wong sifu,
i opened the excel file and notice u highlight 2 funds that i have invested, i.e. P Small Cap, and P Focus Select, are these 2 funds outperform?
P Focus Select perform better in 3 years tenur than the 5 years tenur, P Small Cap the other way round.

Which one should look for? Jensen Alpha or Fund Sharpe Ratio or Benchmark Sharpe Ratio? The higher number the better?

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Added on August 11, 2012, 12:05 amIs PRSF still available for purchase?

This post has been edited by echoesian: Aug 11 2012, 12:05 AM

yes

If any one of those ratios can give you a sure winner, everyone would be rich.

But that's not the case. So there isn't any particular one ratio, or one formula, that one should look at.

Ratios can be useful, alongside many other things to look at.

No sifu, just "see food" (eat food) bro .

Eh? I highlighted the 2 funds coz the numbers (all in all) looked good for 3, 5 and 10 years (if i remember correctly lar - done this in Apr wor ).
Note - that Excel was for my own monkeying around to see whether the JA ratio thinggy helps the probability of picking a fund that outperforms due to the fund manager(s). Looks to be true for PSmallCap, though i need to test it out with "bad endings" before executing anything - fish, my new PC and FPAdvisor doesn't play well, can't get the results out yet

I've yet to test it out across "bad endings" - ie. 10yrs, 5yrs and 3yrs ending Dec 2008 or Jan 2009
That Excel i shared was years ending April 2012 only, which, if it's a 5 years or 3 years range, is to me, considered "good endings" since end 2008 lelong.
Thus, please don't read way too much into it ar hehe. Main purpose i shared that Excel was how i calculated JA ratio based on PM's FPAdvisor's output.

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Added on August 11, 2012, 5:32 amGenerally?
I'd start with a filtered list of 10yrs, 5yrs & 3yrs "good ending" + another set "bad ending" (minimum 3 & 5yrs) stats, filtering for:
1. Top 1/3 highest CAGR - for total returns lar, i care crap if all else look good but CAGR bottom 25%
2. Top 1/3 highest Fund's Sharpe ratio - general risk/reward of the fund is much more important than its benchmark
3. Top 1/3 highest JA ratio - the fund manager(s) "alpha-bility"
Old style - i highlight the funds which appears in all 6 lists (10yrs, 5yr, 3yrs) like using a highlighter in Excel

THEN
4. Then only i go check out the normal lor like Lippers & MorningStar - just to see if it's at least 4 stars / above average, in case i screwed up or data screwed up
5. Then look at the funds' prospectus to see whether or how it can fit my planned Asset Allocation.
6. Then start a programmatic investment for 3 years minimum.
Will stop and change IF at the end of 3 years or going into 4th, most funds up and this particular fund's returns STILL down.
If fund's return is down a year, no biggie but continuously down for like 3 years+ WHILE others are growing or positive for the similar time-line, time to re-think it and fix the mistake IMHO.

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Jiran jiran sekalian - pls do ask the real sifu, Xuzen, if really detailed info required (whys and whats and hows) on Jansen Alpha ratio if Wiki or Investopedia doesn't satisfy U ar. I picked up the ratio from Xuzen then Wiki-ed / googled it to see whether interesting to use with my other filters or not - thus no expert wielder of JA ratio

This post has been edited by wongmunkeong: Aug 11 2012, 05:39 AM

no fancy analysis stuff here; but i think PIOF is better than PSmallcap.

btw good or not, PSmallcap is closed!

Q: Is it good or not to share info on funds? Maybe will get blame when it is wrong... or maybe fund will get too popular and closed before the recommendater get chance to invest!

I agree that "second tier" funds PIOF/PFocus select fund perform well, these fund not as good as P small caps in terms of 5-10 years, but picking up fast in 1-3 years time. These fund also attract less attention from investors compared to P Small cap, which growth of the fund size is fast. So fund manager need to busy in buying stocks to keep the stock ratio in par with the norms. Unlike the "second tier" fund, not many investors notice them, and the fund size grow organically.

I also notice that those funds who have been closed will tends to perform better. This particularly true for fixed income series. Public Bond, Public Islamic Bond, PB Islamic Bond, tends to perform better than those still opening for subsription.

er.. i'm not sharing info on funds leh j.passing.by.
A fellow forumer was asking about Sharpe ratio and JA ratio and i shared an example - via Excel ( http://forum.lowyat.net/topic/2007814/+2518 read in context pls ).
The focus is supposed to be on the data that one can "press" out of a PM agent with FPAdvisor + what one can do with it. NOT SPECIFIC FUNDS
What you or anyone else chose to read into it - that's YOUR interpretation.

This post has been edited by wongmunkeong: Aug 11 2012, 11:19 AM

"er.. i'm not sharing info on funds leh j.passing.by."

why not, eh? i come here to share info. If info is wrong, you guys can help to correct them. If people choose to act on it, and things went sour, we're all adults and understand the risks of "investment".

If the info is correct and of use to some posters or lurkers here, I don't think the chit-chat in this thread can move the UT market. (If it can, we should feel proud. )

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Added on August 11, 2012, 11:40 amI got hit by the recent drop in Public Islamic Income. It was the best bond fund that is not closed. Got to notice it by chance when switching here and there, then put in 10k on it early this month... so unlucky!



This post has been edited by j.passing.by: Aug 11 2012, 11:40 AM

i also not understand what there is such a big correction for 3 bond funds, Public Islamic Bond, Public Infrastructure Fund, and Public Islamic Income fund were affected that day. My invested PIBF is affected, but not as serious as PIIF.

I also invested in PB Islamic bond fund, when the above funds affected, this fund increase by 0.07% on the same day. Un explainable.

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Dave, u should be opening a new thread...

Let others more loyal to PM to open it.

Let's continue until it reaches 200 pages

LYN standard is 2500 posts per thread

Yeah, the drop is still a mystery, anyone?

btw. some may think this is nitpicking as the drop is about 0.5%, but it is in a stable bond fund where the daily increase is just 0.0001 to 0.0003 sen, then suddenly 0.0058 drop, wiping out all the gains for the past 40 days!



i think you got a point here, i don't read the weekly reviews too. They are clouting up my email too and i have to mark them as spam.

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sorry, newbie here... misinterpreted your post!

This post has been edited by j.passing.by: Aug 11 2012, 12:42 PM

If it's not due to distribution, I think as an investor, u should write to PM to seek clarification

lazy la... thought you guys are more informed.