Hi Guys,
The upward pull of the equity marketplace is nearly irresistible. I say nearly irresistible because since 1953 the market has only experienced 10 recessions that occupied about 20% of a total period of over 550 months. In retrospect, it's a statistically healthy period of time that Burton Malkiel summarized in his "The Random Walk Guide to Investing" book.
In that historical timeframe, those 10 Bear markets declined an average of 32% and the decline lasted 10 months. The average 100% full recovery period absorbed another 21 months.
I interpreted these data to mean that I ought to keep a cash or near cash portfolio allocation that covers just under 3 years of possible needs. That safety factor surely decreased my portfolio return expectation, but that's the price for downside protection. It has served me well.
With that cushion, I don't worry much over daily or even monthly market action. Again from Malkiel, going back to 1926, the S&P 500 has delivered positive outcomes over 70%, over 90%, and over 97% of the time for periods of 1, 5, and 10 years, respectively. I like those odds.
Truth be told, I really don't worry about much of anything. What happens, happens well beyond my control.
I too agree that headlines often are misleading by design.
Best Wishes.

Count me among those who don't see the appeal with OSTVX. Compared with Wellington, OSTVX:
- tracks moderately closely (correlation coefficient r of 0.92, coefficient of determination R^2 of 85%)
- is a bit more volatile
- generally underperforms (except for a period of about a year - mid 2012 to mid 2013)
- much more expensive
See this Portfolio Visualizer analysis page for correlation, std deviation and lifetime performance comparisons, and this M* performance chart for relative performances
It's not as though I don't find funds like this interesting. I used to follow Greenspring GRSPX. (Another fund with a fixed income sleeve that is low quality, shorter duration.) At the end of the day, ISTM what matters is performance.
That's not to say that portfolio allocation doesn't matter, but there are solid multi-sector funds that one can use instead to increase one's exposure to that portion of the fixed income market. (Even, dare I say, OSTIX.)

Because of M*, and now Calinan joining Osterweis, I am going to use OSTVX as buy when down fund rather than a long term fund. Yeah, I shouldn't have been swayed my M*, but it was too late before I figured them out. Given OSTVX is only NTF @ Merrill, with a $5K minimum, I'm going to wait till it sucks. They all do at some point.

I just took my equity position down from 75% to 60%. The market's had a nice run here with the rally since the election. But much of that has been based on the belief that corporate and individual taxes are coming down significantly. I expect that Trump is going to run into some tough sledding as we go forward.

@TSP_Transfer,
Thanks for the tip on CCAPX, which is an interesting global allocation fund, but really not in the ALT space. The CCAPX manager, Ryan Caldwell, served as the assistant manager of WASAX when it was on top of the world (1/2007 - 6/2014), and during his tenure, this fund beat the heavy hitters like MALOX and SGIIX, and even the wannabes, like WGRNX.
Test trading for CCAPX indicates that it is not available at Scottrade and Wellstrade, but it is available in TDAmeritrade and Fidelity retirement accounts with no minimum + TF. At an actual 1.15% expense ratio, this fund has very reasonable expenses.
Kevin

CCAPX Manager had good run @ WASAX .In 14 months has attracted $375 mil.Transaction fee @ popular brokerages.On my watch list.As @00BY observes, monitor in evolving mkt conditions.
https://www.chironfunds.com
https://www.chironfunds.com/Data/Sites/3/media/docs/Chiron_FactSheet.pdfhttps
https://www.chironfunds.com/Data/Sites/3/media/docs/Chiron_Portfolio_Composition.pdf

Many expect the market to go higher. As DJIA reached new high last week, I rebalanced more back into bonds and cash, ~25% and 5%, respectively.
Any idea on how DoubleLine Total Return and Core bonds are doing?

DLTNX 3 months: down -1.44%
DLFNX 3 mos: -1.35%
For comparison: DODIX, 3 mos: -down 0.74%.
MWTRX 3 mos. -1.88%.

DFLEX happens to be up 0.66% over the last 3 months.

@VintageFreak,
I own a foothold in WHGIX, but a 15% position in the best fund in that space, PRWCX.
Kevin

@davidrmoran,
I listen to Meb Faber's podcasts, which are flat-out excellent. He is very down to earth and in no way is he influenced by celebrity. In show #36, he was particularly bullish on non-US developed equities, as they have lagged US equities for the trailing 1-, 3-, 5- and 10-year periods, which is apparently a very unusual period of underperformance. And he said that the CAPE method of investing beats the market 60% of the time, which is pretty decent as I see it. So DSEUX is now on the top of my potential buy list.
Kevin

Many expect the market to go higher. As DJIA reached new high last week, I rebalanced more back into bonds and cash, ~25% and 5%, respectively.
Any idea on how DoubleLine Total Return and Core bonds are doing?

DLTNX 3 months: down -1.44%
DLFNX 3 mos: -1.35%
For comparison: DODIX, 3 mos: -down 0.74%.
MWTRX 3 mos. -1.88%.

Many expect the market to go higher. As DJIA reached new high last week, I rebalanced more back into bonds and cash, ~25% and 5%, respectively.
Any idea on how DoubleLine Total Return and Core bonds are doing?

I continue to hold EM bonds, a pretty good slug. Served me well, even after I took a needed radical step some years ago in order to make-over my portf. Also hold a global bond fund. No more domestic "core" fund, though. I also get domestic bonds via my two balanced funds: PRWCX and MAPOX. Others referred to above are: PREMX and PRSNX. These two, combined, are 25.51% of portf. Reinvesting everything continues, still.

One problem I have with the data is its starting point (2000 market top). Index fund often get crushed in downturns in the market since these types of fund remain totally invested. Managed funds have the opportunity to make risk on/ risk off decisions. Moving the data backwards or forward three or four years would have improved the index funds long term performance compared to these managed funds.
Also, not considered by the author are low cost managed allocation funds. Vanguard has two fine choices, VWINX and VWELX.
Below are two charts that compare VWINX, VWELX and VTSMX over the 2000 - 20017 time frame and then a little further back. It illustrates that picking investment timeframes can make a huge difference in results. Timing plays a significant role with index funds since they don't manage market valuation risks, they are always fully invested.
This charts shows that buying at the top of the market is a real killer:

Compared to:

I am looking at starting a position in PXAIX - Pimco Multi Strategy Alternative.
This fund is composed of several Pimco alternative funds plus individual long/short
positions. The expense ratio is a reasonable 1.15%.
Comments are appreciated.
Mitchelg

Don't you wish they'd just tell you what changed?
FYI - the fee waivers for the California and NY funds were reversed (last paragraph). Instead of holding expenses to 0.29% (Calif) and 0.61% (NY), the fees are being held to 0.61% (Calif.) and 0.29% (NY).
Also changed were the dates in the first paragraph (since the updated supplement came out a day later). That paragraph added the sentence:
"This Supplement corrects and supersedes the supplement dated January 26, 2017 to the Prospectuses dated January 15, 2016 for the Portfolios."
If you can see these changes, your vision is at least 20/20.

Follow-up as of 1/27 to above:
https://www.sec.gov/Archives/edgar/data/832808/000119312517021341/d331564d497.htm
497 1 d331564d497.htm SANFORD C. BERNSTEIN FUND, INC.
SUP-0119-0117
LOGO
SANFORD C. BERNSTEIN FUND, INC.
-Short Duration California Municipal Portfolio
-Short Duration New York Municipal Portfolio
Supplement dated January 27, 2017 (the “Supplement”) to the Summary Prospectus and Prospectus (the “Prospectuses”) dated January 15, 2016 for Short Duration California Portfolio (the “California Portfolio”) and Short Duration New York Portfolio (the “New York Portfolio” and, together with the California Portfolio, the “Portfolios”), each a series of Sanford C. Bernstein Fund, Inc. (the “Fund”). This Supplement corrects and supersedes the supplement dated January 26, 2017 to the Prospectuses dated January 15, 2016 for the Portfolios.
At a meeting held on January 26, 2017, the Board of Directors of the Fund approved the liquidation and termination of the Portfolios. Each Portfolio has suspended sales of its shares pending the completion of the liquidation and the payment of one or more liquidating distributions to its shareholders. The Portfolios expect to make the liquidating distribution or distributions on or shortly after March 31, 2017 (the “Liquidation Date”). The liquidation of the Portfolios may result in a taxable event for shareholders who are subject to federal income tax. Shareholders should consult their tax advisers.
Shareholders may redeem shares of the Portfolios until March 29, 2017, and generally may use the proceeds of the redemption to purchase shares of other registered funds advised by AllianceBernstein L.P. (the “Adviser”). Clients of the Bernstein Private Wealth Management division of the Adviser may call their Bernstein advisors regarding potential investment alternatives, and clients who do not call their advisors will generally be contacted by such advisors in the coming weeks. Shareholders that remain invested in a Portfolio on March 30, 2017 will have their shares redeemed for cash based on the Portfolio’s net asset value as of the close of business on March 30, 2017 and will receive their proceeds on or shortly after the Liquidation Date.
In order to protect shareholders from expense increases resulting from reductions in assets in the Portfolios in connection with the liquidations, the Adviser will waive its management fee and/or bear Portfolio operating expenses until the Liquidation Date so that the total operating expenses of the California and New York Portfolios, excluding management fees and expenses relating to the liquidations, do not exceed 0.61% and 0.29%, respectively, of the Portfolio’s net assets on an annualized basis. In addition, the Adviser will waive its management fee with respect to each Portfolio in its entirety once a substantial portion of the Portfolio’s assets are converted to cash and/or cash equivalents, which is expected to occur approximately two weeks before the Liquidation Date. After the Portfolios convert their assets to cash, the Portfolios will no longer pursue their stated investment objective or engage in any business activities except for the purposes of winding up their business and affairs, preserving the value of their assets, paying their liabilities, and distributing their remaining assets to shareholders.

Virtus Investment Partners Prices Public Offerings of Common Stock and Mandatory Convertible Preferred Stock in Connection with Pending Acquisition of RidgeWorth Investments
Virtus Investment Partners (NASDAQ: VRTS ) -1.7% priced its concurrent underwritten public offerings of 910,000 shares at $110/share and 1M convertible preferred shares @ 7.25% at a liquidation preference of $100/share.
Net proceeds along the with cash on hand, proceeds from the sale of investments and borrowings pursuant to its committed debt financing, to finance its previously announced acquisition of RidgeWorth Investments and pay related fees and expenses.
Dividends on the mandatory convertible preferred stock will be payable on a cumulative basis when, as and if declared by Virtus' board of directors, at an annual rate of 7.25 percent on the liquidation preference of $100.00 per share. If declared, these dividends will be paid in cash, or, subject to certain limitations, in shares of Virtus' common stock (or a combination) on February 1, May 1, August 1, and November 1 of each year, commencing May 1, 2017, and continuing to, and including, February 1, 2020.
http://www.prnewswire.com/news-releases/virtus-investment-partners-prices-public-offerings-of-common-stock-and-mandatory-convertible-preferred-stock-in-connection-with-pending-acquisition-of-ridgeworth-investments-300398043.html
Virtus Fund Family Data Pages Assets $22,598 bl
http://quicktake.morningstar.com/FundFamily/Snapshot.asp?symbol=0C00001YUH
RidgeWorth Mutual Fund Family Data Pages Assets $16,780 bl
http://quicktake.morningstar.com/FundFamily/Snapshot.asp?symbol=0C00001Z4I

https://www.sec.gov/Archives/edgar/data/832808/000119312517019672/d331564d497.htm
497 1 d331564d497.htm SANFORD C. BERNSTEIN FUND, INC.
SUP-0119-0117
LOGO
SANFORD C. BERNSTEIN FUND, INC.
-Short Duration California Municipal Portfolio
-Short Duration New York Municipal Portfolio
Supplement dated January 26, 2017 to the Summary Prospectus and Prospectus (the “Prospectuses”) dated January 15, 2016 for Short Duration California Portfolio (the “California Portfolio”) and Short Duration New York Portfolio (the “New York Portfolio” and, together with the California Portfolio, the “Portfolios”), each a series of Sanford C. Bernstein Fund, Inc. (the “Fund”).
At a meeting held on January 26, 2017, the Board of Directors of the Fund approved the liquidation and termination of the Portfolios. Each Portfolio has suspended sales of its shares pending the completion of the liquidation and the payment of one or more liquidating distributions to its shareholders. The Portfolios expect to make the liquidating distribution or distributions on or shortly after March 31, 2017 (the “Liquidation Date”). The liquidation of the Portfolios may result in a taxable event for shareholders who are subject to federal income tax. Shareholders should consult their tax advisers.
Shareholders may redeem shares of the Portfolios until March 29, 2017, and generally may use the proceeds of the redemption to purchase shares of other registered funds advised by AllianceBernstein L.P. (the “Adviser”). Clients of the Bernstein Private Wealth Management division of the Adviser may call their Bernstein advisors regarding potential investment alternatives, and clients who do not call their advisors will generally be contacted by such advisors in the coming weeks. Shareholders that remain invested in a Portfolio on March 30, 2017 will have their shares redeemed for cash based on the Portfolio’s net asset value as of the close of business on March 30, 2017 and will receive their proceeds on or shortly after the Liquidation Date.
In order to protect shareholders from expense increases resulting from reductions in assets in the Portfolios in connection with the liquidations, the Adviser will waive its management fee and/or bear Portfolio operating expenses until the Liquidation Date so that the total operating expenses of the California and New York Portfolios, excluding management fees and expenses relating to the liquidations, do not exceed 0.29% and 0.61%, respectively, of the Portfolio’s net assets on an annualized basis. In addition, the Adviser will waive its management fee with respect to each Portfolio in its entirety once a substantial portion of the Portfolio’s assets are converted to cash and/or cash equivalents, which is expected to occur approximately two weeks before the Liquidation Date. After the Portfolios convert their assets to cash, the Portfolios will no longer pursue their stated investment objective or engage in any business activities except for the purposes of winding up their business and affairs, preserving the value of their assets, paying their liabilities, and distributing their remaining assets to shareholders.
This Supplement should be read in conjunction with the Prospectuses for the Portfolios.
You should retain this Supplement with your Prospectus for future reference.
The [A/B] Bernstein logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P.
SUP-0119-0117

https://www.sec.gov/Archives/edgar/data/277751/000119312517020127/d336634d497.htm
497 1 d336634d497.htm 497
Janus Investment Fund
Janus International Equity Fund
Supplement dated January 27, 2017
to Currently Effective Prospectuses
The Board of Trustees (the “Trustees”) of Janus Investment Fund has approved a plan to liquidate and terminate Janus International Equity Fund (the “Fund”) with such liquidation effective on or about March 30, 2017 or at such other time as may be authorized by the Trustees (“Liquidation Date”). Termination of the Fund is expected to occur as soon as practicable following liquidation.
Effective at the close of business February 3, 2017, the Fund will no longer accept investments by new shareholders. The Fund may be required to make a distribution of any income and/or capital gains of the Fund in connection with its liquidation.
Shareholders of the Fund may redeem their shares or exchange their shares for shares of another Janus fund which they are eligible to purchase at any time prior to the Liquidation Date. Effective at the close of business February 3, 2017, any applicable contingent deferred sales charges (“CDSC”) charged by the Fund will be waived for redemptions or exchanges through the Liquidation Date. Exchanges by Class A shareholders into Class A Shares of another Janus fund are not subject to any applicable initial sales charge. For shareholders holding shares through an intermediary, check with your intermediary regarding other Janus funds and share classes offered through your intermediary.
If a shareholder has not redeemed their shares as of the Liquidation Date, the shareholder’s account will be automatically redeemed and proceeds will be sent to the shareholder of record. For shareholders of Class D Shares investing in a tax-deferred account, the shares will be placed in Janus Government Money Market Fund.
To prepare for the closing and liquidation of the Fund, the Fund’s portfolio managers may increase the Fund’s assets held in cash and similar instruments in order to pay for Fund expenses and meet redemption requests. As a result, the Fund may deviate from its stated investment strategies and policies and accordingly cease being managed to meet its investment objective during the liquidation of the Fund.
Additionally, any asset reductions and increase in cash and similar instruments could adversely affect the Fund’s short-term performance prior to the Liquidation Date. The Fund will incur transaction costs, such as brokerage commissions, when selling portfolio securities as a result of its plan to liquidate and terminate. These transaction costs may adversely affect performance.
The redemption or exchange of shares held by a shareholder will generally be considered a taxable event. A shareholder should consult their personal tax adviser concerning their particular tax situation.
A shareholder may obtain additional information by calling their plan sponsor, broker-dealer, or financial institution, or by contacting a Janus representative at 1-877-335-2687 (or 1-800-525-3713 if you hold shares directly with Janus Capital). ...