https://finance.yahoo.com/news/schwab-report-self-directed-401-140000346.html
Schwab Report: Self-Directed 401(k) Investors Finish 2019 Strong With Average Account Balances up 19% Year-Over-Year
According to Charles Schwab’s SDBA Indicators Report, an industry-leading benchmark on retirement plan participant investment activity within self-directed brokerage accounts (SDBAs), the average account balance across all participant accounts finished 2019 at $294,105, a 19% increase year-over-year and a 6% increase from Q3 2019.

I like concentrated funds. Less chance of falling into closet indexing and marching w/the herd.
Plus it's easier to analyze things, vs a fund with 300+ positions of sub-1-percent amounts, which I consider pointless holdings anyway

@Gundlar "Risk-free" would be FDIC-insured. A bank account or C.D. The benchmark 10-year US Treasury bond is virtually risk-free, too. It carries the "full faith and credit" of the US government. Many webpages publish current 10-year rates, and others--- domestic and foreign. Here's one:
Check the very top of the page.
https://www.cnbc.com/

There is a reason I swore off holding funds directly from fund companies and bite my tongue and pay the 12b-1 for holding funds NTF.

FPACX holding 31% in CASH. That fund has been sitting on a bunch of CASH for way too long. It has lost its mojo.

https://www.fa-mag.com/news/munis--not-just-for-millionaires-54421.html
Munis, Not Just For Millionaires
MARCH 3, 2020 • DANIEL RABASCO
Municipal bonds (commonly known as “munis”) are debt securities issued by state and local governments, and their agencies and authorities, to fund projects ranging from hospitals and schools to highways and bridges. Munis have been widely viewed as being primarily attractive to investors in high income tax brackets as the interest payments received from the bonds are typically exempt from federal and, in some cases, state and local taxes. But munis—which in 2018 constituted about $3.8 trillion in total assets with 54,000 issuers and one million securities—aren’t strictly for the affluent.

very concise article about WHO study of China and it's lockdowns. They sent 10000 epidemiologists/ case trackers to Wuhan in a few days
https://www.sciencemag.org/news/2020/03/china-s-aggressive-measures-have-slowed-coronavirus-they-may-not-work-other-countries

How is Amazon going to get orders delivered if all the delivery people stay home?

Drones? According to Amazon’s consumer worldwide CEO Jeff Wilke last June: “You’re going to see it delivering packages to customers in a matter of months.”
https://www.theverge.com/2019/6/5/18654044/amazon-prime-air-delivery-drone-new-design-safety-transforming-flight-video

To stop spreading the virus China they lock down the entire city and it slows the spread somewhat. Cannot image this can be done in a democratic society of large cities in US or Europe.

Lockdowns may not work and may even be counterproductive.

You can't put a ban in place before there's a reason to put a ban in place. And by then, it's too late. What's more ... people will try to sneak out of the city.
... That can make it much harder to track potential cases and contact, which is one of the most effective ways to contain this outbreak.

https://www.npr.org/2020/01/25/799470705/a-travel-ban-to-contain-the-coronavirus-could-worsen-conditions-in-wuhan
Not large cities, but Italy has been quarantining several smaller northern towns.

A dozen towns ... were put in lockdown (and were made so-called “red zones” and quarantined) just over a week ago as the Italian government under Prime Minister Giuseppe Conte sought to halt the spread. The measures are due to be in place until at least March 8.
There are other “yellow zones” in Italy where schools are closed, and sports events and religious and cultural spaces have been postponed or canceled.

https://www.cnbc.com/2020/03/02/coronavirus-next-seven-days-seen-as-decisive-for-italy.html

Fund page: https://www.griffincapital.com/griffin-institutional-access-credit-fund
Prospectus for share classes A & C (including fee structure): https://www.griffincapital.com/Documents/GIACX/Marketing Materials/Sales Kit/CreditFund-Prospectus-ClassAC.pdf

The Adviser is entitled to receive a monthly fee at the annual rate of 1.85% of the Fund’s daily net assets. [There is a management agreement] to waive its fees and to pay or absorb the ordinary operating expenses ... to the extent that such expenses exceed 2.60% and 3.35% per annum of the Fund’s average daily net assets ... attributable to Class A and Class C shares, respectively

Aside from the 1.85% management fee, the A shares have a 0.25% servicing fee (equivalent to a 12b-1 fee), 0.83% in other expenses. Along with a 0.32% waiver, that brings Class A total expenses to 2.61%.
Class A CRDTX also carries a front end load. (Class C CGCCX carries a level load, shown as an extra 0.75% annual fee under 12b-1.)
Investor application form (must go through broker/dealer or RIA, see section 9): https://www.griffincapital.com/Documents/GIACX/Marketing Materials/Sales Kit/CreditFund-AccountApplication.pdf

@VintageFreak
That is really a tough call. Uncertainty and volatility are in charge at the moment. Since this fund’s assets are only at 1.2 B, the fund is not well known, and the market direction is uncertain; I don’t think you need to worry about acting fast. The fund appears to be in no danger of closing anytime soon. I purchased shares with new money at an admittedly “bad” time, before the recent fall. I would say with confidence I have never been good at timing the market, but I do try to not make many changes in times of uncertainty.

@Bobpa
My addition would be SGENX, if you can get it without load. It has NOT been outstanding in the market when it was going up like crazy, but I think it will hold on better than others if this downturn is prolonged. The fact that it holds 9% gold and 13% cash should help. It is not bulletproof, but it is a keeper in my opinion.

@Old_Joe
In my opinion, I don't think VLAAX is preferable, but rather fills a different need. For me I have a small new account that is just VLAAX because it is more diversified 96 stocks and 491 bonds thus is considered an "all-in-one" by many including me. AKREX is a great fund and I do hold it in another account, but it is not stand alone. It has only 18 stock holdings. AKREX has done well, but with only 18 stocks, I think it is riskier. Their standard deviation (3 year) supports my opinion AKREX 11.18 vs VLAAX 8.49. The 5 and 10 year SD are similar. In the end both seem to be near the top of their category. By the way currently VLAAX holds 7 of the 18 stocks in AKREX portfolio, albiet in lower percentage of the overall portfolio.

I have not posted this list in quite awhile; but today is worth a review for the 10 year yield for many countries for a comparative. This list does update through the trading day. Also, to the right side of the page are other data sets that may be of interest.
10 year yields
Is it nap time yet? I'm pooped. :)
Take care,
Catch

"Love" to read the these articles
"Los Angeles International Airport, rated AA, last week borrowed at below AAA yields, with bonds maturing in 2021 yielding just 0.63%. Even risky debt is paying only what top-rated securities once did. An Ohio agency sold a massive tobacco-settlement bond sale with unrated debt due in 2055 trading at an average of 3.4% yields on Friday."
NVHAX is shorter term HY with yield over 3.5%
WHYIX with duration=5 pays 4%
looks to me as a decent yield + Free Fed tax :-)

Hi, Gundlar.
Sharpe is a calculation of a fund's risk-adjusted returns minus the returns available from a risk-free investment, typically a T-bill.
Neither the risk nor the returns of RPHYX have meaningfully changed. The volatility measures for RPHYX have not materially changed over the trailing 1, 3, 5, and since inception periods. The standard deviation, for example, is 0.7 / 0.6 / 0.7 / 0.7. Downside deviation is 0.4 / 0.3 / 0.3 / 0.3. Max drawdown and such, likewise.
Annual returns since at 2.5 / 2.6 / 2.6 / 3.1.
My best guess, then, is that the "risk-free rate of return" has increased.
Out of curiosity, I passed along your question and my speculation to the manager, David Sherman. If I hear back, I'll share what I learn.
David

Here is a chart that compares the largest one week S&P 500 declines. The recent decline was impressive based on that metric too:

Here is a link to the related Rekentahler Report article:
https://morningstar.com/articles/969893/the-coronavirus-column

I noticed that the Sharpe Ratio for RPHYX is much lower than it used to be 3 yr 0.75 and 5 yr 1.41, according to Morning Star. Is this cause for concern? I currently own DHEAX as a lower risk bond fund. I was thinking of adding more cash to it or starting a position in RPHYX now that it is open. Thank you for your thoughts.

https://finance.yahoo.com/news/muni-bonds-now-yield-next-161752567.html
muni yield next to nothing yet investors keep buying
Americans who already held about $1.9 trillion of state and local debt poured another $113 billion into mutual funds focused on the securities since early 2019, according to Investment Company Institute and Federal Reserve figures.

On March 1st I said "SEMMX is the best performer for SD < 1 and IOFIX the best for SD<2.7"
MFO fund screener(<a href="https://www.member.mfopremium.com/quicksearch/">link) says IOFIX is the best performer for 3 years for the Multi sector category.
Please read the presentation by the fund (link). There is no guarantee of what will happen in the future. I think the worse was in 11/2018 when IOFIX lost more than 1% in one day.