Al Frank Asset Management - VALUX
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average rating: 3.80 / 56 ratings
DESCRIPTION:
Date updated:05-12-2008
As of 12-31-07 filing.
Al Frank Asset Management is an $280 million deep value mutual fund. Their flagship fund, VALUX, the Al Frank Fund, has returned 16% annually since it started in 1998. They also write the Prudent Speculator newsletter, which has enjoyed a 20.61% annual return. The fund is managed by John Buckingham.
Recently profiled in the April 9 Barrons.
In the profile, Buckingham expressed confidence that the market is still cheap:
"If you look at the big three equity benchmarks from Standard & Poor's, the large-cap S&P 500 now shows a 2007 forward price-earnings [P/E] ratio of 17.3, the mid-cap S&P 400 sports a forward P/E ratio of 17.4 and the small-cap S&P 600 boasts a forward P/E ratio of 18.2. All of these multiples are low by the standards of the past two decades, though I concede that they have certainly been lower over the past 80 years. Of course, interest rates are also unusually low, meaning that stocks should trade for higher valuations."
He also think that historically the market has in general returned 10-12% per annum but that value tends to perform better and they like low price to book ratios in their stocks.
Some more reasons for his bullishness include a belief that the Fed is doing a good job balancing growth and inflation as well as a belief in the seasonally favorable third year of a presidency. Their newsletter has had a 52% return in those years. And the Al Frank Fund had its best years in third years of a presidential cycle, returning 60% and 78% in 1999 and 2003.
They like to invest in technology although Buckingham notes they avoided the tech bust with a 7%+ return in 2000 and up 30% in 2001. They like tech companies with no debt and lots of cash.
To the left are some stocks they mention in the interview and why they like them.
The Fund's objective is long-term capital appreciation. The Fund invests inequity securities that are out of favor or undervalued and holds on to them until the advisor believes that the securities have reached a fair value or when a strong market sell signal has been generated.
It has a 5 year average annual return of 14.6% versus 6.3% for the S&P 500.
John Buckingham has been the manager since 1998 and also writes a successful newsletter about value stocks.
Current Returns:
1-Year: -3.28%
3-Year: 4.06%
5-Year: 20.34%
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04/08/2007 16:21 PM CDT Asked by acanete
I like the names that Buckingham picks for the fund, but one should expect above average volatility because of energy exposure. Why buy PD when FCX is acquiring it and will be the #2 mining co worldwide? I would rate this 3.5* for the potential.
04/04/2007 12:01 PM CDT Asked by infoserv
diverse group