined in their 2011 annual report. I really appreciate good management theory and practice. I've been looking for this kind of conservative but modern large cap fund for some time. Of course their large cap bias could change with management's evolving market views.
Add LSBDX and FPACX plus some near cash and gold to the three funds above for a powerful portfolio.
Marketfield have amassed well over a billion dollars in fund assets in 4.7 years but welcome small accounts. Their management fee is higher than I normally like, but they are doing a lot of original research and have a good program. They are also available commission-free (NTF program) from many brokerage fund "delicatessens", including Vanguard and Fidelity and Schwab.