DFA Tax-Managed US Targeted ValueDTMVX

Morningstar Rating

Fund Research and Analysis

by Katie Rushkewicz

DFA Tax-Managed U.S. Targeted Value is good in theory, but it hasn't shone.

The question of whether active or passive investing is more successful has been debated for years. This fund's strategy, based on years of academic research by scholars Eugene Read more

Kudos

The fund's size allows its managers to keep the costs of trading the illiquid stocks in its universe low.

Reasonable expense ratio. Read more

Risks

The fund's focus on micro-caps has led to added volatility.

Middling long-term record. Read more

Strategy

Think of this fund as a tax-savvy sibling to DFA U.S. Small Cap Value DFSVX. It relies on the same models that isolate stocks that are among the smallest 8% of the U.S. stock market and home in on names Read more

Management

Stephen Clark is responsible for this fund's day-to-day management. He's been at DFA since 2001 and runs several other funds. Eugene Fama, one of the academics who came up with the ideas behind its funds, is Dimensional's director of research. Read more

Inside Scoop

Academic theories stating that small, cheap stocks offer the best chances for long-term outperformance underpin this fund's strategy and those of its siblings. Techniques Read more

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