kramer.newsreader[at]gmail.com wrote:
- quote -

Yes, that's right. But there are differences in where funds/indices set
the cutoff for "small-cap" companies, and how they define value stocks.

In the US market Small-cap means somewhere under about about $2 billion
in total market capitalization (share price times total number of shares
the company has issued). And there's a lower-down category "micro-cap"
for the smallest stocks. But the cutoffs are different depending on who
you're asking. This page has a link "competing index comparison" that
shows a few - though these change over time:
http://www.russell.com/us/indexes/us/methodology.asp

And "value" can be defined by price-to-earnings ratio, or book value per
share, or dividend yield, or a combination of these. Some popular
indices just divide all stocks 50/50 into "Value" or "Growth" and others
only label a stock "value" if it meets a certain criteria, even if that
means there aren't that many value stocks at certain times. Every index
publisher will provide information about how they compile their indices,
and Morningstar (or the fund's prospectus) will show how a specific
mutual fund invests.

-Tad

So a small-cap value fund invests in businesses with small
capitalization and it does so with a value investment strategy?


BreadWithSpam[at]fractious.net wrote:
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======================================= MODERATOR'S COMMENT:
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kramer.newsreader[at]gmail.com writes:

- quote -

"Value" means a style of investing which typically chooses stocks
which are trading for less than some "intrinsic" value that the
investor or analyst has decided that the stock is worth.

http://www.investopedia.com/terms/v/valueinvesting.asp




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Forgive me for butting in, but could someone please explain the
difference between small-cap and small-cap value?


Rich Carreiro wrote:
- quote -

Rich Carreiro <rlcarr[at]animato.arlington.ma.us> writes:

- quote -

Morningstar currently does not have any "analyst picks"
in the "foreign small/mid-value funds" class.

- quote -

in this category Analyst Picks, we are keeping a close eye
on Artisan International Value ARTKX.


FWIW, I've got some ARTIX (their large-cap international
fund, also managed in a generally value-ish way) in one
of my accounts and while it's been a bit more volatile than
the MSCI EAFE, it doesn't appear to have performed
substantially differently from its index over the longer haul.
Which, actually, is making me wonder if I ought to consider
tossing it and buying an EAFE index EFT or fund.



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Plain Bread alone for e-mail, thanks. The rest gets trashed.
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Rich Carreiro wrote:
- quote -

This doesn't help you immediately, but maybe down the road...

http://tinyurl.com/rjvmr

Darin

Rich Carreiro <rlcarr[at]animato.arlington.ma.us> writes:

- quote -

Let me clarify -- "international" should modify both "small-cap"
*and* "small-cap value" above.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

Rich Carreiro wrote:
- quote -

Right now, I'm eying Bridgeway small cap value for, well, small cap
value :-)

Brideway is very good about closing funds, and I expect it to close in
November, when it hits its three year and gets its 5* Morningstar
rating. Quant fund, so maybe that doesn't meet your criterion of index
or actively managed - it splits the difference. (So much for the law of
the excluded middle.) Cheap for an actively managed fund, expensive for
an index. Low turnover for a non-index fund (57% vs. Vanguard's 36% for
its index fund).

You're on your own with Int'l SCV. One of the better "small" cap int'l
funds that's still open and not growth leaning (Lipper lists it as
small/mid cap core) is Artisan Int'l Value, though at $5B median market
cap, this is no small cap fund.
--
Mark Freeland
nNeEwTs[at]sonic.net

In article <m3bqt6no18.fsf[at]animato.home.lan> ,
Rich Carreiro <rlcarr[at]animato.arlington.ma.us> wrote:

- quote -

Hasn't Fidelity just come out with a new Int'l small-cap fund?
It does seem to me that these classes aren't well represented.

FundAdvice.com suggests:
Toqueville Int'l Value,
Vanguard Int'l Value,
Lazard Int'l Small Cap
Fidelity Int' Small Cap Opportunity (is this the new one?)

The big gap I have in my asset class framework is international
small-cap and small-cap value. I prefer index funds (open-end
or ETFs) but am willing to consider no-load actively-managed
funds.

So what publically-available (sorry, you DFAers :-) funds in
those asset class spaces do you find work well?

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us