JSIVX - Perkins Small Cap Value L

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Perkins Small Cap Value L (JSIVX)
Expense Ratio: 1.11%
Expected Lifetime Fees: $32,678.95

The Perkins Small Cap Value L fund (JSIVX) is a Small Value fund started on 02/14/1985 and has $2.70 billion in assets under management. The current manager has been running Perkins Small Cap Value L since 03/8/1985. The fund is rated by Morningstar. This fund does not charge 12b-1 fees.

MarketRiders Prefers The Following ETF

Vanguard Small Cap Value ETF (VBR)
Expense Ratio: 0.10%
Expected Lifetime Fees: $3,271.86

The Vanguard Small Cap Value ETF (VBR) is an Exchange Traded Fund. It is a "basket" of securities that index the Small Value investment strategy and is an alternative to a Small Value mutual fund. Fees are very low compared to a comparable mutual fund like Perkins Small Cap Value L because computers automatically manage the stocks.

The Following Small Value Funds Have Lower Fees Than Perkins Small Cap Value L (JSIVX). Why are these metrics important?
Mutual Fund Name Ticker Symbol Turnover Assets (M) Annual Fees
Allianz NFJ Small Cap Value Admin PVADX 26.0% 6,700 1.03%
Allianz NFJ Small Cap Value Fund Class P ASVPX 26.0% 6,700 0.93%
American Beacon Small Cap Value Fund Class Y ABSYX 59.0% 3,100 0.95%
American Beacon Small Cp Val AMR AASVX 59.0% 3,100 0.57%
American Beacon Small Cp Val Inst AVFIX 59.0% 3,100 0.83%
Bridgeway Omni Tax-Managed Small-Cap Value Fund Class N BOTSX 7.0% 117 0.60%
Columbia Small Cap Value Fund I Class Z CSCZX 31.0% 1,600 1.08%
Columbia Small Cap Value II Z NSVAX 41.0% 1,500 1.06%
DFA Tax-Managed US Targeted Value DTMVX 21.0% 2,200 0.44%
DFA US Small Cap Value I DFSVX 14.0% 6,600 0.52%
DFA US Targeted Value I DFFVX 23.0% 2,700 0.38%
DFA US Targeted Value R1 DFTVX 23.0% 2,700 0.48%
DFA US Targeted Value R2 DFTPX 23.0% 2,700 0.63%
Diamond Hill Small Cap I DHSIX 28.0% 764 1.05%
DWS Dreman Small Cap Value Instl KDSIX 47.0% 2,000 0.89%
Federated Clover Small Value Instl VSFIX 72.0% 264 1.04%
Fidelity Advisor Small Cap Value I FCVIX 22.0% 2,600 1.10%
Franklin MicroCap Value Adv FVRTZ 9.5% 337 0.93%
Franklin Small Cap Value Adv FVADX 14.2% 1,600 0.92%
Goldman Sachs Small Cap Value Inst GSSIX 46.0% 2,800 1.04%
Goldman Sachs Structured Sm Cap Val I GSITX 33.0% 129 0.86%
Guggenheim Mid Cap Value Inst SVUIX 38.0% 474 1.00%
Heartland Value HRTVX 25.0% 1,100 1.10%
Heartland Value Inst HNTVX 25.0% 1,100 0.91%
Heartland Value Plus Inst HNVIX 11.0% 2,400 0.87%
Hotchkis and Wiley Small Cap Value I HWS1Z 54.0% 302 1.08%
Hotchkis and Wiley Small Cap Value I HWSIX 54.0% 302 1.08%
Northern Small Cap Value NOSGX 20.7% 1,600 1.00%
Perkins Small Cap Value Fund Class I JSCOX 64.0% 2,700 0.98%
RBC Microcap Value S TMVSX 2.0% 120 1.07%
RBC Microcap Value S TMVSZ 2.0% 120 1.07%
Royce Opportunity Instl ROFIX 35.0% 1,700 1.04%
Target Small Capitalization Value T TASVX 44.0% 1,100 0.71%
Vanguard Small Cap Value Index Instl VSIIX 30.0% 6,700 0.19%
Vanguard Small Cap Value Index Inv VISVX 30.0% 6,700 0.35%
Victory Small Company Opportunity I VSOIX 44.0% 1,000 1.06%
Wells Fargo Advantage Spec SmCp Val Adm ESPIX 54.0% 721 1.10%

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Why Are These Metrics Important?

Turnover represents how much of a mutual fund's holdings are changed over the course of a year through buying and selling. Active mutual funds have an average turnover rate of about 85%, meaning that funds are turning over nearly all of their holdings every year. A high turnover means you could make lower returns because: 1) buying and selling stocks costs money through commissions and spreads and 2) the fund will distribute yearly capital gains which increases your taxes. Look for funds with turnover rates below 50%. For comparison, ETF turnover rates average around 10% or lower.

Generally, smaller funds do better than larger ones. The more assets in a mutual fund, the lower the chance that it will beat its index. Managers outperform an index by choosing stocks that are undervalued. In order to find these undervalued stocks, the manager has to know more than his competitors to develop an "edge." There are only a finite number of stocks a mutual fund manager can reasonably analyze and actively track to gain such a competitive edge. When the fund has more assets, the manager must analyze large companies because he needs to take larger positions. Large companies are more efficiently priced in the market and it becomes increasingly difficult to get an edge.