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<p>[QUOTE=&quot;Morgan1878, post: 805555, member: 17869&quot;]Here&#039;s the link to this fund. I&#039;m not sure how you&#039;re calculating share price, but the <i>only</i> losing year this fund had was in 2008 (-7.5% vs. -37% for the S&amp;P). As I mentioned, it pays a quarterly dividend and with this mutual fund (as with many others) long and short term gains result in a re-distribution at year end. At this point, the share price goes down, but you end up with more shares.</p><p><br /></p><p>The upfront load on this fund recently changed from 3.75% to 5.5% which you can avoid by purchasing &quot;C&quot; shares PAUCX,(no upfront, but somewhat higher internal fund expenses). While I can appreciate the concern for fees, from my experience, most investors would be better off buying the plane built, rather than attempting to assemble their own, especially in a market that&#039;s as difficult to navigate as this one. I see this fund as ideally suited for a difficult market with headwinds. I particularly like the fact that a position &quot;shorting&quot; the S&amp;P can be part of the mix if the manager thinks conditions warrant its inclusion. </p><p><br /></p><p>Last year when the market was <i>underpriced</i>, I had 20% less in this fund. I should disclose that I&#039;ve worked in the investment business for 10+ years. I can tell you that most financial advisors would not recommend this fund simply because they want clients to believe that are the financial alchemists that can put together the magic brew (most cannot). With this fund, it&#039;s pre-assembled by a very talented manager Robert Arnott who is constantly re-balancing the fund investments. </p><p><br /></p><p>At any rate..off topic again!</p><p><br /></p><p>It&#039;s always good reading and your posts, they are sharp, well thought out and generally thought provoking. :thumb:</p><p><br /></p><p><a href="http://www.allianzinvestors.com/mutualFunds/profile/PMAAAA/performance_C.jsp" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.allianzinvestors.com/mutualFunds/profile/PMAAAA/performance_C.jsp" rel="nofollow">http://www.allianzinvestors.com/mutualFunds/profile/PMAAAA/performance_C.jsp</a>[/QUOTE]</p><p><br /></p>

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