@davidrmoran - Doubleline Distributions

Paul Simon Getting Ready for Christmas Day
https://www.songfacts.com/facts/paul-simon/getting-ready-for-christmas-day
Excerpt:
This is the first single from Paul Simon's twelfth studio album, So Beautiful Or So What. The song premiered on National Public Radio on November 16, 2010.
The song is about an uncle wondering about the fate of his nephew, who is serving his third tour of duty in Iraq. It is built around a sample recorded in 1941 of the last sermon by pre-war American Christian preacher and gospel singer, Reverend J.M. Gates.
Um...Turn it UP!.

JHQAX (reviewed series) annual distributions have been about 1% (though M* shows the fund has about 40% annual turnover). My thought was to put it in a taxable account. The inevitable question is, how tax risky is it to put it in a taxable account? It seems this fund provides a 15% downside protection, if S&P 500 falls 20% or more (no protection for first 5% loss). In a choppy, sideways market, it could lose more than the SPY because of the cost of its option outlays and the Calls written may not fetch as much premium as they have in the past. It would be a tragedy if the fund ends up distributing a lot of cap gains in a year when it is not performing well, which is probably the scenario when it would trigger cap gains because of AUM outflows. Prior to November 2021, the only month of net outflows was March 2020. The other month of net outflows was November 2021, which was a surprise to me. What do its shareholders expect from it? What would constitute "not performing well" for this fund? I do not know the psychological make up of a typical investor in this fund as it is not a mainstream strategy. (May be I should head over to the Bogleheads forum and see if there is an interest there for this strategy - I am told those guys tend to be buy and holders!)
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.
Please share your reasonable comments / thoughts.

Cathie Wood worked in the hedge fund business in the past.

In 1998, along with Lulu C. Wang, Wood co-founded Tupelo Capital Management, a hedge fund based in New York City

Many fund managers have disciplined buy and sell processes with a holding period of 5 years or longer. Also the positions are built on multiple buys without rising the stock prices.

The huge distribution this year would have taken me by surprise. In addition to the December payout, shareholders of DSEEX also pay taxes on the monthly distributions. When I owned this strategy I had a portion in the ETN (CAPE) which paid out nothing at year end. CAPE has outperformed its MF Doubleline brethren since it debuted in 2012, but ETNs carry the risk of being dissolved by the issuer with little notice and the risk of the issuer (Barclays in this case) failing. Trading CAPE shares requires a certain amount of time and effort; this fund trades in low volumes, so getting a good purchase or sale price can be frustrating, somewhat like trading a jumpy small cap stock. I think CAPE has proven its mettle, but it’s not for most fund investors.

Well, not so large, but there have been high distributions in its history:
2017 $1.06
2018 $1.53
2019 $0.39
2020 $0
2021 $4.79
Drops for 2017, 2018, 2021 are noticeable in Stockcharts with the start date of 1/1/17 (reset if defaults to 1 yr), https://stockcharts.com/h-perf/ui?s=DSEEX&compare=_DSEEX&id=p74276459757

https://www.schwab.com/pricing
1. Standard online $0 commission does not apply to over-the-counter (OTC) equities, transaction-fee mutual funds, futures, fixed-income investments, or trades placed directly on a foreign exchange or in the Canadian market. Options trades will be subject to the standard $0.65 per-contract fee. Service charges apply for trades placed through a broker ($25) or by automated phone ($5). Exchange process, ADR, and Stock Borrow fees still apply. See the Charles Schwab Pricing Guide for Individual Investors for full fee and commission schedules.
Above Footnote1 refers to this Guide that mentions $6.95 commission for OTC stocks., https://www.schwab.com/legal/schwab-pricing-guide-for-individual-investors

@hank : Thanks for your lengthy reply . If my memory serves me you reported on this before?
I'm going to think you know longer do business with them, & what others may expect if they do.
I held their funds at one time through 401-k, but not directly with them.
Good luck hoop-ster, Derf

More re @derf’s query about % of transactions that go bad. Bear in mind that not all “transactions” are equal. I can’t remember an exchange between funds @ TRP ever failing to go through. Pretty routine stuff. Here’s where it became frustrating for me ……
1) Switching from paper statements to online statements as my internet capability improved did not result in fewer paper statements as intended. The opposite happened and they began mailing monthly statements that I did not welcome - often replete with account numbers and balances. So I called them. First they said I had to remove checkwriting capability from my money market account if I wanted these frequent mailings halted. I did so at some inconvenience to me. But the flood of paper did not stop. If anything it increased. Calls to try to resolve this often had me on hold for anywhere from 30 minutes to 2 hours. Still, the monthly (occasionally weekly) paper statements continued to arrive. And every “agent” I talked to seemed to have a different “take” on what the problem was.
(2) For years TRP had agreed to stop taking Michigan withholding from distributions provided I filed the appropriate Michigan tax form ahead of time. And every January 1 I completed a new form and sent it (certified mail) along with a brief typed letter to Price. But when I took a 2021 distribution mid-year, they did not honor that opt-out form. To be more specific, they did honor the opt-out provision on part of the distribution (from one bond fund) but they pulled the state tax from the other part (from a second bond fund). When I followed up with a call to try to ask why they essentially “blew me off” saying something like “sometimes we do and sometimes we don’t” (honor the opt-out request). Interestingly, Fido let’s you opt out of state withholding when you submit the transaction - a feature missing at TRP.
(3) While 90+% of the transfer to Fido was in-kind, there were 3 short term bond funds having small balances I elected to liquidate. Rather than combine these into a single check, Price mailed Fido 3 separate checks. Fido credited those to my account and allowed me to trade with them, which I did. But 3 days later Fido had the checks returned to them from their bank as “unpaid.” The next thing I knew my investments were being force sold by Fido and I was being hit with a slew of related fees. I was suspended from being able to trade with unsettled funds for 3 months. My record still bears a “Free Riding” violation which the SEC considers fraudulent behavior and a serious breech of law.
(4) Daily for over a week I was in phone contact with TRP, experiencing those 30 minute to 2 hour wait times on virtually every call trying to resolve this. Their phone personnel seemed poorly informed and ill prepared to deal with the issue. Repeatedly I was told “we’ll call you” which rarely really happened. They did eventually apologize for the matter and send out 3 new checks to Fido. What a horrendous experience - considering that TRP had long held the bulk of my retirement assets and had been trusted by me for decades to do things right.
So, @Derf and others …. it’s not so much the % of things that go wrong as the type of issue involved and how well equipped they are to resolve a problem once one occurs.

Year end distribution. You'll find info on it in the Shadows thread here. Look under Doubleline Funds.

Massive drop on big up day (12/7)...MS shows the fund gained but the price drop was shocking (like 20%). Seems like this has to be some type of distribution but I can't find anything saying so. Any ideas?

Sorry everybody, I meant JHQAX, as you guessed. @MikeM and @Yogibearbull, it is not available to new investors at Schwab - I tried to place the trade and got rejected.
GTTMX is a Target Date fund. As with many of them, it is a fund of funds.
@Observant1, Thank you.

AWS (highly touted by Mr. Giroux on CNBC yesterday) has been down much of the afternoon and no idea when it will be fixed. M* tracker is down (at last check) as a result of the AWS snafu.

My workplace experienced several service outages today due to the AWS issues.
AWS Service Health Dashboard (Snippet)
9:37 AM PST
We are seeing impact to multiple AWS APIs in the US-EAST-1 Region.
11:26 AM PST
The root cause of this issue is an impairment of several network devices in the US-EAST-1 Region. We are pursuing multiple mitigation paths in parallel, and have seen some signs of recovery, but we do not have an ETA for full recovery at this time.
3:03 PM PST
Many services have already recovered, however we are working towards full recovery across services.
4:35 PM PST (latest update as of 6:25 PM PST)
With the network device issues resolved, we are now working towards recovery of any impaired services.

+1.

Victory! First - I deactivated all my Schwab accounts in Quicken and changed the Financial info to say "Charles Schwab". Just plain old "Charles Schwab".
I followed the steps on this web Support page; specifically the sections titled "What if my Schwab accounts aren't all available for reauthorization" followed by the section titled "What if I am getting a CC-501 error".
https://www.quicken.com/support/errors-when-updating-or-adding-charles-schwab-accounts
After following those steps (except for the "Cloud reset" - I don't use their web version. I only use my Desktop software), I was able to successfully download transactions.
BEWARE: The download brought in a bunch of "Match" and "New" transactions that were already in Quicken. I reviewed every downloaded transaction and deleted the downloaded line items that were already in Quicken - even the ones marked as Match. I ONLY accepted the transactions that were truly NEW.
Now let's see how long it lasts!

JPMorgan Hedged Equity Fund (JHQAX)
Effective as of the close of business on March 12, 2021 (the “Closing Date”), the JPMorgan Hedged Equity Fund (the “Fund”) became offered on a limited basis and investors are not eligible to purchase shares of the Fund, except as described below. In addition, both before and after the Closing Date, the Fund may from time to time, in its sole discretion based on the Fund’s net asset levels and other factors, limit new purchases into the Fund or otherwise modify the closure policy at any time on a case-by-case basis.
There are two other JPMorgan Hedged Equity funds which are still open to new investors.
Link

Synchrony/SYF was spun out as IPO in 2014. The IPO was for 15%, and in 2015, GE distributed the rest 85%.
https://finance.yahoo.com/quote/SYF/profile?p=SYF
https://www.ge.com/news/reports/ge-completes-the-separation-of-synchrony-financial

*Just now, 07 Dec., '21: 25 minutes to get to a human..... Using the Colorado Springs Office number. He told me the online system is down. Thus the long delay. I can't fart loud enough to express my response.

@ hank, msf mentioned that Pershing is running T. Rowe Price’s web service.
You are using Fidelity as your main brokerage?

Sorry I missed the reference to Pershing. Umm … I dealt directly with TRP since the mid 90s. Big difference today. Sure - 90% of interactions are positive / routine. But the 5-10% that aren’t can really set you on your head. Fortunately, this is not a reflection on their well run funds. However, it could possibly relate to cost cutting measures related to being a publicly traded company.
@Sven - Yes / I moved all TRP to Fido and followed up with all my PRPFX. Still have accounts with D&C and Invesco. Little need to interact at D&C. Invesco has been fine to work with. And, per your separate post, I’ve had no experience with TRP brokerage. Hopefully better run than their fund client service. And - of course, Fido’s been top notch. The issues at the beginning related to 3 of TRPs transfer checks bouncing at Fido and having to be reissued.

1 - 1 - 1
The last profitable day for initiating a buy-and-hold position in ARK Innovation was one year, one month and one day ago. Somewhere in the mid-day. Good news, I guess, is that any purchase made after that day is a candidate for tax-loss harvesting.
64.9%
The amount by which ARK will have to rise for get positions established in early February 2021 out of the red. The fund saw huge inflows in the fourth quarter of 2020 and most of the first quarter of 2021 as investors rushed to buy the previous five years' returns. Which is to say, almost all of ARKK's investors are likely underwater.
- - - - -
There's an interesting (somewhat semi-pro) piece on Wood's long term record at the anonymous InvestmentWatch blog. The author's takeaway is

almost all of Cathie’s major outperforming years come during special periods in the market cycle, particularly in the periods following a market crash ... Outside of those special events, Cathie’s funds generally underperform equivalent style peers on a year-by-year basis. She has a history of leaving a fund during or following a period of underperformance, then “rebooting” in another fund. This includes a short stint in a hedge fund that lost over 80% of it’s AUM.

That last caveat shouldn't apply now, but the others are useful reminders.
For what that's worth, David