A bit more about how AMG handled the Brandywine funds (Friess Associates):

In 2001, Friess Associates facilitated succession from its founder by partnering with Affiliated Managers Group (AMG), making Friess Associates a majority-owned subsidiary of a public company. In the years following the 2008 financial crisis, senior management determined that Friess Associates needed to restructure to better position the firm to meet the long-term needs of clients and employees. Friess Associates and AMG agreed to terms that returned Friess Associates to private ownership in 2013.

https://friess.com/about/
The management company regained its independence. But the funds were reorganized into AMG owned funds, technically series of Managers Funds (later AMG Managers funds). Friess Associates continued managing them, becoming the subadvisor.
https://www.sec.gov/Archives/edgar/data/780253/000089853113000434/fa_497e.htm
AMG shut down AMG Managers Brandywine Advisors Mid Cap Growth Fund (BWAFX) a year ago.
https://www.mutualfundobserver.com/2020/05/briefly-noted-45/
As I noted above, AMG recently fired Friess Associates as the manager of the remaining funds (Brandywine and Brandywine Blue), hired AMG-affiliated managers, renaming and rebranding the funds. Friess Associates did not go quietly.

Friess Associates, which managed Brandywine Funds on Affiliated Managers Group's (AMG) platform since 2013, [in April] filed preliminary proxy materials with the Securities and Exchange Commission. Reuters reported the firm's plans before the filing, which protests the firm's firing and points out that investors had no say in the termination.
Friess Associates said that investors are being harmed because their money is no longer being managed the way it was when they first invested.
The Global Impact Fund [formerly Brandywine Fund] follows an ESG mandate and the Global Real Return Fund [formerly Brandywine Blue] follows a real return strategy including short positions in global index futures.

https://www.reuters.com/business/finance/fired-fund-manager-friess-battle-amg-over-brandywine-portfolios-2021-04-22/
The denouement of this tale is that Friess Brandywine Funds FBRWX and FBLUX) just launched a week ago. (This is not a recommendation.)
https://friess.com/wp-content/uploads/2021/07/BrandywineFunds.pdf
And the coda is that the founder, Foster Friess, just died last May.
https://www.nytimes.com/2021/05/28/us/politics/foster-friess-dead.html

Promises to be a good mid-year review and site update. (Live from Bellingham!)
If you can make it tomorrow, please sign-up here.

I still own some DHHIX but have not added to it since late 2020.......

Junk bonds have seen a record low in yields as strong balance sheets and a changing economy have boosted the market.
Fixed income traders see the move in the market backed by strong fundamentals and a quest for yield of any type.
Issuance in the low-grade category is on pace to smash previous records.

Junk Bond Market Is On Fire

From the article:

....one advocacy group for senior citizens is projecting a 6.1% increase in 2022 due to surging inflation.
That would be the biggest cost-of-living adjustment (COLA) hike since 1983.

Link to Another COLA Projection

@JD_co USAA has USBLX similar but a slightly higher ER. I also believe Vanguard has a Small cap Tax managed fund (VTMSX) that might be a nice addition to VTMFX.
Click here -
Allocating VTMFX with VTMSX

Good call. VTMSX would be a nice addition to VTMFX.
The equity portion of VTMFX is very similar to VTCLX.
VTCLX is essentially the Russell 1000 index managed for tax efficiency.

The recording will be available in a few days they said.
It was 30m and pretty much reiterated the existing press release and FAQs. Emphasis on Parnassus remaning independent in terms of investment management and lots of giddy talk about being 'excited' for this partnership. Both top leaders/PMs signed 10-year employment contracts w/AMG so there's continuity at the top. They didn't announce anything new so ... we'll see.

Lewis S. Kaufman was the prior portfolio manager at Thornburg's Developing World until he moved to Artisan in June 2015.
From Artisan prospectus
https://www.sec.gov/Archives/edgar/data/935015/000119312520017081/d843301d485bpos.htm#48aa58da-705b-4d3f-b336-162b6489040a_1
Lewis S. Kaufman, CFA— Mr. Kaufman is a Managing Director of Artisan Partners and portfolio manager of Artisan Developing World Fund since its inception in June 2015. Prior to joining Artisan Partners, Mr. Kaufman was a managing director and portfolio manager for Thornburg Investment Management, where he managed the developing world strategy from its inception in 2009 through January 2015. Mr. Kaufman also co-managed the international ADR strategy from 2007 to 2013, after joining Thornburg in 2005 as an associate portfolio manager
I own ARTYX.
Here is last the Thornburg prospectus prior to his departure:
https://www.sec.gov/Archives/edgar/data/816153/000119312515026867/d819451d485bpos.htm#prob819451_154

From MFO premium site: The Fund seeks long-term capital appreciation. It constructs a diversified portfolio of securities that offer exposure to developing world economies. In pursuit of this goal it generally invests substantially in companies domiciled in or economically tied to countries that have characteristics of the developing world.
31.8% likely companies domiciled here in the US but sell their products in EM. NEWFX can buy EM companies or Developed companies that do most of their business in EM countries.

Investigating merging market funds . Willing to give up some performance for a bit of downside protection- understanding that emerging markets are inherently riskier.
APDYX - While labeled as emerging market in MFO - Has second highest holding as U.S at 31.8% .
I would be grateful for insights and Suggestions

@JD_co USAA has USBLX similar but a slightly higher ER. I also believe Vanguard has a Small cap Tax managed fund (VTMSX) that might be a nice addition to VTMFX.
Click here -
Allocating VTMFX with VTMSX

NY Times article.
"Crucial bridges are decaying. The electricity grid is straining. And climate change, as it worsens storms, floods and wildfires, is intensifying problems. The American Society of Civil Engineers gave the United States a C– in its latest infrastructure report card.
Help may be coming. President Biden has proposed $2 trillion in new infrastructure spending. A compromise between the president and Senate Republicans would provide about half that, though congressional Democrats are pushing for more.
No matter what happens in Washington, infrastructure challenges will endure, and the need will grow. That may create opportunities for such infrastructure stocks as electric utilities, builders of roads and bridges, and owners of railroads and cellular towers. And the mutual funds and exchange-traded funds that specialize in owning those outfits could benefit.
“There are so many tailwinds right now,” said Josh Duitz, manager of the Aberdeen Global Infrastructure Fund. “Two big ones are renewables and 5G.”"
Infrastructure Funds

https://www.sec.gov/Archives/edgar/data/889284/000139834421014273/fp0067111_497.htm
497 1 fp0067111_497.htm
Filed pursuant to 497(e)
File Nos. 033-49098 and 811-06719
STERLING CAPITAL FUNDS
SUPPLEMENT DATED JULY 12, 2021
TO THE
CLASS A AND CLASS C SHARES PROSPECTUS AND THE
INSTITUTIONAL, CLASS R 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 R and 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, Joshua L. Haggerty is appointed as a co-portfolio manager of Sterling Capital Special Opportunities Fund, and Daniel A. Morrall is appointed as an associate portfolio manager of the Sterling Capital Special Opportunities Fund. In addition, it is anticipated that George F. Shipp will retire from Sterling Capital Management LLC on or about January 7, 2022 and will cease to serve as a co-portfolio manager on or about December 24, 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
George F. Shipp, CFA
Senior Managing Director of Sterling Capital and Co-Portfolio Manager
Since inception
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 Associate Portfolio Manager
Since July 2021
Sterling Capital Equity Income Fund
Effective immediately, Adam B. Bergman is appointed as a co-portfolio manager of Sterling Capital Equity Income Fund, and Charles J. Wittmann is appointed as an associate portfolio manager of Sterling Capital Equity Income Fund. In addition, it is anticipated that George F. Shipp will retire from Sterling Capital Management LLC on or about January 7, 2022 and will cease to serve as a co-portfolio manager on or about December 24, 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
George F. Shipp, CFA
Senior Managing Director of Sterling Capital and Co-Portfolio Manager
Since inception
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 Associate Portfolio Manager
Since July 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. George F. Shipp, CFA, Managing Director, founded what is now the Sterling Capital Equity Opportunities group in December 2000, after serving for 18 years as a sell-side equity analyst with the broker-dealer BB&T Scott & Stringfellow. He is Co-Portfolio Manager of the Special Opportunities Fund and Equity Income Fund and has been a portfolio manager of those funds since their inception. George is a graduate of the University of Virginia where he received a BA in Biology, and an MBA from its Darden Graduate School of Business in 1982. He holds the Chartered Financial Analyst® designation.
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 is an equity portfolio manager and has been Associate Portfolio Manager of the Equity Income Fund since July 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. Dan is a portfolio manager and has been Associate Portfolio Manager of the Special Opportunities Fund since July 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.
STAT-SUP-0721

landing scenarios
https://www.washingtonpost.com/business/2021/07/12/coronavirus-spending-economy/

The Feds says its policies are its best way to level the playing field and promote full employment. Could it do better?

the Fed can and must quickly rewrite policy with a new goal in mind: shared prosperity, measured by how most of us do, not by how high the market flies

Only The Rich

The current mood in the bond market:

bond investors are abandoning thoughts of a post-pandemic paradigm shift toward faster growth, and downplaying fears of runaway inflation
the bond market’s focus has shifted toward a slowdown in growth next year and beyond, as massive budgetary and monetary stimulus gets scaled back.
without another fiscal package, growth could dip to a 1.5% to 2% annual pace in the second half of next year, stemming the fall in unemployment and possibly even pushing it higher.
“The influences that were at work on supply and demand in the first half of the year are going to fade and the longer-term problems are going to re-assert themselves,”

Too-Tight Fed

they have already appreciated well in HOPE of the bill passing (priced in)
While your particular fund may have gone up well, the infrastructure category as a whole is up "just" 8.19% YTD (using M*'s basic fund screener, Infrastructure category, reading the category average at bottom of results tab). This compares poorly with most broad based categories.
https://www.morningstar.com/funds/screener-basic
In comparison, the same tool reports average YTD returns of:
Large Blend: 16.68%
Large Growth: 14.31%
Large Value: 18.17%
Mid Cap Blend: 16.98%
Mid Cap Growth: 10.94%
Mid Cap Value: 20.70%
Foreign Large Blend: 9.39%
Foreign Large Growth: 7.22%
Foreign Large Value: 11.77%
Foreign Sm/Mid Blend: 13.21%
Foreign Sm/Mid Growth: 8.50%
Foreign Sm/Mid Value: 17.14%
The three five-star infrastructure funds have done a bit better YTD, but still not better than the average fund in most of these categories:
AIAFX: 11.51% (2/3 foreign)
JEEDX: 11.12% (5/9 foreign)
GLIFX: 10.92% (5/6 foreign)
The adage may be "buy the rumor, sell the news", but judging by these figures, rumor hasn't stimulated infrastructure stocks, relatively speaking.

When I needed some revision surgery 12y after the first op, I asked the doc if the need had to do w subpar work prior. He said 'Nope; life happens; wear and tear'. I said 'What about 12y from now? Will I need it yet again? Will your work last longer?' He said, 'Dunno; I'll be retired.'

From cited paper:

One of the primary questions clients want answered is: What is the safe maximum withdrawal rate? Once again, Bengen has done some of the seminal work on this topic and has currently settled on a withdrawal figure of 4.15 percent for a portfolio with 63 percent in stocks.

This was outdated in 2008, let alone today. Bengen had raised the figure to 4.5% in 2005 by incorporating small cap stocks, and today his figure is even higher:

Bill [Bengen]: [I]n 2005, while I was working on my book, I introduced small cap stocks, U.S. small cap stocks, which really juiced everything. The return – they didn't have a perfect correlation with large cap, so that juiced it from 4.15% to almost 4.5%. ... And that's when I came up with that number.
...
Michael [Kitces]: And so, what do you think about as the number in the environment today?
Bill: I think somewhere in 4.75%, 5% is probably going to be okay. We won't know for 30 years, so I can safely say that in an interview.

Kitces, Financial Advisor Success Podcast!, Oct 13, 2020
https://www.kitces.com/blog/bill-bengen-4-percent-rule-safe-withdrawal-rates-historical-returns-research-book/

Do we suppose anything in the last 13y, since 2008, the date of the article, has caused modulation of any of its core thoughts?