Grantham just had an hour plus interview on Morningstar. Was very informative. As individuals we can not access their mutual funds. They appear to be building out their suite of ETF's with these 5 additions to QLTY. The upcoming emerging market ETF -
symbol BCHI follows GMO's projections.

If any of you end up availing any of these promotions from Janus, please post.

Soon as I can scrounge up $50 will do! In Michigan that’s 500 “empties.”

Thanks @finder.
This is how Fidelity's research tab is working: "Sorry, no results were found for 'EMPIX', please try a new search!"
I tried to force the trade by using the trade ticket and got a 'not available" message. It may be available only to existing investors.
I see that it is a transaction fees fund with an investment minimum of $5,000.

https://www.sec.gov/Archives/edgar/data/1499655/000199937124013856/otc-485apos_102424.htm
Airbus SE ADRhedged™
Bayer AG ADRhedged™
Bayerische Motoren Werke AG ADRhedged™
Deutsche Telekom AG ADRhedged™
Heineken NV ADRhedged™
Hermes International SA ADRhedged™
Hitachi Ltd. ADRhedged™
L’Oreal SA ADRhedged™
LVMH Moet Hennessy Louis Vuitton SE ADRhedged™
Nestle SA ADRhedged™
Roche Holding AG ADRhedged™
Siemens AG ADRhedged™
Softbank Group Corp. ADRhedged™

The $100 incentive for committing to a $50 monthly investment is commendable. As one who transitioned from debtor to saver late in life, it really changes your outlook when you find yourself with an extra $100 “saved” somewhere and your debt paid off or shrinking. The transition can be mind-altering for someone accustomed to living hand-to-mouth. I guess if this helps even 1 individual it’s worthwhile. Looks like you can withdraw the money you have contributed about anytime you want as long as you keep the auto investment going for 2 years. Close it before then and you forfeit the $100 incentive.
The $50 auto-invest program for new investors was more common 25 years ago across the mutual fund universe. I think many firms have killed it as likely too expensive …
Don’t do any business with Janus Henderson but keep an eye on JMBS for no particular reason. Appears to be a decent actively managed fund if you want to take a gambit on mortgage debt. I’m not currently in a frame of mind to ride any rate sensitive products … .

Food for Thought... @msf popcorn for thought
@WABAC highlighted:

Americans believe they need to save an average of $1.8 million for retirement

@ a 4% SWR that $1.8M would provide $72K of income for spending. Seems like a reasonable retirement spending amount.
Looking at this $1.8M nest egg another way, one could assign a 25 year asset value to one's pension, SSI or a combination of the two by adding up the 25 years of payouts.
SSI Only:
Those that will receive SSI, one could assign a "25 yr asset value" to SSI. An average earner will receive $24K while a high earner will receive about $42K for 2024. In today's dollars, one would need $600K to provide a $24K SWR for an average earner and $1.05M to provide a $42K SWR for a high earner.

Average earners will still need ($1.8M-$600K) or $1.2M to bridge their $24K SSI income of $72K
High earners will still need ($1.8M-$1.05M) or $750K to bridge their $42K SSI income of $72K
For most Americans who have little or no savings, SSI optimistically will provide about 30-60% of a retiree's income needs. Retirees will need to make up the difference by spending down savings/assets, working after age 65, and modifying their spending.
Sadly for some, it's a bridge too far.

The second item (incentive program) seems to be primarily changing the name of Janus' incentive program for new investors. That is, for people signing up to contribute at least $50/mo for two years. It is now called "Ready. Invest. Go." Janus has filed this as a trademark.
More interesting (except to new investors) is the rest of the incentive program, which this supplement does not replace. Through the end of this year, if you transfer between $20K and $1M to a Janus account, you'll get a bonus ranging from $100 to $2,500. Further, if this is done in an IRA, you can get up to an additional 10% bonus on next year's contribution (based on the size of the initial transfer/rollover).
https://www.janushenderson.com/bonus

https://www.sec.gov/Archives/edgar/data/277751/000119312524244328/d895903d497.htm
Janus Investment Fund
Janus Henderson Balanced Fund--- Janus Henderson Global Select Fund
Janus Henderson Contrarian Fund--- Janus Henderson Global Sustainable Equity Fund
Janus Henderson Emerging Markets Fund--- Janus Henderson Global Technology and Innovation Fund
Janus Henderson Enterprise Fund--- Janus Henderson Growth and Income Fund
Janus Henderson European Focus Fund--- Janus Henderson Overseas Fund
Janus Henderson Forty Fund--- Janus Henderson Research Fund
Janus Henderson Global Equity Income Fund--- Janus Henderson Triton Fund
Janus Henderson Global Life Sciences Fund--- Janus Henderson U.S. Dividend Income Fund
Janus Henderson Global Real Estate Fund--- Janus Henderson Venture Fund
Janus Henderson Global Research Fund
(each, a “Fund” and collectively, the “Funds”)
Class D Shares
Supplement dated October 28, 2024
to Currently Effective Prospectuses
Effective immediately, the Funds’ prospectuses are amended as follows:
1.Under “Doing Business with Janus Henderson” in the Shareholder’s Manual section of the Funds’ prospectuses, the following information replaces the corresponding information in its entirety:
For Overnight Mail
Janus Henderson
801 Pennsylvania Avenue, Suite 219109
Kansas City, MO 64105-1307
2.Under “Available Incentive Programs” in the Shareholder’s Manual section of the Funds’ prospectuses, the following paragraph replaces the fifth paragraph in its entirety:
Ready. Invest. Go. Program
New investors creating a new Janus Henderson direct account are eligible to participate in the Transfer Agent’s Ready. Invest. Go. Program. After the new investor has completed the required Ready. Invest. Go. Program Contract, the Transfer Agent will fund the $100 initial investment required for new investors provided that new investors enroll in Janus Henderson’s automatic investment program in an amount equal to at least $50 per month. New investors will forfeit the $100 bonus contributed by the Transfer Agent if their account is closed or if their automatic monthly investment program payment is terminated within two years from the date the initial investment was made. Investor-initiated amounts outside of the initial investment are redeemable at any time at net asset value. Before enrolling in the Ready. Invest. Go. Program, new investors should consult with their tax advisor about the appropriate tax treatment for participating in the Ready. Invest. Go. Program and any tax implications associated with the receipt of the $100 initial investment. The Transfer Agent reserves the right to change the terms, restrict, or revoke the Ready. Invest. Go. Program at any time without advance notice.
You can request more information about the Transfer Agent’s Ready. Invest. Go. Program by contacting a Janus Henderson representative at 1-800-525-3713.

Cliffwater LLC is an alternative asset manager with $115 billion AUM. Stephen Nesbitt is the CEO and he has written books, articles, done media interviews. It offers 3 interval-funds:
CCLFX, AUM $22.8 billion, 2019- , firm's fund
CELFX, AUM $4 bilion, 2021- , firm's fund
CPEFX, AUM $1.4 billion, 2024- ; advises for Cascade Capital
Interval-funds don't really trade. Barron's lists them (names, prices) with Exchange Z (i.e. none). Many don't have tickers - Barron's doesn't show tickers for any (even if they exist). This list has grown over the years. Barron's gets data from Lipper.
My guess is that Lipper has added more interval-funds to its database, so, MFO Premium suddenly finds Cliffwater Funds with $28.2 billion AUM that weren't noticed before.
Interval-funds are a subclass of CEFs, so borrowing costs are included in the ERs. The CEF ERs are high because of this, but Cliffwater funds are on the high end. Here is the fee breakdown for CCLFX fees from its prospectus:
Management Fees 1.00 %
Fees and Interest Payments on Borrowed Funds 1.51 %
Acquired Fund Fees and Expenses 0.35 %
Other Expenses 0.23 %
Total Annual Expenses 3.09 %
Morningstar also has data https://www.morningstar.com/cefs/xnas/cclfx/quote
Morningstar Podcast https://www.morningstar.com/business/insights/blog/podcast/big-picture-in-practice/future-of-investing-alternative-assets
https://www.cliffwater.com/OurFirm
https://www.cliffwater.com/Biography?name=Stephen-Nesbitt
https://www.cliffwaterfunds.com/
https://www.barrons.com/market-data/closed-end-funds?mod=md_subnav
https://www.cliffwaterfunds.com/data/pdfs/literature/CCLF_Prospectus.pdf?v=1730115265804

Just posted all ratings and flows to MFO Premium site, using Refinitiv data drop from Friday, 25 October, reflecting risk and return metrics thru 3Q24, as applicable.
After updating the masternames file to reflect CPEFX as part of Cliffwater family, Ciffwater remains atop the MFO Family Scorecard for annual revenue per fund generated, out of about 900 hundred families.
Average revenue: $433M per year per fund.
Just three funds (thank you @stayCalm): Cliffwater Corporate Lending I (CCLFX), Cliffwater Enhanced Lending I (CELFX), Cliffwater Cascade Private Capital I (CPEFX).
CCLFX and CELFX are GOs. CPEFX likely will be when reaches 3-year mark.
Very high expense ratio: average ER 2.81%.
Family AUM of $28.2B.
Revenue per fund per year: $289M.
All CEFs.
All interval funds.
So far, it's delivered.

Anybody on the board know anything about the Advisor or strategies?
c

@msf
Good points!
I realize this is "financial popcorn" but I sometimes read these articles for entertainment.
Perhaps I should pursue a different hobby? ¯\_(ツ)_/¯
The average IRA balance could be skewed much higher if Peter Thiel's IRA was included.
Lord of the Roths

Per the OP provided link - The average retirement account balance for U.S. households was $333,940 in 2022, according to the Federal Reserve Survey of Consumer Finances (SCF). That’s a 12.9% increase from $295,740 in 2019.

Another possibility - multiple sources (with different sampled populations), multiple definitions.
Americans believe they need to save an average of $1.8 million for retirement,
From Charles Schwab, presumably but not necessarily Schwab customer beliefs.
The average 401(k) balance in the second quarter of 2024 was $127,100
From Fidelity - probably just the accounts that Fidelity administers. How representative is that of the working (and retired) population? Also and importantly, this is an average per account, not per person, and people may have multiple 401(k) accounts, not to mention 403(b) accounts, 457 accounts, and other employer-sponsored accounts.
68% of American workers in 2024 feel somewhat or very confident in their ability to have enough money in retirement
From EBRI - a source I consider more reliable, but I'd still have to look at their methodology to know whom they were polling and how the question was phrased.
https://www.ebri.org/docs/default-source/by-the-numbers/ebri_rsrc_facts-and-figures_011923.pdf
I view this piece as financial porn, or more magnanimously financial popcorn - fun to munch on but ultimately just airy fluff. Enjoy it for what it's worth.
Bonus: The average IRA balance, as opposed to the median retirement account balance could be skewing high thanks to IRA accounts like Mitt Romney's, which was worth $1M over a decade ago.

From the web page
" A non-diversified, non-traded, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940 "
It lists minimum income requirements, and although it says "S" shares are available through transactional brokerage accounts, they only trade monthly and orders are due 5 days before, so it seems to be placed only by institutional advisor platform
the only easily traded vehicles I can find are their BDC Oaktree Specialty Lending OCSL (yielding 13% a bit higher than Mark's safe goal!) and a RiverNorth Oaktree High Income fund RNOTX. Oaktree manages the senior loans and high yield bonds.
ICMUX has done better as has RSIIX
Guess we will have to wait until all these "Private Credit" ETFs arrive.

An online cash transfer was initiated
Presumably initiated from the Schwab side. If it were initiated from the credit union side, Schwab wouldn't know about it until the money hit. At that point it would be immediately available.
Fidelity also makes some money that you pull immediately available for trading. Typically this is limited to $25K. I don't know whether Schwab sets a similar limit.
https://www.reddit.com/r/fidelityinvestments/comments/16hzb36/fidelity_limit_25k_usd/

Ed Yardeni suggested that the Bond vilgilantees are back. Think @WABAC posted that question earlier.
It is nuts. The 10-year Treasury yield increases by 63 basis points to 4.25% since the FED announced a 50 basis point rate cut in September meeting.
https://yardeniquicktakes.com/bond-vigilantes-started-voting-early/

Thanks! That was stupid of me, I even have a view like that set up for exactly that purpose. Though I hadn't included the 30 day SEC yield column before.
Definitions matter. If you look at the M* SPAXX page I linked to, under the "Performance" tab you'll see a one month return of 0.36%.
Now look at the "Chart" tab. Click on the 1M setting. A different gain - 0.37% (actually 0.3727%). At least there we can see that this return is from 9/24/24 through 10/25/24.

Maybe one is fWAR and the other is bWAR. :)

Thanks! That was stupid of me, I even have a view like that set up for exactly that purpose. Though I hadn't included the 30 day SEC yield column before.
Definitions matter. If you look at the M* SPAXX page I linked to, under the "Performance" tab you'll see a one month return of 0.36%.
Now look at the "Chart" tab. Click on the 1M setting. A different gain - 0.37% (actually 0.3727%). At least there we can see that this return is from 9/24/24 through 10/25/24.
30 days hath September, April, June, and November ... or something like that.
https://poets.org/poem/leap-year-poem
And it gets worse. Here's another Fidelity page giving 1, 7, and 30 day returns for SPAXX, without saying what exactly they represent. My best guess is the average daily dividend payout over the past 1, 7, and 30 days annualized (i.e. no compounding). But who knows?
https://institutional.fidelity.com/app/fund/sasid/details/458.html

You are correct. In the way that matters - what buttons you press. You do just place a single order to buy a Vanguard fund with outside money. Though the verbiage I'm reading seems to suggest that under the covers Vanguard is automatically "laundering" transferred money through the settlement account. Admittedly a distinction without a difference. Just confusing.
On the webpage describing the transition from legacy to brokerage platform are descriptions of how each works. Of legacy platform purchases, it says "Money coming in from a bank or other financial institution directly purchased shares of the mutual fund."
In contrast, for brokerage platform purchases it says:

Your brokerage account comes with a settlement fund that's used to pay for investments and hold assets from investment sales and other transactions. Money from bank transfers or redemptions remains in the settlement fund until you use it to purchase investments or transfer it out of your account.

Emphasis in original. The contrast between the two descriptions (legacy and brokerage platforms) seems to be saying that all money used for transactions comes out of the settlement account, even if it sits there for only an instant ("until you use it").
I tried a test purchase in a zeroed out Vanguard account. I was informed:
You don't have enough money in your settlement fund to cover this order. Transfer additional funds from your bank to proceed with this order.
But I could still place the fund purchase order:

If you wish to use your settlement fund to pay for this order, select the amount needed to cover funding option. If you’d like to maintain your settlement fund balance, select transfer full order amount, or select fund order later.

The first option is to pay for the purchase from the settlement account. The middle option is to "transfer [the] full order amount". This is where Vanguard may be moving money into the settlement account and automatically, instantaneously applying it from there to the fund purchase.
The last option, "fund order later", refers to the ability at Vanguard to purchase securities without having enough cash presently in the account. You do have to cover the purchase by the settlement date. See other MFO thread discussing such transactions.
I think the timing in the Vanguard message below discussing that last option is wrong as settlements are now T+1.

Important, please read
This purchase exceeds the funds available balance in your account’s settlement fund. You must transfer money into your settlement fund within 2 business days. Otherwise, securities in the account may be sold to pay for the purchase, and the account may be restricted from further trading.

And 7-day for SUTXX at Schwab is 4.68%, YTD = 4.08%, also as of 10-25-24.

That's about the same as FSIXX (4.69%), available at Fidelity w/$1M min, or at Merrill w/$1 (sic) min.
https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf
I still expect RPHIX to outperform after-tax, but it will be close. As far as MMFs go, especially in high tax states, these Treasury-only MMFs seem like no-brainers.
https://fundresearch.fidelity.com/fund-screener/results/compare/short-term-perf/averageAnnualReturnsYear3/desc/1?order=&tickers=RPHIX,FSIXX