Short lists and explanations in 2nd half below.
I invest for total return, not income. That leads to the question I keep asking myself, so why invest in bonds at all, when equity does better over the long term?
One reason is diversification - one never knows what will do better from one year to the next. Using bonds for this purpose is a bit like buying insurance. It costs you money (bonds won't do as well long term), but it provides protection against short term drops in the worst case.
I buy that, but only to a limited degree. So I'll use more aggressively managed bond funds that include areas like high yield that are more equity-like. (That is, I favor core plus and multisector over vanilla core funds.) I'm not giving up quite as much in return, but I'm also not getting quite the diversification benefit that a vanilla fund would provide. It's how I choose to position myself on the risk/reward curve. Each person has his or her own comfort level.
With that same nod to aggressiveness, I also use bond funds as cash alternatives. Obviously this is a different type of bond fund from those used for total return.
General attributes I would like the funds to have :
- Low costs. Really important in bond funds, where correlation between performance and cost is high.
- Convenience, but I'll only pay a little for that. I've no problem paying $5 to Fidelity to buy more of a TF fund. On a $5K purchase, that comes out to 0.1%, often less than the cost of owning a different fund that's NTF, especially over longer periods of time.
Personal dislikes:
- Leverage. I'm fine with 100% exposure to risk with my investment. Don't give me 150% risk exposure.
- MBS. The fact that there are several pricing models shows that these are hard to value. More important is that with their built in call options (early payoffs), they behave badly when yields shift quickly. A rise in rates causes borrowers to hold on to their mortgages, thus increasing duration and amplifying the drop in bond price. (Negative convexity.) A side effect is that duration numbers for these securities can be deceptive. They're good diversifiers in a broad bond fund; I just don't want a fund hooked on them.
Macro observation: I almost never time markets. But one must pay attention to the fact that we've had a 35-40 year decline in interest rates that has begun to reverse. IMHO the question is how fast and how far that will go, but not if. This makes it important to watch how interest rate risk is handled.
=============
Core plus funds (nothing without some blemishes):
- BCOIX - good performance, low cost. Flexible with credit risk (i.e. it's core plus), it can't do much about duration. "The Advisor attempts to keep the duration of the Fund’s portfolio substantially equal to that of its benchmark."
- MWTRX - you used to be able to get MWTIX with a $25K min at Schwab. Now it's $100K. Retail class is slightly pricey. Years ago, managers contrasted their fund with Pimco Total Return by saying that they had the luxury of focusing on issue selection, while Gross was limited to macro calls due to the size of his fund. Now MWTRX is bloated and performance has declined over the past three years. Still fine management.
- DODIX - cheap, good performance, flexible on credit risk, defensive on interest rate risk. All positive. Not a fund I would have thought of as core plus (my impression was more vanilla), but upon closer look has a nice mix of securities. Main concern is its increasing popularity and girth.
- WCPNX - just started looking at this (see MFO thread for others' thoughts). Slightly pricey (0.61%), but FWIW, NTF. More importantly, I was impressed a few years ago (last time I looked) with Weitz Short-Intermediate (now Weitz Short Duration) fund WEFIX. Same managers here. I also like that this fund has a somewhat short duration. Needs more research.
- EIBAX - Gaffney's been there for 2.5 years. She didn't do well at her first EV charge EVBIX. Perhaps she was trying too hard to prove herself, but she got overly aggressive, loading up with equities and commodities. This is a tamer fund, though still wild. Hard to even call it a core plus, given that it's allowed 35% in junk and 35% in foreign. That describes a multi-sector fund, leading us to ...
Multi-sector funds (the usual suspects) - used for manager-allocated exposure to junk and foreign bonds.
- PIMIX - sharp manager, great past performance, but with qualifications I've already noted, like leverage and a fondness for MBS. Also, what happened to all the voices who seem to cry out "mean reversion"? (Here though, there are specific market conditions that one can point to that suggest lower returns going forward.)
- LSBDX - a manager who claims experience in investing the last time interest rates rose; that raises succession as a concern. Ridiculously volatile, but acceptable to me for something this far out on the portfolio risk curve (aggressive multisector). I like that it has shortened its duration. A quirk in its prospectus allows unlimited Canadian investment, perhaps a way to increase non-dollar exposure without going overseas.
- FSICX - an easy buy if you use Fidelity, else costly. Generally solid fund.
"Enhanced cash"-ish bond funds - used as buffer for equity investments (to draw from when funds have dropped in value)
Muni funds - you need to go out at least a couple of years in duration to get yields high enough to justify skipping the bank account.
- BTMIX - a young fund, but with a solid management team that's been around a long time
- VMLTX - Vanguard = low cost, conservative management
Taxable funds
- RPHYX - pricey, but with a unique strategy that keeps it sufficiently ahead of banks to justify the risk. I still don't think it scales, so it is good that this is closed.
- FPNIX - I've followed this since the Rodriguez days, when you couldn't get it without a load. Now you can, but Atteberry may have tamed the fund a bit too much. Where else do you find interest only derivatives used so extensively for defensive purposes? That dates back to Rodriguez.

Thought I would put my changes I recently made into this thread. Sold MINDX which I have held for over 4 years and had some nice profits in. It is over 24 x PE and felt I really did not need a single country fund for diversification and it may start to level out.. I am probably overdiversified as some had commented on in the portfolio posting threads, and I added to SIGIX, FMIJX and GSIHX with the proceeds. Also added to VWINX and will do more over time. Not anticipating any material changes through year end but taxable account may see some tax loss selling.

Hi @bee
Per your question about rising rates and effects upon RE related, I will offer a chart and a few thoughts. You and all others must keep in mind that I have no formal training in this area. My self - issued and printed "School of Hard Knocks" diploma is placed upon the wall as a reminder about not getting sassy. :)
Knowing you enjoy fiddling/viewing this type of data (I do, too) I have used the same chart from the earlier post for selected RE funds, but have removed SPY and placed $UST30Y. So, keep in mind while viewing the chart that the turquoise line for the 30 year bond is "YIELD" and not price.
Wait, wait.....there's more, so be patient before clicking that chart link.
Notes:
--- I'm leaving this chart at the 200 days default in the slider bar. This is automatic after entering tickers and clicking "GO".
--- The dates just below the chart are 7 day periods.
--- In this 200 days chart, one may discover 2 cross over periods immediately which reflect the change in the 30 day yield and the price changes of included RE funds. Period 1: = early March, 2017 and moving to the left, Period 2: = early November, 2016. You'll have to move the left bar of the slider to the left to get to November, 2016.
--- Relative to these cross over periods, and to view others moving left on the chart to early years; left click and "hold" on the 200 days section and drag this days time frame.
@bee etal, not unlike cross over "price" points in charts you have posted previous, just keep in mind the 30 year yield "when moving towards the top of the chart is an increase in yield" and not a price as is indicated with the RE funds.
--- Cursor on any of the chart lines. Place the cursor upon a chart line, anywhere; and the price and date will display. This includes, for this chart; the yield and date for the 30 year Treasury.
--- You may also "right click" on the 200 days slider section to display preset time frames which may then be selected/clicked upon.
--- This chart is active and you may enter which ever tickers you want to examine. Save the site page in favorites or where or however to revisit and play with other tickers.
NOTE: tickers less that 3 years old will not generally be found for display at this site; at least as a "free" user.
http://stockcharts.com/freecharts/perf.php?VGSIX,FRIFX,CSRSX,FRESX,$UST30Y&n=200&O=011000
Short and quick answer appears, that yes; "long term" interest rates do cause reactions to real estate funds.
Been a long, long day. I will do my best to revisit sometime tomorrow about other aspects of what these charts sometimes show to me and viewing with investment fundamentals and technicals in mind.
Good night,
Catch

Hi @bee
As we know the markets are sometimes silly, funny and most times difficult to attempt to find proper paths for our money (adjusted for one's risk style). Since the market melt, anticipated and accepted gains have been found in many areas. This is not rocket science (at least in hind sight). :) ........ was one helluva "value" market in March, 2009, yes?.
The following graph is one that I have constructed/viewed previous, is of interest; at least to me, as how areas have changed here and there. This graph are funds I have selected as long term real estate active managed funds for a "fair" comparison. I've also included SPY.
In particular for me, is that the time period for this chart (Sept. 2008 to date) shows very favorable for total return of FRIFX against the other funds, including SPY. However, if one moves the "left" slider adjustment (on the day bar, showing 2,326 days) all the way left to 2003; one will see how different the return of FRIFX was from 2003-early 2009 was during this period and also, overall from 2003 to date showing FRIFX got its butt kicked by other real estate funds. Those who have held the other RE funds since or before the 2003 date are still doing okay.
So, what happened to the other fine managers of RE funds since March, 2009 vs lonely FRIFX? Are the managers having that much difficulty sorting and trying to find where in the world of American real estate they should be invested? Two very different periods of returns, eh?

http://stockcharts.com/freecharts/perf.php?VGSIX,FRIFX,CSRSX,FRESX,SPY&n=2326&O=011000
FRIFX fund composition has been about 50/50 equity/bonds for as long as I can remember. Although much less showy than other RE funds, this fund just chugs along as of the past 9 years, not unlike PIMIX and other funds out there, of which I am not aware.
Composition: https://fundresearch.fidelity.com/mutual-funds/composition/316389865?type=o-NavBar
FRIFX remains a much different RE fund from its peers. I have not plowed through the holdings of the other funds charted here; but FRIFX has some of the same holdings as other funds, with the variance being the bond holdings. There is investment grade, mortgage and junk (a fairly big chunk) bonds.
The only year FRIFX was #1 in the category is 2008. The average RE fund was down about -40% and FRIFX was down -31%. Generally, the fund is always in the last 10% of the category per M*. The current 30 day SEC yield is about 3.8%, average bond duration of 2.55 years and has an annualized 10 year return of 7.34%.
The fund is still about 10% of our total portfolio.
Lastly, a quick look chart which includes FREL. This chart only goes back to Feb. 2015, as FREL is quite new. IYR and FREL travel together at this time.
http://stockcharts.com/freecharts/perf.php?FRIFX,FREL,IYR,SPY&n=709&O=011000
Well, anyway; I recall @Ted wondering why we weren't playing with the big dogs in the world of RE. The charts speak for themselves at this point in time. We'll see, eh?
This time remains different, IMHO.
I didn't proofread this.....pick my write for errors or omissions.
Take care,
Catch

@catch22...thanks for the "catch".
Since you are more familiar with this fund (FRIFX), do you ever use it as a indicator of the broader Real Estate index (I'll use VGSIX...the index) . It seems FRIFX might serve as good indicator of whether the RE Index is over or under performing. Comparison over a 1 Year timeframe: VGSIX is over pereforming slightly (2%), but with substantially more volatility:

Over three years the two are in a dead heat with only two short moments where the index out performed:

Finally, a comparison of FRIFX to PIMIX (PONDX, PONAX, PONCX, Etc.) over the last 8 years. Obviously the March 2009 downturn was tough on FRIFX where it lost 40% while PIMIX only lost 5%.

Agree on TRP target date funds @hank. They certainly are a good alternative to a robo portfolio for sure. I know you use them as a benchmark and so have I over the years.
We here at MFO do get enjoyment doing our own thing, but frankly these funds are not easy to beat over the long haul. Mostly I think they are hard to beat because we humans have this ingrained perception that we can tinker with our portfolios and make it better - win the game. The tinkering is what kills us IMHO, and I have to include myself over the years in that assessment.

FYI: Thirteen rules to live by.
Regards,
Ted
http://news.morningstar.com/articlenet/article.aspx?id=837930

DODIX vs. FTBFX:
Assuming past is prologue (a not so great assumption), and given that these are two relatively vanilla intermediate term bond funds, M* star ratings should fairly well encapsulate their relative risk-adjusted performance. 5 star vs. 4 star.
Likewise, Lipper rates the former more highly: 5/5/5/2/5 vs. 5/5/4/1/4 (better in preservation, tax efficiency, and cost, respectively)
The better M* rating is due to D&C's lower risk - average vs. above average (determined in part, but not exclusively, by volatility). As noted, performance has been similar (within 0.10% annualized) over 3, 10, and 15 year periods, though D&C has outperformed by 1/4% annualized over the past five year span.
Similar SEC yields (2.59% vs. 2.62) with similar average credit ratings (BBB per M*) yet significantly lower average duration (4.20 years vs. 5.39 years). Important as rates begin to rise.
Big difference in turnover (27% vs. 137%).
I'll go along with Hank on trust in company, even though FMR, LLC is also privately held (49% of voting shares controlled by Johnson family)

Catch22 and Old Skeet, thanks for your input.
@Catch22, these two funds have done well since Jan 2016, but still have slightly under performed the general EM category during that period. Moreover, they significantly underperformed the more traditional diversified EM category (mostly more negative) from 2013-2015, so it emerging Europe might have more catchup opportunity to make up for those years of greater negativity. From what I have read, emerging European countries seem to be putting it together for growing economies (especially Poland), but there are admittedly risks, as in Turkey as you described. I could just see if EM and the US become seen as expensive at some point in 2018, investors could turn to other investment opportunities that are less expensive, such as emerging Europe. I could be wrong of course, but that is just part of my thinking.
@Old_Skeet, one fund that might fit your bill could be FEMEX. I don't know if it is any good, but it hits the areas you are referring to.

PRIDX is a foreign smid-fund. Great year. 36.48% ytd, 6.87%, over past 10 years.... 24th percentile in 2017. Past decade = 12th percentile. No Load. TRP. And $7.6 billion AUM.

Regarding cap gains on homes - interviewee (at 5:54) states correctly: "it's also important - always important - for individuals who own their homes to keep great records of the improvements they've put into their homes in order to try to eliminate or reduce part of the gain."
The proposed changes would not make the record keeping tasks any more onerous than they are now or have been in the past. Regardless of how home cap gains are taxed, you always want to show as little gain as possible. Just like stocks, where you keep track of your purchase prices, buying and selling commissions, net proceeds (after other taxes/fees are taken out), you should be keeping track of similar home costs. The purchase price, improvements, additions, special assessments, etc.
A proposed House change to the law would only affect high income people ($250K/$500K per year income). Those people likely own homes that already have big gains that are taxable (more than the $250K/$500K that homeowners can exclude). So this proposed change would have no effect on record keeping needs.
Both House and Senate are proposing requiring people to stay longer in their homes to qualify for the $250K/$500K exclusion. The main people this change would affect are those who are flipping houses to keep their gains under the exclusion amount. They don't get much sympathy for me, and they're probably already keeping detailed records to achieve their objective of avoiding taxation on their home gains.
Longer term, more and more people will need those records. The amount of gain you can exclude, $250K/$500K, was set in 1997. At the time, that sounded like a lot of money. Now, $250K won't buy you an entry level home in some neighborhoods, though it's still above the median price of a home in 80% of the states, including New York ($247K). In another 20 years, lots of people may have taxable gains in their homes.

Thanks, Ted and Bee and msf, for the link and the info.
It seems to me that having the step-up in basis at death is important for two reasons:
(1) the heirs don't owe tax on the the appreciated gain (duh)
(2) the heirs don't have the huge hassle and hopeless task of figuring out the true basis from Mom and Dad's incomplete records of purchases and reinvested dividends.
On the other hand, according to Consuelo's interviewee, such complications are being re-introduced for homeowners who sell their house at an appreciated value after living in it a long time: you'll owe capital gains now.
So trying to go back and find the original price and figure how much capital improvements you made through the years ....... Ugh.
Best to will the house to the kids so they get the step up basis.
Like many other things Congress does, these bills make me want to scream. I don't believe it's fair to pay taxes on taxes, so property taxes and state and local income taxes should all be deductible from Federal tax consideration. I don't care whether it's blue state or red state -- it's just not fair.
The issue that bothers me the most is the elimination of the estate tax. Our ancestors fought for freedom from a system in which an aristocracy based on blood lines ruled over everybody. If huge -- multi-billions of dollars -- can be passed on from generation to generation, we run a huge risk of living under a new aristocracy based on overwhelming wealth.
Maybe I went a little off-topic there.
David

Hello,
I do my monthly close on the last Friday of each month with the exception being in December where I use the 31st. My report follows.
For November Old_Skeet's barometer closed the month with a reading of 145 indicating that the S&P 500 Index is overvalued. The barometer consist of three feeds. A breadth feed, an earnings feed along with a technical score feed. At times other technical indicators are used along with a short interest reading. Currently, short interest for SPY is reported at 2.5 days to cover and currently is not a detractor to the reading.
The barometer from a technical basis reflects there are no major sectors within the 500 Index being scored undervalued or oversold. For the month the three best performing sectors were technology (XLK), consumer discretionary (XLY) and real estate (XLRE).
Within my own portfolio I have noticed that my bond duration has fallen from 3.4 years to 3.0 years over the past month. Many may remember my reporting that I have begun to move towards using a good number of hybrid type funds along with some multi sector income funds within my portfolio to make it more dynamic and adaptive to ever changing market conditions. So far, the addition of hybrid funds has now grown to the point where their use has enough influence on the portfolio to make it more dynamic. In addition, based upon a seasonal investment strategy I am overweight equities, at this time by 4%, over what my equity weighting matrix is calling for.
With the overvalued stock market, as measured by Old_Skeet's barometer, for now, I remain in a cash build mode while I await the next stock market pullback. However, with many of my mutual funds making some sizeable capital gain distributions come December I may reinvest some of this money towards the first of the year. One area I plan to look at is hybrid type funds both (convertibles and multialternative).
Listed below are what my five year average investment returns have been by sleeve and for two bogeys. The first percent number is the average yearly return and the second number is the sleeve's current yield. Notice, the higher yielding sleeves generally have lower yearly returns.
Income Area, Income sleeve ... 5.2% ... 3.26%
Income Area, Hybrid Income sleeve ... 7.5% ... 4.15%
G&I Area, Global Hybrid sleeve ... 8.4% ... 3.66%
G&I Area, Domestic Hybrid sleeve ... 9.7% ... 2.95%
G&I Area, Global Equity sleeve ... 11.4% ... 2.31%
G&I Area, Domestic Equity sleeve ... 12.7% ... 2.78%
Growth Area, Global Growth sleeve ... 14.7% ... 0.47%
Growth Area, Large/Mid Cap sleeve ... 17.0% ... 0.21%
Growth Area, Small/Mid Cap sleeve ... 13.8% ... 1.71%
Growth Area, Specialty sleeve ... 11.7% ... 1.18%
Master Portfolio (as a whole including cash sleeves, equity adjustment range +/-5%) ... 9.6% ... 2.5%
Investment Portfolio (without cash sleeves, equity adjustment range +/-5%) ... 11.2% ... 3.0%
Bogey Static 50/50 Index Mix (portfolio with no cash position, rebalance annually) ... 9.0% ... 1.8%
Bogey Active 50/50 Index Mix (portfolio with no cash position, equity adjustment range +/- 20%) ... 9.8% ... 1.6%
A recent Morningstar Instant Xray analysis listed my asset allocation as Cash 17%, U S Srocks 31%, Foreign Stocks 20%, Bonds 25% and Other 7% along with the yield being 2.51%. Five years ago the porfolio's yield was in the 3.25% range with the distribution yield being north of 5%. This year I'm thinking the distribution yield will be around 4% which includes interest, dividends and capital gain distributions.
For those looking for a way to consolidate multiple accounts into a consolidated report I have found Morningstar's Portfolio Mananger a good and accurate way to track investment performance along with other investment and portfolio metrics. Year-to-date both Portfolio Manager and a manual tabulation of account statements are producing the same total return number of 9.6% through Friday November 24th.
Thanks for stopping by and reading.
I wish all ... "Good Investing."
Old_Skeet
Note: Edited with current yield percent on 11/26/2017 and consolidated statement summary on 11/29/2017.

@Ted ... You do a great job of finding interesting articles!
... As for judging mutual funds, YTD is a bit arbitrary and too short IMO ...

I agree on both points. YTD Is fun to watch. I suppose we all do it. But unless you’re trying to grab a fast profit on a hot fund it’s quite meaningless.
I generally won’t buy a fund without looking at ‘08 in its prospectus. Such a telling bit of information. Too bad it will not show up in prospectuses after another year or two. I wish the SEC would require they go back at least 15 years in reporting a fund’s yearly performance.

There were 35 mutual funds and ETFs that turned 3 years old thru October.
Like it or not, the first 3 year performance mark can be crucial to a fund's commercial success and continued viability, since that's when Morningstar assigns its star rating.
Below please find leaders by AUM and leaders by MFO ratings (risk adjusted return based on Martin).
Three overlap: AQR Equity Market Neutral Fund R6 (QMNRX), SEI Emerging Markets Equity Fund A (SMQFX), and Ivy Mid Cap Income Opportunities Fund N (IVOSX).
Four get MFO Great Owl designations, which also first get determined at the 3 year mark: Leland Thomson Reuters Venture Capital Index Fund I (LDVIX), AQR Equity Market Neutral Fund R6 (QMNRX), First Trust Eurozone AlphaDEX ETF (FEUZ), and Schwab Fundamental Global Real Estate Index Fund (SFREX).

I have owned OSMAX for over four years and more than once it has been my strongest performer of the year. This category can be very volatile, but i consider this category a nice diversifier in portfolio.

Hi @jerry and others,
I don't track a 60/40 but the 50/50 Index mix that I do track has had the following returns. They follow: 2012/9.96% ... 2013/17.31% ... 2014/5.60% ... 2015/0.54% ... 2016/7.04% ... 2017(ytd)/10.87%. The cumulative return for this period is 53.85% with the average being 8.98%.
The reason I use the 50/50 mix is that now in retirement I only move my equity allocation +/- 5% from its neutral position of 50% unless market conditions warrant otherwise. Years back I'd go +/-10% from the neutral position thus a 60/40 mix might be a better allocation for this adjustment range.
My cumulative return on my own portfolio for the above period has been 57.47% with the average being 9.58%. Some will ask ... Has it been worth it to be active? For me, it has been as it has put a good bit of extra cash in my pocket vs. running with a static 50/50 mix. Plus being a student of the market has been rewarding in of that itself.
In addition, I use American Funds' Capital Income Builder (CAIBX), my third largest holding, as my global hybrid fund bogey because of its global allocation and yield. Its cumulative return is 49.55% for the period with the average being 8.26%. My return over the 50/50 mix is about 6% and over CAIBX about 16%. Generally, I have found, higher yielding hybrid funds offer lower returns. And, my portfolio does kick off a good yield and has a global orientation. I also, use the Lipper Balanced Index as another standard.
In looking at a sampling of some of the funds listed in the article the two I looked at GSOFX & USMYX did not have the history necessary for a compairson. However, I did do one against KCMTX listed by Morningstar as a multialternative fund. I found it's cumulative return for the period to be 67.01% with the average being 11.17%. KCMTX is co-run; and, one of its managers Parker Binion has started posting on our board. Parker's handle is @PBKCM in case you did not, and would like to, know. Interestingly, I was asked (in another thread) by another poster as to why I'd be a buyer of this fund? It is pretty simple ... in spite of its expense ratio ... it is putting up some good numbers for a multialternative fund plus it is currently carrying 5 stars by Morningstar. Folks, it cost money to actively engage the markets. It also reminds me of two other funds I invested in early on (but, no longer own) one being Ivy Asset Strategy and the other being Marketfield. They got to the size where they could no longer effectively position in a timely manner with the ever changing market conditions. So, I let them go as their performance waned.
Below is a link to the Morningstar report on Parker's fund.
http://www.morningstar.com/funds/XNAS/KCMTX/quote.html
Notice it is ranked in the top 1% on the rolling 1 year return period ... top 2% on year-to-date returns ... top 2% on the 3 year period ... and, top 1% for the 5 year period.
For me, the big question is ... How did a good skilled seasoned writer such as John Waggoner miss by not including Parker's fund? Perhaps, Mr. Waggoner reads the board? And, will kindly make comment.
And, so it goes.
I wish all ... "Good Investing."

October marked 12th consecutive month with no annualized drawdown or downside in S&P 500 total return. Last time that happened was February 1959, nearly 60 years ago ... a time of Eisenhower, Alaska, Hawaii, and The Space Race.

FYI: Through the end of the day Monday, emerging market stocks (as proxied by VWO) are up 28% in 2017 compared to a 17% gain in U.S. stocks (SPY). While U.S. stocks have been up for 8 years in a row, emerging markets have fallen 4 of the past 8 years. All stock markets are cyclical but EM stocks may be even more so than most. This piece I wrote for Bloomberg provides some context on this cyclicality. EM is not a place everyone is comfortable investing but for those who are, you need to understand what you’re getting yourself into.
Regard,
Ted
http://awealthofcommonsense.com/2017/11/the-emerging-markets-cycle/

@pressmup: before you buy ROSOX, check out GSIHX if you want another option in an experienced manager of a brand new fund. It's run by the former manager of Virtus Emerging Markets which I owned for a few years until he left. He has resurfaced with his own boutique firm. Which subadvises this fund. It's sold in only a few places, Fidelity being one as load waved and ntf, same with TD Ameritrade. I also started a small position in his more pure emerging fund GQGPX until it becomes available at Fido. I prefer to have investments in one place. He ran up a great record at Virtus, Ravi Jain is his name.