This fund has a $1 million minimum investment and is an interval fund that only allows quarterly redemptions. Do you have any business or financial relationship with this fund?
https://funds.variantinvestments.com/wp-content/uploads/sites/2/2021/12/Variant-Alternative-Income-Fund-NICHX-Factsheet-2021-11.pdf

Couple thoughts...
1) Leveraged rail-car leases?
2) Your health? Adult USA population only ~12% have NO metabolic issues (cholestrol, high blood pressure, overweight, high blood sugar) What are YOU doing to take care of yourself? Getting ill is very expensive!
Best,
Baseball Fan

#2 above simply blew my mind. So I looked it up and below is the link to your statement. The study was from 2018 so more than likely is even less than 12% now. I would wager many/most not in that 12% are overestimating their longevity believing they will live to 100 or longer. In the process they will continue to accumulate, accumulate and die with far more assets than needed. All the while not enjoying the precious present.
Edit: Reminds me of something I read on Bogleheads. Investors under estimate the risk of death. Hence you are more likely to be dead before you become (really) old and broke. So quit worrying so much about that unlikely event ( really old and broke)
https://www.sciencedaily.com/releases/2018/11/181128115045.htm

I love the concept of CTFAX and trying to time the markets. Equities are generally overvalued, at least by historical metrics.
Can CTFAX really get "ahead" of things? It shifted its allocation a while ago. The markets (thanks to the Fed) are resilient. CTFAX is a defensive play in an era when defense is RARELY rewarded.
Along with some other low-return grinders (CVSIX, HRSAX, HMEZX, ARBIX, etc), I expect annual returns close to 4% . Which means that now inflation is destroying my portfolio. What is the actual U.S. inflation rate at - 12%?
Tough to manage your portfolio when inflation rages and your fund returns are essentially capped. I think this is a major issue for a fund like CTFAX this year. If there is no Stock market crash in 2022, or at least a very strong correction, is it a failure?

Couple thoughts...
1) Leveraged rail-car leases?
2) Your health? Adult USA population only ~12% have NO metabolic issues (cholestrol, high blood pressure, overweight, high blood sugar) What are YOU doing to take care of yourself? Getting ill is very expensive!
Best,
Baseball Fan

Hi @BenWP,
Not positive I understand but within each of the 3 classes somethings are more fungible than others. Securities are easy, but real estate? As for bullion, even there. Some types of bullion or more fungible than others. Cripes, you can almost redeem an American Silver Eagle at McDonalds, but try a 1 oz. round from Billy Bob's Mint and Bowling Alley.
Many of the 'rare art' category would have fungibility problems. How soon can you sell that Rembrandt? My feelings about the rare art category include other types of assets that hold their value over time. That applies to bullion and coins, but also to rare art, rare cars, etc.
HTH
rono

+1.

The immediate consequences of switching index provider is that VIGI distributed 6.5% cap gains. Luckily, the switch did not result in VIG needing to trigger any cap gains or it had sufficient prior cap losses to soak up any cap gains triggered from the switch. VIG has net realized (and unused) cap losses as of 11/30/2021 which as a percentage of NAV amounted to 2.65%. Any ETF other than the ones that are tracking broad indices like SPY, QQQ, etc. always runs the risk of triggering cap gains because the sponsor can switch the underlying index provider (and shareholders vote in favor without recognizing the cost to them). This happened to me on another ETF 5-6 years ago. In any case, I will not be adding to VIG / VIGI anymore or for that matter buy any new Vanguard ETFs that are just a different class of their mutual funds because cap gains triggered by mutual fund redemptions can be allocated to the separate class ETFs.
Below is the M* article re the switch.
https://www.morningstar.com/articles/1040749/dissecting-vanguards-new-dividend-indexes
Note: M* quote page for VIGI has inaccurate info for December 2021 distributions. It overstates dividend (income) distribution by approx the size of the cap gain. Per share total distribution for December quarter per Vanguard is approx $5.4; whereas, M* shows $10.6

Actually PRWCX holds PRFRX as one of its top 10 fixed income holding as shown on T.Rowe Price site.

I hope the owners of this fund post in this thread the next allocation update when it becomes available. There has not been an update since the last one on May 31, 2021.

Here is the summary prospectus for Global Explorer Fund:
https://www.sec.gov/Archives/edgar/data/915802/000139834421024162/fp0071172_497k.htm

@BaluBalu :Here is the link.
https://seekingalpha.com/news/3781285-jpmorgan-chase-to-pay-200m-to-settle-probes-on-employee-communications?lctg=60e5bff2d935fc51cb3d2067&mailingid=26105343&messageid=wall_street_breakfast&serial=26105343.1518283&userid=54611039&utm_medium=email&utm_source=seeking_alpha

update:
https://www.sec.gov/Archives/edgar/data/889284/000139834421024111/fp0071142_497.htm
497 1 fp0071142_497.htm
STERLING CAPITAL FUNDS
SUPPLEMENT DATED DECEMBER 20, 2021
TO THE
CLASS A AND CLASS C SHARES PROSPECTUS AND THE
INSTITUTIONAL AND CLASS R6 SHARES PROSPECTUS,
EACH DATED FEBRUARY 1, 2021, AS SUPPLEMENTED
This Supplement provides the following amended and supplemental information and supersedes any information to the contrary in the Class A and Class C Shares Prospectus and the Institutional, Class R6 Shares Prospectus, each dated February 1, 2021 (collectively, the “Prospectuses”), with respect to Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund:
Sterling Capital Special Opportunities Fund
Effective immediately, George Shipp will cease to serve as co-portfolio manager of the Fund, due to his upcoming retirement from the Adviser as disclosed July 12, 2021. Accordingly, the “Management—Portfolio Managers” section in the Prospectuses with respect to Sterling Capital Special Opportunities Fund is hereby deleted and replaced with the following:
Portfolio Managers
Joshua L. Haggerty, CFA
Executive Director of Sterling Capital and Co-Portfolio Manager
Since July 2021
(formerly, Associate Portfolio Manager from February 2016 – July 2021)
Daniel A. Morrall
Executive Director of Sterling Capital and Co-Portfolio Manager
Since December 2021
(formerly, Associate Portfolio Manager from July 2021 – December 2021)
Sterling Capital Equity Income Fund
Effective immediately, George Shipp will cease to serve as co-portfolio manager of the Fund, due to his upcoming retirement from the Adviser as disclosed July 12, 2021. Accordingly, the “Management—Portfolio Managers” section in the Prospectuses with respect to Sterling Capital Equity Income Fund is hereby deleted and replaced with the following:
Portfolio Managers
Adam B. Bergman, CFA
Executive Director of Sterling Capital and Co-Portfolio Manager
Since July 2021
(formerly, Associate Portfolio Manager from February 2016 – July 2021)
Charles J. Wittmann
Executive Director of Sterling Capital and Co-Portfolio Manager
Since December 2021
(formerly, Associate Portfolio Manager from July 2021 – December 2021)
The following replaces the description of the Portfolio Managers set forth under “Fund Management—Portfolio Managers” in the Prospectuses with respect to the Sterling Capital Special Opportunities Fund and Sterling Capital Equity Income Fund:
Special Opportunities Fund and Equity Income Fund. Joshua L. Haggerty, CFA, Executive Director, joined the CHOICE Asset Management team of BB&T Scott & Stringfellow in 2005, which integrated with Sterling Capital in January 2013. He has investment experience since 1998. He has been Co-Portfolio Manager of the Special Opportunities Fund since July 2021 and was Associate Portfolio Manager of the Special Opportunities Fund from February 2016 to July 2021. Josh is a graduate of James Madison University where he received his BBA in Finance. He holds the Chartered Financial Analyst® designation.
Adam B. Bergman, CFA, Executive Director, joined the CHOICE Asset Management team of Scott & Stringfellow in 2007, which integrated with Sterling Capital Management in January 2013. He has investment experience since 1996. He has been Co-Portfolio Manager of the Equity Income Fund since July 2021 and was Associate Portfolio Manager of the Equity Income Fund from February 2016 to July 2021. Adam is a graduate of the University of Virginia’s McIntire School of Commerce where he received his BS in Commerce. He holds the Chartered Financial Analyst® designation.
Charles J. Wittmann, CFA, Executive Director, joined Sterling Capital Management in 2014 and has investment experience since 1995. He has been Co-Portfolio Manager of the Equity Income Fund since December 2021 and was Associate Portfolio Manager of the Equity Income Fund from July 2021 to December 2021. Prior to joining Sterling Capital, he worked for Thompson Siegel & Walmsley as a portfolio manager and (generalist) analyst. Prior to TS&W, he was a founding portfolio manager and analyst with Shockoe Capital, an equity long/short hedge fund. Charles received his B.A. in Economics from Davidson College and his M.B.A. from Duke University's Fuqua School of Business. He holds the Chartered Financial Analyst® designation.
Daniel A. Morrall, Executive Director, joined Sterling Capital Management in 2014 and has investment experience since 2001. He has been Co-Portfolio Manager of the Special Opportunities Fund since December 2021and was Associate Portfolio Manager of the Special Opportunities Fund from July 2021 to December 2021. Prior to joining Sterling Capital, he worked as an equity analyst for Harber Asset Management and S Squared Technology LLC, technology-biased long/short funds. Dan received his B.S. in Business and Economics from Washington and Lee University, his M.B.A. from Columbia Business School, and his M.S.I.T. from Capella University.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUSES FOR FUTURE REFERENCE.
SUPP-1221
-2-

I don't think it would be a poor choice if a serious stock market drop is the case you're looking to avoid. It's been only mildly under pressure recently, so I'd think it might do all right, and of course they'd add back some stock exposure on a deep equity dive.
It's about to throw off a significant year-end distribution so don't go buying in a taxable account today. Tomorrow, Tuesday, is record date, Wednesday is ex-date.

Hard to tell if Carillon Tower has anything strategic in mind. It acquired Scout Funds (including its subsidiary Reams) in 2017 and left the management in place. But it used those funds as acquiring funds to merge two non-Scout funds into oblivion. I haven't yet checked on the health/size of existing Carillon-owned funds.
Carillon acquisition of Scout:
https://www.carillontower.com/our-thinking/scout-reams-acquisition
https://www.mutualfundobserver.com/2017/05/briefly-noted-9/
From the latter: "Carillon wasn’t particularly transparent and the guy representing Scout was curt to the point of being rude."
Carillon subsequent "disappearing" of funds:
https://mutualfundobserver.com/discuss/discussion/40819/carillon-series-trust-reorganizes-two-funds
https://www.mutualfundobserver.com/2018/01/briefly-noted-17/
In the latter, Prof Snowball characterizes these moves and more as "housecleaning". Part of that was to liquidate one of the Scout/Reams acquired funds, then called Carillon Reams Low Duration Bond Fund.
The current suite of Carillon funds:
https://www.carillontower.com/our-funds/fund-strategies

For context, the source of the figures is Morningstar. See, e.g.
https://www.morningstar.com/articles/1072421/existing-trends-in-us-fund-flows-hold-in-november
As Vanguard's total AUM of $7.2B is significantly more than the total AUM of iShares, Fidelity, and State Street combined ($6.0B), it's not unexpected that Vanguard would draw more money. From these summary figures, it seems as though Vanguard's rate of growth is slower than that of the others'.
It would be interesting to know how much in assets are held in passive investments at each company and how they compare in attracting more passive money. For example, the fourth largest firm in terms of AUM is American Funds. (State Street is just half its size.) But American Funds had no passive money flows last month. Which is completely unsurprising - it offers no passive funds.
In November, iShares alone was close to Vanguard in the amount of passive money it drew ($27B vs $31B). Fidelity was far behind even though it is of comparable size to iShares. Again not surprising, since Fidelity offers a wide variety of actively managed funds.
OTOH, Fidelity may be doing well in head-to-head matchups: Fidelity's S&P 500 fund FXAIX outdrew Vanguard's VFINX in October¹. Though they were both well behind iShares Core S&P 500 IVV and State Street's SPY. That might have more to do with the sales channel (ETF vs. OEF) than with the funds or families themselves.
¹ Source is M*'s full fund flows report; when one requests a download, one gets the October report.

Somewhere in the board room during the new fund pitch, an analyst stirring the leaves at the bottom of his tea cup and staring at them said, "I think it's an $800 billion Revenue Opportunity by my projections" while another looking at her coffee grounds said, "I think $900 billion," and the boss said "Let's make it an even $1 trillion for marketing purposes. That'll catch their eye."

Howdy folks,
I'm probably the oldest 'gold bug' around but no longer give it the same inflationary hedge status today as I have in the past. Bitcoin hasn't dethroned it but has reduced demand sufficiently on the margin to influence my decisions. Don't get me wrong, I'm playing the junior silver miners as I type.
Recall the Elder Baron Rothschild's advice that to protect your wealth, you wanted 1/3 in securities, 1/3 in real estate and 1/3 in rare art. It's this last category that can be tricky. It includes gold and bitcoin, and many other assets. It doesn't include cabbage patch kids, nor Beanie babies.
Good luck and wear the damn mask
Rono

Has the mutual fund METAX been formed yet? It's coming...

First, a short primer on the history of the internet and where we believe it’s headed. The earliest days of the internet, known as Web 1.0, were characterized by static, one-way webpages—think Netscape and Yahoo. Users were little more than passive observers.
Next came Web 2.0, the period we’re currently in. Controlled by a disproportionately small number of companies (Facebook, YouTube, etc.), the internet of today is highly centralized despite users’ role as an active participant.
That brings us to Web 3.0, which will usher in a whole new level of experience that, to some people, may sound more like Tron than real life.

the-metaverse-is-a-1-trillion-revenue-opportunity-heres-how-to-invest

There is the ETF META
https://www.roundhillinvestments.com/etf/meta/

Thank you Observant1.
I want to check to see how many advisors offer mutual funds to the masses and their metrics/performance.
Waiting to see were Saylor lands if he stays in the business and his new teams risk/return objectives. May be a better option.

@msf, that 22% passive seems correct now. I just used my memory that a few years ago, the split was 2/3 rd passive, 1/3 rd active. But there has been a huge expansion on the index side, including the ETFs. I don't know how VG characterizes its factor ETFs but that isn't a big amount yet.