Fund Discussions - Mutual Fund Observer Discussions http://www.mutualfundobserver.com/discuss/index.php?p=/categories/general/feed.rss Tue, 18 Jun 13 20:21:54 -0400 Fund Discussions - Mutual Fund Observer Discussions en-CA Opportunities (Still) in Dividend Funds & couple of reads http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6833/opportunities-still-in-dividend-funds-couple-of-reads Tue, 18 Jun 2013 19:33:57 -0400 johnN 6833@/discuss/index.php?p=/discussions http://wealthmanagement.com/mutual-funds/opportunities-still-dividend-funds

the sky is falling
http://www.fmsbonds.com/News/bond_article.asp?id=444

EM exodus gr0w
http://www.efinancialnews.com/story/2013-06-17/emerging-market-exodus
https://www.google.com/#output=search&sclient=psy-ab&q=Emerging-market+fund+exodus+grows&oq=Emerging-market+fund+exodus+grows&gs_l=hp.12...0.0.0.11083.0.0.0.0.0.0.0.0..0.0...0.0...1c..17.psy-ab.OPSmoUOhkeQ&pbx=1&bav=on.2,or.r_qf.&bvm=bv.47883778,d.eWU&fp=13a1c6b6c477dcf1&biw=1366&bih=552

two really cheap etf face of
http://www.businessweek.com/news/2013-06-17/two-really-cheap-etfs-face-off-dot-investors-win


]]> Any funds investing in 3 D printing stocks http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6818/any-funds-investing-in-3-d-printing-stocks Sat, 15 Jun 2013 19:29:48 -0400 bnath001 6818@/discuss/index.php?p=/discussions nath]]> Morningstar, Day Two: Matt Eagan on where to run now http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6831/morningstar-day-two-matt-eagan-on-where-to-run-now Tue, 18 Jun 2013 16:58:29 -0400 David_Snowball 6831@/discuss/index.php?p=/discussions
Eagan argues that fixed income is influenced by multiple cyclical risks, including market, interest rate and reinvestment risk. He's concerned with a rising need to protect principle, which leads him to a neutral duration, selective shorting and some currency hedges (about 8% of his portfolios).

He's concerned that the Fed has underwritten a hot-money move into the emerging markets. The fundamentals there "are very, very good and we see their currencies strengthening" but he's made a tactical withdrawal because of some technical reasons (I have "because of a fund-out window" but have no idea of what that means) which might foretell a drop "which might be violent; when those come, you've just got to get out of the way."

He finds Mexico to be "compelling long-term story." It's near the US, it's capturing market share from China because of the "inshoring" phenomenon and, if they manage to break up Pemex, "you're going to see a lot of growth there."

Europe, contrarily, "is moribund at best. Our big hope is that it's less bad than most people expect." He suspects that the Europeans have more reason to stay together than to disappear, so they likely will, and an investor's challenge is "to find good corporations in bad Zip codes."

In the end:

  • avoid indexing - almost all of the fixed income indexes are configured to produce "negative real yields for the foreseeable future" and most passive products are useful mostly as "just liquidity vehicles."
  • you can make money in the face of rising rates, something like a 3-4% yield with no correlation to the markets.
  • avoid Treasuries and agencies
  • build a yield advantage by broadening your opportunity set
  • look at convertible securities and be willing to move within a firm's capital structure
  • invest overseas, in particular try to get away from the three reserve currencies.


Eagan manages a sleeve of Litman Gregory Masters Alternative Strategies (MASNX), which we've profiled and which has had pretty solid performance.

For what it's worth,

David]]> Pimco Real Estate (PETDX) fund --poor performance http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6828/pimco-real-estate-petdx-fund-poor-performance Tue, 18 Jun 2013 14:15:35 -0400 prinx 6828@/discuss/index.php?p=/discussions PETDX PIMCO:RE Rl Rtn;D -0.44% -6.40% -1.99% 5.58% 21.35% 11.13% --
FRIFX Fidelity Real Est Inc -0.25% -0.03% 4.94% 15.36% 12.70% 10.35% 7.61%

Why is Pimco Real estate (PETDX) fund performing so poorly YTD vs other real estate REIT in its peer class i.e. FRIFX
prinx]]> Health Savings Accounts (HSA) and Mutual Funds http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6824/health-savings-accounts-hsa-and-mutual-funds Mon, 17 Jun 2013 14:58:56 -0400 bee 6824@/discuss/index.php?p=/discussions
Mutual funds which will act as HSA custodians for direct investors:
Geier Funds
Toreador Funds
Huntington Funds
Mirzam Funds
IMS Capital
Appleseed Fund
The Bruce Fund
Sparrow Capital
Roosevelt Multi-Cap Fund

Other HSA Mutual Fund options:
1.TD Ameritrade Brokerage Through hsabank.com/HSABank/Accountholders.aspx HSA Bank
-you can link an hsabank account to a TD Ameritrade brokerage, allowing for fee-free ETF trading.

2.Saturna Capitalsaturna.com/
-Brokerage based, no monthly or annual fee
-No fees if you invest in their mutual funds (AMANX, AMAGX, AMDWX, SSGFX, SSIFX, SCORX, SGHIX, STBFX, SBIFX)
-Commissions for self-directed trading ~ $14.95 per trade
-Inactive fee after 1 year ($12.50 or $25 for mutual fund/brokerage account)

3.alliantcreditunion.org/depositsinvestments/healthsavings/ Alliant Credit Union
-Pays 0.7% APY (updated 6/17/13) on balances above $100,
25 free checks, debit card, no fees. Join the PTA (local or national) to qualify for membership.
$5.95/month to invest anything over $1000 into Mutual Funds

4.healthsavingsaccount-hsa.com/hsadministratorsfundslist.htm Health Savings Administrators, are 15 Vanguard® Funds
-Debit Card alternative - not connected with mutual fund account
-Available through Resource Bank-There are no deposit fees, no per check fees and no fee to close the account.
-Pays 1% APR if monthly balance is above $1000
-FDIC insured
-Monthly maintenance fee - $2
-Account setup fee $ 20.00
-Annual administrative fee-single account $ 35.00
-Annual administrative fee-family account $ 60.00
-Administrative fees are payable direct in advance.
-Mutial Fund customers (no debit card)
- Custodial fee .00125 per quarter, deducted from account balance


]]> Morningstar, Day Two: David Herro on emerging markets and systemic risks http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6829/morningstar-day-two-david-herro-on-emerging-markets-and-systemic-risks Tue, 18 Jun 2013 16:14:08 -0400 David_Snowball 6829@/discuss/index.php?p=/discussions
Day Two started with a 7:00 a.m. breakfast sponsored by Litman Gregory. The coffee was eye-opening - the sort of 10% total dissolved solids brew that any reasonable Midwesterner would consider a "coffee concentrate" - but the snacks were largely desultory. Litman runs the Masters series funds and bills itself as "a manager of managers." The presenters were two of the guys who subadvise for them, David Herro of Oakmark and Matt Eagan of Loomis Sayles.

Herro was asked about frothy markets and high valuations. He argues that "the #1 risk to protect against is the inability of companies to generate profits - macro-level events impact price but rarely impact long-term value. These macro-disturbances allow long-term investors to take advantage of the market's short-termism." The '08-early '09 events were "dismal but temporary."

Herro notes that he had 20% of his flagship in the emerging markets in the late 90s, then backed down to zero as those markets were hit by "a wave of indiscriminate inflows." He agrees that emerging markets will "be the propellant of global economic growth for the next 20 years" but, being a bright guy, warns that you still need to find "good businesses at good prices." He hasn't seen any in several years but, at this rate, "maybe in a year we'll be back in."

His current stance is that a stock needs to have 40-50% upside to get into his portfolio today and "some of the better quality e.m. firms are within 10-15% of getting in." He seemed impressed, in particular, with the quality of management teams in Latin America ("those guys are really experienced with handling adversity") but skeptical of the Chinese newbies ("they're still a little dodgy").

He also announced a bias "against reserve currencies." That is, he thinks you're better off buying earnings which are not denominated in dollars, Euros or yen. His co-presenter, Matt Eagan of Loomis Sayles, has the same bias. He's been short the yen but long the Nikkei.

In terms of asset allocation, he thinks that global stocks, especially blue chips "are pretty attractively priced" since values have been rising faster than prices have. Global equities, he says, "haven't come out of their funk." There's no much of a valuation difference between the US and the rest of the developed world (the US "is a little richer" but might deserve it), so he doesn't see overweighting one over the other.

For what it's worth,

David]]> LINK: The end of the EM bull. http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6791/link-the-end-of-the-em-bull- Wed, 12 Jun 2013 23:17:52 -0400 MaxBialystock 6791@/discuss/index.php?p=/discussions http://www.cnbc.com/id/100798026 ]]> Africa on the Rise http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6808/africa-on-the-rise Fri, 14 Jun 2013 20:04:55 -0400 hank 6808@/discuss/index.php?p=/discussions
http://individual.troweprice.com/public/Retail/Planning-&-Research/Connections/Africa/Africa-on-the-Rise?MessID=1032]]> Jeff Gundlach: Three reasons Interest Rates Won't Head Much Higher http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6826/jeff-gundlach-three-reasons-interest-rates-won039t-head-much-higher Mon, 17 Jun 2013 21:37:12 -0400 Mark 6826@/discuss/index.php?p=/discussions
http://seekingalpha.com/article/1504042-jeff-gundlach-3-reasons-interest-rates-won-t-head-much-higher?source=email_investing_income&ifp=0

It doesn't really mention any mutual funds by name but if anyone objects I'll change the category. From my point of view everyone pretty much thinks he's a mutual fund manager.]]> Funds I don't know about http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6822/funds-i-don039t-know-about Mon, 17 Jun 2013 13:11:43 -0400 tschucha 6822@/discuss/index.php?p=/discussions Bernanke's juggling act http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6820/bernanke039s-juggling-act Sun, 16 Jun 2013 19:55:51 -0400 JoeNoEskimo 6820@/discuss/index.php?p=/discussions
Does he strongly hint at tapering purchases soon so that Yellen doesn't get slammed next year? His legacy is on the line, and so are our bloated markets.

Or does he just leave things status quo, and then have some of his Fed cronies drop hints over the next few months?

I'd be surprised if we get anything concrete on Weds, probably just more vague "hints".

]]> M* Fund Times 6/13/2013 http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6813/m-fund-times-6132013 Sat, 15 Jun 2013 04:22:21 -0400 Investor 6813@/discuss/index.php?p=/discussions http://news.morningstar.com/articlenet/article.aspx?id=599723

Greetings from a Mediterranean beach in Turkey. Sorry for the late post as I am on vacation. It is easy to lose concept of date and time here.]]> Diversity with Correlation Coefficients (Ping Hogan) http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6667/diversity-with-correlation-coefficients-ping-hogan Thu, 30 May 2013 09:57:57 -0400 MJG 6667@/discuss/index.php?p=/discussions
Yesterday, MFO participant Hogan asked a pertinent portfolio construction question that deserves special attention, and therefore a standalone listing on the MFO site instead of a quickly buried reply.

Specifically, Hogan solicited help to identify a portfolio “diversifier on a down US equity day”. Many MFO members proffered excellent candidates. The purpose of my post is not to offer a fish, but rather to instruct on how to fish.

Hogan framed his question in terms of a single day; of course he is referring to diversification over an extended period. Unless you are a day trader, a single days performance is really noise and not a reliable signal.

Accordingly, at the root of Hogan’s query, we are now talking statistics and probabilities. Specifically, we are referring to correlation coefficients and how to calculate them.

Don’t panic. These days you need not do the calculation yourself. There are many websites that will not only do the calculation, but will also do the heavy lifting of securing all the data inputs required to complete the analysis. I will list one such user friendly site a little later.

First, for the benefit of the neophyte investor, a definition of correlation coefficient is needed because it appears in the formal mathematical equation that describes a portfolio’s volatility (standard deviation). When applied to a portfolio, correlation coefficient measures the price movement togetherness of two investment products. Its scale goes from plus One (perfect togetherness) to Zero (completely random behavior between the two holdings) to minus One (totally out-of-synch performance).

It is significant to record that correlation coefficients are not static; they dynamically change over time because of complex market interactions.

It is also significant to note that one primary goal in portfolio diversification is to minimize its volatility while simultaneously maintaining average annual returns. Over the years, portfolio volatility works to erode end wealth; cumulatively, it is a negative factor. This goal is partially achieved by incorporating investment products that have low correlation coefficient values, preferably negative values if you can find these rare opportunities. Low correlation coefficient pairs are the secret to proper portfolio diversification.

Enough theory, here is the Link to a site that provides a number of financial tools, particularly an easy to use correlation coefficient calculator:

http://buyupside.com/calculators/stockcorrelationinput.php

The simple inputs can handle stocks, mutual funds, and ETFs. The historical data sets are automatically extracted from Yahoo! Finance. Please observe that the analysis can employ daily, weekly, or monthly data as a user option. This choice will make a difference in the computed correlation coefficient.

To illustrate, I did a few calculations using Hogan’s PIMCO Global Bond—Unhedged fund (PGBDX) and Vanguard’s S&P 500 Index fund (VFINX)) as an equity market proxy.

Using daily data for the three months ending yesterday, the PGBDX holding is a superior diversifier with a -0.638 correlation coefficient. Congratulations Hogan.

For the three months preceding the current three month period, the correlation coefficient was -0.926. That’s even better. Things change often, often rapidly, and sometimes for the better.

For the one year period before the current date, the correlation coefficient was -0.0397 using daily data inputs. That’s very much like a random behavior between the two units being examined. It is a given that statistical market data constantly evolves.

Let’s examine how data entry frequency alters this last finding. For the last year, using weekly pricing inputs, the correlation between the S&P 500 market proxy and the PIMCO product was -0.158. So the price series interval does make an impact, as expected.

If you use the referenced calculator, remember to select an interval that is consistent with your anticipated holding period. Short holding periods need the daily data; long-term holders should use the weekly option. Do not use the monthly data sets since the statistical accuracy will degrade because of an input paucity.

This stuff is great fun and just might enhance your portfolio performance. Diversification is a tool that you control and can be deployed to great advantage. In the investment universe, it is indeed a rare nearly free lunch. Just do it even if you are somewhat statistically challenged. You need not be an expert auto mechanic to be a winning race driver.

I hope you add the correlation coefficient calculator to your toolbox.

Thank you Hogan for inspiring this submittal.

Best Regards.]]> Morningstar, Day Two: the missing report http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6811/morningstar-day-two-the-missing-report Fri, 14 Jun 2013 22:59:17 -0400 David_Snowball 6811@/discuss/index.php?p=/discussions
FYI, David]]> Morningstar, Day Three: the off-the-record worries http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6812/morningstar-day-three-the-off-the-record-worries Fri, 14 Jun 2013 23:16:20 -0400 David_Snowball 6812@/discuss/index.php?p=/discussions
More than one manager suspects that there might be a commodity price implosion, gold included. A 200 year chart of commodity prices shows four spikes - each followed by a retracement of more than 100% - and a fifth spike that we've been in recently.

More than one manager offered some version of the following statement: "there's hardly a bond out there worth buying. They're essentially all priced for a negative real return."

More than one manager suggested that the term "emerging markets" was essentially a linguistic fiction. About 25% of the emerging markets index (Korea and Taiwan) could be declared "developed markets" (though, on June 11, they were not) while Saudi Arabia could become an emerging market by virtue of a decision to make shares available to non-Middle Eastern investors. "It's not meaningful except to the marketers," quoth one.]]> Chuck Jaffe: Father's Day Investing Advice http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6817/chuck-jaffe-father039s-day-investing-advice Sat, 15 Jun 2013 17:12:49 -0400 Investor 6817@/discuss/index.php?p=/discussions http://www.marketwatch.com/enf/rss.asp?guid={9E5893BA-D538-11E2-B46A-002128040CF6}]]> 5 bond questions to ask your financial advisor http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6816/5-bond-questions-to-ask-your-financial-advisor Sat, 15 Jun 2013 13:00:16 -0400 johnN 6816@/discuss/index.php?p=/discussions http://www.cnbc.com/id/100814655

is this the best investment opportunity in yrs
http://seekingalpha.com/article/1502142-oversold-yields-is-this-the-best-investment-opportunity-in-years

em bond heading south??
http://uk.reuters.com/article/2013/06/12/uk-emerging-corporate-analysis-idUKBRE95B0UL20130612
]]> Odds Matter: a 10-Year Vanguard Forecast http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6797/odds-matter-a-10-year-vanguard-forecast Thu, 13 Jun 2013 12:37:06 -0400 MJG 6797@/discuss/index.php?p=/discussions
We’ll never know when to hold’em; We’ll never know when to fold’em, if we don’t know the odds. For completeness, you also need to know the Expected Payout, but that’s a subject of another story.

When in Las Vegas, it is never a smart or profitable decision to play Keno; the odds are terrible for the player. The only consistent winners are the casinos. Not surprisingly, the luxury casino/hotels have the poorest payout odds, but they do employ the best looking Keno runners. There are always hard tradeoffs.

From a fair odds perspective, Blackjack should be the game of choice. With just a little study and a persistent discipline, the odds at “21” can be effectively equalized without defaulting to a dangerous card counting system.

As Louis Pasteur remarked; “When observation is concerned, chance favors only the prepared mind”. And the prepared gambler.

That’s, of course, only true sometimes since luck is an uncontrollable factor. Emotions and hope often prevail over logic in decision making. The winning odds in lotteries are lousy, and most everyone knows that the odds are lousy. Yet lotteries attract huge monies. Hope for riches is an incentive that folks can not disregard. Gambling on an uncertain investment return has sport-like characteristics.

Most folks would likely prefer the clockwork precision world of Isaac Newton. When he discovered the classic mechanical Laws of Motion and Gravity, many of the 17th century hoi polloi believed that happenings were preordained and totally predictable. That faulty interpretation ended when Werner Heisenberg introduced his statistically based
Uncertainty Principles to explain some of physics more complex and perplexing issues. Life is fuzzy.

Like it or not, the investment world is more like Heisenberg’s model than like the Newtonian perspective. Uncertainty rules the investment day so statistical expectation is a superior framework over a clean, single point forecast for planning purposes .

Consequently, to tilt the odds in the investment universe, an understanding of statistics, their merits and their shortcomings, is essential. You must know the odds, estimate the expected payoffs, and have a plan to exploit them in your favor. An additional dimension of complexity is introduced because these odds are not constant over time.

Based on long-term statistical data tables, we know that the US equity market has a modest 0.03 % return daily upward bias. That’s the financial incentive to invest despite its roughly 1.00 % daily price volatility (standard deviation).

These same statistical pricing data sets amply illustrate that time is an investors best friend. On a daily basis, the S&P 500 Index (serving as an equity market proxy) has delivered positive outcomes 53 % of the time. As the time scale progressively stretches to weekly, monthly, quarterly, annual, and 5-year increments, the likelihood of positive outcomes increases to 56 %, 59 %, 64 %, 71 %, and 81 %, respectively. Indeed, time is a powerful ally.

The sell-in-May axiom reminds us that the progress is not uniform. The long-term monthly data sets show two negative months (February and September) with weak positive returns recorded in the summer months. Even this weaker period generates likely rewards that exceed the current low yields offered by alternate fixed income candidate vehicles.

Overall, because of their perceived risk (loosely measured by return volatility), equities have awarded investors with a risk premium of 4 to 6 % over a various assortment of zero risk options like short-term or 10-year government bonds. That’s likely to remain intact going forward.

However, as a general observation, predicting future market returns is a Loser’s game, especially for the short-term annual prediction drill. Numerous Guru attempts are made producing an equal number of failures. Longer term forecasts (like 10-year periods) are imperfect, but have proven to be much more reliable.

Recent academic and industry studies suggest that some forms of P/E ratio can explain about 40 % of the equity market movements. That’s surely a step in the right direction, but it is a double-edged sword. That same finding also means that 60 % of the action remains clouded in mystery. In the end, forecasts are not perfect so portfolios should be assembled to reflect this uncertainty.

I interpret that bottomline conclusion in terms of my portfolio’s asset allocation. To make the portfolio robust against this uncertainty, the portfolio must retain its broad diversification characteristics. It must protect against an array of future scenarios that include downside probabilities.

Here is a reference to a nice Vanguard study prepared late last year that catalogues candidate forecasting signals and their shortfalls. The title of the work is “Forecasting Stock Returns: What Signals Matter, and What do They Say Now?” Here is the Link to the document:

https://personal.vanguard.com/pdf/s338.pdf

The study explores over a dozen candidate market direction signals to project future equity returns. Various P/E ratio formulations did the best job. Most others failed miserably. The Vanguard researchers conclude that attempts to predict near-term equity performance (like next year’s returns) is a lost cause; one-year estimates are worthless.

The study further concludes that there is a modest ability to capture reasonably reliable 10-year annualized returns. The P/E 40 % explanatory power observation that I mentioned earlier was gleaned from this study.

For forecasting purposes, Vanguard uses a Monte Carlo simulation code that explores market return as a function of leading signal correlations. This proprietary tool is called the Vanguard Capital Markets Model (VCMM). A primary output of the code is a multiyear market returns projection map. One dimension of that map is an event probability distribution.

When applied to the current economic and financial environments, the simulations are more positive than negative about the upcoming 10-year equity market prospects. Vanguard sees a higher likelihood of positive returns, slightly muted when contrasted against historical equity rewards.

Of particular interest are the final charts in the referenced report. The plots show the predicted return’s probability distributions for this year, and the next 10-year period.

Note that the VCMM code has the rare capability to forecast low percentage (probability), infrequent fat tail outcomes, essentially Black Swans. That’s an exciting feature. However, I seriously doubt the tools have sufficient accuracy at these extremes given how far removed these events are from the data rich historic average returns.

I recommend that you visit the article. Sorry that I didn’t post this Link earlier, but I neglected to read the report for several months as it languished on my to-do list.

Best Regards.]]> Morningstar, Day One: Northern Trust on emerging and frontier markets – in 125 words http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6788/morningstar-day-one-northern-trust-on-emerging-and-frontier-markets-in-125-words Wed, 12 Jun 2013 23:05:14 -0400 David_Snowball 6788@/discuss/index.php?p=/discussions ]]> Morningstar, Day Three: Sextant Global High Income fund http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6810/morningstar-day-three-sextant-global-high-income-fund Fri, 14 Jun 2013 22:55:39 -0400 David_Snowball 6810@/discuss/index.php?p=/discussions BOND Even for Week http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6815/bond-even-for-week Sat, 15 Jun 2013 10:19:47 -0400 Charles 6815@/discuss/index.php?p=/discussions
Here's updated YTD chart through yesterday, 14 June:

image
]]> SPY Down 1% with Three Distribution Days This Week http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6814/spy-down-1-with-three-distribution-days-this-week Sat, 15 Jun 2013 10:11:35 -0400 Charles 6814@/discuss/index.php?p=/discussions
Here is updated YTD performance and timing chart:

image ]]> Morningstar, Day One: RiverPark Strategic Income in registration http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6792/morningstar-day-one-riverpark-strategic-income-in-registration Wed, 12 Jun 2013 23:26:13 -0400 David_Snowball 6792@/discuss/index.php?p=/discussions
Per the SEC filing: "RiverPark Strategic Income seeks high current income and capital appreciation consistent with the preservation of capital by investing in both investment grade and non-investment grade debt, preferred stock, convertible bonds, bank loans, high yield bonds and income producing equities." But the bonds must be Money-Good; that is, in the worst case, they can be held to maturity and the issuer will be in a position to redeem them at full value. Up to 35% of the fund might be foreign fixed-income and up to 35% might be dividend paying equities. $1000 minimum, 1.25% opening e.r.]]> RiverPark Short Term High Yield Fund to close to new investors http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6805/riverpark-short-term-high-yield-fund-to-close-to-new-investors Fri, 14 Jun 2013 12:38:57 -0400 TheShadow 6805@/discuss/index.php?p=/discussions http://www.sec.gov/Archives/edgar/data/1494928/000139834413002870/fp0007468_497.htm

497 1 fp0007468_497.htm

RiverPark Funds Trust

RiverPark Short Term High Yield Fund

Supplement dated June 14, 2013 to the Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) dated January 28, 2013.

This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.

Effective as of 4pm on June 21, 2013 (the "Closing Date"), Retail and Institutional Class Shares of the RiverPark Short Term High Yield Fund (the "Fund") are closed to new investors.


After the Closing Date, existing shareholders of Retail and Institutional Class Shares of the Fund and certain eligible investors, as set forth below, may purchase additional Retail and Institutional Class Shares of the Fund through existing or new accounts and reinvest dividends and capital gains distributions. Existing shareholders and eligible investors include:

· Shareholders of Retail Class Shares and Institutional Class Shares of the Fund as of the Closing Date (although once a shareholder closes all accounts in the Fund, additional investments into the Fund may not be accepted).

· Clients of a financial adviser or planner who had client assets invested in the Fund as of the Closing Date.

· Any trustee of RiverPark Funds Trust, or employee of RiverPark Advisors, LLC or Cohanzick Management, LLC, or an investor who is an immediate family member of any of these individuals.

The Fund reserves the right, in its sole discretion, to determine the criteria for qualification as an eligible investor and to reject any purchase order. Sales of Retail Class Shares and Institutional Class Shares of the Fund may be further restricted or reopened in the future.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

RPF-SK-011-0100
]]> AQRIX RISK PARITY FUND http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6784/aqrix-risk-parity-fund Wed, 12 Jun 2013 08:06:12 -0400 ducrow 6784@/discuss/index.php?p=/discussions Buying the dip? http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6786/buying-the-dip Wed, 12 Jun 2013 21:43:57 -0400 JoeNoEskimo 6786@/discuss/index.php?p=/discussions
....or....what are you "waiting" to buy if we drop further?]]> Leeb Focus Fund to be liquidated http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6807/leeb-focus-fund-to-be-liquidated Fri, 14 Jun 2013 17:08:44 -0400 TheShadow 6807@/discuss/index.php?p=/discussions http://www.sec.gov/Archives/edgar/data/1199046/000119312513259721/d551546d497.htm

497 1 d551546d497.htm UNIFIED SERIES TRUST - LEEB FOCUS FUND
LEEB FOCUS FUND

Supplement to the Prospectus dated

April 1, 2013

Supplement dated June 14, 2013

The Board of Trustees has determined to redeem all outstanding shares of the Leeb Focus Fund (the “Fund”) and to cease operations of the Fund due to the adviser’s business decision that it no longer is economically viable to continue managing the Fund because of the Fund’s small size and the increasing costs associated with advising a registered investment company.

The Fund is no longer accepting purchase orders for its shares and it will close effective as of June 28, 2013. Shareholders may redeem Fund shares at any time prior to this closing date. Procedures for redeeming your account, including reinvested distributions, are contained in the section “How to Redeem Shares” of the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to June 28, 2013 will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer and are held in a brokerage account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer for deposit into your brokerage account.

The Fund is no longer pursuing its investment objective. All holdings in the Fund’s portfolio are being liquidated, and the proceeds will be invested in money market instruments or held in cash. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.

IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS

If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 60 days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodian account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.

* * * * * *

This supplement and the Prospectus provide the information a prospective investor should know about the Fund and should be retained for future reference. A Statement of Additional Information, dated April 1, 2013 has been filed with the Securities and Exchange Commission, and is incorporated herein by reference. You may obtain the Prospectus or Statement of Additional Information without charge by calling the Fund at (866) 400-5332 or visiting www.leebfunds.com.
]]> the search for yield/couple of Fri reads http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6804/the-search-for-yieldcouple-of-fri-reads Fri, 14 Jun 2013 10:05:10 -0400 johnN 6804@/discuss/index.php?p=/discussions http://www.onwallstreet.com/news/bright-spots-in-search-for-yield-2685347-1.html?ET=onwallstreet:e13978:245043a:&st=email

As Markets Churn, Bond Funds Start Ugly Dog Contest
http://www.cnbc.com/id/100813108

US-T now a ponzi market
http://blogs.barrons.com/incomeinvesting/2013/06/13/treasuries-now-a-ponzi-market-guggenheim-cio/

not like 94 crash
http://www.trustnet.com/News/433256/why-theres-no-need-to-fear-a-1994-style-crash-in-bonds/

http://blogs.marketwatch.com/thetell/2013/06/12/martin-fridson-the-junk-bond-market-hasnt-come-down-to-earth/]]> Morningstar, Day One: recs from Morningstar's top four fund experts on undiscovered managers http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6790/morningstar-day-one-recs-from-morningstar039s-top-four-fund-experts-on-undiscovered-managers Wed, 12 Jun 2013 23:17:32 -0400 David_Snowball 6790@/discuss/index.php?p=/discussions
Dead silence. Glances back and forth. After a long silence: FPA, Primecap and TFS.

There are two possible explanations: (1) Morningstar really has lost touch with anyone other than the top 20 (or 40 or whatever) fund complexes or (2) Morningstar charged dozens of smaller fund companies to be exhibitors at their conference and was afraid to offend any of them by naming someone else.

Possible answer: a number of advisors are searching for management teams that has outstanding records with private accounts and/or hedge funds, and are making those teams and their strategies available to the retail fund world. Exemplars include ASTON, RiverNorth and RiverPark.

Possible answer: a number of first-tier investors have walked away from large fund complexes to launch their own boutiques and to pursue a focused investing vision. Exemplars: Grandeur Peak, Oakseed, Seafarer.

]]> Great Day http://www.mutualfundobserver.com/discuss/index.php?p=/discussion/6800/great-day Thu, 13 Jun 2013 20:14:47 -0400 Charles 6800@/discuss/index.php?p=/discussions
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