Jimmy Buffett's Estate Co-Trustees Fight
You can make the best plans possible, but they can be spoiled when co-trustees fight.
Jimmy Buffett left a $275 million estate when he passed away in 2023. In his Will, he provided for a marital trust with his wife (Jane Buffett) as income-beneficiary & his children as remainder-asset-beneficiaries (Savannah, Delaney and Cameron). He designated his wife and his business manager/financial advisor (Richard Mozenter) as co-trustees.
Now, co-trustees are fighting accusing each other of noncooperation and not sharing financial information.
It seems that RM is managing the Trust for very low current income ($2 million only) and is charging high fees ($1.7 million). This looks like an asset preservation strategy, but it became contentious when co-trustee RM told co-trustee wife Jane that there wasn't enough trust income to support her living expenses.
Something looks very fishy. Even Bengen's 4% initial w/COLA can produce $11+ million/yr from $275 million to keep everyone happy. In fact, many marital trusts specify that income-beneficiary may get 5% as income and additional 5% of principal, if needed, and the trustees should manage the trust assets accordingly. That would make wife eligible for $13.75-27.5 million per year. Most living trusts spell this out. But maybe, the Will just mentioned the marital trust without including much details.
These lawsuits may take a long time to resolve - now, 2 lawsuits are filed in different states and have to consolidated first. If the court decides that the current co-trustees have an unworkable relationship, then it may replace one of the co-trustees, or both co-trustees.
https://www.cnbc.com/2025/06/13/jimmy-buffett-estate-family-trusts.html
For more estate information, see https://ybbpersonalfinance.proboards.com/thread/654/estate-planning-general

G-7 has a rotating presidency that is held by Canada this year. The G-7 President can also invite others as observers.
In additional to the G-7 members (Canada, France, Germany, Italy, Japan, UK, US), invited are Australia, Brazil, India, Indonesia, Mexico, S Korea, South Africa, Ukraine, UAE, Saudi Arabia (declined) and several international organizations.
G-7 meeting is June 15-17 (Sunday-Tuesday) in Kananaskis, Alberta, Canada.
There are lots of geopolitical and economic issues for G-7 to discuss.
https://www.nsnews.com/alberta-news/leaders-on-canadas-expanded-g7-guest-list-to-tackle-climate-economy-and-security-10804829

@Level5, agree with your pick. We own majority of those funds you showed.

@Crash

So, prudently looking ahead and paying attention should just not be a thing?

Attention to what?
I always pay attention only to the markets and nothing to politics. I must see it in the price and charts, and when I do, I take action. I'm going from 99+% invested at most times to 99+% in MM sometimes. My record is pretty good.
@DrVenture

If the FED does cut rates (stimulatory) and that adds to tariff pressures, we can blame Powell! It appears that Powell isn't falling for it.

Cutting doesn't mean 1% tomorrow. It means 0.25% tomorrow, and let's see. It's all relative and based on the numbers.

No, we must accept that inflation happens immediately, despite all the folks with in-depth experience telling us that it doesn't' work that way. And we should simply believe that a +10% tax on all imports ($3.4 trillion) is not going to drive up prices (or hurt profits) because it has not happened yet.
And ignore that ADP reports 50% lower hiring rates since this time in 2025. Which clearly triggered Trump. I wonder why?
The story is that jobs are great, inflation is subdued, so we need rate cuts? We shouldn't follow the data, rather follow what weaker economies are doing, elsewhere.
I am glad we can all agree that all that stimulus from both Trump & Biden has finally worked itself out. That any future inflation will be from recent activities.

Bought the following conservative outlay of funds this week designed to withstand whatever the future brings:
-PRCFX & INPFX (~50% bond allocation funds)
-FPFRX (FPA Crescent)
-PRPFX (Permanent)
-MVGAX (Global Low Volatility)
Will cost-average in this summer, so would not complain if we see some consolidation by the markets....or a recession wake-up call.

I just want to thank the OP for helping to bring about a very lively and informative discussion, even if the outcome was not what he intended. It may just be a matter of time before the rose-colored glasses are out of season, or go way up in price.

So far, the numbers speak for themselves—the outcome has been good, and yet you still can’t admit it.
How can you keep insisting everything is terrible when key indicators—like inflation and markets—are saying otherwise?
Sure, the future could be worse. If and when that happens, we’ll deal with it. But let’s not rewrite the present based on hypotheticals.
We should be looking at the overall state of the economy and markets, not filtering everything through politics. Ironically, I don’t remember hearing much noise here when:
2022, under Biden, brought the highest inflation in four decades
Bonds had their worst performance in 30–40 years
Stocks were also down, hitting millions of Americans, especially those relying on bonds to protect their portfolios
That was a truly bad outcome—and it'll be hard to top that kind of damage.
As for Powell: he should be cutting rates, but he’s clearly hesitant—possibly because he doesn’t want to repeat past mistakes. Meanwhile, other central banks are already easing.
So far YTD: SPY + QQQ made money, Europe made a lot more, bonds made money. After 50% in 2023+24 for SPY, any positive performance in 2025 will be great.

I’m finding that active HY and Multi-sector funds that focus on total return and return of investment (vs return on investment - e.g. see David Sherman) are more stable than funds tracking a HY index:
RCTIX: max dd 2022 = -4.02
RSIIX: max dd 2022 = -3.03
CBLDX: 2022 = +1.01
OSTIX: 2022 mx dd 2022 = -5.94
ICMUX: 2022 mx dd = -3.16
HYG: max dd 2022 = -10.99
VOO: max dd 2022 = -18.19
Note: I’ve also included M* multi-sector category because they hold significant lower rated bonds.

I was surprised last evening when at the beginning of Chapter 12 Dillian says he had never even heard of ”mutual funds” until 1997 when a shipmate aboard the CG cutter he served on bought a newspaper at a port and began scanning the financial section to see how his funds had done the day before.
Geez - Some of us here had been investing in mutual funds for 25 years before this financial “expert” first heard of them. Maybe we should be teaching him!

update:
https://www.morningstar.com/news/pr-newswire/20250612ph09243/t-rowe-price-adds-three-new-transparent-sector-offerings-to-its-active-etf-roster
BALTIMORE, June 12, 2025
The T. Rowe Price Financials ETF, Health Care ETF and Natural Resources ETF began trading today and expanded the firm's ETF lineup to 22
BALTIMORE, June 12, 2025 /PRNewswire/ -- T. Rowe Price (NASDAQ-GS: TROW), a global investment management firm, announced today the addition of three new active transparent equity exchange-traded funds (ETF): T. Rowe Price Financials ETF (Ticker: TFNS), T. Rowe Price Health Care ETF (Ticker: TMED), and T. Rowe Price Natural Resources ETF (Ticker: TURF). The new funds began trading on NASDAQ today. T. Rowe Price's active ETF roster now sits at 22 offerings.

https://www.cnbc.com/2025/06/12/here-are-the-three-reasons-why-tariffs-have-yet-to-drive-inflation-higher.html
At least three factors have conspired so far to keep inflation in check:
-Companies hoarding imported goods ahead of the April 2 tariff announcement.
-The time it takes for the charges to make their way into the real economy.
-The lack of pricing power companies face as consumers tighten belts.
“We believe the limited impact from tariffs in May is a reflection of pre-tariff stockpiling, as well as a lagged pass-through of tariffs into import prices,” Aichi Amemiya, senior economist at Nomura, said in a note. “We maintain our view that the impact of tariffs will likely materialize in the coming months.”
Remember that "lack of pricing power" means lower profits, layoffs, etc.

https://www.sec.gov/Archives/edgar/data/1728683/000199937125007671/sft-485apos_061225.htm
Sprott Active Metals & Miners ETF
Sprott Metal Royalty & Streaming ETF

update:
https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_485apos.htm

The 2019 SEC reform is Rule 6c-11. That lessened but did not eliminate the need for exemptive relief. From the cited page:

Mutual funds wishing to offer an ETF share class, or, in F/m’s case, ETFs wishing to offer a mutual fund share class, require exemptive relief because Rule 6c-11 under the 1940 Act does not provide relief from Sections 18(f)(1) or 18(i) of the 1940 Act, nor does Rule 6c-11 expand the scope of Rule 18f-3’s multi-class relief to permit a single fund to offer both an ETF class and a mutual fund class.

CNBC, May 20, 2025 (this may have been cited in another thread):

More than 50 asset managers have petitioned the SEC for exemptive relief in order to offer an ETF share class of an existing mutual fund.

https://www.cnbc.com/2025/05/20/asset-managers-prepare-for-sec-to-scrap-wall-between-mutual-funds-and-etfs.html

https://www.wsj.com/finance/investing/norway-oil-fund-puts-td-bank-under-observation-4cd41a12
Key Points
Norway’s sovereign wealth fund is observing Toronto-Dominion Bank for 4 years.
TD may be linked to multiple cases of financial crime in the past 10-15 years.
TD settled with U.S. authorities last year, pleading guilty to anti-money-laundering failings.

AAII Sentiment Survey, 6/11/25
BULLISH became the top sentiment (36.7%, below average) & neutral remained the bottom sentiment (29.7%, below average); bearish became the middle sentiment (33.6%, above average); Bull-Bear Spread was +3.1% (below average). Investor concerns: Tariffs, budget, jobs, inflation, recession, Fed, debt, dollar, geopolitical, Russia-Ukraine (172+ weeks), Israel-Hamas (67+11 weeks). For the Survey week (Th-Wed), stocks up, bonds flat, oil up sharply, gold down, dollar down. NYSE %Above 50-dMA 76.70% (overbought). CPI +2.4%, core +2.8%. Positive signs for US-China & US-India trade deals. #AAII #Sentiment #Markets
Sentiments are CONTRARIAN indicators.
https://ybbpersonalfinance.proboards.com/post/2039/thread

If I were a shareholder of an actively managed fund and Vanguard opened a new, cheaper share class that I qualified for, I would be elated. Before you could say Jack Robinson I'd have made a tax-free exchange to that cheaper share class.
I did this when Vanguard opened Admiral shares that cost less than my existing Investor class shares. Such conversions are largely paper events with no impact on the underlying fund portfolio. And I owned the same percentage of that portfolio before and after my conversion.
When Vanguard offers a new share class with lower expenses than existing share classes, investors win. They have the option of staying with their existing share class and paying the same amount as before, or converting and paying a lower ER. (Though there are the added costs with ETF shares of bid/ask spreads, NAV tracking error, and SEC fees.)
For example, shareholders who own VTIAX have the option of staying with those shares and paying 9 basis points/year or converting to VXUS and paying half as much, just 5 basis points. Vanguard can do this because it costs them less to run VXUS than to run VTIAX with its additional shareholder services.

Fund just reopened in 2025
https://www.kopernikglobal.com/wp-content/uploads/2025/02/Kopernik-Global-All-Cap-Fund-Soft-Close-Update-Reopening-2025-Final.pdf

https://www.sec.gov/Archives/edgar/data/890540/000139834425011564/fp0093886-1_497.htm
497 1 fp0093886-1_497.htm
THE ADVISORS’ INNER CIRCLE FUND II
(the “Trust”)
Kopernik Global All-Cap Fund
(the “Fund”)
Supplement dated June 9, 2025
to the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”), each dated March 1, 2025
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI, and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
Effective as of the close of business on July 31, 2025 (the “Effective Date”), the Fund will be closed to certain new investments because Kopernik Global Investors, LLC (the “Adviser”), the Fund’s investment adviser, believes that carefully managing the Fund’s capacity provides the opportunity to continue to invest in the most attractively priced companies it can find and maintain the ability to take advantage of investments across different markets, countries, industry/sectors, and across the market capitalization spectrum.
While any existing shareholder may continue to reinvest Fund dividends and distributions, other new investments in the Fund may only be made by those investors within the following categories:
• Direct shareholders of the Fund as of the Effective Date and the date of the new investment;
• Participants in qualified retirement plans that offer shares of the Fund as an investment option as of the Effective Date; and
• Trustees and officers of the Trust, employees of the Adviser, and their immediate family members.
The Fund reserves the right to modify the above criteria, suspend all sales of new shares or reject any specific purchase order for any reason.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENC