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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Schwab needs to "re authorize" Quicken access
    Even worse, I deactivated another account that I had previously linked the "Schwab Bank Investor C".
    Still CC-501 error with "Schwab & Co" and as with the other account I can link it to "Investor -C" but the account is not listed in the "link to existing account" drop down.
    Why do I think Quicken has done nothing to fix this in a week?
    I can't imagine anyone signing up for renewal ( mine is due in February) unless this is fixed quickly.
    Just think, being a loyal Quicken customer for almost 30 years get me what???
    A big fat ZERO!!
  • Schwab needs to "re authorize" Quicken access
    Unfortunately, I just tried to re activate my deactivated account to link to "Schwab & Co" and I got the cc 501 error again. I do not sync my accounts to Quicken on the web so cannot "reset" my cloud account
    Nothing has changed in over a week.
  • Fixed income outlook from Schwab
    IMO PCI and PKO held at loss can be swapped for PDI today, Dec 10 until 4:00 PM Eastern without triggering wash-sale. They are similar but not identical until after 4:00 PM. The new PDI trades on Dec 13, Mon.
    This if one needs tax-losses to offset gains THIS year. Long-term holders can just hold on to PCI, PKO, PDI and they will have the new PDI on Monday.
  • Fixed income outlook from Schwab
    Today is the merger day, December 10. Tax-loss sellers have only today to do any tax-loss harvesting for PCI, PKO.
    PDI is trading flat in the morning, https://stockcharts.com/h-sc/ui?s=PDI&p=D&b=5&g=0&id=p90672583672
    Tax basis in PCI & PKO is carried over to new PDI received in the merger. Any loss in new PDI can be triggered at anytime, subject to wash sale rule.
  • Fixed income outlook from Schwab
    Today is the merger day, December 10. Tax-loss sellers have only today to do any tax-loss harvesting for PCI, PKO.
    PDI is trading flat in the morning, https://stockcharts.com/h-sc/ui?s=PDI&p=D&b=5&g=0&id=p90672583672
  • JPMorgan Hedged Equity -JHQDX (JHQAX)
    My expectation for MFO members is that alternative funds are not necessarily a bright spot for money over the years. AND if one doesn't hold at least 10% of a portfolio in an alternative fund, any gain or loss is noise; and of little benefit to the portfolio.
    Two good points @catch22. But...
    1) I agree alts have not been a bright spot in the past, but I'm not confident in the traditional diversifier, bonds, being a bright spot going forward. It's possible bond funds may return zero% or worst. Use bond funds as a diversifier in a portfolio? Ok, but maybe you can do the same with a couple alternative funds. For me 'some' of these alts are an alternative to traditional bond funds, not equity or balanced funds). My expectation is they return what we have expected from core bond funds or even HY funds in the past.
    2) Your 10% rule - I agree. I try not to be a fund collector or toe-dipper into a bunch of funds, but I see the term "alternative" as some what different than owning multiple similar-type traditional category funds. Alternative has such a diverse spread of style application. I think you can own a couple of these alt funds with differing approaches totaling 10% or more and get the average return you are looking for. In my case, FWIW, my sleeve of 3 alt funds total close to 20% of my self managed portfolio. Again, this is taking the place of traditional bond funds with the same return expectation of what core bond funds returned in the past.
    I'll add, 30% of my self managed port is in 3 balanced funds, PRWCX easily the bulk of that, so I still have bonds in that aspect. Will alts work as bond alternatives? I'll let you know :)
  • ARKK: one number and one target
    Despite the current drawdown, which has seemed inevitable for some time, her 7-year risk and return numbers remain remarkable, as shown in table below:
    image
  • JPMorgan Hedged Equity -JHQDX (JHQAX)
    Upon my search of MFO site, I am surprised to learn only four posters (incl @carew388 & MikeM2) indicated owning this fund. I would have thought it would have a wider ownership among MFO posters.

    I own it. Happy.

    I also own JHQAX for quite a while now, about 15% of portfolio. The fund has an excellent risk/reward profile since its inception in 2014. What's not to like for a conservative and retired investor, especially at a time when equity valuations are stretched? So far, so good.
    Fred
  • JPMorgan Hedged Equity -JHQDX (JHQAX)
    @catch22, Thanks for the chart. I was not sure, with the chart, if you were agreeing with my statement that until the beginning of Covid, it performed more or less similar to a good High Yield bond fund or you wanted me to see some other aspect I had not mentioned. Please spell it out. Interestingly, pre March / April 2020, JHQAX was pretty anchored to ARTFX but after that date interest rates have only gone up and JHQAX accelerated higher from ARTFX - may be that just proved JHQAX's worth as a good replacement for (HY) bond funds, which per MikeM was part of the i(e)nquiry in this forum earlier this year.
    Your comments: "My expectation for MFO members is that alternative funds are not necessarily a bright spot for money over the years."
    If you meant the above for the future, please share your thoughts on why.
    "AND if one doesn't hold at least 10% of a portfolio in an alternative fund, any gain or loss is noise; and of little benefit to the portfolio."
    I am deducing from your statement that you do not expect JHQAX's historic 10% per year (not compounded) return (somewhat lower return, pre-Covid) to continue. But do you expect it to perform worse than a good HY fund, say, ARTFX? I am not one to quibble about predictions about the future but it would be helpful to know your thoughts. I am going to divert some of my bond (low volatility) sleeve to this fund. I do not own any dedicated investment grade fixed income.
    I am not a big fan of alternative funds in general because a lot of them are idiosyncratic and potentially have a large range of outcomes. I experimented with a few of them over the years and never felt I understood their behavior. The last one I owned was an AQR fund - some 15% of my portfolio - I can not say I understood that fund at anytime of my ownership. JHQAX is very simple and its relative outcomes are reasonably predictable - or let us say, I understand it as well as any equity or bond fund I currently own. For the relative low volatility it is expected to have, I owning >10% of portfolio in JHQAX is not a problem.
  • JPMorgan Hedged Equity -JHQDX (JHQAX)
    BaluBalu
    JHQAX
    Per your initial post:
    As an aside, its performance from inception (2014) until the beginning of Covid is about the same (more or less) as a good high yield fund but bond funds had falling rates as a tail wind - may be not a fair comparison.
    Being curious, the below chart; starting at inception of JHQAX:
    ARTFX is a decent active managed HY fund, SPY for a standard equity view and FBALX.
    CHART
    Your Dec. 9 post:
    Upon my search of MFO site, I am surprised to learn only three posters (incl @carew388) indicated owning this fund. I would have thought it would have a wider ownership among MFO posters.
    My expectation for MFO members is that alternative funds are not necessarily a bright spot for money over the years. AND if one doesn't hold at least 10% of a portfolio in an alternative fund, any gain or loss is noise; and of little benefit to the portfolio.
    Remain curious,
    Catch
  • JPMorgan Hedged Equity -JHQDX (JHQAX)

    Actual Returns
    Average Annual Returns
    Description 1 Month 3 Month 6 Month 1 Year 3 Yrs 5 Yrs 10 Yrs Inception
    12/2013
    SEC Pre-Liquidation2 -7.51% -5.47% -1.81% +7.51% +7.30% +8.51% -- +7.11%
    SEC Post-Liquidation -4.42% -3.21% -1.01% +4.59% +5.76% +6.83% -- +5.81%
    Tax Cost Ratio -- -- -- 0.22% 0.35% 0.32% -- --
    Tax Cost Ratio represents the percentage-point reduction in returns that results from Federal income taxes (before shares in the fund are sold, and assuming the highest Federal tax bracket).
    1Numbers are adjusted for possible sales charges, and assume reinvestment of dividends and capital gains over each time period.
    2Pre-liquidation (before sale of shares): includes taxes on fund's distributions of dividends and capital gains. Figures based on highest Federal income tax bracket. State and local taxes are not
    Taxing issues with JHQAX from Schwab
    I also hold a small toe hold, add me to the list.
  • JPMorgan Hedged Equity -JHQDX (JHQAX)
    I've owned the fund since March. There was a lot of talk about alternative funds at the start of 2021. The discussion in part was what might take the place of bond funds moving forward. That is where I first heard of it. Also mentioned at the time was that it was about to close, so after some research and comparison to other alternative funds and ETF's mentioned I dove into JHQAX. Options trading has been interesting and doing well for a while now. It was also different to anything else I owned. I don't have the time or experience to play options myself so this fund seemed perfect for addition to my alternative sleeve in my self managed portfolio (along with TMSRX and CTFAX). The fund has been a great buy since purchase.
    I hold it in my tax deferred IRA so I know nothing about the tax ramifications.
    What do I expect from it? I expect it to out-perform bonds, high yield or otherwise, with just slightly more risk. It has averaged about 13+% per year over the last 3 years but I don't expect it to duplicate that return in the next 3-5 years. I expect volatility to be low. In the past 3 years the funds STD has been ~7% compared to SPY at ~18%. Going forward, 60-70% of the S&P 500 return with 1/2 the down side in a bear market would be good I think.
    FWIW, so far I really like the fund.
  • JPMorgan Hedged Equity -JHQDX (JHQAX)
    Fido NTF has 60 days holding, Schwab NTF 90 days. If you sell before, you will charged TF.
    TD Ameritrade 180 days, Merrill 90 days, Vanguard 60 days, etc. There are more brokerages than we all care to count and they all will have their own rules and those rules and pricing change too.
  • Fixed-Income Opportunities In 2022 - The Outlook For Income
    Hey, THANK YOU, @Mark.
    "...Within the developed-market corporate space, we still like US high yield, even though spreads are well below long-term averages. We think there’s limited downside in high yield, specifically because the average credit quality of the US high-yield market has increased markedly in the last 18 months..."
  • JPMorgan Hedged Equity -JHQDX (JHQAX)
    @carew388,
    JHQDX, headlined in this thread, is the institutional class of JHDAX. Thanks to @Observant1 we learned about the open JPMorgan Hedged Equity funds in the other thread you recently participated.
    JHQAX, JHDAX (series 2), and JHTAX (series 3) are funds in the same series and they differ from each other only by the option expiration month of the quarter, which is relevant for the timing of your purchase but not for the overall strategy - of course, JHQAX is closed for new investors. https://am.jpmorgan.com/us/en/asset-management/adv/funds/hedged-equity-fund-series/
    Just an FYI - Looking at the bio of the lead manager gives one all the funds managed by the manager. https://www.morningstar.com/funds/xnas/jhqax/quote
  • DSEEX Drop?
    There was a filing in mid-2021 for a CEF (not ETF or ETN) clone of DSEEX. https://sec.report/Document/0001193125-21-187083/