“Fed's Daly supports rate liftoff in March, interest rates at 1.25% by end of year ” (1/31)
Source
Excerpt from Reuters - The U.S. Federal Reserve should start raising interest rates from near zero in March and can comfortably raise them to 1.25% by the end of the year, San Francisco Federal Reserve Bank President Mary Daly said on Monday.
"If you get to that point, so say that's the reality, that's quite a bit of tightening, but it’s also quite a bit of accommodation left in the system because the terminal rate of interest is 2.5%, so you are supporting the economy, not pulling away the punchbowl completely and causing disruptions, but you are taking away some of the extraordinary accommodation we have been providing," Daly said in an interview with Reuters Breakingviews. "I think that balance is the appropriate thing to do with the uncertainty we face."

@staycalm :
One question if I may ?
#1 has 4 entries.
#2-#5 have 3 entries
#6 has added VONE
Possible no info for missing data (fund) ?

With the Q's down 10+% for the month AND ARKK arguably invested in the most speculative issues within them is anyone really surprised that her fund is being crushed as it is? Do you give her credit for sticking with her investment thesis like you do for Hussman and Grantham who have been wobbly wrong for how long again? Arguably she does stick her views and opinions right out there nearly begging for it but so do many others.
BTW - her fund pulled in some additional $168 million in January to date.
Matt Murray, WSJ: "Over the past week, with prices in Cathie Woods’ ARK Innovation ETF back at mid-2020 levels, investors have put about $168 million into the fund, boosting its net assets to $11.8 billion—a noteworthy vote of confidence for a fund that has dropped 27% this month and lost half its value over the past year, as its brand of investing in largely unprofitable, untested firms has fallen out of favor. "

I find yogibear explanation on recent performance of ANNPX co-related to small cap reasonable.
A three month(or even 1 year) stretch of underperformance does not bother me within the context of solid longer term performance.
Regards benchmarks, while ANNPX has performed well compared to SP500, I see a moderate allocation benchmark as more appropriate (PRWCX, VWELX, VBINX).
Simplistically I see ANNPX performance close enough to PRWCX during periods 1-5 but significantly outperforming PRWCX by 10 points during period 6 which is impressive imo. As cherry on top, ANNPX even outperformed VONE during this period.

davidrmoran said,

What do you think has happened the last 3mos to underperform those four so significantly? Not that it matters.

I have zero interest in the fund, but I am interested in the answer to David's question (maybe I missed it?). In fact, over the past 1 year convertibles as a group look horrendous compared to the S&P 500, the bench mark I see it compared to. S&P 500= +19%, ANNPX= -9%. ANNPX is slightly worst than the convertibles category the past year.
In any case, sure looks like one would need a whole lot of conviction and long term staying-power to own this fund. I know I do not.

What else peaked in February 2021? The EMs. Although ARKK doesn't have any EM stocks, the same speculative fervor that drove the EMs to February 2021 peak also drove ARKK. But then the Nasdaq peaked in early-November and ARKK was crushed again. So, there were 2 selloffs in ARKK, post-February and post-November (still continuing?).
https://stockcharts.com/h-perf/ui?s=ARKK&compare=EEM,QQQ&id=p81561262402

Atlanta Federal Reserve Bank President Raphael Bostic told The Financial Times over weekend that the Fed may impose a 50 basis point rate hike in March. Bostic is a FOMC participant and would have been covered by the aforementioned blackout.
(Excerpt) The Federal Reserve could opt to raise its benchmark rate by 50 basis points if a more aggressive approach to taming inflation is needed, Raphael Bostic, president of the Fed’s Atlanta branch, told the Financial Times in an interview. Bostic stuck to his prediction that three quarter-point increases starting in March would be the most likely scenario, though stubbornly high consumer prices could justify a more robust rate rise …
“Every option is on the table for every meeting,” Bostic said on Friday. “If the data say that things have evolved in a way that a 50-basis-point move is required or be appropriate, then I’m going to lean into that . . . If moving in successive meetings makes sense, I’ll be comfortable with that,” he told the newspaper.
Story from Bloomberg

ALL 42 holdings of Cathie Wood's ARKK are down YTD as of 1/28/22 (M* data).
It peaked at $159.70 on 2/16/21, closed at $94.59 on 12/31/21, day-high was $97.17 on 1/3/22, and close was $68.91 on 1/28/22 (Stockcharts data).
Loss from peak -56.85%, YTD loss -27.15%, loss from Jan 3 high -29.08%.
http://portfolios.morningstar.com/portfo/details?t=ARCX:ARKK&region=usa&culture=en-US

Thanks for posting the calendar. HK is trading this evening (Sunday evening/night, Central time) but China is not, so I checked the calendar and found the following market closures:
China 1/31/22 - 2/4/22
HK 1/31/22 (1/2 day) - 2/3/22
Singapore 1/31/22 (1/2 day) - 2/2/22
S Korea 1/31/22 - 2/2/22

Using a few pre-defined periods as per MFO, here are some APR stats
(1)CV19 Bear(Bear 6): 202001 - 202003
FAYZX: -10.9
FPURX: -11.3
ANNPX: -11.5
JABAX: - 11.6
PRWCX: -12.0
(2)GFC Bear(Bear 5): 200711 - 200902
JABAX: - 16.6
ANNPX: -26.0
PRWCX: -28.9
FPURX: -30.0
(3)Dec '18 Selloff: 201812 - 201812
FAYZX: -3.4
ANNPX: -4.4
PRWCX: -4.6
JABAX: - 4.7
(4)Rising Rates: 200406 - 200702
PRWCX: 12.8
ANNPX: 11.7
FPURX: 10.4
JABAX: 9.8
(5)Full Cycle 5: 200711: 201912
PRWCX: 9.1
ANNPX: 8.3
JABAX: 7.9
FPURX: 6.9
(6)Full Cycle 6: 202001: 202112
ANNPX: 28.1
VONE: 23.6
FPURX: 19.7
PRWCX: 18.3
JABAX: 15.6

I pointed out in the last post that convertibles are issued by speculative, low-rated companies and those haven't been doing well lately. I verified this further by checking correlations using PV: ANNPX has higher correlation with VTWO (small-cap R2000) than with VONE (LC R1000); the SAME for FCVSX. Checked R2000/IWM/VTWO lately?

Looking at stock alternatives.....A chart that shows some of what's worked and what hadn't worked through the third week of the year.

From: BDC Market Weekly Review

Market movements this past week suggested to me the TINA way of viewing the stock market still had some life left in it. Perhaps there is enough ambiguity in the current situation that can continue to be the case at least for "a while".

FWIW - While Barron’s “sounded the alarm” (loudly) this week through its regular “Up & Down Wall Street” column, the underlying sentiment seemed to be that markets would grind higher thru most of 2022 with a recession beginning in early 2023. Pure conjecture of course. But based on the typical historical 8-14 month interval between the beginning of sustained Fed rate hikes and onset of recession.
Above referenced column was penned this week by Ben Levisohn substituting for Randall Forsyth.

One veteran who said he made millions on GameStop was Bill Gross, the retired “bond king” and former star manager at California money management giant Pacific Investment Management Co. As the GameStop frenzy was reaching a fever pitch, the billionaire said his “heart has been with Main Street for many years.” He also warned investors betting on volatility options that they were “fish at the poker table” and “not part of an educated investment mob.”
Mr. Gross personally sold stock options when the Reddit investors were buying them. It wasn’t a sure bet. Mr. Gross said in a Wall Street Journal podcast last year he was down $10 million at one point before emerging with a $10 million gain as GameStop’s shares nosedived. “It felt good,” he said. “It was an experience. It’s like the first time you drove your car, or the first time you went down the ski slope.” He declined additional comment through a spokesman.
Excerpted From:
“Heard on the Street - Who Got Rich from the GameStop Revolution?” - WSJ January 29, 2022
(Unable to provide a subscription free link.)

It is fair to compare convertibles (hybrids) with moderate-allocation funds. However, the convertibles market is much more speculative now than a few years ago. Many speculative companies (startups, early-stage, low-quality) issue convertibles to get lower interest rates. A beauty of convertibles is that if the stock does well and trades above the conversion price, the debt goes away and becomes equity - so the company doesn't have to pay back debt in a traditional sense. Keep this in mind to assess why convertibles have tanked lately along with the selloff in speculative stocks - convertibles were hot in 2021 but are cold now. Tesla/TSLA is a big issuer of convertibles.
Chart https://stockcharts.com/h-perf/ui?s=ANNPX&compare=FCVSX,FMSDX,FPURX,PRWCX&id=p99932100988

I bought ENIC using my TRP brokerage account. On Friday, they PAID a very small "interim" dividend. It's still not recorded in my sweep account.
[...]
.....But it's not there....... yet. ORK!

Are you sure that the ADR div has been paid?
Here's a div announcement sheet from Citi saying that ordinary shares were to pay on Jan 28th, but the US ADR payment date was TBA (as of Nov 29th).
Looking at the last time there was a small Jan div (record date Jan 24, 2020), the pay date was two weeks later (Feb 7). Assuming that pattern holds, given that the record date now is Jan 21, 2022, one would expect to see the div paid about a week from now.
Here are sites giving the ADR div's historical ex-, record-, and pay-dates:
Citi, M*, and Dividend Investor, the pay date for the ADR has not been determined.
Ordinary shares underlie ADR shares: https://www.sec.gov/investor/alerts/adr-bulletin.pdf

VONE is the Vanguard Russell 1000 ETF.
ANNPX invests primarily in U.S. dollar-denominated convertibles.
Since these two funds are vastly different, why compare them?

Yes, very nice to have Junkster posting again!

Thanks Old_Joe. But hopefully just an aberration on my part.
Interesting bullish link below on sentiment and how it is similar to the 2018 and 3/20 bottoms. I am a big believer in sentiment albeit it was a more useful tool decades ago when it was less followed by the masses as an indicator. Let’s see how it plays out this time around.
https://seekingalpha.com/article/4481533-market-panic-selling-buy-dip

Understood, tks for the feedback. We are measuring and weighting differently the stats of ANNPX and the alts you called out. Typically I give zero to low weight to periods below three years. I place a high weight on Sortino, rolling period averages and MaxDD.
VONE has done well, below are some comparative stats between VONE and ANNPX, first number is ANNPX, second number is VONE
3Y Stats
APR: 27.5, 26.1
MaxDD: 13.8, 20.3
Sortino: 3.25, 2.36
Rolling 1Y APR: 34.1, 24.8
5Y Stats
APR: 19.7, 18.3
MaxDD: 13.8, 20.3
Sortino: 2.56, 1.72
Rolling 3Y APR: 21.1, 14.9