12% cash???? That might very well account for the lagging performance.

Doubt it. He typically carries a lot of cash. Was up around 30% cash just before the mini-crash last February. And paid off handsomly. But I suspect he’s way over that 12% at this time. If so, that would explain the performance.
FWIW - D&C has overweighted financials for years. Paid a big price too in subpar performance, But this year DODBX is stomping PRWCX. I don’t think this proves anything except that investment trends come and go. With rising rates financials are doing better.
Disclosure: I own both funds, but have more in DODBX.

Circling back to this topic. @BenWP you make a good point regarding the fact that FSMAX is an index fund with 3200. If I ignore that for the moment, MFO Premium really doesn't like the fund (in it's category) - rating the fund a 2 BUT MFO Premium categorizes it in Small Cap Growth which pits it agains WAMCX and that doesn't seem fair. @Observant1 has the summary of what FSMAX should be categorized as.
In the past 5 years, it's handily beat the S&P 500 and even last year by 19.4 - so why such a low rating of 2? It's one of the better options in a 401k I'm managing which is why I'm interested in opinions on it.

Same here - really enjoy reading his report. His stock picking in utility sector way exceeded utility funds and ETFs. My Vanguard utility fund was flat for 2020 even though it provided a healthy yield. Ventured out to floating rate and short term high yield funds this year for higher yields. Also rotated more into value and small value funds earlier this year. Yacktman fund, YACKX, has recovered quickly after March last year and managed to out-performed the value index. The fund now holds 30% oversea stocks.
We also got a new iPads this year since our 7 years old iPad can no longer updated. They are lighter, run faster and with a larger capacity. We will upgrade our 6 years old iMac in fall while the Window 10 PC is use for work.

Whatever you folks are experiencing is something quite new. I've used Schwab for many years and never had any issues until recently, when logging in became flaky. It's been better, at least from here, in the last couple of weeks.
I experienced similar problems recently in attempting to obtain an additional CD from First Republic Bank, which is normally very responsive. It took several weeks to get a reply from the local branch two blocks from our home. Finally the branch manager replied, apologizing for the situation, which she attributed to issues associated with the staff working from home because of the Covid situation.
Additionally, Hartford renewed our auto coverage and homeowner's coverage on our weekend place, but failed to renew coverage on the SF home. Upon inquiry we were told that because of technical problems involved with working remotely they had been unable to renew the SF coverage, and needed to re-write a new policy (with the same coverage and costs), which they did within a few weeks. Sounds like maybe some computer data sort of disappeared.
So perhaps patience is indicated here, at least to some extent.

Actually, despite today’s date, the article appears to be addressing yesterday’s close. Gold is erratic. I doubt it will do very well as long as the bitcoin craze continues. Normally the miners get jerked around harder than the metal. But, today the miners are holding up better. At this time the VanEck Vectors Gold Miners ETF is ahead 1% while gold’s been down anywhere from $5-$15 most of the day.
Story
Miners ETF
I have very little in the miners. Decent exposure to the precious metals, however, through PRPFX and commodity and alternative type funds. PRPFX tends to own the metal rather than the miners. As such, it’s a bit more stable day to day. At around $1800 gold is still elevated compared to 2-3 years ago (but off its recent highs).

I've was intrigued with this fund as an alternative type approach a few years ago & purchased into it (though admittedly didn't actually understand it). Note to self- lesson learned.
About a month ago, they stopped taking any further purchases- either new or from existing shareholders. I got uneasy as their website didn't mention this closure and over the past year, they really stopped updating any information. I redeemed all except a very tiny foothold. Today I went to their website & found this:
infinityqfunds.com/
Which also included this link:
https://sec.gov/rules/ic/2021/ic-34198.pdf
At least

The Chief Investment Officer of Infinity Q has been relieved of his duties, effective February 21, 2021.

because

According to the SEC’s Order, the Fund learned on Thursday, February 18 that the Chief Investment Officer of Infinity Q had been adjusting the methodology for obtaining certain asset valuations, and that the resulting valuations may not have accurately reflected the fair value of those assets.

That makes me feel better!

Thanks @rforno
At the end of of 2020 cash was at 12%. I’m thinking he’s raised that over the past 1-2 months just looking at the lagging performance. However, Lipper still puts it at that modest 12% figure. Reads like an encyclopedia of investing. Perhaps a bit too much horn blowing. One has to be pleased with the amount of information and analysis contained.
And he’s unloaded Wells Fargo! :)
One interesting blurb: “Our biggest miss in 2019 was Apple and it was once again in 2020, as the stock rose 82% during the year ... The outperformance of Apple for the last two years has been a big detractor from our relative performance and a big disappointment for me personally. We continue to spend considerable time on Apple and have had multiple team members look at the stock, and yet we all come to the same conclusion: There is no reason a company with a long-term 6% EPS growth rate should trade for 30x earnings with two of its fastest-growing and most profitable revenue streams facing increasing regulatory scrutiny.”
Geez - Have a new Mac Air on order. Love Apple’s ecosystem, product support, etc. More important to me than the hardware. FWIW

Yeah, we get the portfolio value Fido discount, low but not nothing, close to the same as buying at say Costco most years, I believe. The high-trading discount, bwahaha, jeez.

I concur with all of the above responses. As far as TRP goes, with 169 funds (last count) it would seem an injustice to classify them as expert in any single area. Agree with you that they’ve had some fine tech funds over the years. PRMTX has been a standout. What I value (among other things) is their work with allocation funds. Their research is deep and they’re always fine-tuning those allocations looking to achieve an advantage (risk/reward) - though the changes may appear slight. They work hard to provide & operate funds with risk profiles appropriate for different types of investors.
“The company offers investors 169 mutual funds, in terms of unique funds, not share classes. In addition to mutual funds, the company also provides brokerage services, 401K and 529 plans, and active portfolio management. T. Rowe Price has its headquarters in Baltimore, Maryland.”
https://mutualfunds.com/fund-company/t-rowe-price-funds/

Apparently this doesn’t affect their substantial number of open-end mutual funds - many acquired from Strong about 20 years ago. I wonder the extent to which this sale might reflect a market outlook by Wells Fargo, as asset management suffers during times of poor market performance (not their stated reason).
(Unrelated) Generally, the steepening yield curve (higher farther out) has been good for banks and bank stocks this year.
- Announcement from Wells Fargo
- More details from Morningstar
- MarketWatch

Related
https://finance.yahoo.com/news/9-stocks-warren-buffett-just-221625228.html
Stocks Warren Buffett just bought:
-- AbbVie (ABBV)
-- Merck (MRK)
-- Bristol-Myers Squibb (BMY)
-- T-Mobile (TMUS)
-- Verizon Communications (VZ)
-- Chevron (CVX)
-- Kroger (KR)
-- Marsh & McLennan (MMC)
-- RH (RH)
Buffett is a beast, masterful at his crafts for 40+years IMHO
Wish I knew him and strategy when first started investing....brk.a was severely expensive before the split and not many folks have $$ to buy

It is possible say which fund families is relatively good at certain sectors. Funds performance are heavily rely on concept of fund manager. Unfortunately, mangers come and go, many lasted only 7-10 years. Of course, there are some last and become guru. For now, real estate sector, BREFX is the king in the last 5 years.

1) There were a lot of could's, possibly's and potential's in this analysis.
2) ARKK holds less tech stocks than the S&P 500
3) There is little doubt that the fund and possibly the fund manager are riding a wave. What will happen next is all speculation and guess work.
4) Weren't growth stocks supposed to be toast 1-2-3-4-5-6-7-8 (and maybe more) years running? Maybe this will be the year.

Yes I noticed that today - luck vs. skill ... even some neg in FSEAX which was interesting. "but I will say almost every investment style comes in and goes out of favor' <-- so true. Logged into Fidelity today and they had a pop up espousing Will Danoff accumen - that he has beat the S&P for many years with a 13% avg. return since inception... need to look at that closer ... but interesting. I sold my remaining FCNTX early last year. If it's finally Value stocks time... I mean - I'm open to that but as Tom Jones would say -

I had a problem with TT Home & Business. Last year I made a QCD after I turned 70.5, but not 72. There was no way to make the QCD a tax free distribution until I increased my age a few years. I then was able to enter the QCD properly. After finishing, I put my correct birthday back in. That worked. Thanks to the TT forum.
I hope TT fixes this as this will happen to me this year too, and then others thereafter.

Hey all... a bit off topic (sort of)... but I still own PONAX and IOFIX came across my radar and have read a lot of positive comments on this board about it. It's performing just fine or better than fine in 2021... but did anyone here have palpitations in 2020 when the 1 year return was -9.59%? with the ER at 1.68%? I'm not being snarky... just trying to understand the logic of why you believe in it LT. Reviewed FD's chart showing the fund's momentum and it was logical. #IStrugglewithBonds and understanding the ballast / importance if you ignore 2008-which, hard to believe, was 13 years ago.

We have had great experience with TurboTax for many years. The deluxe version in CD costs $40 at Amazon. Download version costs the same at Costco and other retailers.

I tried Tax Cut once several years ago. Very hard to use. Turbo Tax is pretty easy and fairly cheap. Every time I tried a CPA they made a huge mistake. Just sent in daughter's return to both feds and state Both accepted it so I assume all of the updates are done.

I used to use H&R Block tax software some years ago. I think I entered too many items (dividend reinvestment plans) and the software crashed. I had to re-enter the information three times and each time the software crashed when I tried to move have it go to the State tax software. Ever since then I have used TurboTax.

'As increasingly widespread covid-19 vaccinations signal a possible return to normal life, the United States is moving toward an unusual experiment that could produce an economy many Americans will not recognize — for better or for worse.
Factories are humming and consumers are spending again, signs that the United States could emerge from the current health crisis with its strongest growth in decades. Goldman Sachs expects the economy to expand this year at an annual rate of 7 percent, the fastest pace since President Ronald Reagan proclaimed “morning again in America” in 1984.
The question is whether that fast-paced rebound can be made to last, freeing the nation from the low-growth rut it has plowed for most of the past 20 years, or will instead ignite the sort of inflation that has not been seen since the 1970s. Prominent economists such as former Treasury Secretary Larry Summers already are warning that potential overheating could end in a new recession."
WaPo Article by David Lynch