@David_Snowball

Is this a useful focus? How might I improve it?

I think it's worth adding international exposure even if it didn't hold up as well in the last crash for the full cycle. The thing is, to improve results one must always be thinking forward and while performance history is useful, it is only useful in regard to finding clues to how something might perform in the future. So the question becomes what fund on the list might repeat its success during the next market cycle and what isn't on the list that will also do well? I think international exposure is important now for two reasons--relative valuations between U.S. and emerging markets are particularly wide, increasing one's opportunity set with emerging exposure. But two, and this has been true for a long time, Americans have a significant home country bias even if they don't own stocks at all. Most of one's assets and human capital are "invested" in the U.S. if one includes one's home, bank accounts and job which pays in U.S. dollars.
Regarding the existing list, I think it is important to analyze sector exposures within funds that performed in the last cycle and analyze how those sectors might perform in the next cycle. Yacktman for instance has long held exposure in consumer defensive or staples stocks such as Proctor & Gamble, Coca-Cola, Pepsi, Johnson & Johnson in addition recently to a large slug in Samsung. The question to ask is has anything changed in the commercial outlook for such steady-eddies? I would argue for instance a lot has changed for a company like Proctor & Gamble as thanks to the Internet the competitive landscape for purchases like razor blades and soap is different. The question then becomes is the money manager aware of these changes. in Yacktman's case, I think the answer is yes from my experience with them. Yet just because you're aware of significant changes in the mainstays of your portfolio, doesn't mean you have figured out what suitable replacements might be yet. That can be quite challenging. One can do a similar analysis with Prospector Opportunity, which has significant exposure to the financial services sector, albeit that sector has diversification within it in various sub-sectors.

David, I get the sector breakout. It’s the derivatives that no one can explain - they juice the returns a bit I imagine. I’ll go back to that Buffett quote, derivatives are financial weapons of mass destruction.

This knock is fun to read, 6y on:
https://www.etf.com/sections/blog/20177-inside-professor-shillers-cape-etn.html
I cannot find that he has written a word since. AUM now $200M.

https://theentrepreneurfund.com/top-4-healthcare-mutual-funds-for-2019/
Top 4 Healthcare Mutual Funds for 2019
While questions on the way forward for U.S. healthcare stay in play, healthcare shares proceed to have a optimistic outlook. Perhaps it is because the demand for well being companies continues to rise and most healthcare corporations are sitting on stability sheets flush with money and boasting sturdy financials.
All issues thought of, now is likely to be the suitable time to extend your publicity to the healthcare sector. Here is a have a look at a number of the healthcare mutual funds which have held up this yr, regardless of broad financial challenges.
Note: Funds have been chosen on the idea of year-to-date (YTD) efficiency and complete internet property. All figures have been present as of November 12, 2019.
We have vanguard healthcare etf, been very happy w them so far

David, I get the sector breakout. It’s the derivatives that no one can explain - they juice the returns a bit I imagine. I’ll go back to that Buffett quote, derivatives are financial weapons of mass destruction.

I believe that 401(k) withdrawals have to be initiated on the 401(k) side, unlike IRA transfers/conversions. Often a 401(k) holding is a security that cannot be transferred in kind so liquidation is mandatory. Between having to liquidate holdings and rollovers taking weeks, it's understandable that one would want to hedge the market.
To hedge equity transfers, you can identify some tax-sheltered money that you've got sitting in cash or near cash, or absent that, some reasonably vanilla bond fund that's easily bought and sold. It doesn't have to be in the same place where you're going to transfer the 401(k), it just needs to be in some tax-sheltered account.
Simultaneously use that cash to buy an equity holding and sell the same amount of the equity holding in the 401(k). Then transfer the cash. You now have a new stash of cash available. Rinse and repeat. After the final transfer, use the cash to repurchase the near cash or bond holding that you sold off at the beginning of this process.
If the amount of cash you've got to play with is small and if it takes a couple of weeks to to a transfer, you could be at this for months. Still, you're not going anywhere, so it's just a matter of time and patience.
An alternative, if your 401(k) custodian also provides no-fee IRAs is to have the 401(k) rollover done "in house". For example, Fidelity, Vanguard, etc. often operate companies' 401(k) plans. In house rollovers are usually much faster than rollovers between financial institutions
Even if you aren't excited by the IRA options, so long as they're adequate, they'll do for the purpose of keeping you in the market. You can either do a straight pre-tax rollover followed by a conversion, or a direct rollover conversion.

From the AAII Journal, January 2020. Written by Julie Jason.
"For those who are soon to retire or have recently retired, there is an inflection point between receiving a paycheck from an employer and a paycheck from your portfolio. For retirees who rely on their investments for retirement income, it is also one of the riskiest, if not the riskiest, time in an investor’s life. After all, you won’t go back to work for 45 years to recover from mistakes.
What type of financial service is best for the retiree who needs to “live off of” their investments?"
ARTICLE

When the U.S. economy sneezes .....”. If the S&P takes a sudden 25% haircut, EM’s will follow, likely loosing even more.

That is a fair point, but much depends on the nature of the cold of flue so to speak on whether or not it's contagious and to what degree. During the 2000-2002 crash, emerging market stocks held up better than U.S. ones, and emerging market value ones especially so. That was a tech sector valuation/corruption--remember Worldcom/Enron? Fun times!--driven crash, not a macro global financial crisis like the 2008 one.

Howdy crash,
Roth. It's affordable to switch at this point; any income she has going forward (and she's only 46), you will probably be able to afford to stick into the Roth; it gives you an aspect of wealth diversity and financial control that no other instrument does.
Wifey and I both have Rollover IRA's, she has a Roth, and a taxable account [read: deferred, deferred, exempt, taxable]. I have a DB pension, both on SS and now we're 71 and 70 both subject to RMDs. Both working part time. The Roth gives me additional flexibility with management.
good luck and so it goes,
peace,
rono

https://www.sec.gov/Archives/edgar/data/909504/000119312519324974/d857920d497.htm
The Gabelli International Small Cap Fund
The Gabelli Global Rising Income and Dividend Fund
Gabelli Global Mini MitesTM Fund
(each a “Fund,” and collectively, the “Funds”)
Supplement dated December 27, 2019 to each Fund’s Statutory Prospectus dated April 30, 2019 and Statement of Additional Information dated April 30, 2019
This supplement amends certain information in the Prospectus (the “Prospectus”) and Statement of Additional Information (the “SAI”), each dated April 30, 2019, of the Funds. Unless otherwise indicated, all other information included in the Prospectus and SAI, or any previous supplements thereto, that is not inconsistent with the information set forth in this supplement, remains unchanged. Capitalized terms not otherwise defined in this supplement have the same meaning as in the Prospectus or SAI, as applicable.
Closing of Class AAA, Class A and Class C Shares; Reduction in Class I Minimum Investment Amount
The Board of Directors (the “Board”) of GAMCO Global Series Funds, Inc. (the “Corporation”), on behalf of each Fund, has approved the closing of each Fund’s Class AAA, Class A and Class C shares to new investors.
Effective January 27, 2020, (the “Effective Date”) each Fund’s respective Class AAA, Class A and Class C shares will be “closed to purchases from new investors.” “Closed to purchases from new investors” means: (i) with respect to Class AAA and Class A shares, no new investors may purchase shares of such classes, but existing shareholders may continue to purchase additional shares of such classes after the Effective Date, and (ii) with respect to Class C shares, neither new investors nor existing shareholders may purchase any additional shares of such class after the Effective Date. These changes will have no effect on existing shareholders’ ability to redeem shares of the Funds as described in each Fund’s Prospectus.
Additionally, on the Effective Date Class I shares of each Fund are available to investors with a minimum initial investment amount of $1,000 and purchasing shares directly through the Distributor, or investors purchasing Class I shares through brokers or financial intermediaries that have entered into selling agreements with the Distributor specifically with respect to Class I shares.
Since the minimum initial investment amount for each Fund’s Class I shares purchased directly through the Distributor is the same as that for all other classes of each Fund’s shares, shareholders still eligible to purchase Class AAA and Class A shares of each Fund on or after the Effective Date should instead consider purchasing Class I shares since Class I shares carry no sales load and no ongoing distribution fees. Investors and shareholders who wish to purchase shares of a Fund through a broker or financial intermediary should consult their broker or financial intermediary with respect to the purchase of shares of a Fund.
The Funds’ existing policies regarding conversions of Class AAA, Class A and Class C shares, as described in the Prospectus, will remain in place. Shareholders owning Class AAA or Class A shares of a Fund should consider converting their holdings to Class I shares of the Fund given the change in eligibility requirements for investing in Class I shares. Shareholders owning Class C shares of a Fund should also consider converting their holdings to Class I shares if they otherwise meet the eligibility requirements described in the Prospectus to convert their Class C shares of a Fund to a different share class. Conversions of Class C shares of a Fund to Class A shares of a Fund will no longer be permitted; rather, Class C shares of a Fund that would otherwise be converted to Class A shares of a Fund pursuant to the policies described in the Prospectus will instead be converted to Class I shares. Shareholders who hold shares of a Fund through a broker or financial intermediary should contact their broker or financial intermediary regarding any conversion of shares.
Following the Effective Date, the exchange privilege described in the Prospectus under “Exchange of Shares” will remain in place and subject to the policies described therein. The principal effects of this will be:
● Shareholders owning Class I shares of a Fund will only be able to exchange their shares for Class I shares of another fund managed by the Adviser or its affiliates if they meet the minimum investment requirements for Class I shares of that other fund;
●Exchanges for Class AAA or Class A shares of a Fund will only be permitted for existing holders of Class AAA or Class A shares, as applicable, of the Fund into which such shareholder seeks to exchange; and
●Class C shares of the Funds will no longer be available as an exchange option for holders of Class C shares of other funds managed by the Adviser or its affiliates.
Reinvestment of dividend and capital gain distributions will continue to be permitted for holders of the Funds’ Class AAA, Class A and Class C Shares.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
2

I own the EM Core fund via 401k.
You can get exposure via the following ETFs from John Hancock.
TICKER FUND NAME MANAGED BY MORNINGSTAR CATEGORY USE FOR
JHMC Multifactor Consumer Discretionary ETF Dimensional Fund Advisors Consumer Cyclical Targeted equity exposure
JHMS Multifactor Consumer Staples ETF Dimensional Fund Advisors Consumer Defensive Targeted equity exposure
JHMD Multifactor Developed International ETF Dimensional Fund Advisors Foreign Large Blend Core international holding
JHEM Multifactor Emerging Markets ETF Dimensional Fund Advisors Diversified Emerging Markets Core international holding
JHME Multifactor Energy ETF Dimensional Fund Advisors Equity Energy Targeted equity exposure
JHMF Multifactor Financials ETF Dimensional Fund Advisors Financial Targeted equity exposure
JHMH Multifactor Healthcare ETF Dimensional Fund Advisors Health Targeted equity exposure
JHMI Multifactor Industrials ETF Dimensional Fund Advisors Industrials Targeted equity exposure
JHML Multifactor Large Cap ETF Dimensional Fund Advisors Large Blend Core equity holding
JHMA Multifactor Materials ETF Dimensional Fund Advisors Natural Resources Targeted equity exposure
JHCS Multifactor Media and Communications ETF Dimensional Fund Advisors Communications Targeted equity exposure
JHMM Multifactor Mid Cap ETF Dimensional Fund Advisors Mid-Cap Blend Core equity holding
JHSC Multifactor Small Cap ETF Dimensional Fund Advisors Small Blend Core equity holding
JHMT Multifactor Technology ETF Dimensional Fund Advisors Technology Targeted equity exposure
JHMU Multifactor Utilities ETF Dimensional Fund Advisors Utilities Targeted equity exposure

Just piggy-backing on John's earlier post, this one by Reuters.
"BY LEWIS KRAUSKOPF AND Jessica Resnick-Ault
NEW YORK (Reuters) - The 2010s was a lost decade for shares of U.S. energy companies overall. Volatile commodity prices amid growing supply, poor financial performance and disfavor from some investor groups all contributed to the energy sector's transformation from investor darling to investor outcast.
U.S. crude prices fell more than 20% during the 2010s, while the rise of alternative energy also brought pressure, with some stock buyers shunning fossil fuel investments as socially irresponsible.
But with the dawn of a new decade, some investors say the sun is also rising on energy shares."
Article continues

Transport yourself back to this date in 2018. Would you have predicted these results for 2019? (I know the year has exceeded my modest expectations for the markets.)

For all the angst about trade wars, geopolitics and a sputtering and overly indebted global economy, 2019 might just be the best year investors have ever had.

“It's tough to make predictions, especially about the future.” Yogi Berra
https://reuters.com/article/us-global-markets-2019-graphic/the-best-year-financial-markets-have-ever-had-idUSKBN1YO266

Hi Sirs:
I do believe many financial advisors/firms get paid highly under the table for funds or stocks they do advise. Many do give maybe false data so investors may pick their MFs/ETFs or stocks.
Probably best do your diligence research before jumping into any thoughtful tradeing activities

Kitces:“ Once ... buckets are established, the retiree then might use the following decision-rule framework for liquidations:
1) If equities are up, take the retirement spending from equities
2) If equities are down but bonds are up, take the spending from bonds instead
3) If both equities and bonds are down in the same year, take the distribution from Treasury bills ”
(or, in my case, from “Alternative” investment funds)
Thanks for the link @msf - I’d never seen any analysis comparing the two approaches before and somewhat humbled that Kitces sees some merit in what I’ve been doing. Of course there will be other experts who disagree.
My method IMHO only works if one is willing to sacrifice some current level of return in exchange for being fully invested at all times (a lousy misleading term anyway). So, I carry what some would consider expensive, low performing or erratic performance funds as an offset to a severe equity sell-down. Funds like TMSRX, PRPFX, OPGSX - none of which would pass mustard based on the metrics most mutual fund investors use or receive high marks on this board. There’s also a static 15% weighting in the mix devoted to ultra-short and short term bonds. (I just recently increased that frim 10%.) And as Kitces mentions, you have to be willing to sell your winners in a downturn and hang on to your losers.
One big problem is in trying to backtest anything. For most, 10-15 years seems like an eternity. But in terms of really important global financial turning points 10-15 years is little more than a drop in the bucket. And some of the alternative investment funds (like TMSRX) have only become available recently.

If you get "paid" by the write,you'd better write (something) I guess I'd call it Financial Porn !
Happy Holidays to all, Derf

From the linked web site:
"MoneyCheck is a fast-growing online publication launched in 2018 with the aim of covering personal finance and investment news.

Our goal is to simplify and explain in clear language, what can be a confusing jumble of terms and concepts. We hope to provide clear, unbiased facts so people can make up their own mind about important financial decisions."
Being curious and using same to gather knowledge about investments; I'll periodically "bite" at a title that pronounces "Complete Guide". One never knows about a new and undiscovered individual who may actually be qualified in a subject area; and with the rare gift of presenting subject information in a clear and defined manner. When such articles are discovered here and elsewhere, at a minimum, I pass these along to friends and family to help provide for continuing financial educational purposes.
BUT, I'm not quite sure what is going on with this "financial" write. Complete isn't a qualifying word with this. Periodically, one discovers some common terms for a U.S. marketplace, such as; CD's, 401k/403b, etf tickers, etc. As Mr. Oliver is an online media company owner, it is not clear whether he or a contributor wrote this article; nor to what are his or others qualifications to discuss some of the information provided. Or whether any number of the publications are for the sake of only generating revenue from site hits and clicks to other pages. While there is some valid info in the article, I don't find "complete" and if there is a click link to another page; I won't be traveling there.
A few of the head scratchers for me, from the article:
--- You might already own a 401(k) or IRA through your employer. However, you’ll only gain access to this cash when you turn 59.5-years old. If you have to draw down on your account before this date, you’ll end up paying penalties and fees on any money you withdraw.
>>> Well, yes and no. Ready cash for immediate needs = yes; as loans may be available from a 401k.
--- Visit your bank and open a Certificate of Deposit (CD) instead. Banks are always looking for more capital. By taking a CD with a bank, you agree to pay them a fixed amount every month in return for interest on your money.
>>> I must be out of the loop of knowledge for CD's as I don't know what, "agree to pay them a fixed amount every month", means.
--- Bonds are another attractive savings vehicle for long-term growth. Bonds couple interest earnings to the Federal Funds Rate, and you earn coupon payments on your principal investment. However, while relationships are a stable and liquid investment, they don’t offer much in the way of returns. At the moment, you can expect a yield of 1.75%, and if interest rates drop, then your profits do as well.
>>> Huh ???....." and if interest rates drop, then your profits do as well." Well, I think I know what he is trying to portray; but this would confuse the hell for most folks as to the relationship between bond yield movements and pricing to cause a profit or not.
Apparently, the writer hasn't kept up with U.S. bond funds returns for 2019, YTD.
--- Oliver Dale is Editor-in-Chief of MoneyCheck and founder of Kooc Media Ltd, A UK-Based Online Publishing company. A Technology Entrepreneur with over 15 years of professional experience in Investing and UK Business.His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More.He built Money Check to bring the highest level of education about personal finance to the general public with clear and unbiased reporting.[email protected]

--- Oliver Dale is Editor-in-Chief of GardenBeast and founder of Kooc Media Ltd, A UK-Based Online Publishing company. He has had a love of gardening for many years now and spends the spring to autumn months working on his own garden where he carries out one large project each year ( this year was decking & patio area ).
Oliver oversees the day to day running of the website & publication of our articles.
IMHO, the article offers a few decent things to think about for some folks (considerations for owning a home), is very confusing in areas noted above and doesn't qualify as Investing 101, and COMPLETE is, well..............NOT even close, eh? Does Mr. Dale or others provide a peer review of the information before publishing?
Not an article I will pass forward to others; and I don't understand why this link/article found its way to this site.
Lastly, I don't plan to visit their GardenBeast site.
My 2 cents worth and Take care,
Catch

https://www.etf.com/sections/features-and-news/best-worst-performing-commodity-etfs?nopaging=1
Best and worst commodity etf
In a year in which financial assets across the board have surged, commodities haven’t been left out.

any thoughts on why some REIT's have performed so poorly this week?

The U.S. 10 Year Treasury rocketed up to 1.94% today from somewhere around 1.8% yesterday. That’s a huge one day rise. Earlier in the year it dipped briefly below 1.5%. Bonds (and REITS) tend to move in opposite direction to interest rates. To answer your question - REITS have probably been reacting to the steepening rates for a while. The REIT I sold off a month or so ago (OREAX) fell 1.64% today. I still track it and find it a pretty good bellwether for the REIT market. Generally, the 10-year bond yield has considerable impact on mortgage rates going forward.
The steep bump up in rates was obvious across the spectrum of investments today. Bonds (and many bond funds) fell. Financial stocks rose sharply. Looks like utilities fell back a bit - another area that runs with bonds - and opposite interest rates.

I bookmarked and checked out the cool link @LewisBraham provided. For QVOPX I was only able to pull up the same tables they included in the semi-annual report. However, they noted that it had 2 pages. Since only 1 page surfaced, I submitted their form to have the document emailed to me. After 30+ minutes nothing has arrived.
Re @BenWP - Agree with your points. D&C is one I particularly enjoy reading (DODBX, DODIX). They have a very long term perspective and teach me a lot of things about the long term trends in various assets and their rationale for buying what they do. Right on the money from what I see in linking higher interest rates with improved performance for their sizable financial holdings. I don’t always read Giroux’s commentaries (PRWCX), but that’s another that’s interesting to pick apart. PRPFX is a different story. What you get is a colorful pie-chart showing how their static allocation to half dozen asset classes is parc’d out. No narrative from what I can tell. But that’s to be expected somewhat for a static allocation fund.
Edit: I’ve moved this thread from “Off Topic” to “Fund Discussions” where I feel it better belongs.

I found this segment in a lengthier 'undated' article:
Management's Discussion of Fund Performance ("MDFP")
"Currently, a mutual fund is required to include MDFP in its prospectus unless the information is included in the fund's latest annual shareholders report. While many funds already include MDFP in their annual reports, the SEC is proposing to require that the MDFP be included in the annual report to enable investors to assess the information provided by the MDFP together with other "backward looking" information in order to better understand a fund's performance over the prior year.
The obvious purpose of this proposed requirement is to create consistency in the location of such information and to ensure that the certifications made by a mutual fund's principal executive and financial officers regarding the information contained in the fund's annual reports cover the MDFP."
Full article here