T. Rowe Price Global Technology Fund, Inc.
https://www.sec.gov/Archives/edgar/data/1116626/000111662619000004/gtfstatsticker-february20193.htm
497 1 gtfstatsticker-february20193.htm
T. ROWE PRICE GLOBAL TECHNOLOGY FUND
Supplement to Prospectus Dated May 1, 2018
On page 6, the portfolio manager table under “Management” is supplemented as follows:
Effective March 31, 2019, Alan Tu will replace Joshua K. Spencer as the fund’s portfolio manager and Chairman of the fund’s Investment Advisory Committee. Mr. Tu joined T. Rowe Price in 2014.
On page 9, the disclosure under “Portfolio Management” is supplemented as follow:
Effective March 31, 2019, Alan Tu will replace Joshua K. Spencer as Chairman of the fund’s Investment Advisory Committee. Mr. Tu joined the Firm in 2014 and his investment experience dates from 2010. Since joining the Firm, he has served as an equity investment analyst covering the technology sector. Prior to joining the Firm, he was an associate at Huron Consulting and then an investment analyst at Ananda Capital Management (beginning 2010).
The date of this supplement is February 14, 2019.
https://www.sec.gov/Archives/edgar/data/80248/000008024819000003/nhfstatsticker-february20192.htm
T. Rowe Price New Horizons Fund, Inc
497 1 nhfstatsticker-february20192.htm
T. ROWE PRICE NEW HORIZONS FUND
Supplement to Prospectus Dated May 1, 2018
On page 5, the portfolio manager table under “Management” is supplemented as follows:
Effective March 31, 2019, Joshua K. Spencer will replace Henry M. Ellenbogen as the fund’s portfolio manager and Chairman of the fund’s Investment Advisory Committee. Mr. Spencer joined T. Rowe Price in 2004.
On page 8, the disclosure under “Portfolio Management” is supplemented as follow:
Effective March 31, 2019, Joshua K. Spencer will replace Henry M. Ellenbogen as Chairman of the fund’s Investment Advisory Committee. Mr. Spencer joined the Firm in 2004 and his investment experience dates from 1998. He has served as a portfolio manager with the Firm throughout the past five years.
The date of this supplement is February 14, 2019.
F42-042 2/14/19

Can anyone explain why they use managed mutual funds that cost you 1-2% to own ...
What do others think? What are the reasons to use managed funds over free ETFs?

You're starting with a number of questionable assumptions:
- that ETFs are all passively managed index funds
- that my managed funds cost over 1%
- that mutual funds (as compared with ETFs) are actively managed, or even that they cost more than ETFs
I've said before that all else (or at least ERs and transaction costs) being equal, I'll take the mutual fund format over the ETF format because I don't risk tracking error (i.e. the part of tracking error from market price not matching NAV) and I'm not charged SEC Section 31 fees.
So I'll rewrite your question as: What are the reasons to use managed funds over index funds?
Almost none of the funds I own cost over 1%. I own a number of actively managed Vanguard funds that cost around ⅓% or less. My two largest Vanguard holdings (which I've had for several years if not decades) continue to outperform; my newest (held for a couple of years) is still subject to reconsideration.
What would you suggest for small cap int'l? That's where I've had the most difficulty finding good, inexpensive funds. There's always VFSAX if one wants an index fund (or its ETF share class VSS if one insists), but one ought to be able to do better in this category. VINEX doesn't exactly excite, and ACINX has not done well for years. There are DFA funds (available through VAs, HSAs, etc.), but they're hard to get.
If one is willing to go up a bit in price, the stalwart PRIDX continues to roll along. Do you feel that index funds will do better than this?
What index fund do you feel would do a better job than RPHYX as a cash alternative? (Despite the high cost of RPHYX.)
Lots of reasons to hold managed funds - low cost ones can do well, some categories are not amenable to indexing, some funds are unique.
Still, I agree that it's getting harder to beat index funds, and over the next decade or two I'll likely shift more investments into index funds.

Ernie Harwell used to say: “Ya gotta dance with the one that brung ya“. That’s kinda how I feel about tossing out an old investment plan that has served me well over the years - and one with which I’m intimately familiar.
Toss the old gal out the door and retreat 100% to cd s and TIPS? I’d go nuts from boredom if nothing else. Sure, you gradually reduce risk as you age and as circumstances change. But I’ve never viewed investing as an all in vs an all out proposition anyway.
If one accepts that proposition, many of the risk assessments Price and others perform in designing and marketing lower risk multi-asset funds for risk averse investors (TMSRX, RPSIX, TRRIX a few cases in point), go out the door.

For investors that are in the accumulation phase of investing and have a good number of years before they move into the distribution phase of investing I think the dollar cost average strategy works well. For me, being in the distribution phase of investing, buying the dips adds a little spiff.

The answer is about 25 times your annual expenses at retirement. Mr. Bernstein is wrong for decades, if you listen to him, chances you will never retire, especially if you invest in Treasury inflation-protected securities and inflation-adjusted immediate annuities. You must own some stocks and you can do so much better long term with Multisector funds. Investing in TIPS? really? TIPS made just 1.43% annually in the last 5 years, even BND is a better choice. I have been commenting about him for years on Morningstar.

Huh, nearly the complete opposite from Mr. Buffett. Interesting. At the moment I'm roughly 65-35 equities to PIMCO bond funds. All of my equities are invested in dividend aristocrats (companies who have raised their dividends consecutively for 25 years or more) or those who almost make the cut. I think I'll stay where I am.

FYI: On the heels of rewriting the rules of investing through its
groundbreaking ZERO offering, Fidelity Investments®, one of the largest financial service providers with
$6.7 trillion in total client assets, today announced the expansion of its commission-free exchange traded
fund (ETF) platform for individual investors and advisors to include more than 500 ETFs. The move will
offer clients access to high-quality, industry-leading ETFs and further exemplifies Fidelity’s ongoing
commitment to providing the best overall value in the industry. Fidelity has more than $380 billion in
ETF assets under administration, up nearly 80% over the last three years.1
Regards,
Ted
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/press-release/Fidelity-Expands-Commission-Free-ETF-Lineup_021219.pdf

David, why would you need a CAPE stand in?
You turned me on to DSENX years ago and it remains one of my top holdings. FDSAX seems a poor substitute for DOD and it hasn't even kept up with the S&P500 let alone DSENX. Some times more is less. Maybe not even sometimes.

“Think you meant devaluation of the greenback ... “

Same thing @Sven - Value of a currency depreciates as assets appreciate in price (but not “real” value.) As consumers we tend to focus mainly on the inflation part (paying more for items). But, in actuality, it’s the paper we’re paying with that has depreciated (ie: been devalued).
Interesting debate. I’ve heard good arguments for both sides over the years. But I keep going back to that fancy new full-sized sedan I bought off a Detroit dealer’s lot for $2,800 back in 1970. Says something to me about how paper currencies behave over time.

I don't get the newsletter anymore but Dan Wiener used VG International Growth his main foreign fund for several years.

Appears the first 3 years made the most. I'll pass on this one.
Derf

@FD1000, you make a good point looking at the last 3 month spurt. In that case I agree the time to buy was 3 months ago (sounds like a Geico commercial :) ). I was looking at it as what to expect from a long term, next 3-5 years, investment in Munis (or maybe bonds in general) and in that way I wouldn't be comfortable that 1 year or 3 year Muni returns will out-perform CD's or even a money market like they did in past years. But who knows. And maybe that changes if in a taxable account versus tax deferred.
I agree with the point you made though.

I'm not seeing any evidence why Munis would return any more than the MM you are in. They have been a go-no-where investment for over 2 years now. Curious what you see that is going to change that? No, I don't think you can be late to the party. Quite a bit early maybe.

The numbers show a different story
year to date MUB is up 0.6% while a good MM FZDXX is only at 0.2%...for 3 months MUB is up 3.1% while FZDXX 0.6%
Matt is diffidently late because the next 3 month will not be at 3.1% for MUB. I continue to own Munis as long as they have their momentum.

(Unable to read the wsj article.)
I’ve normally gravitated to funds that preached value investing. There are are many different ways to define what a “value stock” represents. But the most important thing IMHO is that the “worst news” has already been discounted by the market so that these stocks aren’t likely to fall much further. Should be just the recipe for a patient long term investor.
Obviously, value hasn’t been the place to be for at least a decade. But it would be sad if managers who preach value investing were to begin acting contrary to the contract they have with their investors and stray from the value approach in search of better return.
Louis Navellier made 10 recommendations in late 2018 for stocks he felt were top value picks. https://investorplace.com/2018/11/10-value-stocks-to-buy-for-december/.
Here’s Navellier’s list:
Wendy’s, Boeing, Intel, Microsoft, Amazon?, Berkshire Hathaway, J.P. Morgan Chase, Proctor & Gamble, United Health Care, Chevron
Of the above, only one, United Health Care, is among OAKBX’s top 25 holdings (my previous post).
:) Just noticed OAKBX holds Phillip Morris. Hard to argue with that one. I think it’s been considered a “value stock” for about as long as I’ve been investing (50 years).

I’ve always been leary of EM equity funds. Perhaps unjustified - but it relates to approximately 35 years ago when a fee-based advisor moved me (and his other clients) from TEMWX, which at the time was a great fund, into TEGOX*, Templeton’s new EM fund. (At that time it represented 100% of my assets.) His stated reason was that the latter would outperform. But it never did as long as I was with him and Templeton. The first had lower fees and an enviable track record. Much easier to “digest” during falling markets. The second had high fees and poor erratic performance at that time.
I do like to own some EM bonds however. Currently own PREMX. I perceive them less risky than EM equities and still offering potential above average long term return. A big reason they’ve spiked recently is in response to the Fed’s 180-degree change in posture and the subsequent pullback in the dollar vs many foreign currencies. As for EM equities, many globally diversified equity funds commit anywhere from 5-25% of their assets to EM equities. (Read Prospectus / Fund Report.) Gets you the EM equity exposure while leaving the harder part (where, when, how much to commit) to the managers.
* Just noticed this fund has been liquidated.
FWIW

I'm not seeing any evidence why Munis would return any more than the MM you are in. They have been a go-no-where investment for over 2 years now. Curious what you see that is going to change that? No, I don't think you can be late to the party. Quite a bit early maybe.

We added EMQQ about 2 years ago after seeing a presentation by funds founder Kevin Carter, was very impressed with growth in internet commerce.

FYI: Every few years, Steve Romick pens a long letter to clients about looming risks for the stock market. His timing is usually too early—credit-default swaps in 2002, subprime mortgages in 2005, excess leverage in banks and investment banks in 2006—but eventually the dangers came to pass. Recently, Romick wrote his latest jeremiad, this time about the risks lurking in sovereign and corporate bonds.
Regards,
Ted
https://www.barrons.com/articles/a-winning-mutual-fund-prepares-for-the-next-storm-51549044547?mod=hp_DAY_10

FYI: The term aristocrat is usually associated with snobbery and status.
In the context of dividends, it’s a lot more down to earth and benevolent. The S&P 500 Dividend Aristocrats have boosted their payouts for at least 25 straight years—a bar that usually reflects solid, durable underlying profit growth for a company. (For more on this group, see “These 5 Stocks Are In Line to Be the Next ‘Dividend Aristocrats.’”)
For retail investors, buying all 53 of the S&P 500 Dividend Aristocrats can be cumbersome and expensive. But there are exchange-traded funds that can help investors that have this income bent. The accompanying table includes three such funds.
Regards,
Ted
https://www.barrons.com/articles/3-etfs-with-reliable-dividends-51548936003?mod=hp_DAY_7

Started at E.F. Hutton then went to Edward D. Jones, Pioneer Funds in here some place then A.G Edwards Dain Rauscher, City Group, Solomon Investment finally ended up at Fido for IRA's and Morgan Stanley for stocks and bonds. This has been over 56 years. I'm still here but a lot of my investment companies didn't make it.