BT2020: What FD is missing here is the leverage is HIGHER now then earlier in the year.
With HIGHER leverage and the corresponding INCREASE in treasury rates, interest costs and the associated risk for the leverage has increased then earlier in the year.

Maybe you are the one who missed my main 2 points. Please reread it.
It means you can't predict where the leverage will be next week or in 4 weeks. Leverage was used years ago. Example: the 10 year treasury is around 1.1%, in 2018 it was over 3% and in 2019 over 2%...mmm...are we anything close to that?
In fact, in 2017-2019 the 10 year was higher than 2%.

Maybe you need a lesson on leverage.
A fund manager can control the *amount* of leverage they use.
(aka the amount/quantity of swaps & margin in their fund)
The cost of leverage is what they don't directly control.
The cost of leverage is what is determined by interest rates.
If a fund manager uses a excessive *amount* of leverage and the *cost* of leverage goes up (interest rates) they will be pressured to sell something.
Your example talks about the interest rate (cost) of leverage but just because the *cost* of leverage was higher back in 2018 doesn't mean the fund manager was excessively leveraging a fund (amount) at that point.
There is a huge amount of leverage in the fund now and if investors want to ignore that risk than its on them.
Also, there have been numerous examples of funds going bell up due to excessive leverage and/or non-liquid securities.
But go ahead and keep pushing highly leveraged and/or non-liquid funds...
So what's next?
Are you going to start pushing 2x and 3x leveraged funds like Profunds & Direxion too?

The April 2020 quarterly newsletter describes the SVARX active management approach over the preceding two years. The chart provides a good visual description. Scroll down to the Active Management section of the newsletter. (Reviewing the 12/31/19 and and 3/31/20 portfolio composition in the table above that section is also instructive.)
THE FULL SPECTRUM - April 2020

Thanks for the info. The chart in the link above is worth watching and see how SVARX compared to PIMIX and other bond funds

But since 2020 SVARX made so much more than these funds, see 1 year (chart) and how PIMIX lost more than 12% while SVARX lost less than 2%
Reminder: there is no guarantee that risk/reward will continue. I'm not going to buy it because I have been doing my own trading and portfolio protection.

Just wondering if there’s an option to upload documents to TRP’S website so you don’t have to rely on the mail being sorted? I’ve used this option at Schwab in the past and am in the process of doing the same to transfer a 401k out of the nightmare called Empower Retirement so as to eliminate one weak link in the chain.

I did find out an interesting tid-bit though, not all closed funds are really closed funds. He told me that if the amount is large enough for moving 401k funds in, that they could be deposited into currently closed funds. I've been looking at PRWCX Capital Appreciation and was told I could open an account and actually deposit funds into it if it's the right amount. Does this sound right?

Yes, this is a open secret that occasionally comes up here. I used this loophole by transferring part of a small 401k to TRP and opening a Rollover IRA in PRWCX a couple of years ago.
Then I transferred one share of PRWCX from this new IRA to an existing IRA at Fido. This let me buy additional shares of PRWCX in my Fido IRA.

BT2020: What FD is missing here is the leverage is HIGHER now then earlier in the year.
With HIGHER leverage and the corresponding INCREASE in treasury rates, interest costs and the associated risk for the leverage has increased then earlier in the year.

Maybe you are the one who missed my main 2 points. Please reread it.
It means you can't predict where the leverage will be next week or in 4 weeks. Leverage was used years ago. Example: the 10 year treasury is around 1.1%, in 2018 it was over 3% and in 2019 over 2%...mmm...are we anything close to that?
In fact, in 2017-2019 the 10 year was higher than 2%.

It's not uncommon to allow transfer in kind to new accounts. T Rowe Price is actually more restrictive than many. For example, they've told me that it is possible to move shares of a closed fund from an IRA to a new taxable account, but only if it is part of your RMD.
They do seem more flexible when it comes to moving assets from a 401(k) to an IRA. I've done this with a closed fund from my TRP individual 401(k).
In this regard, Vanguard may be the strictest (no surprise). They refused to do a transfer in kind of a (hard) closed fund from a traditional IRA into a Roth IRA. Their rule was that one couldn't open a new account, period. I spent an hour explaining that I already had an account with that fund in the Roth - I wouldn't be opening a new account or buying new shares. They finally relented.

I like Firstrade for the access it provides to some institutional/advisor class shares, especially without charging a transaction fee. I used it for this purpose several years ago; I'll wager I'm the only one here to have walked into its office, both before and after it moved.
But it is a barebones operation. Ultimately I found that even as a buy-and-hold investor the access to a small incremental number of funds unavailable elsewhere wasn't worth the hassle of having one more account to deal with.
Firstrade labels only some of its funds NTF. I'm guessing that means that like other brokerages (e.g. Schwab) it receives fees from these funds for servicing accounts. You'll find links to its separate lists of Load Funds, No Load Funds, and NTF funds next to the fund search box near the top of this page.
True, it currently charges no commission (transaction fee) for any of them. But I can't find a statement that it waives loads on any fund in its load list. Take PIMCO for example.
All the PIMCO A shares such as PIMAX are on the load fund list (Type = LOAD). It at least appears that one would pay a load for these shares, just as one would at Fidelity. Unfortunately, Firstrade does not sell PIMCO Institutional class shares such as PIMIX.
Speaking of WellsTrade, it looks like PIMIX is available there with no transaction fee and no minimum. I walked away from WT years ago for a variety of reasons and have never looked back. So this is not a recommendation to consider them.

VONE* has outperformed VFIAX and VTSAX** over the trailing 5 Yr. and 10 Yr. periods ending on 12/31/2020. You may also want to consider VTCLX. It is an actively-managed mutual fund which tracks the Russell 1000.
Its unique approach attempts to track the benchmark, while minimizing taxable gains and dividend income by purchasing index securities that pay lower dividends.
Here are some comparison charts:
5 Yr
10 Yr
15 Yr
*09/20/2010 inception date, excluded from 15 Yr. comparison
**benchmark index changed from MSCI to CRSP on 06/03/2013

Is it really the midcaps that make VONE/VRNIX look better? Over its lifetime it has performed slightly worse than VV/VLCAX, which has a higher average market cap ($167B vs. $132B) and less market coverage (85% vs. 92%).
M* chart comparing VRNIX with VLCAX over VRNIX's lifetime (starting 9/21/2010).
Is the relative underperformance of VFIAX due perhaps to what @catch22 suggested - the S&P 500 exclusion of TSLA, which has since been "corrected"? Or perhaps it's just a matter of "what have you done for me lately?". These can be tested by chopping the last year off the chart and doing another comparison. This time I've added VFIAX (S&P 500) and VTSAX (CRSP total market index, covering 100% of the US market).
M* chart comparing VFIAX (S&P 500), VLCAX (CRSP LC index), VRNIX (R1K), VTSAX (CRSP total market), 9/21/2010 to 1/16/2020
The total returns are in that order: VFIAX > VLCAX > VRNIX > VTSAX
Personally, if I were investing in an index fund like this, I wouldn't bet on a particular part of the market. I'd just buy the whole market and be done with it. Or if I really wanted a large cap index fund, I'd avoid the S&P (I'm not fond of its methodology).
Though it hasn't created cap gains distributions, VRNIX's 8.7% turnover ratio is higher than VLCAX's 1.6%. VFIAX has a 1.8% turnover ratio as of 12/31/2020, so that may already include the impact of having added TSLA.

I have not had rejections occur as yet, with the 10 funds purchased. Also the $500 minimum for institutional funds is not available on all, but quite a few, as I noted. Also be aware the low minimum fund (investor and institutional) purchase prices generally only show up on the purchase ticket and not on the informational pages on the site ,which I forgot to mention are the old format M* ,(but current) which many MFO'ers, I believe miss. And yes, customer service can be a drag if you need much of it.

Over the years I have had wonderful investment ideas thrown my way on this site which, I very infrequently post to. I thought I would share my experience with everyone who might be interested, as it is saving me loads of cash. And no I have no affiliation with this company.
6 months ago Wellstrade (Wells Fargo) sent me a letter telling me that my free 100 per year transaction fee fund purchases/sales would no longer apply. This, after I opened the account 10 years prior because of this promised feature. Let us not even discuss the nefarious other stuff going on with this company. So after due diligence I moved most of my fund portfolio to Firstrade. I left a few NTF funds and ETF's which are fee free for trading in the account.
Since September I have found the company has over 12,000 funds all ntf. I really could not find any fund I was interested in, not available. Even better many of the institutional type funds are available with $500 minimum investments. So with no transaction fees and institutional expense ratios less than the investor funds, I am saving quite a bit of buckeroonees. ACH transfers are available immediately for trading. No 2-3 day waits any longer. The online site is very easy to use.
And now the bad. If you need customer service by phone expect a long, long wait, usually 20-90 minutes. That is not a typo. Having a huge load of cash invested ,does not give you preferential treatment unless you trade frequently and that does not include funds. Only one bank account for etf transfers can be linked to your account. Transfers and other business takes a little longer than at the major brokerages. Fund prices are updated around 6-7 am the day after the transactions or market price changes.
All in all for, for saving gobs of money especially if you have a large fund portfolio, will be a godsend,as long as you can tolerate the above quirks ,which I have found to be quite tolerable. My other big box brokerages have better service but of course the cost is higher . Hopefully this information is useful to some. I just love this site and wanted to provide a great money saving idea for those interested. Have a great day Fundly

Absolutely do your own diligence. First, we don't know how long or how high the leverage has been. Second, the 10 year was much higher years ago and the fund did OK too. Third, the manager has been using short positions too. Per M* fund holdings I can see 2 positions at -10.03% and -9.89

What FD is missing here is the leverage is HIGHER now then earlier in the year.
With HIGHER leverage and the corresponding INCREASE in treasury rates, interest costs and the associated risk for the leverage has increased then earlier in the year.

@BenWP ; Did your buy occur around 10/1/20 ? It was on a rocket after that ! To rich for my blood currently.
Stay Safe, Derf

@MikeW: I tried to get a discussion going a couple of weeks ago about Distillate Capital, the company running DSTL and DSTX. Kiplinger's put me onto checking out this manager in its listing of the best ETFs for 2021. DSTL figures in the list and it had been a previous recommendation. You know I've been a fan of MOAT and CAPE (or the OEF strategy DSENX) for some time. I like relatively concentrated funds with a comprehensible (to me) strategies; the Distillate theory of free cash flow and how a security's value should be determined as well as the fact that DSTL has outperformed MOAT and CAPE since its inception pushed me to read the DC white papers on their website and to dip my toe in DSTL. DSTX uses the same value strategy as applied to international stocks and I am willing to put some bucks into it as a vehicle for testing my belief that international and value will do well in this climate. On the domestic SC side, I bought CSB to play the rise in SCV and that is working out. Check out Distillate Capital; their stuff is readable.

FWIW - I have stated that I do not own a dedicated S&P fund but lately I have been considering it. However the more I dig into it the better VONE looks. Maybe it's because of the index it tracks (i.e. the Russell 1000 v. S&P 500). Having those midcaps in there appears to make a difference.

The input thus far is very much appreciated. Additional thoughts are welcomed. FTEC is an excellent choice, too; as we also invest in this etf. @Old_Joe , yes; Ted would state that QQQ is the one. @davidrmoran , yes, perhaps Ted would also suggest these. If there were a larger dollar amount available, I would also be tempted to suggest some of the money be split into FSMEX or IHI (an eft twin) for direct exposure to medical tech.
SPY and most related indexes that track the SP-500 are a blended U.S. equity position. I do not consider this a poor choice for many portfolios; but consider an investment in QQQ or similar to be a better fit for a young investor. SPY type funds do represent a much larger sample of U.S. equity; but one also finds sectors of this area that can be a drag on performance, too. Over the past several years, financials and energy have been brakes on performance. But, the recent inclusion of TESLA and other ongoing changes will continue to affect this mix.
SPY

Sectors	Fund %	Cat %
Basic Materials	2.42	2.61
Consumer Cyclical	12.66	11.17
Financial Services	13.90	13.42
Real Estate	2.29	2.47
Communication Services	10.26	10.21
Energy	2.60	1.90
Industrials	8.83	10.11
Technology	23.82	22.81
Consumer Defensive	6.78	7.99
Healthcare	13.77	14.76
Utilities	2.67	2.54

QQQ
With this is a much smaller sampling of U.S. equity (100 companies), but oriented to growth; but using market capitalization size to establish the holdings and percent. The prospectus indicates that the holdings percentage may be and are adjusted throughout any given time period.

Information Technology	47.90%
Consumer Discretionary	19.29%
Communication Services	18.22%
Health Care	6.39%
Consumer Staples	5.15%
Industrials	1.88%
Utilities	0.96%

Industry exposure:

Software	15.27%
Semiconductors & Semiconductor Equipment	13.96%
Technology Hardware, Storage & Peripherals	12.37%
Internet & Direct Marketing Retail	11.95%
Interactive Media & Services	10.35%
IT Services	4.59%
Automobiles	4.43%
Biotechnology	3.98%
Media	3.39%
Entertainment	3.11%

Thank you @Observant1 Every little bit of knowledge helps someone.
This connects to my QQQ post about the continuous attempts to awaken brains about investing, both young and old. I established and encouraged investment learning in 1985 when an investment club was put in place among 14 co-workers. After 5 years and too little interest or participation, the club was dissolved. But, years later I still had comments related to could've, would've and should've given more attention. Even with the brief market melt in 1987, the club had a very nice profit period. Some did benefit a bit when a 401k was introduced within the company. A few small victories here and there.
I'll add again, that we've presented the following book as an additional wedding or birthday gift.
The Millionaire Next Door, written in 1996. The math values provided in the book are from this time frame, but the "heart" of the book is about one's treatment of hard earned money.....how not to piss it away. Which leaves money for investing. A personal finance book in the best form, that also applies to current investors.

The April 2020 quarterly newsletter describes the SVARX active management approach over the preceding two years. The chart provides a good visual description. Scroll down to the Active Management section of the newsletter. (Reviewing the 12/31/19 and and 3/31/20 portfolio composition in the table above that section is also instructive.)
THE FULL SPECTRUM - April 2020

Don’t forget the most important part of the fund.
The 49% leverage and the huge position in swaps.
With the recent spike in the 10 year and if the rise in interest rates continues, the higher borrowing costs will be detrimental to this funds huge position in leverage.
Do your own due diligence on this fund.

Absolutely do your own diligence. First, we don't know how long or how high the leverage has been. Second, the 10 year was much higher years ago and the fund did OK too. Third, the manager has been using short positions too. Per M* fund holdings I can see 2 positions at -10.03% and -9.89
I found the semi-annual report from 3/31/2020 (link)and more than 50% is in treasury bills, mutual funds about 30%, MM at 13.8%(maybe used for leverage).
===============
JD_co: that's correct, Ralph Doudera, also runs HFSAX/SFHYX which also has a good risk/reward, but the min is 1 million for HFSAX at Schwab and the other is only for institutional customers. I can still buy SVARX at $5000 min + $49.95 fee, but I can't buy the Ins SVASX, Schwab doesn't recognize it.
3 years performance/SD...HFSAX 14.5/7.6...SPY 14.1/18.7

Thanks. On another note, their call wait music is the bomb...well not so much after the first 2 hours.

Brubeck is great, but yeah, the same refrain from Time Out on repeat is deafening.
I tried to do some moves to cash reserve online and had to call in. The first rep sounded like he was in a broom closet and dropped my call transferring off speaker phone. Second rep was very patient and helpful, but the transactions took almost 2 hours on the phone. I did find out an interesting tid-bit though, not all closed funds are really closed funds. He told me that if the amount is large enough for moving 401k funds in, that they could be deposited into currently closed funds. I've been looking at PRWCX Capital Appreciation and was told I could open an account and actually deposit funds into it if it's the right amount. Does this sound right?
Last time I did a similar transfer to yours it took all of ten minutes. I wondering if the new division/group is having an impact? That is another question all together.

Don’t forget the most important part of the fund.
The 49% leverage and the huge position in swaps.
With the recent spike in the 10 year and if the rise in interest rates continues, the higher borrowing costs will be detrimental to this funds huge position in leverage.
Do your own due diligence on this fund.

Agreed, the whopping leverage % IS the most important part of this fund that appears to be lost on the OP who stated, "I'm not sure what the managers of SVARX are doing..."