If you look at Vanguard VFIAX, its PE=23.1
The top 4 companies in the index EEM are high tech ones and 22% of this index
Alibaba Group Holding Ltd ADR
Tencent Holdings Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Samsung Electronics Co Ltd

List of Businesses Amazon is in ..... (Pardon my dangling preposition.)
1. Retail goods
2. Amazon Prime
3. Consumer electronics
4. Digital content
4.1 Amazon Studios
4.2 Amazon Games Studios
5. Amazon Video
5.1 Video Direct
6. Delivery
6.1 Groceries
7. Amazon Business
8. Amazon Drive
9. Private labels and exclusive marketing arrangements
10. Amazon Web Services
11. Amazon Publishing
12. AmazonSmile
13. Amazon Local
14. Retail stores
15. Amazon Home Services
16. Amazon Cash/Top Up
hmmm... https://en.wikipedia.org/wiki/List_of_Amazon_products_and_services
In rural / northern Michigan I just acquired internet service adequate for streaming movies. Quickly learned that Amazon Prime Video ain’t so “prime”. For most of the good stuff they hit you up for charges ranging from $2 to $4 for a maximum 48-hour rental. By contrast Netflix and others let you watch as much as you want for one flat fee ($9 a month in the case of Netflix)

One reason maybe that AVEFX ''flies under the radar'' is it is not available at Fidelity or Schwab no load/NTF.

In 2020 peak to trough AVEFX lost about 10% while FPINX lost only about 2%.
AVEFX has 20% in stocks FPINX < 1%
Vanguard VASIX is a better choice than AVEFX. See (chart). VASIX ER=0.11%. It has better performance and SD(volatility) is close.

No fund would be good at a 9.2% expense ratio. They’ll continue to waive it.
I agree though, that high of cash is odd, but I think it’s just inflows from people like me. Tad has been bearish. I hope his bearishness doesn’t lead him to pass up too many opportunities. He’s got over 1 million in the fund, so I’m sure he hasn’t just forgot about it. Looking forward to seeing what moves they make.

“They said that as AUM increases, the yield will fall.”
That’s what they told me would happen back in early June. AUM was around 11 million then. If AUM is up to 17, then I has increased by about 55%. Cash has increased to 36%. This was all to be expected. The question is how will they deploy all that cash. It looks like they are expecting a covid second wave, recession/depression, defaults, etc. They want dry powder. By hiring them as managers, I’m paying for this type of tactical allocation. We’ll see how it works.
I don’t need this fund for monthly income. It’s an aggressive opportunistic allocation.

As of 6/30 they have 35.57% in cash. They will probably have an update in the week following this week. It's strange they have so much cash. 17 million is a very small portfolio and it should be very easy to find more bonds for extra 6-7 million.
The next 1-2 weeks would tell us plenty. Is the daily distribution fall around 0.0015, 0.002 or more.
If the expense ratio goes to 9.2% (the waiver of 8.38% ends at 7/31/2020) this fund will not be good.

There are still lots of "things" that make me go hmmm... even at 81. :)

Jeff's weekly column is always a good use of 15 minutes of my time. Hopefully you will find some value in this weeks writeup.
"I have written about economic indicators for more than fifteen years in WTWA and studied them before that. Usually there is some value in each. Not now. Very few are helpful in identifying the economic turn and prospects.
Indicator Analysis
I will summarize the indicator, how it is interpreted, the current implication, and my own comment."
Weighing The Week Ahead: Time To Look Under The Hood

@Derf - May 12 at $58.50. Haven't added to it since but wish I had.

From Jesse Felder, The Felder Report:
"Just three stocks, Apple, Amazon and Microsoft, make up more than 16% of the S&P 500 Index and over a third of the Nasdaq 100 Index. Together they are now valued at nearly $5 trillion. That’s larger than the entire economy of Germany and roughly the size of the Japanese economy."

Hi guys,
With this past Friday's market close on July 24th Old_Skeet's stock market barometer, which follows the S&P 500 Index, produced a reading of 129 which indicated, by the barometer's scale, an overbought reading for the Index. The last reported reading of 121 on July 17th reflected that the Index was extremely overbought. A higher barometer reading indicates that there is more investment value in the Index over a lower reading.
Generally, I will not open an equity spiff position until the barometer has reached a reading of around 160 or better; and, I start stepping out of a spiff postion with a barometer reading of 140, or lower. With this, we still have a ways to go before the Index becomes a buy for me.
My current asset allocation is about 15% cash, 45% income and 40% equity. I am overweight the income area by +5% because of low cash yields. My normal asset allocation is 20/40/40.
Thanks for stopping by and reading.
I wish all ... "Good Investing."
Old_Skeet

“They said that as AUM increases, the yield will fall.”
That’s what they told me would happen back in early June. AUM was around 11 million then. If AUM is up to 17, then I has increased by about 55%. Cash has increased to 36%. This was all to be expected. The question is how will they deploy all that cash. It looks like they are expecting a covid second wave, recession/depression, defaults, etc. They want dry powder. By hiring them as managers, I’m paying for this type of tactical allocation. We’ll see how it works.
I don’t need this fund for monthly income. It’s an aggressive opportunistic allocation.

Stole this from The Balance -
“ Emerging Markets List
The Morgan Stanley Capital International Emerging Market Index (MSCI Index) lists 26 countries. They are Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.
Other sources also list another eight countries as falling into the emerging market category. They include Argentina, Hong Kong, Jordan, Kuwait, Saudi Arabia, Singapore, and Vietnam.
The main emerging market powerhouses are China and India. Together, these two countries are home to over 35% of the world's labor force and population. In 2018, their combined gross domestic product (about US$28.1 trillion) was greater than that of either the European Union ($18.8 trillion) or the United States ($20.5 trillion). In any discussion of emerging markets, the powerful influence of these two super-giants must be kept in mind.”
I wonder if an investor would be wise to be select some countries and rule out others?

The old M* shows 16.9 million (link)
My whole point is to show a huge reduction is distributions and why MWFSX performance will be much lower in the future.
If you look at M* for the Multi category(here) You can see the following
One month...category=1.79...MWFSX =0.89
One week.....category=0.75...MWFSX =0.11

0.0015 * 365 = 5.475%
It has accumulated $0.068212965 so far this month. with only 5 days left my guess is the distribution for this month about 7.6cents. Last month was 13cents.
other funds showed price appreciation but not this one. But the question is how long how far can the price go up. If MWFSX can keep price and distribution stable it is not a bad choice. my concern is its distribution is in a a downward trend and quite dramatically. Need to keep a close look.
AUM is 16.9M at their website. M* is 13.7M

Using rounded figures for back of the envelope calculations:
EDV:
2013 Price loss: 1 - 89.62/116 ~= 22¾% (Yahoo figures for 12/31/2012 and 12/30/2013)
2013 Yield: -18.86% - (22¾%) ~= 4%
Say that PSLDX had bonds of similar maturity, so it should have made 4% on the yield also.
It should have lost about 13&frac12;/25 as much on bond prices (shorter duration), or about 12&frac14;%
It should have gained about 32&frac14;% on the equity side.
(Per mid 2013 prospectus, the target duration for PSLDX was 13&frac12; years ±2 years)
Thus it should have made: 32&frac14;% + 4% - 12&frac14;% ~= 24;%
It not only got crushed by its long bond holdings, but underperformed as well.
You are comparing a zero coupon bond fund with a coupon bond fund. That may be okay with a short term bond (or bond fund), but falls apart as maturities get longer. As Fidelity says:

Generally, bonds with long maturities and low coupons have the longest durations. These bonds are more sensitive to a change in market interest rates and thus are more volatile in a changing rate environment. Conversely, bonds with shorter maturity dates or higher coupons will have shorter durations

There are most definitely derivatives in play with PSLDX,
AFAIK, nearly all the "play" is simply to gain leverage. There's a whole lot of investment engineering one can do with derivatives, as PIMCO typically does with its funds. In contrast, here derivatives are used primarily to get market exposure without putting up much cash: "It does this by purchasing low-cost S&P 500 derivatives exposure." These derivative mimic the S&P. It can then use the cash that it would have invested in the equity market to invest in bonds. There's your 2x leverage. Nothing funky.
The marcom verbiage you're paraphrasing (with no quotes, no cites) says simply that when one mixes stocks and bonds, sometimes the bonds help, sometimes they hurt. I've posted on this too many times already to say much more than that. Other than to observe that one thing it omitted is that because this fund is leveraged roughly 2&frac14 x (100% stock exposure, 125% bond exposure) it could fall 2&frac14 times as fast as "the market" if both stocks and bonds fall. Which more than explains why :
it lost a ton of value in a few sessions, not explained by the market
From March 15 through March 23, PSLDX lost 21%, the S&P 500 lost 17%, and VWESX (an IG grade fund with a similar 14 year duration and similar 21-22 year maturity) lost 8%. Just adding the equity and bond losses together (forgetting about the extra 25% bond side leverage), one gets a loss of 25%. Impressive performance, actually.
Here's a chart showing these funds, plus PSTKX over this short period.
Equity, long bonds, leverage. Not much else going on here, no magic.

One of my favorite SC managers, Jeff James of Driehaus recently posted this commentary on why SC stocks may not have earnings. I found it very instructive. I own DVSMX and DSMDX. I note a similarity with how the managers of BCSIX and BCSVX describe how they pick innovative companies, a process that results in an overload in tech and healthcare.
https://www.driehaus.com/perspectives/Rise-In-Small-Cap-Non-Earners-Is-Not-Signaling-What-You-Think
My bias is toward small MF companies, small funds, and managers who explain well what they do. I had to wonder about my biases in the face of what one of Old_Skeet’s global SC choices, SMCWX, has accomplished in its lifetime. How 17 or 18 managers, running $49B, among a slew of share classes, arrive at just about the same result as one of Grandeur Peak’s best offerings, GPGOX, defies my best thinking. At least I admit that I have biases, but the facts are hard to argue with.

Yeah, since Feb 20 it looks chiefly like this aggressive 85% fund w LCG (???), and now is back to right where the somewhat similar VALIX is.
That is some mid-March trough for sure.
Longer-term it is all rock 'n' roll, and they sure did something yuge starting June 2019.
$1M min??
This is interesting, a little, from before mid-March: https://www.bogleheads.org/forum/viewtopic.php?t=305950

MSF, having held PSLDX for quite a while I can say that it does not correlate as directly to interest rates as one might expect. The general concept of the fund is that when stocks are down, bonds are up and vice versa, mitigating the impact of rising rates. In 2013 for example EDV was down 19.86%; Spy was up 32.31% and PSLDX was up 18.86%. So in that one year it under performed SPY but was hardly "crushed." In return the fund has averaged north of 21% for a decade while providing some of the cushion of a conventional balanced fund. PSLDX would do quite poorly in a rapidly rising rate/declining stock market scenario, but that has been historically rare (good write up on this in the NSTX literature). There are most definitely derivatives in play with PSLDX, and that makes it something I can't go all in on despite its incredible performance. As I mentioned, during the COVID swoon it lost a ton of value in a few sessions, not explained by the market and which SHOULD have been mitigated by soaring long bonds. Very scary, though the bounce back has been robust.

I would do as I did with my two youngest kids. Set up a brokerage account, making it a Uniform Gift to Minors if the child is under 21. Try to explain that you are putting in some dough and that additional deposits should represent 50% of the child’s earnings, even if minimal. An adult child should be shown how to pay him/herself first. Invest the parent or grandparent contribution in a good growth fund (AKREX) and a dividend growth ETF (VIG). If only $1K is available, use ETFs for both positions, using QQQ (or similar) for the growth portion. Try to get the kid to see how the account works and how money can grow if it’s added systematically. At 21, the kid’s in charge and you hope you’ve been a good teacher. Offer advice when it’s sought.

Leuthold makes the case for looking at a tactical allocation to EM.

We’ve never shared the secular enthusiasm for EM equities professed by many of our peers, but we try not to let our bias blind us to tactical opportunities. Emerging Markets trade at a little more than half of the S&P 500’s normalized P/E (14.2x versus 27.0x), despite matching the mighty NASDAQ 100 over the last three months. We can’t think of any other major pocket of value with that type of momentum.

Over the past 3 months, Vanguard EM and the NASDAQ composite have both risen 21%.
Just food for thought.
David