If we take 2092 as "a little below 2100" and divide it into 3500, we get 1.673, or a 67.3% increase. If we divide 67.3% by 10 years, we get 6.73% per year, as stated above. However, this is the wrong way to do it. Approximately 5.3% per year, as Edmond calculated, is correct because 1.053 raised to the 10th power is 1.676, close enough to 1.673.

HSCSX and HDSVX, a recent offering from Hodges, with the same management team as the above-mentioned HDPSX, but much smaller. WSVIX, of which I have a lot, has under-whelmed for a couple of years.

My 2 cents. Hodges is a "boom bust" shop. I will never buy after market has run up, but all their funds are excellent 3 year trades after a slump.
Walthausen - I passed because I think manager is like 80 years old?

DODLX -- enough of a track record ?
D&C had it in pre launch six years prior to the 2012 launch. Doesn't seem like the Royce kind of shop which develops offerings just to garner AUM.

>>>3.57% over 5 years for a bond fund is nothing to sneeze at in these ZIRP days.<<<
We could debate that statement. The average junk muni is over 6% annualized for the same time period with a few twice that 3.57%. But still in an ugly bond category PRSNX is a standout.

Thanks rabockma, that helps. There are 2 ways to look at performance such as we have here:
1. The 10 years numbers aren't so hot, but the fund has been doing excellently lately. Its performance has gotten lots better, and we expect the "better" to continue. A promising fund!
2. The 1 year is simply part of the 3 year which is part of the 5 year, which is subsumed by the 10 year number, which....is not so hot. A not so promising fund.
I tend towards the latter philosophy.

Got that base covered with TRP global multi-asset bonds PRSNX. The only negative performance number is for 1 year back, other time-measurements are positive. 3.57% over 5 years for a bond fund is nothing to sneeze at in these ZIRP days. Monthly div. is consistently over .03 cents. Ya, I know the Fed will raise rates soon. Unbelievable, the negative German rates. Why on earth would anyone put their money into those instruments?
PRSNX: half portf. is in US. Germany, Mexico, Brazil, Indonesia round out the top 5.
http://www.morningstar.com/funds/XNAS/PRSNX/quote.html

Attention Charles!
Thank you for your time and information. Check is in the mail
as of 11/25/2015 PM please allow for snail mail. I have been
retired from post office for 27 years as a letter carrier in
Scotts Valley Ca.95066. Idaho is less expensive place to
own a home "etc" Again thank you
regards
circa33

HSCSX and HDSVX, a recent offering from Hodges, with the same management team as the above-mentioned HDPSX, but much smaller. WSVIX, of which I have a lot, has under-whelmed for a couple of years.

Punching the numbers into a spreadsheet, I get a 5.3% annual price increase (assuming 3500 is reached by EOY in 2025.
That's not a stretch. -- In fact, its fairly conservative and may reflect secular headwinds of aging demographics and normalization (to some degree) of interest rates.
OTOH, 2025 is 10 years away. The odds of a nice, smooth 5.3% each year are so infinitesimal as to not even to be considered a possibility. Wherever we wind up 10 years hence, it won't be a smooth ride.
Observation: we are now in the midst of the 7th year of the current Bull. We are overdue for a Bear. And Bear events tend to correlate at/near Presidential handoffs.
caveat emptor

Alger Spectra (SPECX) is one of four funds held in Old_Skeet's large/mid cap sleeve found in the growth area of my portfolio. I have held it for a good number of years and it accounts for about 40% of its sleeve. The other funds held are AGTHX, IACLX and VADAX with each of these funds carry a weighting of about 20% each. Indeed SPECX has been a great performer for me through the years. I have been thinking of selling all of AGTHX and replacing it with BRLGX; but, I have held off in doing this due to taxation on the sell transaction.

FYI: The top performing large-cap fund in that decade was $5.7 billion Alger Spectra . Spectra notched a 12.44% average annual gain in those 10 years for its investors since 2004. Ankur Crawford joined as co-fund manager this year.
Regards,
Ted
http://license.icopyright.net/user/viewFreeUse.act?fuid=MjEwMDE3NDM=
Enlarged Graphic;
http://news.investors.com/photopopup.aspx?path=WEBlv112415_1K.jpg&docId=782263&xmpSource=&width=1000&height=1228&caption=&id=782227
M* Snapshot SPECX: http://www.morningstar.com/funds/xnas/specx/quote.html
Lipper Snapshot SPECX: http://www.marketwatch.com/investing/Fund/SPECX?countrycode=US
SPECX Is Ranked #115 In The (LCG) Fund Category By. U.S. News & World Report:
http://money.usnews.com/funds/mutual-funds/large-growth/alger-spectra-fund/specx

Fairholme says it accrued $2-billion in gains from AIG, and 99% of the distribution was taxable at long-term rates, but I wonder what the real/actual return was for shareholders.
Mr. Berkowitz also sold about 60% of his Bank of America holdings.
After watching his Fannie Mae & Freddie Mac play, it seemed to have intellectual merit, but fighting the government is akin to spitting in the wind.
If my memory serves, he began accumulating Sears at over $100 a share 10 years ago. SHLD is around $20, now. That's alot of opportunity lost.
Lately, his filings show he picked up Canadian Natural Resources, because of depressed oil and gas prices. And always into financials, Berkowitz has returned to a favorite of his, Citigroup. He also recently bought IBM.
Despite his critics, few can argue that Bruce has followed his ("ignore the crowd) convictions, and Ben Graham's words of wisdom.:
"You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right."
***
Now, his once $20 billion FAIRX is under $5-billion. It will be interesting to see if he regains his footing as a value investor, rather than a gunslinger.

FAIRX was down 2.72% in 2014 (compared to +13% for the S&P 500), and just a bit more than flat this year (compared to +2% for S&P). So folks who bought into FAIRX during the last two years are probably not feeling all that "successful" with the tax bill.
I sold FAIRX in the beginning of 2012. I was going to kick myself for missing out on some big gains with FAIRX -- but just checked the chart, and FAIRX is actually still significantly below the S&P 500 since I sold. Looks like the second half of 2014 really took the steam out its recovery.
Of course, when I sold FAIRX, I didn't put the money into an S&P 500 index fund either. I'd say that's where the real mistake was.

I recently bought Vanguard's Strategic Small Cap for my kids Roth IRAs. Nice it's #1.
Years ago my first purchase for them was Bridgeway Ultra Small BRUSX. Went gangbusters for a while (4K now 27K for each kid) Now languishing for some considerable time. I cannot recommend it to you at the moment, but perhaps astute members of this board can recommend what I do with it. I like Montgomery's shop, but...

HSCSX despite some manager changes a year and a half ago. It has easily beaten its peers across all periods and is very tax efficient.
I would hang on to JSCVX for now since small-cap value has been beaten up in recent years and it's hard to find a good fund in that area. Ever since management changed the strategy and composition of the fund in 2013, it has done very well compared to its peers.

I also use an index fund for REITs. Not because of fees, but because of the inconsistent performance of actively managed funds in this sector.
Vanguard REIT Index (VGSIX) is lagging its category this year -- but is still top 30-40% over the past 3+ years.
For those who can take some more volatility, PIMCO Real Estate Real Return (PRRDX / PRRSX) has index-like behavior with more risk/reward.
Another frequent recommendation (and MFO Great Owl), Fidelity Real Estate Income (FRIFX) has generally more bond-like performance and is not really comparable. It is a much smoother ride but has missed out on a lot of the upside of the past few years.

As a longtime AF holder, I am happy with their funds and fairly comfortable with their investment process/management, but these days, knowing what I know now versus 15 years ago, would absolutely refuse to buy more and/or institute new positions if I had to pay a load.
The last AF I purchased was in my 403(b) and a load-free, low-cost R-6 class share.

I received my first yearend mutual fund capital gain distribution this week from Thornburg Strategic Income (TSIAX) in the amount of 2.74 cents per share with a payout date of 11/19/2015. I anticipate receiving about a 3% capital gain distribution on the equity side of my portfolio. If this materializes, then the total distribution (interest, dividends, capital gains) received will be north of 5% on current valuation and better than 6% on amount invested. Thus far, this year, I have been able to have competitive performance with my portfolio's benchmark (The Lipper Balanced Index). Times are now tough for us yield seekers as I can remember my portfolio easily paid out better than 8% ten years ago.

I expect its NAV to drop (all marketing to the contrary). Its average bond price is 102.69, its average coupon is 8.21%, and its average maturity is a tad over 2 years.
Put it all together, and you get an expected decline of 2.7% in NAV over two years or less as some of these bonds are called before maturity. The high coupon is supposed to compensate for the declining value, just as higher coupons are demanded for any premium bond.
That's just a black box description, without going into the details of what's inside the box. There are a lot of questions when one opens the box; I don't think declining NAV in and of itself is one of them.

Yeah, but let's agree what "substitute for cash" means. There is under the mattress(and good luck), Bank Account (and FDIC), Money Market Fund (and hope manager is not Bernie Madoff's third cousin), then RPHYX.
So anyone plonking down their entire cash in RPHYX, leave alone RSIVX, need to know what they are doing. Or rather, they should not be doing that. I mean HSGFX is market neutral and losing more money than most funds. By this analogy I should be complaining it should give me 0% return not negative. Now I AM complaining, but that's because it is giving me severe negative return for several years (well fewer years than other folks...)
If RPHYX/RSIVX drops 3% for 4 years, then let's all complain. Or let's give them time unless we hear anything more. Frankly, as I have said before, at this time I just need to know how much of his own money Sherman has in each fund. I never understand the fund disclosure rules. Besides, WTF don't managers tell us exactly what they own? It's not like it's a privacy issue, I don't think.