Ironic that American Beacon continues to maintain direct account services, but now they will not allow new direct accounts to be opened via exchanges or new applications. Janus Henderson reopens its "D" share class accounts after being closed for 11 years.

So this details the Yale Investment Endowment in 2005

Remember when they used to tell us how Harvard had huge acreage of managed Timber? Oh yea, that’s something I can replicate. But here from Barron’s - keep it simple:
https://www.barrons.com/articles/ivy-league-endowments-1538530379
“The Yale model, however, hasn’t delivered superior returns in the past decade, and it’s far from clear that the diversified, high-fee approach will outperform in the future even if the U.S. stock market falters. One reason: There is now a huge amount of money chasing alternative strategies like private equity and venture capital. This is something that David Swensen may want to address.”
Is there any chance that Universities use Beardstown Ladies accounting? There is no mention of how much is coming in.
https://news.yale.edu/2019/09/27/investment-return-57-brings-yale-endowment-value-303-billion

I regard this Blackrock page about two of its funds as a sales blurb. Still worth keeping posted here as it can serve as a starting point on how to examine these pitches and how to examine numbers.
It says that IYLD "maximize[s] yield per unit of risk." We can see from the graph that this isn't true.
IYLD is represented by the pink Multi-Asset High Income Index dot: 3% yield and 12.5% std dev, for a yield/std dev (risk) ratio of 0.24. The US Dividend Stocks alone, with its 4.5% yield and 18% std dev has a higher yield per unit risk of 0.25.
Let's say you don't like that level of risk. We know that leverage can be used to dial up or dial down risk. If you want to cut risk by half, deleverage by half - put half into cash and leave half in your original investment.
Here, let's say we want to dial back the risk to the same 12.5% as IYLD. So we leave 12.5/18, i.e. 70% in div stocks. We'll put the rest into a no penalty CD (for complete liquidity and zero volatility) yielding 1%+. That gets us the same "risk" (read volatility) as IYLD and a yield of 70% x 4.5% + 30% x 1% = 3.15% + 0.3% = 3.45%. A much better yield, and a much simpler investment.
Of course I've ignored the fact that what I've constructed is primarily an equity portfolio except to the extent that I've calculated "risk". Which highlights two things: 1) Blackrock has likewise ignored any concerns about equity other than standard deviation, and 2) if this omission bothers you then you intuitively feel there's more to risk than standard deviation.
The picture on the bond side (YLD) is simpler. If you draw a straight line between the orange Aggregate Bond dot and the orange High Yield Bond dot, you'll see it passes a bit to the left (lower risk) of the YLD index. As it turns out, standard deviation doesn't follow a straight line when blending two investments. Blending (think diversification) reduces risk. So the true line representing a blend is not just barely to the left (lower risk) of YLD, but a bit more.
Again, no need to complicate matters with a plethora of different bond types of asset classes. Especially if you have to pay a management company to make the portfolio look impressive.
A bit more about volatility: These portfolios are constructed based on average correlations between the asset classes. As market risk increases, there is a tendency for these correlations to increase and consequently the overall portfolio volatility to increase. Something that's expected but not represented in the "risk" figures shown.
I would prefer a vehicle that monitored correlations and adjusted ratios accordingly. That's the exact opposite of what's described here: maintaining fixed targets regardless of market conditions.

https://www.sec.gov/Archives/edgar/data/1156906/000119312520173636/d946729d497.htm
CAUSEWAY CAPITAL MANAGEMENT TRUST
(the “Trust”)
Causeway Global Absolute Return Fund
(the “Fund”)
SUPPLEMENT DATED JUNE 19, 2020
TO THE SUMMARY PROSPECTUS AND PROSPECTUS,
DATED JANUARY 28, 2020, AS SUPPLEMENTED APRIL 2, 2020,
AND STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 28, 2020, AS REVISED FEBRUARY 3, 2020
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION
BEYOND THAT CONTAINED IN THE FUND’S SUMMARY PROSPECTUS,
PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION AND
SHOULD BE READ IN CONJUNCTION WITH THE FUND’S SUMMARY
PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL
INFORMATION. CAPITALIZED TERMS NOT DEFINED HEREIN ARE AS
DEFINED IN THE FUND’S SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION.
The Board of Trustees of the Trust has approved a Plan of Liquidation for the Fund, pursuant to which the Fund will be liquidated (the “Liquidation”) on or about July 20, 2020 (the “Liquidation Date”). The Trust may change the Liquidation Date without notice at the discretion of the Trust’s officers.
Suspension of Purchases. In connection with the Liquidation, effective as of the close of business on June 19, 2020, the Fund will close to new purchases of shares. Prior to the Liquidation Date, shareholders may continue to redeem their shares in the manner described in the “How to Sell Fund Shares” section of the Prospectus.
Once the Fund begins to liquidate its portfolio in preparation for Liquidation, the Fund will not pursue its investment objective or engage in normal business activities, except for the purposes of winding up its business and affairs, preserving the value of its assets, paying its liabilities, and distributing its remaining assets to shareholders.
Mechanics. Prior to the Liquidation Date, the Fund may make a distribution of any net investment income, net realized capital gains and/or any additional amounts necessary to avoid any excise tax obligations for the Fund. The Trust will automatically redeem any shares of the Fund outstanding on the Liquidation Date as of the close of business on that date. The proceeds of any such redemption will be the net asset value of such shares after the Fund has paid or provided for all charges, taxes, expenses and liabilities of the Fund. The Fund’s investment adviser will bear all of the expenses (other than brokerage, swap financing charges and other swap expenses, or other portfolio transaction expenses) associated with the liquidation of the Fund to the extent such expenses exceed the amount of the Fund’s normal and customary fees and expenses accrued by the Fund through the Liquidation Date. It is expected that the Fund will pay to shareholders the proceeds of Liquidation in cash to all shareholders of record of the Fund on the Liquidation Date.
U.S. Federal Income Tax Matters. For shares held in taxable accounts, whether you sell your shares or are automatically redeemed as described above, you will generally recognize a capital gain (or loss) equal to the amount you receive for your shares above (or below) your adjusted cost basis in such shares. See the section titled “Taxes” in the Prospectus. Please consult your personal tax adviser about the potential tax consequences.
If you have any questions regarding the Liquidation, you may contact the Fund at 1-866-947-7000.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CCM-SK-062-0100

This is great. Janus Hederson has a number of good funds, and for years nearly the only way a new Janus investor could purchase shares was to pay an extra 10 basis points for T shares though a brokerage (NTF).
DIY investors do also have an option to purchase I shares through Fidelity (and only Fidelity) by paying a TF, but those shares save just 5 basis points over the cost of D shares. With such a small savings, it takes a long time or a large account to make I shares worthwhile.
Now that Janus is reopening its direct sales channel to new accounts, smaller investors have access to a low cost share class (D) of a relatively low cost family of actively managed funds.
Note that D shares continue to be sold only directly through Janus. I suspect this is due to brokerages refusing to sell retail shares unless they can collect their 40 basis points from the fund family to sell the retail shares NTF.
There's a 2018 thread that covers this (not some of my clearest writing, though).
https://mutualfundobserver.com/discuss/discussion/40037/series-d-n-mutual-funds-the-new-share-classes-of-the-future

Several SAI filings for various funds. Class D reopens July 6, 2020. Below are several examples as well as news stories concerning the reopening of the D share class and direct referral program:
Asia Equity Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173520/d926498d497k.htm
Janus Henderson Global Technology and Innovation Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173519/d936651d497k.htm
Janus Henderson Balanced Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173518/d868184d497k.htm
Janus Henderson Global Life Sciences Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173517/d943820d497k.htm
Janus Henderson Research Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173516/d866682d497k.htm
Janus Henderson Global Research Fund:https://www.sec.gov/Archives/edgar/data/277751/000119312520173515/d946469d497k.htm
Janus Henderson Global Real Estate Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173514/d946374d497k.htm
Janus Henderson International Value Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173513/d944932d497k.htm
Janus Henderson Overseas Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173512/d944689d497k.htm
Janus Henderson Contrarian Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173511/d930781d497k.htm
Janus Henderson Venture Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173510/d895932d497k.htm
Janus Henderson International Opportunities Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173509/d946523d497k.htm
Janus Henderson Global Equity Income Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173507/d944786d497k.htm
Janus Henderson Emerging Markets Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173506/d36766d497k.htm
Janus Henderson Triton Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173505/d880545d497k.htm
Janus Henderson Global Select Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173504/d936723d497k.htm
Janus Henderson Enterprise Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173503/d934998d497k.htm
Janus Henderson Forty Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173502/d910866d497k.htm
Janus Henderson Growth and Income Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173501/d861091d497k.htm
Janus Henderson Global Value Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173500/d946513d497k.htm
Janus Henderson European Focus Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173499/d932363d497k.htm
Janus Henderson Value Plus Income Fund:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173373/d823448d497k.htm
Janus Henderson Absolute Return Income Opportunities Fund
https://www.sec.gov/Archives/edgar/data/277751/000119312520173372/d789120d497k.htm
News articles:
https://www.businesswire.com/news/home/20200619005237/en/Janus-Henderson-Investors-Reopen-U.S.-Direct-Business
https://seekingalpha.com/news/3584530-janus-henderson-to-reopen-u-s-direct-business-channel
Janus Henderson prospectus filing:
https://www.sec.gov/Archives/edgar/data/277751/000119312520173275/d906993d497.htm

Hi Guys,
So Morningstar decides and identifies 12 current superstar investors. Thar’s Good to know. But more interesting and profitable are how these winners perform after their selection? How persistent are these star operations? What fraction repeat their success story? Long term performance is what counts most!
Best Wishes

Agree with @rforno that most of these asset classes are outside the capabilities of smaller investors to own or manage,
Interesting Coincidence: Steven Roach (cited by @rono recently) has strong ties to Yale. From Wikipedia: “Steven Roach is an American economist and serves as senior fellow at Yale University's Jackson Institute for Global Affairs ...” Whether Roach’s views helped influence Yale’s endowment is another question.
What I like: It’s a widely diversified portfolio that’s not 100% dependent on the whims of the equity markets. I think over-dependence on equities / equity funds is the #1 reason many investors bail out at the wrong times after sustaining heavy losses.
What puzzles me: An amazingly low commitment to equities. Less than 3% domestic. With foreign thrown in, looks like the equity commitment is still under 20%.
What’s somewhat shocking: Low 7% commitment to cash and bonds.
What to beware of: The 10% real estate allocation. Owning “real estate” directly and investing in REIT funds are quite different and shouldn’t be conflated. Should the average retail investor keep 10% in a REIT fund? I’d say NO, unless intended as a short-term speculative play.
What concerns me somewhat : The various alternative strategies such as absolute return may be available to small investors, but those types of funds typically suffer from oppressively high fees and/or erratic performance. Further, without ability to lock-up investor money for longer periods (as an endowment can) mutual funds attempting those strategies are highly vulunerable to the effects of inflows and outflows.
Thanks @JohnN - Interesting article.

Hi guys. I agree with Ms. Schenone about not putting all of ones eggs in one basket.
An interesting fund that makes up about 9% of my hybrid income sleeve is AZNAX. This fund has a distribution yield of 7.7% and disburses 7 cents per share per month. To do this, it is very active in the market with its positioning as it has a 66% turnover ratio. Part of the distribution comes from capital gains and the other parts from dividend and interest income. And, at times, it has also returned some principal. I have been an owner of this fund for better than five years and so far through the years that I have owned it I am net positive on my principal investment plus what it has paid out to my pocket.
For me, it has been a good income generator. If it were not already at a full allocation within its sleeve I'd buy more of it during stock market downdrafts.
This is also a fund that @Scott, who use to post on the board a few years back, touted.
In checking Scott's MFO handle he was last active in December of 2016.
Old_Skeet

https://www.thinkadvisor.com/2020/06/15/here-are-12-investing-superstars-in-2020-according-to-morningstar/
Here Are 12 Investing Superstars in 2020, According to Morningstar
Morningstar has announced the nominees for its 2020 Awards for Investing Excellence, which recognizes established and up-and-coming portfolio managers for stellar performance as well as the asset management firm that excels in its stewardship of investors’ money. T. Rowe Price was the only firm that was nominated in all three categories. Fidelity had two nominations.
Anyone recommend any of these funds?

https://www.kiplinger.com/article/investing/T047-C032-S014-to-succeed-at-investing-do-what-yale-does.html
To Succeed at Investing, Do What Yale Does
Yale's endowment has delivered consistent income with minimal stock risk. Here's a look at how they did it and what it could mean for you and your portfolio
.Yale takes a much different approach as you can see with their published asset allocation targets for their fiscal 2020:
Absolute return: 23%
Venture capital: 21.5%
Leveraged buyouts: 16.5%
Foreign equity: 13.75%
Real estate: 10%
Bonds and cash: 7%
Natural resources: 5.5%
Domestic equity: 2.75%

https://www.google.com/amp/s/www.cnbc.com/amp/2020/06/18/jim-cramer-charts-suggest-new-highs-are-in-store-for-the-sp-50.html
Charts suggest new highs 'could be on the table' for the S&P 500, Jim Cramer says
PUBLISHED THU, JUN 18 2020 7:47 PM EDT
Tyler Clifford
"The charts suggest that new highs could be on the table," CNBC's Jim Cramer.
A chart analyst sees a scenario where the S&P 500 runs 9% from Thursday's close to a new high near 3,400.
"The next ceiling of resistance is around 3,250, if we can clear that hurdle, Garner believes it's smooth sailing to that high," the "Mad Money" host said.
...he does point out reasonable sp500 future directions

https://www.blackrockblog.com/2020/06/17/seeking-yield-dont-put-all-your-eggs-in-one-income-basket/
Seeking yield? Don’t put all your eggs in one (income) basket
Karen Schenone, CFA
Looking to generate income from your nest egg? Make sure you don’t get it all from just one basket. Karen explains two funds designed to provide income that aren’t over reliant on any one source.
The diversified approach of BYLD and IYLD has offered a middle ground of yield and risk versus traditional asset classes
Income is an important aspect to many portfolios and often the top priority when it comes to investing. Although we may be in a low yield environment today, opportunities for potential income continue to exist both in bonds and broader asset classes. Constructing the optimal portfolio while weighing risk and return is difficult. Accessible and adaptable ETFs like the iShares income optimized BYLD and IYLD may be a g

+1.

It's a different experience I imagine today:

Interesting...maybe the year of the RV?

There’s an interesting thing happen between the rate at which flying returns versus driving. It’s intuitive that people taking trips this summer would prefer to do so by car, with gasoline being cheaper and proximity to strangers being shunned. I think it could be years before we’re flying at the rates we used to.

driving-not-flying/

https://www.sec.gov/Archives/edgar/data/1413594/000110465920074561/a20-22854_2497.htm
497 1 a20-22854_2497.htm 497
ABERDEEN FUNDS
Aberdeen Diversified Alternatives Fund
Supplement dated June 18, 2020 to the Summary Prospectus, Prospectus and Statement of Additional Information dated February 28, 2020, as supplemented to date
On June 17, 2020, the Board of Trustees of Aberdeen Funds (the “Trust”) approved a Plan of Liquidation for the Aberdeen Diversified Alternatives Fund (the “Fund”) pursuant to which the Fund will be liquidated (the “Liquidation”) on or about August 17, 2020 (the “Liquidation Date”). Shareholder approval of the Liquidation is not required.
Suspension of Sales. Effective after market close on June 19, 2020, shares of the Fund will no longer be available for purchase by investors with the exception of: (1) existing shareholders (including shares acquired through the reinvestment of dividends and distributions); (2) employer sponsored retirement plans; or (3) fee-based programs sponsored by financial intermediaries that have selected the Fund prior to market close on June 19, 2020. Effective after market close on July 31, 2020, the Fund will be closed to all investments except shares acquired through the reinvestment of dividends and distributions.
Liquidation of Assets. The Fund will depart from its stated investment objective and policies as it liquidates holdings in preparation for the distribution of assets to investors. During this time, the Fund may hold more cash, cash equivalents or other short-term investments than normal, which may prevent the Fund from meeting its stated investment objective. On the Liquidation Date, the Fund will liquidate and distribute pro rata to the shareholders of record as of the close of business on the Liquidation Date such shareholders’ proportionate interest in all of the remaining assets of the Fund in complete cancellation and redemption of all the outstanding shares of the Fund. See “IMPORTANT INFORMATION FOR QUALIFIED ACCOUNT HOLDERS” below if you are a qualified account holder. Contingent deferred sales charges will be waived in connection with any redemptions prior to the Liquidation Date. The Fund’s investment adviser, Aberdeen Standard Investments Inc., will bear all expenses of the Liquidation to the extent such expenses are not part of the Fund’s normal and customary fees and operating expenses; however, the Fund and its shareholders will bear transaction costs and tax consequences associated with turnover of the Fund’s portfolio in anticipation of the Liquidation.
Alternatives. At any time prior to the Liquidation Date, the Fund’s shareholders may redeem all or a portion of their shares or exchange their Fund shares for shares in the corresponding class of another series of the Trust pursuant to procedures set forth in the Trust’s Prospectus. If you wish to exchange your shares of the Fund into another series of the Trust, or would like to request additional copies of the Prospectus and Statement of Additional Information for the Trust, please call Aberdeen Funds Shareholder Services at 866-667-9231.
Holders through Financial Intermediaries. If you are invested in the Fund through a financial intermediary, please contact that financial intermediary if you have any questions. If you are invested in a tax qualified account, please see important additional information below.
Income Tax Matters. The liquidation of the Fund, like any redemption of Fund shares, will constitute a sale upon which a gain or loss may be recognized for state and federal income tax purposes, depending on the type of account and the adjusted cost basis of the investor’s shares. Please contact your tax advisor to discuss the tax consequences to you of the Liquidation.
IMPORTANT INFORMATION FOR QUALIFIED ACCOUNT HOLDERS
Fund Direct IRA Accounts
Fund Direct IRA accounts are those created for investment in the series of the Trust for which UMB Bank N.A. acts as custodian. Unless a shareholder, or other financial intermediary on behalf of such shareholder, provides instructions otherwise, Fund shares held on the Liquidation Date in Fund Direct IRAs will be redeemed in cash and the proceeds sent directly to the beneficiary of the account, which may result in the imposition of tax penalties.
If you wish to avoid tax penalties that may be imposed if your Fund shares are liquidated, you must contact your financial intermediary or Aberdeen Funds Shareholder Services at 866-667-9231 before the close of business on August 14, 2020 in order to exchange your shares for those of another series of the Trust. If you have any questions about your individual tax situation, please contact your tax advisor or financial intermediary. If you wish to exchange your shares into another series of the Trust, or would like to request additional copies of the Prospectus and Statement of Additional Information for the Trust, please call Aberdeen Funds Shareholder Services at 866-667-9231.
Non-Fund Direct Traditional IRAs, Roth IRAs, SIMPLE, SEP, or SARSEP IRA and 403(b) Custodial Accounts (“Non-Fund Direct Retirement Accounts”)
If you are invested in the Fund through a Non-Fund Direct Retirement Account and Aberdeen Funds Shareholder Services does not receive instructions from you or the account trustee or custodian prior to close of business on August 14, 2020, the Fund will send a liquidating distribution to the trustee/custodian for the benefit of your account, which the trustee/custodian will process according to its own policies and procedures.
401(k), Pension and Profit Sharing Plans and other Tax-qualified Retirement Plans (“Retirement Plans”)
If you are invested in the Fund through a Retirement Plan, and Aberdeen Funds Shareholder Services does not receive instructions from you or the Retirement Plan administrator or other plan fiduciary prior to close of business on August 14, 2020, the Fund will send a liquidating distribution to the Retirement Plan, which the Retirement Plan will process according to its own policies and procedures.
The pending liquidation of the Fund may be terminated and/or abandoned at any time before the Liquidation Date by action of the Board of Trustees of the Trust.
Please retain this Supplement for future reference.

I bought the downdraft. After some good gains from the updraft I have lightened up my equity allocation moving the equity sell proceeds to the income side of my portfolio.
Back in March I was 20/40/40 and moved to a 15/40/45 which grew to about a 12/38/50 as equities had their run. In recently rebalancing, I am now about a 10/45/45. This allocation is due mostly to low yields on cash. On the equity side I am 5% heavy mostly in good dividend equity income funds that provide qualified dividends. On the income side I am 5% heavy split among multi sector income and hybrid income funds. My plan is to let income generated inside my portfolio rebuild my cash position over the coming year.
I am anticipating, by year end, that my cash allocation will be about 15% should current asset values remain relative to what they currently are.

When it rains it pours ... Reading MFO and following Bloomberg ... it now appears that we are in the midst of an inflated dollar ... inflated bond market ... and inflated equity market.
Where to hide?
- It’s hard to call cash “inflated” at today’s rates.
- Oil was twice as expensive 10 years ago as today.
- Japan’s Nikki 225 stock index isn’t yet back to 1980s levels.
- Silver was more expensive in 1980 than now.
- Many Latin American countries are mired in debt, unstable governance, corruption and rampant Covid 19. These are scary scenarios. On the other hand these are the kinds of conditions that can prick bubbles and reward long term patient investors.
Longer term: U.S. equities may well have attained “bubble” status. But those who’ve invested in them over the past 30 years (and longer) have been laughing all the way to the bank.
Perspective: I graduated from HS in ‘65 with little knowledge of investing (aside from saving cash acquired caddying). A friend in college (around ‘67-‘68) introduced me to her dad who was selling mutual funds as a second job. That was the first I ever heard of them. He talked them up optimistically. We’d just been through a serious market correction and most average people feared stock investing. Since that time, markets have experienced multiple bull and bear markets. The term “bubble” gets tossed around loosely. If there were bubbles along the way, after they burst the U.S. market went on to even higher levels.
Link: Linked article discusses the highs and lows in the U.S. market since my own initial 1967-68 reference period. https://www.fool.com/investing/general/2013/02/25/bear-markets-in-modern-times.aspx Others here who date back to the ‘30s, ‘40s and ‘50s may want to share their even earlier recollections.