FYI: (Click On Article Title At Top Of Google Search)
Unfulfilled promises of tax cuts, health-care repeal, and infrastructure spending have spurred municipal bonds higher this year.
Regards,
Ted
https://www.google.com/search?source=hp&q=Political+Misfires+Mean+Good+News+for+Munis&oq=Political+Misfires+Mean+Good+News+for+Munis&gs_l=psy-ab.3..33i160k1.5933.5933.0.8066.3.2.0.0.0.0.77.77.1.2.0....0...1..64.psy-ab..1.2.153.6..35i39k1.76.6TwLV-zh-xE

FYI: They would be investment successes, although perhaps not commercial hits.
Regards,
Ted
http://www.mutualfundobserver.com/discuss/

cat bonds are also included in a Pioneer offering HNW. the bonds plunged 16% on Friday, before Irma, as some predictions estimated damages of over $200bln and a wipe out of Fla insurers. on Monday those estimates were paired back to about $50bln, with about $20 bln of insured losses so cat bonds are back into recovery. one needs to note that in the Katrina aftermath they, too, have recovered and rallied.
so yes.. these are uncorrelated risks and returns. but, by its nature, people are happy with the perfect correlation in a bull market, with 'know-it-all comments' all around. efficient portfolio construction is not something everyone does as a hobby in their spare time.

Not sure how this has lost money over the past 3 years as it was up 25% over the past 3 years before IRMA and is still up 12.69% with essentially zero volatility (with the exception of the past 2 weeks). It also goes back to portfolio construction and that is why advisers use it. Take a look at the chart of AIG and Berkshire over that time period and then take a look at SRRIX. Volatility in those stocks is HUGE while SRRIX has next to none. It's about building a diversified portfolio where this is just one component. People pull from their portfolios over time and risk adjusted returns is most important. No client closes their eyes for 10 years and then opens them on the ten year anniversary to see how they did. How you get there day by day is most important. Modern portfolio theory.

You are completely missing the point if you look at it the way that you do. It is a 100% non-correlated asset in a portfolio that does not derive any return from the economy, politics, interest rates, etc. If you had actually looked at the return of the fund since it launched in Dec 2013 you would have seen it had beaten the global stock market over that time period with zero correlation. Sure, there is risk in the portfolio, just like in every other investment I'm sure you have, but the driver of returns are completely different than everything in your portfolio. When your stock portfolio dropped -19% from May 2015 through February 2016 Stone Ridge reinsurance was up over +8% with once again, no correlation. The fee is high certainly, but I have no idea how you can say it has "nothing particularly unique" as it is the most unique mutual fund out there. They negotiate contracts with reinsurance companies to get this exposure. Just like when you get into an auto accident and your premiums go up guess what happens when a major hurricane hits???? Premiums go up too and guess who reaps the benefits of those higher premiums???? That's right, investors in the fund. It is not an investment to day trade (nor do they let you do it anyway) - hence the high minimum so people that actually get it can purchase it, and people who do not, don't get access. It is a buy and hold strategy. There is a reason why quite a few reinsurance companies have been around over 200 years.......

doubtless many saw this (probably posted already too :) )

https://www.sec.gov/Archives/edgar/data/1199046/000119312517282865/d287623d497.htm
497 1 d287623d497.htm UNIFIED SERIES TRUST
ROOSEVELT MULTI-CAP FUND
Supplement to the Prospectus
And Statement of Additional Information
dated March 30, 2017
Supplement dated September 12, 2017
The Board of Trustees has determined to cease operations of the Roosevelt Multi-Cap Fund (the “Fund”) due to the adviser’s business decision that it does not want to continue to manage the Fund because it is no longer economically feasible.
As of the date of this supplement, the Fund is no longer accepting purchase orders for its shares and it will close effective November 15, 2017. Shareholders may redeem Fund shares at any time prior to this closing date. Procedures for redeeming your account, including reinvested distributions, are contained in the section “How to Redeem Shares” of the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to November 15, 2017 will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer and are held in a brokerage account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer for deposit into your brokerage account.
Effective immediately, the Fund is no longer pursuing its investment objective. All holdings in the Fund’s portfolio are being liquidated, and the proceeds will be invested in money market instruments or held in cash. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 60 days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodian account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.
* * * * * *
This supplement and the Prospectus provide the information a prospective investor should know about the Fund and should be retained for future reference. A Statement of Additional Information, dated March 30, 2017 has been filed with the Securities and Exchange Commission, and is incorporated herein by reference. You may obtain the Prospectus or Statement of Additional Information without charge by calling the Fund at (877) 322-0576 or visiting www.rooseveltinvestments.com.

Hi @catch22 and thanks!! My $54MM was calculated in a ridiculous way that I didn't think much about at the time. As of a few months ago the BOJ owned roughly $144BN of equity securities. My $54MM would be less than 4 basis points as an expense ratio and you're right it's not a big number in terms of what they hold but its still a lot of money.
One interesting thing I read is that the BOJ's balance sheet is the same size as the Fed, but their GDP and population are about 30% of the US. They also didn't start this process until years after the Fed did and they're still going strong. So far I haven't read anything suggesting they're ready to stop printing money. I think we have to be a little worried about what might happen when the Fed starts reducing their balance sheet but I don't think I want to be anywhere near an investment in Japan when the rumors start. I've owned MAPIX for a pretty long time and been very happy with it but with 30% of the portfolio in Japan I might need to make it a smaller part of my portfolio.

Hi @LLJB
Here is a list of articles regarding the BOJ and their brief history of supporting their equity markets. I did not dig through the articles to discover whether the bank pays any fees for purchases; but $54MM/annual would likely be little to the overall program.
https://www.google.com/search?q=special+etf+for+bank+of+japan+purchases&oq=special+etf+for+bank+of+japan+purchases&aqs=chrome..69i57.29485j0j8&sourceid=chrome&ie=UTF-8

That means they're paying something in the neighborhood of $54 MM annually in the expense ratio. Don't you think they could just do the trades for the individual companies themselves and come out way ahead? Why should taxpayers accept that?

Bonds appeared to hiccup Monday, after hitting absurdly, rediculously and insanely low yields last week. That had weakened financials. So a rebound was coming in financial companies like banks, which benefit from higher yields. Among my income-focused (bond heavy) funds, the following fell Monday: DODIX, RPSIX, OUSGX, PRFHX, DODLX. On the other hand, DODBX, holding many of the same bonds as sister-fund DODIX, had a decent day (+.41%) because its equities are heavily weighted towards the financial sector. Gold also reversed course on the higher rates, falling about $15. The 10-year is off slightly again this morning, it's yield inching up to 2.15%.
Bonds at these low rates may resemble Irma's approach. Sunshine and warm sea breezes right up until all hell breaks loose. Than, run for cover.

Hi @Maurice
Current member count here is about 2,700 registered, not that this, or length of time at this site really matters related to quality, participation or otherwise.
The following bold numbers below indicate the numerical join sequence number since MFO "was born".
mutualfundobserver.com/discuss/profile/7/Ted
mutualfundobserver.com/discuss/profile/58/Maurice
K. Have a good remainder. Wasting electrons regarding the theoretical value of a psuedo pecking order which means nothing, eh?
Regards,
Catch

I bought $5K of DVSMX in my Schwab account last week. No apparent minimum.

@golub1
TD:
DVSMX 10K regular, 2K IRA.
DNSMX 500K regular, 500K IRA.

https://www.sec.gov/Archives/edgar/data/751173/000119312517281360/d453777d497.htm
497 1 d453777d497.htm MANNING & NAPIER FUND, INC.
MANNING & NAPIER FUND, INC.
(the “Fund”)
Emerging Markets Series – Class S and I
(the “Series”)
Supplement dated September 11, 2017 to the combined Prospectus and the Summary Prospectus for the Series dated May 1, 2017 (the “Prospectus”)
This supplement provides new and additional information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.
The Board of Directors of the Fund has voted to terminate the offering of shares of the Emerging Markets Series and instructed the officers of the Fund to take all steps necessary to completely liquidate the Series. Accordingly, the Series will be closed to new investors and to additional investments from existing shareholders as follows:
For discretionary investment clients of Manning & Napier Advisors, LLC and its affiliates: The Series will be closed to new investors and to additional investments from existing shareholders effective immediately.
For other shareholders: Effective immediately, the Series will be closed to new investors. Effective October 6, 2017, the Series will stop selling its shares to existing shareholders and will no longer accept automatic investments from existing shareholders.
The Series will redeem all of its outstanding shares on or about November 10, 2017 and distribute the proceeds to the Series’ shareholders (subject to maintenance of appropriate reserves for liquidation and other expenses).
As is the case with other redemptions, each shareholder’s redemption, including a mandatory redemption, will constitute a taxable disposition of shares for those shareholders who do not hold their shares through tax-advantaged plans. Shareholders should contact their tax advisors to discuss the potential income tax consequences of the liquidation.
As shareholders redeem shares of the Series between the date of this supplement and the date of the final redemption, and as the Series increases its cash positions to facilitate redemptions, the Series may not be able to continue to invest its assets in accordance with its stated investment policies. Accordingly, the Series may not be able to achieve its investment objectives during the period between the date of this supplement and the date of the final redemption.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

FYI:
Regards,
Ted
http://ritholtz.com/2017/09/ray-dalio-book/
"Principles: Life and Work: MFO Amazon Link:
https://www.amazon.com/Principles-Life-Work-Ray-Dalio/dp/1501124021/ref=sr_1_1?ie=UTF8&qid=1505123283&sr=8-1&keywords=ray+dalio+principles

Now, that would have been some bet --- forget SPX, gimme $10M if a savvy-managed bond fund beats your group of hedge funds.
(PIMIX beat SPX by 50%!)
Ivascyn is an even bigger bfd than many already know. The last four bullish years (actually a bit less), PDI has beat SPX by almost 11%.

Musk isn't the only one:
https://washingtonpost.com/news/the-switch/wp/2015/01/28/bill-gates-on-dangers-of-artificial-intelligence-dont-understand-why-some-people-are-not-concerned/?utm_term=.3e9a5fb47231