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I pretty much agree - I don't understand the original complaint about the MFI fund. However, the salient points that attract me to it are a little different than Littlechap.

I want a managed fund to get the benefit of good research. With a value fund that is key. For serious research by good people you have to pay a little more than an index. Time will tell as there is no history. But they Advisors are invested in the fund and seem to have the right mindset and experience given the prospectus.

I agree that international small and mid caps are likely to be the most fertile hunting grounds. I can't begin to do that research for myself.

The plan is to sell the holdings when they become fairly valued rather than speculating on illogical or bubbly valuation. Then spend the proceeds on more beaten down or otherwise overlooked stocks (etc.). Buy low sell high. You can't get that in an index.

The planned hold time is reasonable for a value portfolio, long enough to give the stocks a chance, but does not stretch into a very uncertain far future.

Most important of all is the application of a strict margin of safety. This is key. This is what most differentiates this fund for me.

The Advisors will have to work pretty hard to find good candidates with the MOS a rule. Here's hoping they can do it. --BM
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