FYI: Newcomer Artisan Developing World earns a Bronze rating thanks to its seasoned manager, attractive approach, and good parent with a long record of success.
Regards,
Ted
http://news.morningstar.com/articlenet/article.aspx?id=816785

In global markets, all signs of sentiment are pointing up. And it's that very unbridled enthusiasm that could spell their downfall.
http://www.businessinsider.com/stock-market-today-record-low-cash-active-manager-inflows-2017-7?utm_content=buffer62e57&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer-finance

FYI: AS I THINK BACK over the past three decades, I have one overriding investment regret.
No, it has nothing to do with the investments I bought. For much of the past 30 years, I’ve owned a globally diversified portfolio, with 100% in stocks when I was younger and closer to 70% now that I’m in my mid-50s. Initially, I owned actively managed funds and a few individual stocks, but I substituted index funds as they became available, so my stock performance has been what you would expect—very similar to the broad market.
Regards,
Ted
http://www.humbledollar.com/2017/07/looking-bad/

"The first that you may notice when looking at the simple index funds compared to the complex funds is the difference in expense ratios. ... The simple index fund ... does very little trading, which is what helps it keep its expense ratio so low."
Sigh. Trading costs are excluded from expense ratios, so a lack of trading cannot be what keeps a fund's ER low.
WSJ: "Portfolio managers can rack up steep expenses buying and selling securities, but that burden isn't reflected in a fund's standard expense ratio."

FYI: One of the downsides of the fund industry boom is that it has produced some offerings that are risky, expensive and, often times, misunderstood.
Regards,
Ted
http://mutualfunds.com/education/how-short-selling-and-leverage-impact-mutual-funds-returns/?utm_source=MutualFunds.com&utm_campaign=ad00745ab1-Dispatch_Weekend_Engage_07_22_2017&utm_medium=email&utm_term=0_83e106a88d-ad00745ab1-290921629

FYI: Even as the S&P 500 Index clawed its way to a fresh record and squeezed out a third consecutive weekly gain, signs of fading enthusiasm in U.S. stocks have become increasingly difficult to ignore.
Regards,
Ted
https://www.bloomberg.com/news/articles/2017-07-21/record-s-p-500-failing-to-stem-steadiest-fund-outflow-since-2009

In this case, mainly because he never just comes out with a call ("foreign sovereigns look like the place to be the next 15 years or so", "everyone thinks Treasuries are going up, but oil prices tell a different story so we're positioning ourselves differently", etc.) -- he wraps his "read" up in some pseudo-literary naval gazing.
And, among the would be poets out there, he's the worst.

Sorry but why single him out for his flatulence? Pretty much 95% if not 99% stink up the place anyways.

here in Central Ohio the building boom is going full speed. Builders cannot put up new single-family, apartment, and condo homes fast enough. Even the massive apartment complexes are mostly leased before they open. We are having bidding wars over existing homes on the market, and even in my own neighborhood, home sale prices have pushed up values some 20-30% in the last year alone.

Do you sense that this is (somewhat) the case in Springfield and Dayton too?

I am less enthusiastic about those two smaller cities. Springfield, especially, is still suffering economically from several major industrial employers leaving. The folks I know that live there all commute outside the area for work, either going east to Columbus or west and south to Dayton and Cincy. Dayton is looking a bit better, but the city and area relied on NCR, GM and other auto industry so heavily that it was crushed during the recession. It does seem to be coming back, but nothing close to the boom that is going on in Columbus. The suburban Dayton area has really grown, while the city itself continues to lose population, down almost 50% from its 1970's high.

I would suggest carving a separate part of your portfolio for these kind of funds that have the ability to change their allocations as world economies and interest rates change. We call these "Dynamic" funds, and do not try to parse their holdings into asset classes like 40% international, 35% domestic, and 25% bonds. They are a separate asset class that we own for specific reasons. Funds that would not go here would be those that maintain by design or by decree a limited asset allocation variation, such as VWELX, VWINX, DODBX, VBINX, etc. These funds have parameters that prohibit their managers from much, if any, change in their stock/bond/cash allocation. Funds that WOULD fall into the Dynamic bucket would be OAKBX, PRWCX, WHIGX, FPACX, MALOX, RPGAX, TIBIX.

Hello,
In my global hybrid sleeve found in the growth & income area of my portfolio I hold two world allocation funds CAIBX and TIBAX. The third fund PMAIX is classifed as an asset allocation (30% to 50% equity) fund but it has good weightings towards foreign securties (both stocks and bonds). I look for good yield generation from most of my funds and these three funds deliver with yields of 3.31%, 3.73% and 4.67% respectively. Year-to-date the sleeve as a whole is up about 9.2% and accounts for about a 25% weighting in the growth and income area which in turn makes up about 35% of the overall portfolio. The portfolio itself has had a year-to-date investment return of about 9.0% while, my bogey, the Lipper Balanced Index has returned about 8.3%.
Currently, my three hybrid sleeves consists of 19 funds and when combined make up about 45% of my overall portfolio
Old_Skeet

CWGFX has a sister fund that is world allocation. CAIBX is available likely available NL, NTF at Fidelity. Now it is at 22% bond which is fairly low. About 50/50 US/Int equity with heavy focus on dividends, hence name Capital Income Builder. American funds have been solid performers and many are no load on Fido platform.

@Maurice

They both live in glass houses.

False equivalency. Read the U.S. News & World Report story. And I'm sorry if you're going to assume that anything published in U.S. News is false and part of the liberal media conspiracy, there really is no point in talking. It's respectably existed since 1933.
From the story:

Compare and contrast all of this with the much-maligned Clinton Foundation. Let's be clear: Whatever you think of the Clintons, their foundation has been a force for good. The signature example: Nearly 12 million people around the world have more affordable access to AIDS/HIV medication at least in part because of the organization. (See Colby political scientist Laura Seay's tweet-storm on the topic for a ground-level view of the foundation's work.) And it does a lot more – Inside Philanthropy's David Callahan has a good explainer here cataloging the foundations causes. (And contra right-wing talking points, 89 percent of its expenditures go to charity.)

By contrast, Trump's foundation gave less than $10,000 to the Police Athletic League, bought a giant picture of himself and gave $25,000 to Attorney General Pam Bondi to curry favor with her.

So, ya'll (MFO'ers) hadn't provided any linkage...................other than the connector in the original post.
Don't know about the original copy/paste article; but how much of the money for such areas of the senior world come from "Medicaid" payments or similar. If this gets the big whack in funding; what becomes of the revenue stream to senior housing???
https://www.google.com/search?q=SeniorLivingFund&oq=SeniorLivingFund&aqs=chrome..69i57j0l5.2630j0j8&sourceid=chrome&ie=UTF-8

@ Senior Living Fund: I just asked that you ad be flaged. However, if you want to contribute $5,000 to MFO, a non-profit website, the powers to be might reconsider
Regards,
Ted :(

A demographic of baby boomers has allowed seniors housing to become a winning investment—both in commercial real estate (CRE) overall and healthcare realty specifically. And there are plenty of reasons. Research shows that 100,000 units must be built each year through 2040 to meet anticipated demand. When you consider seniors housing is also recession-resistant, many would call this investment a basic “no-brainer.”
Over the past decade, seniors housing has outperformed every other asset classes of CRE. But recently, some investors have expressed concern over rising interest rates and potential overbuilding. In 2016, the occupancy rates declined 0.5+% (to 89.3%), leading some to wonder if oversupply could potentially impact returns in the long term. In fact, some sub-sections of the seniors housing market have already been impacted, specifically skilled nursing.
Which begs the question: is seniors housing still a wise investment? Research indicates “yes.” A survey from CBRE showed nearly 60 percent of U.S. investors actually plan to increase their seniors housing portfolios this year. And that’s an increase from less than 50 percent last year. Many seem confident a wide range of opportunity still lies in the seniors housing sector—if investors can keep the following factors top of mind.
Consider Secondary Markets: It may be true that some primary markets face a potential oversupply, but many secondary and even tertiary markets hold lots of potential for both renovation and new construction. Indeed, a significant portion of supply across all markets is outdated, leaving room for much-needed enhancements, such as making spaces more comfortable and sociable for seniors.
Do the Research: There is no substitute for doing your own due diligence. Whether you’re looking to invest in private equity or a REIT, make sure your chosen fund manager is knowledgeable, experienced, and aware of current market conditions. Request a portfolio showing past investments and new deals, as well as historical returns. Lastly, ensure that the fund manager takes time to consider each individual investment, analyzing existing demographics and competitors before committing to any specific project.
Be Informed: Keep an eye on current issues to make sure the fund or REIT you select is on trend. Skilled nursing declined this last year, and memory care has likewise seen impact in some areas from overbuilding. Meanwhile, independent living is now a favorite, which is off-trend from previous years. In fact, independent living reached a seven-year high in occupancy rates closing 2016—so high that it was actually highest absorption rate in a single quarter since NIC started collecting data back in 2006. The best fund managers will be aware of these trends.
Ask Lots of Tough Questions: A strong fund manager will likely tell you that project operators play a large role in ensuring the success of a given investment—sometimes even the most significant. Dan Brewer, the Chief Fund Manager at SeniorLivingFund.com, says, “The operator is hands-down the most important player in our investment decisions. They can make or break any opportunity, regardless of market or demand.” In other words, don’t shy away from asking who your fund manager may be working with, how long they’ve worked with one another, and to what outcome.
Keep It Real: As with all investment opportunities, market conditions like interest rates or political issues, can impact returns. Although seniors housing has seen unparalleled growth in the past 10 years, it’s reasonable to think the industry will keep growing—if only at a slower rate.
The great news about seniors housing: the opportunities are just beginning. The current wave of seniors now seeking care is the first of many to come. Research shows our 75+ population will likely grow at rates above current inventory growth rates (3.1 percent) until 2021. Indeed, for the 75-79 age group, growth could be as high as 5.7 percent. That leaves lots of room to grow the sector—and lots of room for solid returns for smart investors.

OK, then. I DID in fact look only as far as the top 5 holdings in the RPGAX portfolio at Morningstar--- under the assumption that a fund's top holdings gave an indication of the meat and intent of how the fund will be comprised and managed. So, I stand corrected. :) ...Silly me, using immediately identifiable indicators, and thinking that such things would correspond to reality....

Isn't it all just a vehicle for financing black market crime?
sciencemag.org/news/2016/03/why-criminals-cant-hide-behind-bitcoin
https://theguardian.com/technology/2017/may/15/digital-gold-why-hackers-love-bitcoin-ransomware
fortune.com/2017/03/19/irs-bitcoin-lawsuit/

FYI: T. Rowe Price is expanding its institutional NTF distribution through a key platform.
T. Rowe Price's Investor Class mutual funds are now available on Fidelity Investments' FundsNetwork (retail) from June 26
and Institutional FundsNetwork with no transaction fee from
July 5
Regards,
Ted
http://www.mfwire.com/common/artprint2007.asp?storyID=56685&wireid=2

@Crash @Ted
RPGAX a fund of funds???
24% of holdings are other TRPrice funds, yes. But, the fund has 1,361 holdings indicated.
Hardly a fund of funds, IMO.
This is a young fund, but the 3 year return is at 5.2%, versus a category average of 2.3%.
The fund is #13 on a long list of "world allocation" funds.
Don't own the fund, will not likely ever own the fund; but to claim the fund to be a "fund of funds" indicates light research.
Dig a little deeper, eh?; lest one gets caught with their pants down.
Regards,
Catch