Howdy folks,
Hope everyone is doing well.
The nut is how do we make money from this incoming administration, not whether this is either bullish or bearish. Every minute of every day for every bull there has to be a bear.
Right now 'sure' bets seem to be infrastructure, energy service and financial service. Any of you good folks have some favorites in these arenas? I've added FCX and DE for individual stocks and some fido sector funds - FSRFX, FSESX, and FSDAX (fido's easy for me these days).
What other sectors/segments/regions?
Thanks in advance and happy holidays,
and so it goes,
peace,
rono

All ratings have been updated on MFO Premium site, including MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Correlation, Dashboard of Profiled Funds, and Fund Family Scorecard.
Fairholme entered the Top category on MFO's Fund Family Scorecard. All three Fairholme Funds have beaten their peer averages on an absolute return basis since inception. It joins other top performing families Dodge & Cox, FMI, Longleaf, Oakmark, Oberweis, Osterweis, Grandeur Peak, Gotham, Tweedy Brown, Artisan, Mairs and Powers, RiverNorth, PRIMECAP. Here is complete list of Top Fund Families:

Bottom families? State Farm, Timothy, Hussman, AdviserOne, Permanent, Pacific Financial, CMG, O'Shaughnessy, and Oak Associates are among the 75 families in the MFO Scorecard cellar.
So, how can a shop as thoughtful as O'Shaughnessy have 4 of its 5 funds trailing their peers since inception, as shown below?

Well, two of its funds, O'Shaughnessy Market Leaders Value Fund (OFVIX) and Small Cap Value Fund (OFSIX), are less than a year old and have each delivered shareholders more than 20%, despite trialing averages. The others too have delivered handsome returns for the past six plus years, granted with some healthy drawdown in 2011 and 2016, the latter by the Enhanced Dividend Fund (OFDIX). The global equity income OFDIX is still below its previous maximum.
Hmmm, relative returns aren't everything, are they? Will attempt to shed more light on this topic in future posts.
The Category Averages tool provides a summary of averages for 144 Lipper fund categories (excluding money market) across 10 different time frames. Looking at the current market cycle, which began in November 2007 and is now 9 years old ... below are the top and bottom categories and attendant total return, %:


Time to rotate into bottom dwellers?
Waddell & Reed have 19 funds with $24B in assets under management (AUM). Its parent Waddell & Reed Financial Inc trades publicly under ticker WDR. Currently, eight of its funds are in the Three Alarm doghouse, which means they have delivered bottom quintile absolute returns the past 1, 3, and 5 year periods:

Its subsidiary Ivy Funds has 39 funds with $39B in AUM. It too has eight funds on our Three Alarm list:

They have just launched three Ivy NextShares ETFs.
Neither Waddell nor Ivy have any funds on the MFO Honor Roll. They have one 3-year Great Owl: Ivy LaSalle Global Risk-Managed Real Estate Fund (IVIRX).

Examples:
https://www.sec.gov/Archives/edgar/data/923184/000119312516784851/d299132d497.htm
497 1 d299132d497.htm 497
SUPPLEMENT DATED DECEMBER 5, 2016
TO THE INVESTOR AND INSTITUTIONAL PROSPECTUS OF
MATTHEWS ASIA STRATEGIC INCOME FUND AND
MATTHEWS ASIA CREDIT OPPORTUNITIES FUND
DATED APRIL 29, 2016
Effective immediately after market closing on December 30, 2016, the minimum initial investment for Institutional Class shares is lowered from $3,000,000 to $100,000.
Therefore, effective immediately after market closing on December 30, 2016, the Institutional Class Shares chart under the “Purchase and Sale of Fund Shares” section on page 11 is hereby removed in its entirety and replaced with the following:
INSTITUTIONAL CLASS SHARES
Type of Account Minimum Initial Investment Subsequent Investments
All accounts $100,000 $100
Minimum amount for Institutional Class Shares may be lower for purchases through certain financial intermediaries and different minimums may apply for retirement plans and other arrangements subject to criteria set by Matthews.
The minimum investment requirements for both the Investor and Institutional Classes do not apply to Trustees, officers and employees of the Funds and Matthews, and their immediate family members.
Also effective immediately after market closing on December 30, 2016, the Minimum Investments in the Institutional Class Shares chart under the “Purchasing Shares” section on page 31 is hereby removed in its entirety and replaced with the following:
MINIMUM INVESTMENTS IN THE INSTITUTIONAL CLASS SHARES OF THE FUNDS
(U.S. RESIDENTS*)
Type of Account Minimum Initial Investment Subsequent Investments
All accounts $100,000 $100
Minimum amount for Institutional Class Shares may be lower for purchases through certain financial intermediaries and different minimums may apply for retirement plans and other arrangements subject to criteria set by Matthews.
* Additional limitations apply to non-U.S. residents. Please contact a Fund representative at 800.789.ASIA (2742) for information and assistance.
Finally, also effective immediately after market closing on December 30, 2016, the second paragraph under the heading “Minimum Size of an Account” on page 35 is hereby removed in its entirety and replaced with the following: “The Funds reserve the right to redeem small Institutional Class accounts that fall below $100,000 due to redemption activity. If this happens to your account, you may receive a letter from the Funds giving you the option of investing more money into your account or closing it. Accounts that fall below $100,000 due to market volatility will not be affected.”
For all existing and prospective Investor Class and Institutional Class shareholders of Matthews Asia Strategic Income Fund:
Effective immediately, Gerald M. Hwang no longer acts as a Co-Manager of the Matthews Asia Strategic Income Fund. All references with respect to Gerald M. Hwang in respect of the Fund are hereby removed.
Please retain this Supplement with your records.
******** https://www.sec.gov/Archives/edgar/data/923184/000119312516784870/d288429d497k.htm MICSX
https://www.sec.gov/Archives/edgar/data/923184/000119312516784873/d288429d497k.htm MIPIX
https://www.sec.gov/Archives/edgar/data/923184/000119312516784859/d299132d497.htm All other Matthews Funds & above

FYI: AQR is arguably one of the top fund firms in the world right now. They manage over $170 billion in a wide variety of quantitative investment strategies. They are able to marry financial research with real-world investible strategies as good as anyone in the marketplace.
Regards,
Ted
http://awealthofcommonsense.com/2016/12/know-your-audience/
M* Snapshot QSPIX:
http://www.morningstar.com/funds/XNAS/QSPIX/quote.html

Getting the SARs and ARs from TGBAX, I haven't been on the Franklin website in ages -- but in poking around there this evening, I see the following items/updates, which were NOT distributed to shareholders via the same channels we get 'regular' fund info from. (I only noticed the reduced dividend when it hit my account for the first time, but otherwise if I didn't see my statement I'd never have known about that. And I just now learned of the Sept announcement about the change in distribution policy ... so if I hadn't checked the website I'd not have know about that, either.)
While probably legal, I don't appreciate such methods of under-the-radar shareholder updates from a fund company.
Sep 27 2016 Templeton Global Bond Fund Fiscal Year-end Date and Distribution Policy Changes Effective 12/31/16 - Read More
Templeton Global Bond Fund will change its fiscal year-end date from August 31 to December 31 and change its distribution policy to begin paying a variable distribution, scheduled to be effective on December 31, 2016. For more information on these changes, please contact your financial advisor or call Franklin Templeton Investor Services at (800) 632-2301.
May 18 2016 Templeton Global Bond Fund – Dividend Adjustments in May 2016 - Read More
In May 2016, Templeton Global Bond Fund adjusted its dividend as follows: Class A from $0.0300 to $0.0200 per share; Class C from $0.0262 to $0.0161 per share; Class R from $0.0276 to $0.0175 per share; Class R6 from $0.0338 to $0.0239 per share and Advisor Class from $0.0323 to $0.0224 per share. Dividends vary based on the fund's income. Past dividends are not indicative of future trends. For more information, contact your financial advisor or call Investor Services at (800) 632-2301.

In financial planning industry there is significantly more women these days. My parents still work with one at Vanguard and that was 30 years ago.

Hi Guys,
This is not a worrisome problem since it is slowly self-correcting as a function of time. What is true in the financial industry has been historically true in most other industries. I have first-hand experience in this arena.
Fifty-six years ago, I married the love of my life who was studying physics at that time. She was close to being the female Lone Ranger in that field at that time. Also, in my engineering class, only one female represented that sex in a cohort of about 70 engineering students. That situation is dramatically changing at the present time.
I have questioned my wife extensively about her motivations, her influences, and pressures that prompted her to swim against the prevailing tide in that period. She claims no unwanted pressures that moved her into the scientific field. For her, it was simply a matter of choice. It was what she wanted to do.
I asked if others attempted to dissuade her by treating her badly or unfairly. Again the answer was negative. Overall, other students (all male) and her instructors (all male) encouraged and helped her. It was a very positive experience with universally healthy interactions.
All this happened decades ago, and I believe the situation has improved immeasurably. It's always a mistake to automatically exclude 50% of the population from active participation. Predicting when or from where the next Warren Buffett will emerge is an impossible task. Men and women do emphasize different elements when making a decision. Each has a different decision pathway. That diversity of thinking will generate more varied approaches and better solutions when merged in a fair and respectful way.
I've learned that I'm a far more productive and more successful investor when I honestly discuss investment options with my wife. Getting more females to consider the financial industry as a life long career will improve that industry from just a sheer numbers perspective alone. But the likely improvement runs much deeper than the simple numbers game. The way in which decisions are formulated and made is greatly expanded which should benefit all of us.
When our family discusses financial matters with professionals, I am more comfortable when the professional team includes a few female members. That comfort extends well beyond trust; it includes a belief that options will be more fully explored.
Best Wishes.

FYI: We live in exciting times, don’t you think? November, punctuated as it was by wrenching changes in financial market expectations, was thrilling indeed. Equities, gold, the US dollar and domestic interest rates – pick one – they all jumped or dived substantially following Election Night.
Not that it was just the election that had investors electrified. Take interest rates, for example. Rates for the long government bond bottomed back in July at 2.11 percent. Yields had already risen more than 50 basis points by the time ballots were counted on Election Night. And now? Well now we’re at 3.12 percent.
Regards,
Ted
http://www.wealthmanagement.com/print/72426

For what it is worth ...
Although some might think of American Funds as a "crappy shop" ... not me. I have been one of their investors since my teenage years (now in my late 60's) and I have found their investment services, through the years, to be of good value which has enhanced my financial posture. I am sure there are other fine investment shops as well as not all my money is with American Funds.
And, I have enjoyed reading the recent postings, in this thread, about American Funds and their use of their sleeve management system. Something that I have adopted, of sorts, within my own portfolio.
Please keep those post coming ... As I keep learning more about their marketing and investment techniques with associated expenses. Seems, their success provides something for others to write about stating their views with some these being of good nature.
Will I keep investing in American Funds? You can bet your sweet xxx, I will! From my perspctive they are a good large cap value shop that also offer some good hybrid and asset allocation funds.
Old_Skeet

FYI: Financial markets could reverse the solid momentum in equities at the latest by U.S. President-elect Donald Trump’s Jan. 20, 2017, inauguration, Jeffrey Gundlach, chief executive of DoubleLine Capital, said on Thursday.
Regards,
Ted
http://www.reuters.com/article/us-funds-doubleline-gundlach-idUSKBN13Q5FL

How does it compare against other "small value" and "financial" funds?

Summary prospectus. A $20.00 FEE if acct. is less than $10,000.00. What about retirement shares? Are those the "Advisor Class?"
https://prospectus-express.newriver.com/summary.asp?doctype=spro&clientid=trowepll&fundid=872803101
From the full prospectus: R Class
"The R Class is designed to be sold through financial intermediaries for employer-sponsored defined contribution retirement plans and certain other accounts. The R Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price)."
Could you be any more VAGUE? Does my Rollover IRA count for anything, here?
.....Otherwise, I might be interested in this fund, just to simplify, and put more of my stuff under the TRP roof.

http://www.investinganswers.com/financial-dictionary/investing/return-capital-roc-914
PREMX pays monthly, anyhow. And in my tax bracket, I don't pay tax on div or cap gains. But the footnoted notation at the TRP year-end estimated pay-out page (footnote number 5 for PREMX) leaves me wondering.
https://individual.troweprice.com/public/Retail/Planning-&-Research/Tax-Planning/Dividend-Distributions/2016-Preliminary-Year-End-Distributions

https://www.sec.gov/Archives/edgar/data/1602508/000089418916013244/fundx-ftrf_497e.htm
497 1 fundx-ftrf_497e.htm SUPPLEMENTARY MATERIALS
FUNDX FLEXIBLE TOTAL RETURN FUND
Supplement dated November 30, 2016, to
Statutory Prospectus and Summary Prospectus
dated January 30, 2016
FundX Investment Group, LLC (the “Advisor”) to the FundX Flexible Total Return Fund (the “Fund”), has recommended, and the Board of Trustees has approved, the liquidation and termination of the Fund. The Advisor’s recommendation was primarily based on its review of its entire fund lineup, the unfavorable economies of operating the Fund at its current size and the unlikelihood that the Fund would experience any meaningful growth in the near future based on the current investment climate. The liquidation is expected to occur after the close of business on January 6, 2017. Pending liquidation of the Fund, investors will continue to be able to reinvest dividends received in the Fund.
Effective November 30, 2016, the Fund will no longer accept purchases of new shares. In addition, after December 29, 2016, the Fund’s Advisor will no longer be actively investing the Fund’s assets in accordance with the Fund’s investment objective and policies and the Fund’s assets will be converted into cash and cash equivalents. Shareholders of the Fund may redeem their investments as described in the Fund’s Prospectus. Accounts not redeemed by January 6, 2017 will automatically be closed and liquidating distributions, less any required tax withholdings, will be sent to the address of record.
If you hold your shares in an IRA account directly with U.S. Bank, you have 60 days from the date you receive your proceeds to reinvest your proceeds into another IRA account and maintain their tax-deferred status. You must notify the Fund or your financial advisor prior to January 6, 2017 of your intent to reinvest your IRA account to avoid withholding deductions from your proceeds.
Please contact the Fund at (866) 455-FUND [3863] or your financial advisor if you have questions or need assistance.
Please retain this Supplement with the Statutory Prospectus and Summary Prospectus.

Thanks, all! I think this structure is different. I think that the three equity investment groups are at the level of sub-advisors, which could explain why they file separate 13F reports. Also, the names of the three investment groups do not suggest a separation by investment objective. I think that this is perhaps a way to better manage team dynamics (i.e., keep equity research teams smaller) and continue to scale up (it appears AF have never closed a fund). I am still surprised by the fact that AF do not articulate the reasons for such a structure. More transparency would be useful for financial advisors, who would be able to better explain to clients what sets American Funds apart.

FYI: Do you need a financial adviser?
It is a simple question, but many investors are not sure about it. New changes in law (the fiduciary standard) and technology (robo-advisers) have added layers of complication to the answer.
To know, you must evaluate your financial situation. Let’s work through it together, so you have a better understanding of your circumstances and can decide what sort of financial services you need.
Let’s begin with the deceptively simple question: How much help do you need? It depends on several factors:
Regards,
Ted
https://www.washingtonpost.com/business/get-there/do-you-need-a-financial-adviser/2016/11/22/82258064-b003-11e6-8616-52b15787add0_story.html

FYI: (Click On Article Title At Top Of Google Search)
Perhaps nowhere else in financial markets is speculation on the ultimate success of Trompononics more rampant than in shares of small U.S. stocks.
Small company shares on Friday notch their longest winning streak in 20 years on a shortened Black Friday trading session. The Russell 2000 Index rose 0.4% in in the shortened session to book its 15th advance in row. This streak ties a run last seen in February 1996. The longest ever streak, 21, was hit back in 1988.
Regards,
Ted
https://www.google.com/#q=Unsinkable+Small+Caps:+Russell+2000′s+Winning+Streak+Longest+in+20+Years+wsj

FYI: he trend towards fee-based practices is pushing low-priced fund groups to the top of the list of funds most popular with advisers. While consistency of fund performance and having a distinctive company investment philosophy remain critical, fees and expenses offer the greatest potential to enhance loyalty among users who are predominantly fee-based, says Market Strategies International. Here’s the list of the 10 companies most popular with financial advisers.
Regards,
Ted
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH
1. Franklin Templeton:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-
2. Legg Mason:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=10
3. BlackRock:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=9
4. MFS:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=8
5. J.P. Morgan:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=7
6. American Funds:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=6
7. DoubleLine:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=5
8. T. Rowe Price:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=4
9. Vanguard:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=3
10. Dimensional Fund Advisors:
http://www.investmentnews.com/gallery/20161121/FREE/112109999/PH/10-most-popular-fund-companies-with-financial-advisers&Params=Itemnr=2

@Crash said "rising rates are hurting REIT funds"
Here's some "medicine" for that ailment.
Reefer REIT: Innovative Industrial Properties' IPO
Nov. 9, 2016 9:34 AM ET
Innovative Industrial Properties, Inc (Pending:IIPR) has filed for an IPO seeking to raise $175 million. Innovative Industrial seeks to become the first REIT to monetize the growing medicinal marijuana industry utilizing sale-leaseback transactions and offer investors an indirect method to capitalize on the sector. In a time where REITs find cap rates compressing in most industries, Innovative Industrial hopes to prove the medicinal marijuana industry is a cash cow for investors.
http://seekingalpha.com/article/4021523-reefer-reit-innovative-industrial-properties-ipo
....who would have imagined that there would be a "weed REIT", Innovative Industrial Properties was to list on the NYSE this week. According to the company's website, it "targets medical-use cannabis facilities for acquisition, including sale-leaseback transactions, with tenants that are licensed growers under long-term triple-net leases."
Innovative believes this industry is poised for significant growth in coming years, and is focused on being a creative capital provider to this industry
http://seekingalpha.com/article/4024483-reit-world-back-business
Innovative Industrial Properties™
Removing Financial Barriers For Licensed Medical-Use Cannabis Growers™
Our Team
Industry Leaders
Our Market
The Licensed Medical-Use Cannabis Industry
Our Properties
Medical-Use Cannabis Cultivation and Processing Facilities
Our Tenants
Sophisticated, Best-in-Class Medical-Use Cannabis Growers
Our Leases
Long-Term, Triple-Net Arrangements
http://innovativeindustrialproperties.com/business

Thanks, I suppose.
I guess that we should let anyone serve as a financial advisor, because otherwise we're discriminating against unlicensed "practitioners". After all, not all of them are charlatans. Who are we (or the DOL) to say?