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@Sven - Also noticed the reference to gold in the cited passage. I have no idea what gold might do or whether one should own it. I’ve concluded that gold fits the definition of manic-depressive - being prone to extreme mood swings with little apparent reason.If inflation remain less than the 2% target, what is the value of holding gold as a hedge against inflation?
Are they talking about a bear market in bonds? Or what?We expect that the clamor for bigger government will contribute to a secular bear market that could rival the one that persisted from the 1950s to the 1980s.
Government bond yields have been rising steadily for the past three months, but they went parabolic in February. The yield on the 10-year Treasury touched 1.6% yesterday, up from 0.9% just a couple of months ago. That’s more than a two standard deviation move, suggesting the bond selloff may be overdone. Remember, bond yields rise as prices fall.
Yields have jumped so much, in fact, that they’re giving stocks a serious run for their money. The 10-year yield is now higher than the S&P 500 dividend yield, which may have added to the selling pressure that cost stocks close to 2.5% yesterday.
(Bloomberg) -- A chaotic selloff in the Treasuries market was spurred by a massive exodus from popular trades, heightened by liquidity concerns that could inflict more pain in coming days.
The exodus happened at a time when traders were already worried about the imminent disappearance of a support beam for the market -- a regulatory exemption that has allowed banks to accumulate more U.S. bonds.
Treasury futures open interest across a range of maturities sank by a huge amount Thursday: the equivalent of $50 billion of 10-year notes. It didn’t help that this coincided with the Treasury Department selling $62 billion of seven-year notes, an auction that proved to be a disaster.
The month ahead could be rocky, too. Back in April, the Federal Reserve tweaked its rules to exempt Treasuries from banks’ supplementary leverage ratios -- allowing them to expand their balance sheets with U.S. debt. But that relief ends March 31 and what happens next is something of a mystery.
“It wasn’t an orderly selloff and certainly didn’t appear to be driven by any obvious fundamental continuation or extension of the reflation thesis,” wrote NatWest Markets strategist Blake Gwinn in a note to clients. A number of more technical factors were in the mix, against a backdrop of a good-old-fashioned buyers strike, he said.
Summary prospectus, Aug 1, 2020As of November 1, 2013, the fund is generally closed to new investors other than those who ... invest directly with American Century....
Would you suggest a ticket for the Driehaus Fund? What do you think of GRANDEUR PEAK Funds, especially GLOBAL MICRO CAP FUND ?@msf makes valid points regarding GP’s exposure to certain favorite stocks and the difference between BCISX and GP funds. BCSIX now holds $8B+ spread among 41 positions, holds no international stocks, and is a different animal from any GP fund. Probably due to its growth, BCSIX is no longer a SCG fund, but MCG. When I first bought it, this was not the case. I have never been able to figure out why the Brown Capital method does not work for their MCG fund, BCMSX, a true plodder. If BCSIX can’t stay above the thirtieth percentile in its category, it might be an indication that it’s no longer the winner it once was. I don’t want to sell BCSIX, but I’m adding any new dollars to Driehaus if I want true SCG coverage. I think BCSVX, which has $ I used to have in Grandeur Peak, continues to be a great foreign growth offering.
Yes, these numbers approximate the stock market's long-term returns.I've seen those numbers generally referred to as a long-term average return on stock investments. 8-10% is a base hit, not a home run.
Good questions. To those I would add what was it that finally did bring this to the SEC's attention?I want to know what the young man who was running the fund was exactly doing? Was there malfeasance? Or did he really believe the 3rd party model was incorrect and there was a "tweaking" for good reason? He's obviously lawyered up. Who else knew and who challenged him on his actions? Wasn't there a compliance/risk officer? What was he doing/not doing/getting paid for?
Bold emphasis my own.REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Trust for Advised Portfolios and the
Shareholders of Infinity Q Diversified Alpha Fund
Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities of Infinity Q Diversified Alpha Fund, a series of shares of beneficial interest in Trust for Advised Portfolios, and Subsidiary (the "Fund"), including the consolidated schedule of investments as of August 31, 2020, and the related consolidated statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the statement of cash flows for the year then ended, and the financial highlights for each of the years in the three-year period then ended, and the related notes (collectively referred to as the "financial statements"). The consolidated financial highlights for the years ended August 31, 2017 and August 31, 2016 were audited by another independent registered public accounting firm whose report, dated February 1, 2018, expressed an unqualified opinion on those consolidated financial highlights. In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund as of August 31, 2020, the consolidated results of their operations for the year then ended, their cash flows for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and financial highlights for each of the years in the three-year period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020, by correspondence with the custodian, prime broker and third-party counterparties. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
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