I've been a MOATer since late 2012. Lots of unrealized gains, which will remain unrealized. I liked the premise of this etf. I haven't purchased more as the valuation has grown without more new money.

"I do have a pet peeve in that it seems to me 90% of our allocation and fund discussions (for a very long time now) omit reference to the type of individual who might benefit from this or that particular type fund."
66, retired, with 20% of a $1M invested. Yes, in round numbers, my entire pot is something more than $200,000.00 right now. A quarter million is in sight, but I'll never get there. I'm MARRIED. ;) What I need from my allocation fund (PRWCX) is great management, performance, and the sense of reassurance I get knowing that in not-so-good years, I'll be getting SOMETHING from the bond portion of the portfolio. As for BRUFX: wife's Trad. IRA. Moved it from 403b with MassMutual. Those suck-holes charge too big of a redemption fee. And lately, the news broke that they are selling their retirement sleeve to another outfit, anyhow. But BRUFX was chosen for stellar consistency, safety, and solid performance--- even though it won't ever "shoot the lights out."

+1 david

I like and use the philosophy of TR, but if you are in withdrawal stage or near to that, I highly recommend a safe "withdrawal bucket" or whatever you want to name it as a safe guard to selling low. I don't invest based on dividends or income but that's just me. I have a 3-4 year expense withdrawal bucket made up of cash, bonds and what I consider a bond alternative that allows me to let total return ride so that I can replenish that safe bucket only when investments are up.
That's the plan anyway. Still working so I haven't started drawing from it yet.
The other point to make is there is more than 1 way to skin a cat. Using dividends to supplement income is a tried and true method for retirees also.

V Wellington 11.3%
VTMFX
VWETX
BGAFX
QQQ
VTCLX .... 3%

Sure I can sell shares but there are no guaranties that I will always be selling them at an advantage.
Whether you sell or not, that's effectively what's happening when a fund pays a dividend. Generally when funds receive dividends and interest from their underlying stocks and bonds they plow that money back into their portfolios. They don't hold that money as cash for their next periodic (e.g. quarterly) dividend payment.
They may gradually build up cash near the end of the quarter (for quarterly divs), but that's still basically selling off holdings for cash. There's no guarantee that they are raising cash when their holdings are richly priced. Just as you wrote.
There are a very few exceptions, a handful of archaic ETFs structured as unit investment trusts. By law, UITs do not reinvest their interest and dividends when received, but hold that money as cash to pay all dividends. This creates a cash drag.
Ironically, both SPY and QQQ are UITs. So unlike the vast majority of funds, they never have to sell their holdings to pay their dividends. You may get slightly more stability, but on average it's a loser. This is one reason why I prefer VFIAX (better performance than SPY without a cash drag).

My point is to show that a typical investor doesn't need to worry about yield and just invest longer term mostly in indexes such as SPY/VTI and if you want more tech you can use QQQ.
I don't see any advantage looking for higher yield stocks as it doesn't guarantee better performance or volatility. The index thru adjustment will take care of the winners and losers.
Lastly, even retirees don't have to invest for higher yield, they can always sell something. Most retirees invest in stock+bonds funds and get monthly distributions.
If they need more: when stocks go up they can use their stocks for expenses, when bonds are up use their bonds.

+1

1. PRPFX
2. TMSRX
3. DODLX
4. DODBX
5. PBDIX
6. RPGAX
The two largest holdings (top) exceed 10%.
I’m not sure what value, if any, this has for others, since they are unaware of the other holdings, how the portfolio is constructed or the age and other circumstances of the individual. To wit: A newly married 25 year old male might invest completely differently from an 80 year old widow. Neither would be “wrong.” Just entirely different circumstances.

@FD1000 - How do you know that everyone else isn't investing for TR as well using their dividends as just one piece of the equation? What if they aren't comfortable or knowledgeable enough to be trading in and out of positions? Or simply don't have the time? It doesn't necessarily have to be all or nothing you know. Their are infinite ways to climb the mountain.

My point is to show that a typical investor doesn't need to worry about yield and just invest longer term mostly in indexes such as SPY/VTI and if you want more tech you can use QQQ.
I don't see any advantage looking for higher yield stocks as it doesn't guarantee better performance or volatility. The index thru adjustment will take care of the winners and losers.
Lastly, even retirees don't have to invest for higher yield, they can always sell something. Most retirees invest in stock+bonds funds and get monthly distributions.
If they need more: when stocks go up they can use their stocks for expenses, when bonds are up use their bonds.

Here is an article on Tiffany Hsiao:
https://www.investmentweek.co.uk/news/4020713/tiffany-hsiao-joins-artisan-partners-md#:~:text=Former manager of the Matthews,Yuanyuan Ji and Beini Zhou.

@FD1000 - How do you know that everyone else isn't investing for TR as well using their dividends as just one piece of the equation? What if they aren't comfortable or knowledgeable enough to be trading in and out of positions? Or simply don't have the time? It doesn't necessarily have to be all or nothing you know. Their are infinite ways to climb the mountain.

It's TR first and yield second. 6.5% TR difference is pretty substantial to be worried about 2% yield. The other variable is catching all parts of the market in SPY.

https://www.sec.gov/Archives/edgar/data/945908/000137949120004667/filing712.htm
Fidelity Growth Opportunities ETF
Fidelity Magellan® ETF
Fidelity Real Estate Investment ETF
Fidelity Small-Mid Cap Opportunities ETF

I couldn't give you the percentages. Never added the IRA's to the taxable account to figure it out.
But roughly speaking, DMBIX, AZTYX, VWIGX, DODGX, and maybe VWELX or VEIRX. I doubt any of those is much above 10-12 of the total.
Like a lot of people here, I seem to be a collector, as much as an investor.

@FD1000 - How do you know that everyone else isn't investing for TR as well using their dividends as just one piece of the equation? What if they aren't comfortable or knowledgeable enough to be trading in and out of positions? Or simply don't have the time? It doesn't necessarily have to be all or nothing you know. Their are infinite ways to climb the mountain.

Curiously, I ran across this family in looking at SCG funds that market themselves as value funds. That came up in another thread.
Comparing Virtus KAR Small-Cap Value Fund's (PQSAX) prospectus with this one shows how worthless stated strategies often are. These two are cut from the same boilerplate. Below are the lead paragraphs in their respective Principal Investment Strategies section.
The main difference is only in market cap (small/mid vs. small). Both this "growth" fund and the other "value" fund say they invest in companies believed to be "undervalued" relative to their "growth" potential. I've tried to highlight the market cap differences between the two funds.
Small-Mid Cap Growth Fund
The fund seeks long-term capital appreciation by investing in small- and mid-capitalization stocks with lower overall risk characteristics. The fund invests in a select group of small- and mid-market capitalization companies believed to be undervalued relative to their future growth potential. The investment strategy emphasizes companies the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles. Although the fund invests primarily in U.S. companies, it may invest in foreign securities and American Depositary Receipts.
Small-Cap Value Fund
The fund pursues long-term capital appreciation in the small market capitalization sector while seeking to incur less risk than the small capitalization value market. The fund invests in a select group of small market capitalization believed by the fund’s subadviser to be undervalued relative to their future growth potential. The investment strategy emphasizes companies the subadviser believes to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles. Although the fund invests primarily in U.S. companies, it may invest in foreign securities and depositary receipts.companies.
Small Cap Value prospectus (and prospectus for the family's other funds):
https://www.sec.gov/Archives/edgar/data/34273/000110465920006713/tv536302_485bpos.htm

QQQ pays much lower than SPY
10 year average annually...SPY 13.5%...QQQ 20%.
I only believe in TR(TOTAL RETURNS) which includes all parts.
Even as a retiree I still look at TR because I can always sell something when I need cash.

+1" Some of the ultra-shorts got roughed up pretty bad back in ‘08. "
Stay safe , Derf

Hi @hank
Note: msf posted while I was writing this; but I'll keep my write in place.

normally pegged at $5.00 But has managed somehow to creep all the way up to $5.09

TRBUX started life in 2012 with a NAV of $4.50. There is no normal NAV peg with a bond fund, eh?; only that some NAV's may remain in a tighter NAV range, which would likely be the case with the shortest of duration.
During the credit lock up period of March, this fund's NAV moved to $4.80.
'Course, if one wants to ride a wide pony in bonds, there is always ZROZ (long duration zero coupon bonds). In the month of March, the ride in two weeks was from a NAV high of $188 through a NAV low of $148..........a 21% swing.
On the other hand, since inception in late 2009; the annualized 10 year return of ZROZ is 11%. Not unlike equity, one must pay attention with this etf; unless one chooses a buy and hold position to be maintained.
Take care,
Catch

Looking at this from the perspective of a single bond may help. When you buy a bond, you lock in a total return to maturity. In some sense, it doesn't matter what market rates or prices do.
Think of a 1 year bond that pays 2% interest at maturity (simple interest, one payment). Say the market rate is currently 2%. So you can buy the bond at par ($100) that pays $102 at maturity ($100 principal plus 2% interest).
Now the market rate drops to 1%. The price of the bond jumps to $101 (approximately). A new purchaser still gets $102 at maturity. On a $101 investment, that's a net return of 1%. In contrast, since you bought the bond last week at $100, nothing has changed for you. You still get a 2% rate of return over the year on your $100 investment.
Instead of holding the bond, suppose you sell it and pocket a quick 1% gain. You've got to put that money somewhere, so you invest in another one year bond, which is now yielding 1% (new market rate). That new bond costs you $100 and pays out $101 ($100 principal plus $1 interest) at the end of the year.
No difference, you're right back where you started. At the end of the year, you've made 2%: 1% from the immediate gain and 1% from the interest over the year.
If we think in terms of a MMF holding that one bond, the price of the fund jumps as you described (in my example to $101/share). If it continues to hold the bond, the price will gradually fall back (to $100). But at the same time it will continue to earn the higher 2% interest rate. That will more than compensate for the declining value. The net return over the year will be 1%.
Alternatively, the fund could sell its bond immediately, and purchase a new one at par with a 1% coupon. The value of the fund would remain stable rather than dropping 1%, but over the next year the investors would receive only 1% in interest. Same net return.
This is why I like to look at SEC yield. Regardless of whether the fund continued to hold the 2% bond (now priced at $101) or swapped it for a 1% bond at par, the reported SEC yield would be the same 1%.