And also NTF at Schwab. ERs of 0.88 and 0.87, $2500 entry / $500 subsequent.

Partial shares.

I hope they start 2 for the price of 1 sales and Thanksgiving free turkey farm stock.
I want some of that $25 B-H stock. Is that partial shares or do I have to add my own money to buy the gift?

I hope they start 2 for the price of 1 sales and Thanksgiving free turkey farm stock.
I want some of that $25 B-H stock. Is that partial shares or do I have to add my own money to buy the gift?

Scott....good point which I hadn't considered. They could make nice "stocking stuffers" for Christmas.

Exactly, and there's actually a very nice selection of stocks, including things like Liberty Media (LMCA).
Plus, in terms of stocking stuffers:
"What if the recipient is under 18?
Kids and teens can own stock by having an adult on the account with them. This kind of account is called a custodial account. The minor (referred to as the beneficiary) owns the stock, while the adult (the custodian) has legal responsibility over the account until the minor turns 18.
The minor can receive his own log-in credentials (separate from the adult’s) so he can see how his stocks are doing anytime on his own. In addition, young people can place stock trades with the adult’s consent. For example, if a 15 year old wants to buy $20 of Facebook stock, he sets up the transaction, which is routed by email to mom for approval. If mom approves, an order to purchase $20 of Facebook stock is placed and executes. Otherwise, no order is placed."

I don't think they're differentiating between an individual that's part of an institutional group and an individual that's not. Based on what they've said I think each "individual" is equally limited. I also think with only $25 million in assets, limits in the low 5 digits and not being able to add more than $6K each year, most institutions of any size just aren't going to bother. I'm sure there were people asking for an allocation of $100K and I'm wondering a little what they decide to do when they get told they can invest $25K, or whatever the limit was, and they can add $6K each year. Maybe I'm wrong but I could imagine some of them just deciding not to buy anything because it's just too small for their situation.

@briboe69, they said in the email that the limit was consistent so in theory all you need to find is one person who got less than they asked for and you should know the max. I also think they said they wanted to make sure everyone who expressed interest got an allocation. I asked for less than Ben and also got what I asked for. I have to imagine they have at least 1500 people interested and likely a good deal more to have received requests for $85 million. I think if everyone who expressed interest made a maximum request the limit would be roughly $30K. Assuming there were a lot of people, like those who have commented here, who requested much less than that, I think the limit had to be lower in order to give everyone an allocation.

http://www.sec.gov/Archives/edgar/data/889188/000119312515341955/d35003d497.htm
497 1 d35003d497.htm 497 FOR FORWARD FUNDS
FORWARD FUNDS
Supplement dated October 13, 2015
to the
Summary Prospectus for Investor Class and Institutional Class Shares of the Forward Global Dividend Fund,
Summary Prospectus for Class A and Class C Shares of the Forward Global Dividend Fund,
Forward Funds Investor Class and Institutional Class Prospectus, Forward Funds Class A, Class B,
Class C and Advisor Class Prospectus, and Forward Funds Statement of Additional Information
each dated May 1, 2015, as supplemented
NOTICE OF LIQUIDATION OF FORWARD GLOBAL DIVIDEND FUND
On September 22, 2015, the Board of Trustees of Forward Funds (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust (as that term is defined in the Investment Company Act of 1940, as amended), approved the liquidation of the Forward Global Dividend Fund (the “Fund”), a series of the Trust. The Fund will be liquidated pursuant to a Board-approved Plan of Liquidation on or around November 17, 2015 (the “Liquidation Date”). On the Liquidation Date, the Fund will distribute pro rata to its respective shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Trust deem appropriate.
IN LIGHT OF THE PLANNED LIQUIDATION, SHARES OF THE FORWARD GLOBAL DIVIDEND FUND WILL NO LONGER BE OFFERED TO NEW INVESTORS OR EXISTING INVESTORS (EXCEPT THROUGH REINVESTED DIVIDENDS) OR BE AVAILABLE FOR EXCHANGES FROM OTHER FUNDS OF THE TRUST.
****
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE
SUPP GLB DIV LIQ 10132015

Also, watch-out for your kid's "Barbie" when discussing family finances.
https://www.washingtonpost.com/news/the-switch/wp/2015/03/11/privacy-advocates-try-to-keep-creepy-eavesdropping-hello-barbie-from-hitting-shelves/
"Kids using 'Hello Barbie' aren't only talking to a doll, they are talking directly to a toy conglomerate whose only interest in them is financial," Susan Linn, the group's director, said in a statement. "It's creepy - and creates a host of dangers for children and families."
--
"Honey - Give me that password for our bank account one more time!" :)

@little5bee Yes, AIP is available on their other hard-closed funds too, but you may had to set it up already. Here's the language from the web site on GPIOX: †Closed to all investors, except existing investors with an established automatic investment plan and/or an established position in a retirement account.

I got my allocation at about 2 in the morning.
Looks like the close isn't 100% hard: you can set up an Automatic Investment Plan and add $500 / month to a maximum of $6000 / year.
I generally don't do AIP, since I work freelance and earn my money in irregular bursts, but it seems that will be the only option here, and I wonder if they'll close off that too at some point.

In the alternative and L/S space, I continue to like QLEIX and QMNIX, and we own the latter.
CHART
Kevin

The decision was actually closer to Gundlach $67M, TCW $433M.
Gundlach had made a claim for $500M based on a personal oral five year service contract. (I'm wondering how his lawyers argued that the statute of frauds, that requires contracts to be in writing for any service that must take more than a year, did not apply.)
In any case, the court awarded Gundlach back wages, which is what one would expect in most jurisdictions, and certainly in employee-friendly California. It did not award him any bonuses under an unsigned, unenforceable agreement. Here's TCW's one page letter, along with a Bloomberg summary:
http://www.cfrs-ca.org/Events/Documents/Inv/11Sept27_Inv/C6.pdf
In contrast, Gross seems to be relying upon a generic company agreement, not one personal to him. That agreement says explicitly that if you're not around until the end of the period to get your bonus, you lose. Gross' argument is that, well, the company has been generous to others (giving them bonuses even when they left early), so it has a legal obligation to give him a gift also. The Gundlach court didn't seem to think that bonuses/performance fees are part of wages that are protected by state law.
Gundlach had nothing in writing. The article cited in the original post said pretty much the same thing about Gross - he'll lose also if he can't show something more in writing.

Received an e-mail and allocation:
Thank you for your interest in our new Global Micro Cap Fund (GPMCX). As anticipated, requests from current Grandeur Peak Fund shareholders far exceeded our $25 million target. During the Indication of Interest window we received requests totaling over $85 million. We have allocated the available $25M across all parties who expressed interest. Our allocation objective was to be fair and consistent across shareholders and to allow all interested shareholders an opportunity to purchase the Fund. We capped larger requests at a consistent level in order to keep our total allocation to around $25M. Keeping the Fund at this very small size will allow us to be fairly unconstrained as we look for interesting micro-cap investments across the globe.

@LLJB
The other global micro cap fund is ALPS | Metis Global Micro Cap Fund with A, C, and I classes.
Prospectus link: http://www.sec.gov/Archives/edgar/data/915802/000139834415004432/fp0015045_485bpos.htm
I just called GP. The CSR indicated we should probably receive an email sometime today concerning everyone's allotment.

As I am sure this will be on many people's minds, here is the statement from the indication of interest form:

We plan to notify submitters of their allocation around October 12, 2015.

I'm thinking that "around" is the operative word.
But I guess you could call Mark Siddoway. (smile)

FYI: (This is a follow-up article)
Lawyers say firm founder's written contract — or lack of one — could be the key
Regards,
Ted
http://www.investmentnews.com/article/20151010/FREE/151019999?template=printart

Not much to choose from. Andrew Foster argues that in the emerging markets, value hasn't worked because the corporate structures are so intertwined that the catalysts to unlock value never appear. He thinks that's changing, but slowly.
Pear Tree Polaris Small Cap (USBNX) or Pear Tree Polaris Foreign Value Small Cap (QUSOX) are worth checking; Polaris took over the former fund at the start of 2015. Causeway International Small Cap (CVISX) is new but value leaning and the Causeway folks have a pretty good heritage. Seafarer Overseas Growth & Income (SFGIX) has a much smaller cap than its peers and is, as you know, a favorite of mine.
I'll ponder a bit more.
David

http://news.yahoo.com/falling-gas-prices-means-no-social-security-cola-120530721.html
Low inflation ...
Tell that to my health ins company

Hi @Dex,
In the cash area of my portfolio, which includes money held in currency and on deposit at two banks, I currently have enough cash to live off of for more than three years at my current spending rate should all other forms of income I receive (social security, a small pension and from investments) come to a halt. If I sold out of the markets today, I anticipate I'd have better than twenty years of worth of cash on hand at my current spending rate. Seems, I recall Ted chose to go to mostly to an all cash position this past summer. For me, being age 67 and my wife age 65 I think I am going to stay invested in the capital markets for many years to come. Should my portfolio return what I have projected over the next ten years, as detailed in another blurb and noted below, the returns will most likely be enough to support my lifestyle without a cash drawdown.
For easy reference, below is my post regarding my anticipated portfolio's return. It reads as follows ...
"Hi @MJG,
Thanks for posting your forecast of six percent average annual gain for stocks over the next ten years. Wonder what bonds are going to do? And, then there is cash?
Here is my thinking ... Like you say, I'll use six per cent for stocks, (my call) four percent for bonds and two percent for cash. With this and based upon my current asset allocation of 25% cash, 20% bonds and 55% stocks (which includes the 5% other assets as defined by M* within my portfolio) I can expect between a four to five percent annualized return over the next ten years on my portfolio. Sounds reasonable to me.
So, if I want to make more I will need to continue to employ some spiffs (special investment positions) from time-to-time as I have been doing in this low interest rate environment. Doing this, might add a percent or two. Or, I could take on more risk and raise my allocation to stocks and bonds while lowering my allocation to cash. Think I'll continue to play the spiffs and tweak my asset allocation form time-to-time as to how I am reading the markets. In doing a look back, Morningstar's Portfolio Manager indicates that my current fund possitions have a combinded returned for the past five years of about 8.5% and for the ten year period about 6.5%. With this, some adjustment (downward) would needed to be made to account for my cash position in use with the above percentages. So, let's knock a percent off of these percentages to derive at what the portfolio would have returned adjusting it for current cash held. Probally, not exact but close.
Currently, I think from a TTM P/E Ratio (21.5) stocks are more than fully valued along with most bonds. With this, I am going to stick with being cash heavy for the time being and employ the spiffs.
Thanks again for posting your insight. It is appreciated."
Best regards,
Old_Skeet

TPP and its impact on Global growth talk about here (Frank Holmes):
Trans-Pacific Partnership (TPP)
Trade Pac
TPP webpage from US Trade Office:
https://ustr.gov/tpp/