“The thing I didn’t like about the sell side is you don’t really take much ownership in what you do,” he says. Having graduated from Cornell University in 1987, Bellamy got his start at broker Merrill Lynch on the sales side. Meanwhile, Fidelity offers the A-share class (TASHX), which has a slightly higher expense ratio of 0.98%, without transaction fees or loads. Although TSHIX is technically the institutional share class of the fund, it can be purchased for a $2,500 minimum investment at Charles Schwab. The fund’s 0.72% expense ratio is average for its category. During 2022’s rout, the fund is down 13.8% versus a 15.7% decline for its category peers and the S&P 500’s 22.4% drop. Its current 3.9% yield is also attractive. Transamerica Multi-Asset Income has beaten 91% of its 50% to 70% Equity category peers with a 7.1% five-year annualized return. The goal has always been to provide more income and less downside than stocks, and in this strategy the fund has excelled. “But determining the benchmark is always difficult.” “What we wanted to avoid were investors getting into this fund thinking it was more of a fixed-income investment than an equity investment,” Bellamy, 57, says. Although Morningstar puts the fund in the Allocation–50% to 70% Equity category, Transamerica compares it to the For instance, the fund has 61% of the downside capture of the S&P 500 since its March 2014 inception-so when the stock market was down 10%, this fund fell only 6.1%. But given the fund’s high-yield debt exposure, Bellamy considers it a lower-risk version of a stock fund. The $626 million fund has the flexibility to invest in stocks, bonds, and preferred stocks for income.
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