The global currency fund (ICPHX) was interesting. It has been managed by Hassenstab (TBGAX) since 2001. Until mid 2016 it was known as Franklin Hard Currency Fund.
https://www.mutualfundobserver.com/2016/04/april-1-2016/
https://www.sec.gov/Archives/edgar/data/780379/000078037916000045/thcfdefinitiveproxystatement.htm
That fund was designed as a hedge against a falling dollar. Which explains why, between 2011 and the end of 2015 its AUM dropped from around $700M to around $100M. Per Oct 31, 2015 annual report.
The dollar was soaring over this period.
U.S. Dollar Index - 43 Year Historical Chart
So the fund was opened up to going both long and short against the dollar, and the fund changed its name. ISTM it became a way to access Hassentab's currency plays without the interest rate risk exposure of his bond funds. But at a high cost (ER).
AUM continued to slide, now at $35M. So it's no surprise that this fund is being closed. All in all, a most unusual fund.

Franklin India Growth Fund
https://www.sec.gov/Archives/edgar/data/876441/000087644119000013/p10519.htm
Templeton Emerging Markets Balanced Fund
https://www.sec.gov/Archives/edgar/data/916488/000091648819000021/p10519.htm
Templeton Global Currency Fund
https://www.sec.gov/Archives/edgar/data/780379/000078037919000009/p10519.htm
Franklin K2 Global Macro Opportunities Fund
https://www.sec.gov/Archives/edgar/data/1535538/000153553819000009/p20519sec.htm

N-14 filing(registration):
https://www.sec.gov/Archives/edgar/data/1040612/000104061219000056/broadviewmadisonformn-14.htm

FYI: Billionaire David Tepper plans to turn his hedge fund Appaloosa Management into a family office where he will invest his personal fortune and return capital to outside clients at some point, a person familiar with his plans said on Thursday.
Appaloosa, which was founded by Tepper, has gained an average of 25% each year for more than a quarter century and manages $13 billion in capital.
Regards,
Ted
https://www.reuters.com/article/us-hedgefunds-appaloosa/hedge-fund-manager-david-tepper-plans-to-send-investors-money-back-idUSKCN1ST1VB

I held HIEMX until Jain left, invested in his new emerging market fund starting late 2017, and also have GSIHX which he subadvises for Goldman Sachs. Its not my only emerging market or intl, but his record is excellent, and is a long term hold for me.

FYI:
Regards,
Ted
https://www.cnbc.com/video/2019/05/23/cashin-so-much-of-the-sell-off-is-about-trade.html?&qsearchterm=Art Cashin

FYI: Cash was the best-performing holding in many investors' portfolios last year--and in my model portfolios, too. Even as the U.S. stock market dropped 5% and the Bloomberg Barclays U.S. Aggregate Bond Index barely clung to a gain, investors in money market funds and other cash products pocketed yields of as much as 2%. And because cash investments don't lose value, cash investors didn't experience the net asset value shrinkage that many bond investors ran into last year.
But despite its heroic showing in 2018, has cash delivered as a diversifier for stocks over longer time frames? Not as much as Treasury bonds or the Aggregate Index have, based on a follow-up look at data depicting the correlations between stocks and various other asset classes.
Regards,
Ted
https://www.morningstar.com/articles/930643/cash-core-and-coreplus-bond-funds-and-other-meh-di.html

There doesn't seem to be more info to be gleaned from the posts below, but the fund was foretold at MFO:
Vanguard Global Credit Bond Fund in registration (Shadow)
Here comes Vanguard’s global credit bond fund: News Scan Money Management Executive
Vanguard Expands Active Fixed Income Offerings With Launch Of New Global Credit Bond Fund: (GBP) (bullpen)

Our hosting provider has informed us that the will be performing maintenance on our server. They expect the server to be offline for about 30 minutes, beginning ... oh very soon (Between 10:00 pm and 1:00 am Eastern on 5/22).
Thanks for your patience!
chip

https://www.sec.gov/Archives/edgar/data/1040612/000104061219000058/madisonsmallcapprospsupple.htm
Madison Funds
Supplement dated May 22, 2019
This Supplement amends the Prospectus of the Madison Funds and the Summary Prospectus
for the Madison Small Cap Fund dated February 28, 2019
Small Cap Fund
Madison Asset Management, LLC (“Madison”), the investment adviser (the “Adviser”) to the Madison Funds (the “Funds”), has entered into an asset purchase agreement with Broadview Advisors, LLC (“Broadview”) pursuant to which Madison has agreed to purchase certain assets relating to Broadview’s advisory business (the “Transaction”). As part of the Transaction, Madison will assume the assets of the Broadview Opportunity Fund (the “Broadview Fund”), the sole series of Broadview Funds Trust, by reorganizing it with and into the Madison Small Cap Fund (the “Small Cap Fund”), a series of the Madison Funds (the “Reorganization”).
On May 8, 2019, the Board of Trustees of the Madison Funds, including a majority of the independent trustees, approved the Reorganization and determined that the Reorganization was in the best interests of the Small Cap Fund and its shareholders and that the interests of shareholders would not be diluted as a result thereof. The Board of Trustees of the Broadview Fund approved the Reorganization on May 13, 2019.
The Reorganization shall be effective as soon as practicable following notice to Broadview Fund shareholders pursuant to a combined information statement/prospectus, currently anticipated July 26, 2019 (the “Effective Date”). Shareholder approval is not required to effect the Reorganization, and shareholder approval is not being sought.
In connection with the Effective Date of the Reorganization, the Board of Trustees of the Funds approved the following:
1. Madison will continue to manage the Small Cap Fund, which is currently subadvised by Wellington Capital Management LLP (“Wellington”). Wellington will cease to be the sub-adviser as of the Effective Date. Three of the four existing portfolio managers of the Broadview Fund, Rick Lane, Faraz Farzam and Aaron Garcia, will become employees of Madison and will manage the Small Cap Fund. Rick Whiting, the remaining portfolio manager of the Broadview Fund has elected to retire and will not be joining Madison. Biographical information regarding the portfolio managers is provided below.
•Mr. Richard E. Lane, CFA, currently serves as the President and a Member of Broadview, which he founded in 2001. He has served as a portfolio manager to the Broadview Fund since November 29, 2013, and to the FMI Focus Fund (the Broadview Fund “Predecessor Fund”) from October 1, 1997 until its reorganization into the Broadview Fund on November 29, 2013 (the “Reorganization”). Mr. Lane has worked in the financial services industry since 1982 and has a BA in Economics and an MS in Finance from the University of Wisconsin-Madison.
•Mr. Faraz Farzam, CFA, has been with the Broadview since 2001 and is currently a Portfolio Manager and a Member of Broadview. Mr. Farzam has served as a portfolio manager to the Broadview Fund since November 29, 2013, and to the Predecessor Fund from January 2010 until the Reorganization. Mr. Farzam has worked in the financial services industry since 1999 and has a BS from the University of Wisconsin-Madison.
• Mr. Aaron J. Garcia, CFA, has been with Broadview since 2003 and is currently a Portfolio Manager and a Member of Broadview. Mr. Garcia has served as a portfolio manager to the Broadview Fund since November 29, 2013, and to the Predecessor Fund from January 2010 until the Reorganization. Mr. Garcia has worked in the financial services industry since 2002 and has a BA from Rice University.
2. An amendment to the Services Agreement between the Adviser and Madison Funds to reduce the service fee with respect to the Small Cap Fund from an annual rate of 0.25% to 0.21%, and cap total annual operating expenses for a two-year period to 1.21% for Class Y (which is the current expense ratio of the Broadview Fund share class, excluding acquired fund fees and expenses), and to 1.46% and 2.21% for Class A and Class B, respectively (excluding acquired fund fees and expenses).
3. The legal survivor of the Reorganization will be the Madison Small Cap Fund, however, the accounting survivor will be the Broadview Fund therefore its performance and financial history will survive the Reorganization.
Please keep this Supplement with your records.

@MFO Members: From Vanguard Website. VEIGX
Regards,
Ted
https://pressroom.vanguard.com/news/Press-release-Vanguard's-First-Actively-Managed-ESG-Fund-Now-Available-For-Investment-05212019.html

https://www.sec.gov/Archives/edgar/data/734383/000093247119007103/ps2247.htm
497 1 ps2247.htm GLOBAL ESG SELECT STOCK FUND SUPPLEMENT
Vanguard Global ESG Select Stock Fund
Supplement Dated May 21, 2019, to the Prospectus and
Summary Prospectus Dated May 21, 2019
Subscription Period
Vanguard Global ESG Select Stock Fund will hold a subscription period from
May 21, 2019, through June 4, 2019. During this period, the Fund will invest in
money market instruments or hold its assets in cash rather than seek to achieve
its investment objective. This strategy should allow the Fund to accumulate
sufficient assets to construct a complete portfolio within a single day and is
expected to reduce initial trading costs.
The Fund reserves the right to terminate or extend its subscription period prior
to June 4, 2019.
During the subscription period, you may invest in the Fund online (if you are
registered for online access) or you may contact Vanguard by telephone or by
mail to complete a transaction. Please see the Investing With Vanguard
section of the prospectus for more details about requesting transactions.
© 2019 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
PS 2247 052019

(Formerly the FMI Focus Fund)
https://www.sec.gov/Archives/edgar/data/1586281/000139834419009205/fp0042550_497.htm
497 1 fp0042550_497.htm
Broadview Opportunity Fund
Supplement to Prospectus and Summary Prospectus dated January 28, 2019
On May 13, 2019, the Board of Trustees of Broadview Funds Trust (the “Trust”) approved the reorganization (the “Reorganization”) of the Broadview Opportunity Fund (the “Broadview Fund”), the sole series of the Trust, into the Madison Small Cap Fund (the “Madison Fund”), a series of Madison Funds. The Board of Trustees of Madison Funds approved the Reorganization on May 8, 2019.
Broadview Advisors, LLC (“Broadview”) serves as the investment adviser to the Broadview Fund and Madison Asset Management, LLC (“Madison”) serves as the investment adviser to the Madison Fund. The Broadview Fund and the Madison Fund are collectively referred to as the “Funds.”
In approving the Reorganization, the Board of Trustees of the Trust considered, among other things, the similarities between the Funds’ investment objectives and policies, the fact that the Funds’ investment management fees at the time of the Reorganization will be the same, that the costs of the Reorganization will be borne by Broadview and Madison and not the Funds, the continuity of portfolio management (as three of the four portfolio managers of the Broadview Fund will manage the reorganized Madison Fund), the distribution capabilities of Madison, and the anticipated tax-free nature of the Reorganization.
Under the terms of the Agreement and Plan of Reorganization and Liquidation approved by the Board of Trustees of each of the Trust and Madison Funds, shares held by Broadview Fund shareholders will be exchanged for shares of the Madison Fund at the closing of the Reorganization. At the same time assets held by, and liabilities of, the Broadview Fund will be transferred to the Madison Fund.
Broadview Fund shareholders may purchase and redeem shares of the Broadview Fund in the ordinary course until the last business day before the closing of the Reorganization, which is expected to occur on or about July 19, 2019 (the “Closing”). Purchase and redemption requests received after the Closing will be treated as purchase and redemption requests for shares of the Madison Fund received in connection with the Reorganization. Prior to the Closing of the Reorganization, Broadview will continue to manage the Broadview Fund in the ordinary course.
As a result of the Reorganization, each shareholder of the Broadview Fund will become a shareholder of the Madison Fund and will receive Class Y shares of the Madison Fund of equal value to their shares in the Broadview Fund. It is expected that the Reorganization will be treated as a tax-free reorganization for federal tax purposes.
The Madison Fund will file a Registration Statement on Form N-14, which will include a combination information statement/prospectus (the “Information Statement/Prospectus”), with the Securities and Exchange Commission in connection with the Reorganization. When available, the definitive Information Statement/Prospectus will be sent to shareholders of the Broadview Fund. Shareholders of the Broadview Fund are urged to read the Information Statement/Prospectus when it becomes available, because it will contain important information about the Reorganization. Shareholder approval is not required to effect the Reorganization, and shareholder approval is not being sought.
Please retain this Supplement for future reference.
The date of this Supplement is May 21, 2019.
______________________________________________________________________________________________________
(Madison Funds "Y" class requires $25K minimum for taxable and non-taxable accounts)
https://www.madisonfunds.com/individual/find-a-fund
https://www.madisonfunds.com/proxy/files/Funds/FactsSheets/SmallCap.pdf?ctgv=554.0

FYI: A flurry of manager changes in 2019 has triggered downgrades to several Morningstar Medalist fund ratings. New managers often bring less experience to the table. There's usually a period of uncertainty about how the fund's approach, portfolio, and performance pattern will change since it can take a few months to see what moves the new manager has made. Even if a fund company says the strategy will remain the same, a new manager always puts his stamp on the fund, and there's always the question of whether he'll execute as well as his predecessor. Below are some funds that were downgraded due to manager changes.
Regards,
Ted
https://www.morningstar.com/articles/929707/recent-rating-downgrades-signal-uncertainty.html

FYI: Research shows that traumatic childhood experiences can shape people for the rest of their lives — including how they behave as professional investors.
A new study examines how early-life family disruption — specifically, the death or divorce of a parent — affects the professional investment decisions of mutual fund managers. It finds that fund managers who experienced loss or divorce at a young age were significantly more risk-averse as investors, taking about 17 percent less risk in the funds they manage.
Regards,
Ted
https://www.institutionalinvestor.com/article/b1fhb6b555gjlq/Broken-Homes-Produce-More-Cautious-Fund-Managers

FYI: Following another year of strong flows from investors, assets in target-date mutual funds and target-date collective investment trusts totaled more than $1.7 trillion at the end of 2018. The persistent growth and massive amount of assets mean that target-date funds play a key role in helping more and more investors meet their retirement goals.
Here's a few highlights on the competitive landscape from Morningstar's recently released 2019 Target-Date Fund Landscape report.
Regards,
Ted
https://www.morningstar.com/articles/929906/price-continues-to-rule-the-targetdate-fund-landsc.html

@MFO Members: Here is a list of companies that offer DRIP plans.
Regards,
Ted
https://www.dripinvesting.org/choices/poll/results.asp?PollDate=201901&Order=C

FYI: It’s not just big oil and power companies that investors are pushing to do better on the environment.
In the next few weeks, Amazon investors will vote on a proposal made by shareholders and workers to push the company to describe how it’s curbing its use of fossil fuels. In California, investors of Ross Stores are asking the retailer of off-price clothing to set goals for reducing greenhouse gas emissions. And in Kentucky, Yum Brands shareholders are pushing for an annual report on what the parent of KFC, Pizza Hut and Taco Bell is doing about deforestation caused by its suppliers.
As the earth gets warmer, shareholders with the environment in mind are widening their focus and increasingly targeting consumer businesses, internet companies and others that don’t first come to mind as big polluters.
Regards,
Ted
http://www.telegraphherald.com/news/business/article_9be8b6d1-072b-5dbc-a82f-9cdad3f923ba.html

FYI: It’s a shocking statistic. According to industrial psychologist, Paul Babiak and criminal psychologist, Robert D. Hare, about one percent of men are bona fide psychopaths.* The authors of Snakes in Suits, When Psychopaths Go to Work say most psychopaths aren’t Hannibal Lecter-types. Unlike the killer in Silence of the Lambs, most of them don’t stuff people in their freezers. But they lack empathy for other people.
Some leave social carnage in their wake. They might be married, yet sleep with multiple women without feelings of remorse. Others scale corporate ladders without caring about the hands they crush while climbing to the top. Others steal people’s money–without a shred of guilt.
In 2017, Maria Konnikova published the New York Times bestseller, The Confidence Game: Why We Fall for It…Every Time. It’s one of the most fascinating books I’ve ever read, showing (among other things) how almost anyone can fall for a Ponzi scheme. These are fraudulent investment schemes that promise high investment returns for little or no risk. But such profits aren’t real.
Regards,
Ted
https://assetbuilder.com/knowledge-center/articles/how-does-a-ponzi-scheme-lure-so-many-victims

https://www.yahoo.com/finance/news/vanguard-dividend-appreciation-etf-buy-161700271.html
Is Vanguard Dividend Appreciation ETF a Buy?
Motley Fool
Motley FoolMay 18, 2019, 11:17 AM CDT
Dividend stocks can be a great way to generate excellent total returns in your portfolio over time, and to create a nice income stream after you retire. However, dividend stocks that raise their payout year after year are even better. One exchange-traded fund, or ETF, that allows you to invest in a diverse portfolio of dividend growth stocks without high fees is the Vanguard Dividend Appreciation ETF (NYSEMKT: VIG).