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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.

3 Emerging Market Funds for Income
https://www.morningstar.co.uk/uk/news/199233/3-emerging-market-funds-for-income.aspx
3 Emerging Market Funds for Income
Low or negative yields from developed world bonds are pushing income investors to move up the risk spectrum
Neuberger Berman EM Debt Hard Currency
JPM Emerging Markets Income
TCW Funds Emerging Markets LC Income

johnN February 2020 in Fund Discussions
Longtime bull (Ed Yardini) says he’s sitting on cash ahead of a possible market correction
@davfor, one of the reasons that I am 40 percent equity is that my advisor recommends only a 10 percent weighting to high yield and aggressive income ... .

Sorry for ignorant question, but you who for years have listed vast and detailed holdings using many fund selections within a dozen 'sleeves', use an adviser??
I missed that.

davidrmoran February 2020 in Fund Discussions
Longtime bull (Ed Yardini) says he’s sitting on cash ahead of a possible market correction
A couple of days ago, John Rekenthaler had an article on Morningstar "Why not 100% equities?" This would be in comparison to the traditionally recommended 60/40 portfolio.
He referenced a 25-year old article on the topic and talked about options and alternatives (including using leverage to really juice returns). The main criticism was: who could withstand the big downturns??!!
Of course, if we think the market will generally go up over time, it makes sense to be "all in".
My Dad lived to 98+ and his philosophy was to buy dividend-paying stocks and pretty much hold them forever. He was willing to ride out the downturns. Of course, he grew up in the Depression and was pretty frugal with his money -- the cost of living for Mom and Dad was pretty low (fitting -- his pension had no cost of living increases).
A lot of him rubbed of on me, but I'm more adventurous. No bonds, but I like to hold some cash to take advantage of opportunities. I bought some AKRIX a few months ago, having learned about it on this board. My biggest holding is FSELX; #2 is SO (barbells?). Bought a little more SBUX recently.
When markets keep going up -- every strategy looks like genius!
David

dstone42 February 2020 in Fund Discussions
China Funds Trounce Market, But Clients Are Still Leaving
Article: "The country’s equity mutual funds returned 47% on average in 2019"
The 2 ETF with the biggest AUM mad the following in 2019...MCHI 23.7%...FXI 14.9% but SPY made 31.2%
That's funny. Maybe try not commenting on EVERY thread and topic.
Pretty sure the article is referencing mutual funds traded on the Chinese exchange.

stillers February 2020 in Fund Discussions
Longtime bull (Ed Yardini) says he’s sitting on cash ahead of a possible market correction
@davfor, one of the reasons that I am 40 percent equity is that my advisor recommends only a 10 percent weighting to high yield and aggressive income and I'm at 20 percent. Thus, I reduced equity by 10 percent from their reccommended 50 percent based upon my risk tolerance. Thus far by using a spiff from time to time I have out performed my advisor's 50-50 model portfolio plus my portfolio has a higher yield. In addition, to the higher yield my out performance comes because my fund selection deviates from their list of reccommended funds contained in their model.

Old_Skeet February 2020 in Fund Discussions
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Regarding DHEIX/DHEAX, I am not sure when it became a frequently discussed fund at M* or MFO. I first heard about it in 2018 from FD, who was talking about a couple of short term bond oefs, that could be a safe harbor in that turbulent market period. FD had mentioned both DHEAX and SEMIX as short term bond oefs, that were available to him at Schwab. When I moved my brokerage account from Fidelity to Schwab in early 2019, I took a close look at both DHEAX and SEMIX, but did not choose to invest in them at that time. Toward the end of 2019, when I was doing some end of year portfolio adjustments, I decided to put some money into DHEAX. I have been pleased with it so far, but I think there are a number of short term bond oefs in addition to DHEAX, that would be good choices for a conservative bond oef investor.

dtconroe February 2020 in Fund Discussions
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"Gary1952">SDMZX appears somewhat unique. It is named a multi-purpose fund with low duration. I would say DBLSX and SDMZX are not directly comparable. DBLSX focus is on low duration.
Gary, as I said in my comments above about these 2 Schwab recommendations, I consider PSHYX similar to DBLSX, but SDMZX is a longer duration bond oef. I would put SDMZX in a category more similar to FIJEX--more aggressive short term bond oefs. I have read a number of posts, in which SDMZX and FIJEX have similarities to some multisector bond oefs with their diversification in their holdings. If you want to pair a couple of short term bond oefs, that are different from each other, I would think a fund like SDMZX would be a good complement to a less risky fund like DHEAX and DBLSX.

dtconroe February 2020 in Fund Discussions
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"Gary1952">I am at Schwab and all too often fail to research there. Thanks for the update. I will look into those funds. DBLSX is my oldest bond OEF holding. recently I have been thinking about selling some. But with 50% equities now I like the relative safety of DBLSX.
Is Schwab selling DHEIX yet?
Edit: PSHYX is Pioneer Short Term Income fund.
Gary, thanks for the correction--I edited my post above. I had about 10 different short term bond oefs I had on a watchlist, and I accidentally referenced the fund as Putnam instead of Pioneer, when I was reviewing the information on them. Putnam also has a very good short term bond oef, but it was not one of the funds that Schwab had on its recommendation list.

dtconroe February 2020 in Fund Discussions
How's your 401(k) doing-401(k)s hit records as workers sock away more, stocks jump
“The average 401(k) balance rose 17% last year to $112,300 from the end of 2018, according to a review of 17.3 million accounts by Fidelity Investments. The average individual retirement account, or IRA, balance rose the same percentage to $115,400”.
- Socking away more ? The balance increases reported don’t reflect that, since the S&P rose 31+% in 2019 (according to the article).
- Are these numbers for only Fidelity’s clients? Or are they referencing data for the total of all U.S. retirement savers? If only Fidelity, numbers may not be representative.
- Do the reported balances represent all retirement plans - or just those where the holder hasn’t yet retired? (Let’s hope it’s the former.)
- I contended a while back (some other thread) that worker contributions tend to increase when markets are richly valued. Fidelity’s observations might support that.

hank February 2020 in Fund Discussions
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DHEAX has been discussed well back into 2019 at M*. Not sure if you are referring to MFO only.
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Well, that's the thing about the internet...
According to this M* search, the first post about DHEAX was on 10/30/2019:
https://community.morningstar.com/t5/forums/searchpage/tab/message?q=dheix&noSynonym=false&collapse_discussion=true
According to this M* search, the first post about DHEIX was by yogi in a Barron's Summary on 04/29/2019:
https://community.morningstar.com/t5/forums/searchpage/tab/message?q=dheix&noSynonym=false&page=2&collapse_discussion=true
The majority of posts about them, here and there, have been in the last TWO months, yet posters like to celebrate them (and hundreds of other funds) as though they knew about them/owned them during the period they refer to them as the better/best.
So what's your point again?

stillers February 2020 in Fund Discussions
Longtime bull (Ed Yardini) says he’s sitting on cash ahead of a possible market correction
@Old_Skeet I turn 70 this month and am about 15 years into retirement having taken advantage of a downsizing "early out" opportunity in 2005. My stock weighting has varied between about 40% and 60% during that time.
My portfolio percentages will probably be in the neighborhood of 55% stocks, 40% bonds and 5% Other after the new cash arrives. Most of that new cash will likely be used to increase existing positions in VWINX, WFLEX, IOFIX, ZEOIX, and SEMPX. (I'm thinking about adding to RPHYX too given its recently improving performance.) My tendency to overweight stocks (vs my current 50/50 default mix) may well persist until 10 year treasury rates move meaningfully higher...maybe into the 3 to 4% range will get my attention (of course something else may come to convince me to abandon my current overweight to stocks!). My present plan is to keep the default mix at 50/50 at least until I turn 80 unless my health status declines significantly.
I have incorporated a sub-portfolio within my ongoing mutual fund portfolio over the past year and a half. Its settled out at 22.5% of the total portfolio (counting the new cash). Its 1/2 income oriented and 1/2 "income with growth" oriented and is populated with individual dividend paying stocks (3%+ dividends), REITS, CEFs, BDCs, and LPs. The individual holding sizes are bit sized enough that it could be used to engage in some "spiffing" although my current plan is to invest for income and long term capital gains.....Anyway, your comments and perspectives are appreciated.

davfor February 2020 in Fund Discussions
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Correction (as long as the above analysis is correct) : DHEAX WAS the better fund.
The daily obsession with some posters (especially one) looking back at prior performance and deeming a given fund as the better/best is mind-numbing.
Had a poster, THREE YEARS AGO, stated that DHEAX will perform better than another similar fund over the next three years, and it did, now that would be something.
But truth be told, the first post about DHEIX/DHEAX that I EVER SAW on on ANY board by posters who now hail it as the better/best over the last three years was made within the last TWO months.
The last TWO months.
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To wit...
This MFO search history for DHEAX shows for that VintageFreak and willmatt72 posted about it in April-June 2019.
ALL other posts about it, including by those who hail it NOW as the better/best, were made between Dec 2019 and today.
https://www.mutualfundobserver.com/discuss/search?Search=dheax
This MFO search history for DHEIX shows for that willmatt72 posted about it in Feb 2018.
ALL other posts about it, including by those who hail it NOW as the better/best, were made between Dec 2019 and today.
https://www.mutualfundobserver.com/discuss/search?Search=dheix
DHEAX has been discussed well back into 2019 at M*. Not sure if you are referring to MFO only.

Gary1952 February 2020 in Fund Discussions
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@Gary1952, I believe Diamond Hill funds have a transfer fee at Schwab. One reason I don't consider them.
DHEAX is NTF $2500 min, with short term redemption fee and it appears that DHEIX is not sold by SCHWAB. But I would guess it would have the $49.95 fee attached if it was sold.

Gary1952 February 2020 in Fund Discussions
How's your 401(k) doing-401(k)s hit records as workers sock away more, stocks jump
https://www.yahoo.com/news/401-k-hit-records-workers-112754438.html
NEW YORK (AP) — How's your 401(k) doing?
President Donald Trump likes to ask that question around the country, sometimes throwing out big gains like 90% or 95%. The average 401(k) did indeed hit a record last year, although its growth was considerably less than that.
The average 401(k) balance rose 17% last year to $112,300 from the end of 2018, according to a review of 17.3 million accounts by Fidelity Investments. The average individual retirement account, or IRA, balance rose the same percentage to $115,400

johnN February 2020 in Fund Discussions
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@Gary1952, I believe Diamond Hill funds have a transfer fee at Schwab. One reason I don't consider them.

MikeM February 2020 in Fund Discussions
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Correction (as long as the above analysis is correct) : DHEAX WAS the better fund.
The daily obsession with some posters (especially one) looking back at prior performance and deeming a given fund as the better/best is mind-numbing.
Had a poster, THREE YEARS AGO, stated that DHEAX will perform better than another similar fund over the next three years, and it did, now that would be something.
But truth be told, the first post about DHEIX/DHEAX that I EVER SAW on on ANY board by posters who now hail it as the better/best over the last three years was made within the last TWO months.
The last TWO months.
----------------------------------
To wit...
This MFO search history for DHEAX shows for that VintageFreak and willmatt72 posted about it in April-June 2019.
ALL other posts about it, including by those who hail it NOW as the better/best, were made between Dec 2019 and today.
https://www.mutualfundobserver.com/discuss/search?Search=dheax
This MFO search history for DHEIX shows for that willmatt72 posted about it in Feb 2018.
ALL other posts about it, including by those who hail it NOW as the better/best, were made between Dec 2019 and today.
https://www.mutualfundobserver.com/discuss/search?Search=dheix

stillers February 2020 in Fund Discussions
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DHEAX beats DBLSX for 1 month and all the way to 3 years (chart).
DHEAX has also better Sharpe + Sortino (PortVis)
Both funds invest at high % in securitized/MBS, both have mostly IG(investment grade) bond rating.
Just my opinion: DHEAX is a better fund

FD1000 February 2020 in Fund Discussions
Indexing foreign funds
Right there with you Starchild. It and GLFOX are the only ones I own at a 9:1 ratio.

Mark February 2020 in Fund Discussions
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Schwab recommendations for Short Term Bond oefs are interesting. We are familiar with frequently discussed short term bond oefs like DBLSX and DHEIX, but neither of those funds made the Schwab recommendation list. The 2 short term bond oefs that Schwab recommends is:
1. SDMZX, a short term bond oef from PGIM. This fund has a BBB portfolio rating, has a M* risk of above average, has a standard deviation of 1.15, a duration of 3.5 and expense ratio of .39%. Its portfolio has 36.4% in securitized holdings, 20.25% in corporate holdings, 19.4% in government holdings, and about 14.5% in derivatives, and about 9% in cash and equivalents. Its 1and 3 year total return of 6.47%/3.85%.
2. PSHYX, a short term bond oef from Pioneer. This fund has a BBB portfolio, has a M* risk of low, has a standard deviation of .79, and a duration of 1.76, and an expense ratio of .46%. Its portfolio has 62% in securitized holdings, 29% in corporate holdings, 6% in government holdings, and 3% in cash and equivalents. Its 1and 3 year total return of 4.87/2.81.
Comments: It appears PSHYX is very low risk and has some similarities to DBLSX. SDMZX is a higher risk short term bond oef, but is well diversified with a low standard deviation, but its total return appears to be related to its longer duration holdings of 3.5, which is much longer than most funds in this category. SDMZX has a higher than average yield distribution, which makes it more attractive for dividend harvesters. For me personally, SDMZX is a very interesting option in this category. I sold DBLSX at the end of 2019 because I wanted a little better total return, and so I replaced it with DHEAX. I do think SDMZX provides that better total return and looks like a nice complement to DHEAX.

dtconroe February 2020 in Fund Discussions
Longtime bull (Ed Yardini) says he’s sitting on cash ahead of a possible market correction
I never understood the cash thing when markets are going up?
For your cash portion....why not use a simple liquid index like SPY/QQQ with a close % for sell trailing stop.
In the last 3 months, the SPY made over 9% and QQQ over 15% and their price never lost more than 3.5% from any last top...
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And I never understood your "All bonds all the time/bond OEF momentum" investment strategy when markets have gone up FOR 10 YEARS.
It should be noted that you posted on M* that you sold all of your stocks near/at EOY 2019, you have not reported any stock buys since then, staying 100% in bond OEFs. So despite you reporting that data, you have not participated in any of the 2020 YTD stock market gains.

stillers February 2020 in Fund Discussions