Gary Pilgrim

Gary Pilgrim (5 ga Nuwamba, 1940 – 25 ga Disamba, 2025) tsohon manajan saka hannun jari ne kuma abokin haɗin gwiwa ne na Pilgrim, Baxter, Hoyt & Greig, wanda daga baya aka san shi da Pilgrim Baxter & Associates. Ya shahara sosai saboda yadda yake kula da Asusun Ci Gaban PBHG, ɗaya daga cikin asusun haɗin gwiwa mafi shahara na tsakiyar zuwa ƙarshen shekarun 1990, da kuma badakalar lokacin kasuwa da ke da alaƙa da faduwar wannan kamfanin.

 Salon saka hannun jari 
An yi la'akari da Pilgrim a matsayin mai kirkire-kirkire a fannin zuba jari a hannun jari . A farkon aikinsa, ya ƙirƙiri salon faɗa wanda ya yi amfani da wata hanya mai tsari wadda ba ta saba gani ba ta gano ƙananan kamfanoni masu tasowa cikin sauri waɗanda ke da yuwuwar doke tsammanin samun riba na kwata-kwata, wanda zai haifar da hauhawar farashin hannun jarinsu. Hakanan bai nuna damuwa sosai game da yawan rabon P/E ba, da kuma rashin haƙuri ga kamfanonin da suka rasa kimantawar samun riba, wanda hakan ke haifar da yawan juyewar fayil. Wannan salon, wanda wani lokacin ake kira "ƙarfin samun riba", ana siffanta shi da babban canji, tare da yanayin samun riba ko asara mai ban mamaki.

 Mahajjaci, Baxter & Abokan Hulɗa 
Pilgrim ya fara aiki a matsayin jami'in lamuni a Bankin Ƙasa na Philadelphia a shekarar 1967. Ba da daɗewa ba ya koma sashen aminci, kuma a cikin shekaru goma masu zuwa ya hau matsayin Babban Mataimakin Shugaba. A PNB ne ya haɗu da Harold Baxter, Stephen Hoyt, da George Greig, waɗanda suka tafi tare a shekarar 1982 don kafa Pilgrim, Baxter, Hoyt & Greig. (Da tafiyar Hoyt da daga baya Greig, an sake wa kamfanin suna Pilgrim Baxter & Associates.)

Da farko PBH&G ta sadaukar da kanta gaba ɗaya ga kula da kuɗin asusun fansho na hukumomi, kuma sakamakon haka bai kasance sananne ga jama'a ba. A shekarar 1985, sun shiga kasuwar asusun haɗin gwiwa tare da Asusun Ci Gaban PBHG. A cikin shekaru takwas na farko, asusun ya kasance ba a gano shi ba saboda gaskiyar cewa asusun kaya ne kuma ba a tallata shi ga jama'a ba. Asusun ya dawo da kashi 46.6% a shekarar 1993, kuma ya karu da kashi 225% a cikin shekaru uku da suka ƙare a watan Nuwamba 1993.  Wannan aikin ya bayyana a ƙarshen 1993 lokacin da asusun ya daina aiki kuma ya sami karbuwa daga kafofin watsa labarai, farawa da mujallar Money bugu na watan Agusta inda aka ayyana cewa "mutane kaɗan ne banda abokan cinikinsa suka san sunan manajan asusun mafi zafi a yau: Gary Pilgrim."  A lokacin da wayar da kan jama'a game da asusun haɗin gwiwa ke ƙaruwa da sauri, Pilgrim ya zama ɗaya daga cikin shahararrun sunaye a masana'antar. Asusun ya ci gaba da bayar da kyakkyawan aiki a cikin shekaru uku masu zuwa - a farkon 1996, ya sami ribar shekara-shekara ta kusan kashi 30%. A ƙarshen watan Yuni na 1996, shi ne wanda ya fi kowa a cikin dukkan asusun hannun jari a cikin shekaru 10 da suka gabata, a cewar Lipper Analytical Services.  A halin yanzu, kadarorin asusun da ke ƙarƙashin kulawa sun ƙaru daga kimanin dala miliyan 8 a 1993 zuwa dala biliyan 5 a tsakiyar 1996. A lokacin da Pilgrim ya fi shahara a 1996, Sheldon Jacobs, babban editan kamfanin No-Load Fund Investor, ya ce, "Ban taɓa ganin wata ƙungiya da ta yi haka ba a kowane lokaci."  Mujallar Kiplinger ta Personal Finance ta Oktoba 1996 ta ba wa Pilgrim bita mai zuwa: "Ka manta da Peter Lynch: Gary Pilgrim shine mafi kyawun mai ɗaukar hannun jari na shekaru biyar da suka gabata da kuma goma da suka gabata." 

Abin takaici ga masu zuba jari da yawa waɗanda, sakamakon yawan jan hankalin kafofin watsa labarai, suka shiga asusun a wannan lokacin, ƙarshen 1996 zuwa farkon 1999 lokaci ne mai wahala ga Ci gaban PBHG yayin da yanayin kasuwa ya koma kan ƙananan hannun jari masu tasowa, duk da cewa tattalin arzikin gabaɗaya ya bunƙasa. A cikin wannan lokacin kwata na 10, asusun ya yi fama da rashin daidaito, yayin da S&P 500 ya dawo da kashi 95%.  [ mafi kyau tushe ana buƙata ]

Duk da haka, yayin da fasahar intanet ta fara bunƙasa, aikin PBHG Growth ya yi tashin gwauron zabi, inda ya dawo da kashi 93% a shekarar 1999.  Amma da koma bayan tattalin arziki da ya fara a farkon shekarar 2000, asusun, wanda ya yi daidai da yanayinsa mai canzawa, ya fara faɗuwa da sauri, inda ya yi asarar kashi 34% a shekarar 2001 da kuma kashi 30% a shekarar 2002. [ <span title="This claim needs references to reliable sources. (November 2022)">ana buƙatar ambato</span> ]

Pilgrim ya bayyana a cikin bugu na 1998 da 2004 na littafin Jason Kelly mai suna The Neatest Little Guide to Stock Market Investing a matsayin "babban mai saka jari" wanda ya kamata a yi nazarin dabarunsa, kodayake wataƙila ba a yi koyi da shi sosai ba, ta hanyar mutanen da ke neman nasara a saka hannun jari a kasuwar hannayen jari. [ <span title="This claim needs references to reliable sources. (November 2022)">ana buƙatar ambato</span> ]

 Maganganu 
"Duk wanda ya tsaya kan wata hanyar saka hannun jari zai fuskanci takaici daga kasuwa a wasu lokutan. Tarihinmu ya nuna cewa yawanci muna cikin kwata na farko ko na ƙasa na ribar kuma ba ma ɓata lokaci mai yawa a tsakiya." 

"Ina da kwarin gwiwa sosai cewa muddin zan iya hada fayil ɗin kamfanoni da ke ƙaruwa da kashi 40% a shekara, waɗannan hannun jari za su iya zama jagorori. A ra'ayina, wannan shine yanayin da ake ciki." 

"Yayin da manajojin ci gaba ke tafiya, muna cikin waɗanda suka fi ƙarfin hali domin koyaushe muna neman kamfanoni a farkon zuwa matsakaicin matakin balaga." John Waggoner. "Bottom-fishing for mutual funds", USA Today, January 6, 2000.

"Ina mai da hankali kan kamfanonin da ke yin aiki mai kyau, ba waɗanda suka yi tuntuɓe ba, ko kuma suka rasa kaɗan. Ina son kasancewa cikin yanayi mai kyau, kuma duk wani wari da ban kawar da shi ba yana ɓata min rai kawai. Ina son in so fayil ɗina." 

 Lokacin kasuwa 
A ranar 20 ga Nuwamba, 2003, Hukumar Tsaro da Musayar Kuɗi da Babban Lauyan New York Eliot Spitzer sun shigar da ƙara a kan Pilgrim, Harold J. Baxter, da PBA saboda zamba a hannun jarin jama'a da kuma keta ayyukan amana.   An zargi Pilgrim da barin ɗaya daga cikin abokansa, Michael Christiani, manajan wani asusun hedge mai suna Appalachian Trails LP, ya yi amfani da dabarun lokaci na kasuwa wanda ya yi ciniki cikin sauri da hannun jari na Asusun Ci Gaban PBHG. Kodayake lokacin kasuwa ba haramun ba ne, an fara ɗaukarsa a matsayin abin da zai iya kawo cikas ga masu zuba jari. [ <span title="This claim needs references to reliable sources. (November 2022)">ana buƙatar ambato</span> ] A gaskiya ma, a lokacin da aka gabatar da ƙara a shekarar 2003, PBA ta riga ta kori duk masu lura da kasuwar daga asusunta kuma ba ta ba da izinin yin irin wannan aiki ba tun Disamba 2001. Babu wani zargi ko shaida na cinikin da aka yi ba bisa ƙa'ida ba a makare wanda ya haifar da wasu shari'o'i da dama na badakalar asusun haɗin gwiwa na 2003 .

A ranar 17 ga Nuwamba, 2004, Hukumar Kula da Harkokin Kuɗi ta Ƙasa (SEC) ta sanar da wani yarjejeniya da ta hana Pilgrim da Baxter musanta aikata ba daidai ba a bainar jama'a, kuma ta buƙaci kowannensu ya biya dala miliyan 80 da kansa yayin da PBA za ta biya dala miliyan 90 dalar Amurka, jimillar dala miliyan 250 dalar Amurka. Bugu da ƙari, an hana Pilgrim da Baxter aiki har abada a matsayin masu ba da shawara kan saka hannun jari.

Duk da yunƙurin farfaɗowa, alamar PBHG Funds ta lalace sosai sakamakon lamarin da ya sa ta ci gaba da wanzuwa. A shekara ta 2004, kamfanin iyaye na Old Mutual ya sake wa PBA suna Liberty Ridge Capital. An haɗa PBHG Funds cikin rukunin Old Mutual Funds, kuma Liberty Ridge Capital ta daina aiki a shekara ta 2009.

 Taimakon jama'a 
A shekarar 1998, Pilgrim ta kafa Gidauniyar Pilgrim, da nufin amfanar mata da yara marasa galihu a gundumar Chester, Pennsylvania . Tun daga lokacin gidauniyar ta faɗaɗa manufarta ta tallafawa ayyukan agaji a ƙasa da ƙasa. John Waggoner. "Bottom-fishing for mutual funds", USA Today, January 6, 2000.

 Manazarta 

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Rukuni:Haihuwan 1940
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