No. of Recommendations: 1
A while ago (maybe back on the MF boards?), there was some conversation about shadow index funds, those that closely mirrored an index fund, but charged way more fee, for what amounted to the same product.
My in-laws had APGYX in an advisor-run account, and upon looking at the semi-annual report and holdings, it seems quite similar to SPY.
I wanted to run it through the shadow index comparison, but I've lost the link. If someone has it handy, I'd appreciate it.
Tails
No. of Recommendations: 6
A Factor analysis could be done. The loadings for a total market fund (VTSMX) are about 1 for Market and zero for the rest.
For SPY: Factor Loading
Market (Rm-Rf) 0.98
Size (SMB) -0.17
Value (HML) 0.02
Momentum (MOM) -0.02
Alpha (α) 2.20bps
Annualized Alpha (α) 0.26%
Factor Loading
Market (Rm-Rf) 1.07
Size (SMB) -0.21
Value (HML) -0.31
Momentum (MOM) 0.01
Alpha (α) 7.80bps
Annualized Alpha (α) 0.94%
https://www.portfoliovisualizer.com/factor-analysi...Or Active Share can be used. Active Share is 0% for an index fund and 100% for a fund with no portfolio overlap.
Equity Holdings 53
Assets in Top 10 Holdings 54%
Active Share 64.54
https://www.morningstar.com/funds/xnas/apgyx/portf... 