Come on Mike, how can you begrudge a man half a million dollars a year for sitting on 55% cash. You're just jealous. He turns the portfolio over 1.25X a year. What more do you want?
I am curious to know how a fund with a 10 year record has only managed to gather $25 million in assets. It's probably explained in David's profile which I've unremembered.

The cash doesn't bother me if it's still managing to outperform and it is. The small $25 million asset base is precisely my point. I'm surprised given its performance and risk profile more investors haven't noticed it.

According to M* this fund has only $25M, and is 55% cash.

FYI: (Click On Article title At The Top Of Google Search)
The best financial advice for most people would fit on an index card.” That’s the gist of an offhand comment in 2013 by Harold Pollack, a professor at the University of Chicago. Pollack’s bluff was duly called, and he quickly rushed off to find an index card and scribble some bullet points — with respectable results.
Regards,
Ted
https://www.google.com/search?source=hp&ei=mFqAWs7OLoPKjwSQ5KHgDw&q=FT+Tim+Harford’s+guide+to+statistics+in+a+misleading+age&oq=FT+Tim+Harford’s+guide+to+statistics+in+a+misleading+age&gs_l=psy-ab.3...4036.9488.0.11068.5.4.0.0.0.0.91.292.4.4.0....0...1.1j2.64.psy-ab..1.3.200.0..0j35i39k1j0i131k1j0i20i264k1.0.rh3bJ0L9pAg

FYI: Third Avenue Management LLC’s Focused Credit Fund imploded in late 2015 when credit markets turned rocky. On Wednesday, Third Avenue told investors it marked down the value of its remaining positions by more than 50%.
Regards,
Ted
http://www.cetusnews.com/business/Two-Years-After-Meltdown--Third-Avenue-Fund-Drops-Again-.ry7YCtc-PoUG.html
M* Snapshot TFCIX Performance:
http://performance.morningstar.com/fund/performance-return.action?t=TFCIX&region=usa&culture=en_US

@willmat72, you may have much less EM in your portfolio than the 15% you stated. None of the 3 funds you listed are full-in EM funds like an index EM fund would be. There is a lot of developed, bonds and cash in that 3-some total.
For example, it looks like the TRP fund has about 6% of it's assets in EM equities. SFGIX about 51% and MIOPX about 27%. If you hold all those funds at about the same weight of that 15% you are calling EM funds in the total portfolio, that's only about 28% EM equities in those 3 funds.
15% (what you call EM funds in your portfolio) x 28% (actual EM equities in your 3 funds) comes out to about 4% EM equities in your total portfolio.
I may not have explained it well, but you may only have about 4% EM equities in your total portfolio (if I did the math right). I don't know if that's a good thing or a bad thing. Appears you are closer to the conservative % Ted points out.
Edit: do a M* instant xray of all your funds to find out for sure if you think you need to be exact.

HI Mike,
Thanks for the detail and insight. I had my portfolio screened through Personal Capital, the online/robo advisor. Their software determined that my international holdings consist of about 15% EM. Of that, most was derived from SFGIX with lesser amounts from MIOPX and PRGTX. Bear in mind that I'm increasing my exposure to the latter two funds during 2018 so that number may increase a bit. If you compare EM with my entire portfolio, it's probably less than 5%. So, your numbers seems to make sense with regard to my total portfolio.

I haven't heard anybody anywhere in the past few years recommend buying investment grade debt (I guess @Ted holds some corporates). Interesting, since folks chased treasury yields all the way down to 1% or some foolish figure. Now that they’re over 2.8%, nary a word. It was a rough week for a lot of bonds. That’s what happens when rates spike higher. Everybody sees inflation. But you won’t have much (IMO) If the central banks jack up the short end and push us into recession. Pay your money. Take your chances.
Are high grade bonds with durations in the 5-year range still “dumb dumb”? Or might they fill a need for some seniors unnerved by turmoil in the equity and junk bond arena? (I’m biased having added a few GNMAs recently more for protection than with any thought of making money).
BTW - Sad that every thread if left to its own course seems to lead to bitter wrangling (not that I haven’t sometimes unwittingly contributed). A sign of the times I think - plus @Lewis’s Sputnik-bots may be monitoring websites for mention of certain names. Dunno. It’s gotten so bad some in Congress are considering building a wall (there) to wall-off warring Dem and Rep staffers. https://www.cbsnews.com/news/house-intel-committee-gop-plan-to-wall-themselves-off-from-democrats-devin-nunes-adam-schiff/

I am a young "oldster" who is content with 8% of my total portfolio in EM. (EM holdings total about 35% of my international stocks.) You might take a look at MEASX if you are comfortable with owning funds that don't closely track indexes. Its close to 100% EM.

PMAIX 4.5% load. Nope.

@willmat72, you may have much less EM in your portfolio than the 15% you stated. None of the 3 funds you listed are full-in EM funds like an index EM fund would be. There is a lot of developed, bonds and cash in that 3-some total.
For example, it looks like the TRP fund has about 6% of it's assets in EM equities. SFGIX about 51% and MIOPX about 27%. If you hold all those funds at about the same weight of that 15% you are calling EM funds in the total portfolio, that's only about 28% EM equities in those 3 funds.
15% (what you call EM funds in your portfolio) x 28% (actual EM equities in your 3 funds) comes out to about 4% EM equities in your total portfolio.
I may not have explained it well, but you may only have about 4% EM equities in your total portfolio (if I did the math right). I don't know if that's a good thing or a bad thing. Appears you are closer to the conservative % Ted points out.
Edit: do a M* instant xray of all your funds to find out for sure if you think you need to be exact.

Hi @willmat72,
Now in retirement, I consider myself a low moderate risk taker. I use to be a more aggressive investor and carry a higher allocation to stocks (60% to 70%) now 40% to 55%. My emerging market holdings account for about 25% of my foreign equity holdings. For me, the emerging market allocation (overall portfolio) for an aggressive investor would be 10% to 15% ... a moderate investor would range from 5% to 10% and a conserative investor would be from 0% to 5%. With this, I fall in the moderate range.
Old_Skeet

@willmatt72: FYI: Scroll and read, "Plotting a Course for Emerging Markets"
Regards,
Ted
A=15%
M=10%
C=5%

FYI: The team at the Amundi Pioneer Multi-Asset Income fund looks for income opportunities in some unexpected places. Many small moves can lead to big gains.
Regards,
Ted
http://www.cetusnews.com/business/An-Income-Solution.Hy9vD6aag2UG.html
M* Snapshot PAMIX:
http://www.morningstar.com/funds/xnas/pmaix/quote.html
Lipper Snapshot PAMIX:
https://www.marketwatch.com/investing/fund/pmaix
PAMIX Is Unranked In The (30-50% E) Fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/allocation-30-to-50-equity/pioneer-multi-asset-income-fund/pmaix

I've seen quite a few recommendations to buy emerging markets based on this latest correction. Currently, I devote about 15% of my international holdings to emerging markets, with the bulk from SFGIX, MIOPX and PRGTX. I would consider myself a fairly conservative investor with a 10+ horizon for investing. What do you consider a sufficient allocation to emerging markets in an aggressive, moderate and conservative portfolio?

I've been watching some of the talking heads on CNBC and Fox Business and it is quite humorous to hear them explain what is going on. They will say we are near the bottom and then the market drops another 1,000 points and they say we could drop another 5-10 % LOL...I won't name any names but a few of them remind me of my last car salesman - sharp dressers, quick talkers, hand gestures everywhere. When you look at their eyes on TV, you get the feeling that they don't quite believe everything they say. Some of the shows remind me of infomercials. Maybe I'm psychoanalyzing too much. Just my instinct.

Totally under impressed. $37.9B AUM *.093 (ER) = Management fee = ($352,470,000).
Who's making money on this bond fund? Not the small investor.
Just a few comparisons to TPINX vs VTBIX, DODIX, PONDX, and PTIAX.
5 year Chart:

Performance:

On the founder: chicagomag.com/core/pagetools.php?pageid=8598&url=%2FChicago-Magazine%2FAugust-2008%2FWhat-Makes-Jim-Run%2Findex.php&mode=print

@MFO Members: Here is a little insight into Jim Oberweis, a house hold name in the Chicagoland area.
Regards,
Ted
Oberweis Wins, With Mutual Fund Investors:
https://www.google.com/search?source=hp&ei=SoJ8Wr-FJ8Sq5gKG-ZXADQ&q=Oberweis+wins,+with+mutual+fund+investors&oq=Oberweis+wins,+with+mutual+fund+investors&gs_l=psy-ab.3...4704.4704.0.6189.1.1.0.0.0.0.98.98.1.1.0....0...1c.2.64.psy-ab..0.0.0....0.mVYsl0BXCrM

What are your suggestions for short-term bond funds and high-quality intermediate bond funds?

As always, age, risk tolerance, sources of income, needs and other factors need to be taken into consideration. I’ll assume poster in near or in retirement. Umm ... I’ve probably got bonds coming out of my ears when considering all the balanced, hybrid and multi-income funds like RPSIX I own.
Right now I’m looking for safe shelter from a possible avalanche in equities. Not a prediction. Just a concern. So, contrary to all the advice out there from people smarter than me, I’ve been adding to PRGMX (ginnie mae) in dabs and dribbles - including today. While I fully expect to lose some $$ on this position going forward, I consider it one form of insurance against a recession and / or rout in the equity side. What I’m buying here is high grade govt. backed debt from a top money manager (albeit at inflated prices). And were equities to tumble and bonds rise, I’d exit that position rapidly. Not exactly “short term”. Effective duration in the 4-5 year range. More like intermediate I guess.
I generally don’t like to post trades. But am trying to address the question as fully as I can.