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Allan Jacobs isn't a market-timer. celine luggage But the star small cap manager lucked out on 18499864 black nike shoes his move from his long-time employer Sceptre Investment Counsel Ltd. to his new Bay Street job several blocks away at Sprott Asset Management Inc.
Jacobs, who had a superb track record since 1993 as the manager of Sceptre Equity Growth Fund, left Sceptre in June, just a few weeks before the steep market downturn began.
His new fund, Sprott Small Cap Equity Fund, opened for business on Thursday. isabel marant So he and his sidekick, Peter Imhof, who jumped with him from Sceptre, can bargain hunt in a beaten up market. 11489886 buy nike shoes "The recent correction is helpful in terms of buying stocks for the long term," says Jacobs.
Under Jacobs, the Sceptre fund earned Morningstar's isabel marant shop online top isabel marant shop online five-star rating for risk-adjusted returns in its category, and has also had among the highest absolute returns. In the 10 years ended June 30, the fund returned 15.7 per cent, compared with 10.8 per cent for the BMO Small Cap (Weighted) Index of Canadian stocks. Last December, Morningstar Canada named Jacobs its 2006 Manager of the Year.
In the opinion of my colleague Mark Chow, a senior Morningstar analyst who recently reviewed the manager transition at Sceptre Equity Growth, Sceptre's Matthew Baillie and Timothy Hylton are capable replacements for Jacobs but they will still have big shoes to fill.
The small start-up size of the Sprott fund also works in Jacobs's and Imhof's favour. They'll readily be able to build positions in small companies.
By comparison, the $835 million Sceptre celine sale Equity Growth doesn't have the same flexibility to invest in promising, but thinly traded micro-cap companies.
Handing their managers yet another investing tool, Sprott has received permission from securities regulators for limited short selling. The fund can hold short positions of up to 5 per cent of its assets in any one stock, and a total of 20 per cent of fund assets in short positions.
Short-selling is not a feature of the Sceptre fund. But with their new buy isabel marant mandate at Sprott, the former Sceptre managers will have the potential to make money - or least curb their losses - even when markets are plunging.
But not everything is working in investors' favour in the new Sprott fund. Cutting into returns will be a much higher management expense ratio.
With its MER of 1.58 per cent - about a full percentage point lower than the median Canadian small-cap mutual fund - Sceptre Equity Growth was an inexpensive means 32794354 nike womens shoes to 76405431 nike shoes for girls buy into the proven skills of Jacobs.
The same can't be said for Sprott Small Cap Equity. mulberry outlet uk Expect the mulberry uk fee hurdle to be more than twice as high as that of the Sceptre fund.
The Sprott fund's management fee alone mulberry outlet uk is 2.5 per cent, isabel marant etoile and fund expenses and taxes will probably take the MER to at least 2.8 per cent.
In addition, Sprott will charge a performance fee amounting to 10 per cent of the amount (if any) by which the fund's return exceeds its market benchmark, the S SmallCap Total Return Index.
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