No, not international at all, but LV; buys and sells monthly within the SP500 according to rules involving valuations.

Oh sorry, for some reason I saw the letters and thought of the European version. I must be getting old. Hell, I've owned DSENX for years now.
In that case, plain old LV is how I classify it.

haha, figured that might be the case
sold out of DLEUX today, finally above my breakeven

Not in my Fidelity Roth IRA, so far as I can see anyway, and a $50 TF as well.

How many years since you opened your position in DSENX?
At a savings of 0.25%/year, in four years one would make up the TF on a $5K initial investment. Less time on a larger investment. Each additional investment could be made at a cost of $5/buy. So if one were adding $2000 at a time, one would break even in a year.
Clearly not useful for traders. But for people investing for the long term (or at least keeping a long term toe hold in a fund), cheaper institutional shares (for this fund or any other) can certainly be worth the entrance fee.

No, not international at all, but LV; buys and sells monthly within the SP500 according to rules involving valuations.

Oh sorry, for some reason I saw the letters and thought of the European version. I must be getting old. Hell, I've owned DSENX for years now.
In that case, plain old LV is how I classify it.

In the core or large-cap part of my portfolio, DSENX, has outperformed practically everything. AKREX and HNASX have gained more overall in the past five years, but DNSEX is a total-return machine due to its monthly distributions. Like @davidmoran, I own a big slice of it because it keeps on doing well.

Canadian Insurance Co. from years ago. Step into Mr. Peabody's Way-back Machine. My wife's 403b is with an insurance company: Mass. Mutual--- because no other choice is offered. I've always steered clear of funds run by insurers, rather that companies whose main thing is mutual funds. Like a million other spin-offs, they can legally say it's a stand-alone.

There is always and opportunity somewhere. Yes, even in a recession. That's just stating the obvious. However, broadly, investment managers have been complaining for years about finding it difficult to identify value.

They've all said this for years.

Mario Gabelli says trade deal priced in 'to a degree' but he sees a lot of interesting 'nuggets' in market. https://finance.yahoo.com/news/mario-gabelli-says-trade-deal-000532587.html
Just for you jojo. I assume you’re familiar with ever bullish Gabelli? But more to the point, the article I linked initially points out that there was a flip-flop in sentiment from May to June. In other words, the majority of fund managers surveyed in May reported being overweight equities (vs the June underweight reported.)
I’d agree with jojo that this probably isn’t a big deal. Sentiment comes and goes. As Junkster points out it’s market performance that matters - not sentiment.

Today the market is expensive and the earnings have been deaccelerating. Money managers I follow are having difficulties finding compelling stocks to buy.

They've all said this for years.

Cintas (CTAS, $191.55) is perhaps best-known for providing corporate uniforms, but the company also offers maintenance supplies, tile, and carpet cleaning services and even compliance training. As such, it’s seen by some investors as a bet on jobs growth.
There may be something to that. Shares have more than tripled over the past five years vs. a gain of just 51% for the S&P 500. In January, the economy notched its 100th consecutive month of employment gains. Meanwhile, weekly jobless claims stand at levels last seen in 1969.
Regardless of how the labor market is doing, Cintas is a stalwart as a dividend payer. The company has raised its payout every year since going public in 1983. Most recently, in October, Cintas raised its annual dividend by 26.5% to $2.05 a share.

FYI: Insurer Sun Life Financial has created an independent business, bringing together its affiliated asset management firms and the investment capabilities of its general account under a new brand called SLC Management.
This launch caps off six years of work. In 2012, Sun Life started building an asset management business to offer outside clients the strategies it uses for its own portfolio, such as commercial mortgages, liability-driven investing, and real estate.
Regards,
Ted
https://www.institutionalinvestor.com/article/b1fx5y3rzwtmp2/Here-Comes-a-New-160-Billion-Asset-Manager

Question is why now after lagging the US equivalent for several years? Will the out-performance persist?

Excerpt: “Originally, the CPI was determined by comparing the price of a fixed basket of goods and services spanning two different periods. In this case, the CPI was a cost of goods index (COGI). However, over time, the U.S. Congress embraced the view that the CPI should reflect changes in the cost to maintain a constant standard of living. Consequently, the CPI has evolved into a cost of living index (COLI). ... Over the years, the methodology used to calculate the CPI has undergone numerous revisions. According to the BLS, the changes removed biases that caused the CPI to overstate the inflation rate. The new methodology takes into account changes in the quality of goods and substitution. Substitution, the change in purchases by consumers in response to price changes, changes the relative weighting of the goods in the basket. The overall result tends to be a lower CPI. However, critics view the methodological changes and the switch from a COGI to a COLI as a purposeful manipulation that allows the U.S. government to report a lower CPI.”. https://www.investopedia.com/articles/07/consumerpriceindex.asp
A few take aways:
- The methodology for computing CPI has undergone several changes over the years So, it’s not the same yardstick today as it was 30, 40 or 50 years ago. Looking at long term historical CPI numbers as some type of norm is tantamount to comparing apples to oranges (or at least mixing them together)..
- These changes were to an extent politically inspired.
- CPI purports to take into account the increased value of the products consumers purchase. So, if you choose to drive a stick shift car with an AM radio and roll-down windows and without power steering, seat-belts or side view mirrors, than the price of new cars has increased by only 2-3% annually. (Good luck finding one.) You could also hue to that government figure by switching to B&W TV and sticking an antenna on your roof instead of enjoying cable. And if you could still find one in a box somewhere, buying a “new” Vic-20 home computer or maybe an Apple II E would allow you to fully appreciate that 2.9% inflation rate. Finally, (at great risk of being redundant), if you can find a physician willing to provide only the level of health care (including prescription medications) you would have received 50 years ago, than your health care costs may have increased by that 2-3% number.
- It would be nearly impossible to measure the change in the value of some products. Take air travel for instance. How in jiggers do you calculate the real cost difference when the airlines keep tacking on fees for things like checking a bag, using the overhead storage compartment or selecting a window seat? But if you could, you’d still have to figure out how to account for the diminished value stemming from the discontinuance of meals on flights (once standard), non-refundable tickets and smaller more uncomfortable seats.
- CPI doesn’t consider the increasing need for medical care as the population ages. So CPI for those of us 70+ may be a bit different (I suspect somewhat higher) than for a much younger individual.
I don’t know whether those numbers Catch quoted included the effect of compounding. But suspect not. When running a 3% inflation rate through a compounding calculator I get a 15.93% cost increase over 5 years. Inflation looks a bit more onerous when viewed over longer periods.

--- Inflation rate
A common measure of inflation in the U.S. is the Consumer Price Index (CPI). From 1925 through 2018 the CPI has a long-term average of 2.9% annually. Over the last 40 years highest CPI recorded was 13.5% in 1980. For 2018, the last full year available, the CPI was 2.2% annually as reported by the Minneapolis Federal Reserve.
--- Rate of return
This is the annually compounded rate of return you expect from your investments before taxes. The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31st 2018, had an annual compounded rate of return of 12.1%, including reinvestment of dividends. From January 1, 1970 to December 31st 2018, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.2% (source: www.standardandpoors.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009).
Hi @hank
I don't underestimate or have a blind eye to inflation. B.O.L. CPI is a bit twisted with what is used for calculations.
I don't allow the data in the above 2 displays to cause me to think that things won't change.
Hell, I/we still keep a paper ledger for all expenses by category; a habit I've had since 1970.
As I've stated here numerous times........this time is different. And so it remains, seeking a financial path since the market melt.
Too tired to think or write more tonight.
Good night.
Catch

Anyone who believes that overall inflation is running anywhere close to 3% is living in a dream world. Hell, a round-trip senior MUNI fare just went from $2.70 to $3.00 (over 10% increase) and that's just one random number. Everything in the SF Bay Area is going up steeply and regularly, and has been for a few years now.

Thank you, @msf
Available fund investment returns for "x" years historically would keep one ahead of the 2.9% annualized inflation rate, prior to the cash position noted.
Perhaps it is time I leave the stage.
Catch

The hope that CD's would continue to rise so that you could build a nice ladder is quickly becoming a pipe dream. The best rates at Schwab right now are the 3-6 month CDs at 2.3?. To get anything better you have to go out 10 years!. The MM is down to around 2.2%. Oh well. Tough on retirees.

always sensible discussions that upon inspection can seem truly wack:
'The basic [bucket] idea is that you are putting a couple of years' worth of portfolio withdrawals in cash ... [and] ... like another eight years' worth of portfolio withdrawals going in bonds and then the remainder ... into equities.'
If there is a remainder! Ten years' worth of cashflow (augmentation of SS or similar, but still) in cash and bonds.

@msf
You noted: "The Fidelity annuity does provide an income guarantee, but like many annuities, that guarantee locks in a fixed monthly payment amount. No more VIP Balanced Fund. The options offered by the Fidelity annuity are extremely limited: only single life with 10 years certain and joint life with 10 years certain. No annual increases, no adjustments for inflation. ( See p. 17 (pdf p. 23) of its prospectus.)"
The prospectus you linked for April, 2019 includes VIP Balanced, as well as the other choices.
Perhaps, I should have provided a more direct path for the type of annuity I would use (below).
I'm not writing about what one may name as "traditional" types of annuities as you noted above.
The Fido page I intended for use for annuity money is HERE:
I'm sure I've only confused those reading here. As it should be, one must read and understand the documents.
Away I must be...
Catch

The article discusses guaranteed income streams upon annuitization, or in the case of deferred annuities with GLWB riders, drawing down according to a guaranteed lifetime withdrawal rate.
Those guarantees are the whole point. If a portion of your income is certain (e.g. Social Security), then you can plan the remainder of your portfolio around that. Absent the guarantee, an annuity is nothing but a tax shelter - a higher priced, non-deductible T-IRA.
People lament the demise of the pension (guaranteed income stream for life), yet consistently decline to make the rational choice to annuitize. Without appreciating the value of any guarantee (apparently unless it comes from the government or an employer), it is difficult to evaluate the relative merits of different types of guarantees.
The Fidelity annuity does provide an income guarantee, but like many annuities, that guarantee locks in a fixed monthly payment amount. No more VIP Balanced Fund. The options offered by the Fidelity annuity are extremely limited: only single life with 10 years certain and joint life with 10 years certain. No annual increases, no adjustments for inflation. ( See p. 17 (pdf p. 23) of its prospectus.)
So its guarantee doesn't provide inflation protection (the subject of Tomlinson's article). If you want to gamble that inflation will stay moderately low, then, as Pfau observed, fixed annuities without adjustments such as Fidelity's can pay off better. And the guarantee does provide longevity protection so long as the payments doesn't get eroded too much by inflation.
These days, if you want some potential upside from the market while still having a guaranteed floor on your income stream and a guarantee for life, you look into living benefit guarantees, such as the GLWB rider discussed in the article. Fidelity's annuity doesn't provide this option, but Vanguard's does, as do Schwab's two VAs. You can do a 1035 exchange into them when you're ready to start drawing cash out.

He must be smoking something when today's 10 years Treasuries is yielding 2.5%. It is highly unlikely to reach 4% higher in two years. Especially now that Trump is urging Chairman Powell to cut rates. Today the Fed will decide the rates going forward - most likely they will hold the rate unchanged since the inflation is well below the 2% threshold.