The trend in corporates will probably continue for awhile.
http://www.bloomberg.com/news/articles/2015-09-29/bofa-sees-junk-bond-train-wreck-as-pain-spreads-across-market

America Funds:
https://www.americanfunds.com/advisor/tax/2015-year-end-distributions.html

I get where you're coming from and definitely don't disagree with the argument for 1) allocating to small/micro caps (to harvest the "small cap premium") and 2) going active in the space - tons of inefficiencies for good (and even average) managers to generate alpha... 2.00% is just a little steep for me. I don't really like paying more than 1.50%, but did make an exception for GPEOX.

Sometimes you get what you pay for.
Since inception, Grandeur Peak Emerging Opportunities has outperformed its average peer by 9.5% annually. Global Opportunities has outperformed by 6.5%, Global Reach by 5.0%, and International Opportunities by 4.1%.
While low-cost index funds and ETFs have some advantages, there are also some places where they can't go - or can't go well. International micro-caps are one such place. When last I checked, the SPIVA analysis still showed that as one corner of the market where active beat passive. The reason's simple: indexed products need to be highly liquid and scalable. The space Grandeur Peak specializes in, isn't. Similarly, larger fund companies need products that meet those same requirements (Fidelity would have no conceivable use for a fund that had to close at $25 million or $125 million or pretty much anything short of a few billion) so when they try investing in this space, they limit themselves to the larger, more liquid names. Those, as it turns out, aren't automatically the most attractive opportunities. The French and Fama research, for example, tend to find "the small cap premium" primarily in micro- and nano-cap stocks rather than in the companies with a billion dollar market cap.
One of my better long-term performers is Wasatch Microcap Value (WAMVX), a small fund from the firm that the GP guys left. WAMVX is very small, charges over 2% and has beaten its peers by 2.5% annually for more than a decade. I approached it with the same skepticism that you have, a skepticism that I really do respect. My conclusion was that the manager was capable of earning his keep, so I invested. I'd be happier if he charged 1% and I was ahead by 3.5% annually but that deal wasn't available.
For what that's worth,
David

It's a compelling fund that they're offering, but I can't see myself investing in this through a taxable account.
Actually, David piqued my interest with his mentioning of YASLX/YASSX in the update email. Down quite a bit for the year, but that's always a great time to jump in. Avg market cap of the portfolio is 569 mm according to M*. Low turnover, quality boutique firm. Question is, how small will they keep it?
It may be a viable option if GPMCX isn't in the cards for everyone.

Sounds like a good gameplan! Here's my ongoing list:
AMG Funds:
https://ip.amgfunds.com/income_cap_gain_distributions
Aston Funds:
https://astonfunds.com/includes/modules/assets/controllers/Files/download.php?file=1445889033_aston-funds-9-30-15-capital-gains-estimates.pdf&r=/
Calvert:
http://www.calvert.com/resources/tax-center/estimated-distributions
Columbia Acorn Funds:
https://www.columbiathreadneedleus.com/content/columbia/pdf/2015_ACORN_YEAR_END_CAP_GAINS_ESTIMATES.PDF
Credit Suisse:
https://www.credit-suisse.com/media/am/docs/us/asset-management/2015-credit-suisse-notification-preliminary-distributions.pdf
Deutsche:
https://fundsus.deutscheawm.com/EN/products/mutual-funds-capital-gains.jsp
Dodge and Cox:
https://www.dodgeandcox.com/pdf/shareholder_services/dc_estimated_distributions_2015.pdf
Eaton Vance:
http://funds.eatonvance.com/tax-information.php
Federated:
http://www.federatedinvestors.com/FII/daf/pdf/45720.pdf
Gotham Funds:
https://www.gothamfunds.com/UploadFiles/9942fb85-d.pdf
Hartford:
https://www.hartfordfunds.com/dam/en/docs/pub/funddocuments/regulatorydocument/Tax Center/2015 Estimated Cap Gains .pdf
Invesco:
https://www.invesco.com/static/us/investors/contentdetail?contentId=9a64a8c235512410VgnVCM100000c2f1bf0aRCRD&dnsName=us
IVA:
https://www.ivafunds.com/documents/news/Estimates 2015 Capital Gains and Income Distribution - Final.pdf
Johnny Hancock:
http://www.jhinvestments.com/CMS/DownloadableItems/NewsDocuments/Public/MFCGBL.pdf
Legg Mason:
https://individualinvestor.myleggmason.com/portal/server.pt/gateway/PTARGS_0_355661_3518_1277_37025_43/http;/indinvserver;8400/indivPortletWebApp/documents/tax_information/D17213-2014 December Estimates for Posting 2 F.pdf
LKCM Funds:
http://www.lkcmfunds.com/media/pdfs/LKCM_Distribution_Estimates.pdf
MetWest:
https://www.tcw.com/~/media/Downloads/MetWest_Funds/Distribution_and_Tax_Information/MWFUNDsb.ashx
MFS:
https://www.mfs.com/wps/FileServerServlet?articleId=templatedata/internet/file/data/backlot/mfs_cg_fly&servletCommand=default
Nationwide:
http://www.nationwide.com/financial/advisor-mutual-funds-distributions.jsp
Neuberger Berman:
http://www.nb.com/pages/public/en-us/tax-information.aspx
Pioneer Investments:
http://us.pioneerinvestments.com/misc/pdfs/taxcenter/capgains15.pdf?adtrack=news-hmpg-capital-gain-estimates-sept15
Putnam Investments:
https://www.putnam.com/literature/pdf/EO183.pdf
Russell Investments:
https://www.russell.com/US/documents/syndication/Fund_Information/Tax_Information/2015_estimated_cap_gains_ric_004712828.pdf
TCW:
https://www.tcw.com/~/media/Downloads/TCW_Funds/Distribution_and_Tax_Information/FUNDsb.ashx
TIAA-CREF:
https://www.tiaa-cref.org/public/products-services/mutual-funds/planning-tools/tax-planning
Tweedy Browne:
http://www.tweedy.com/resources/library_docs/general/2015 Estimated Distributions 8-31-15.pdf
UBS:
https://www.ubs.com/content/dam/internethosting/us_library/en/mutual/cap_gains.pdf
UBS PACE:
https://www.ubs.com/content/dam/internethosting/us_library/en/pace/cap_gains.pdf
Wells Fargo:
https://www.wellsfargoadvantagefunds.com/wfweb/wf/funds/performance/distributions.jsp?BV_UseBVCookie=no

@rjb112
no, it was definitely not in the last 5 years...more like the '08-'09 bottom. I think the fund was probably bleeding assets and needed some inflows.

@scott: yes, I'm quite familiar with the history of the fund, and Buffett closing down his partnerships and recommending the investors go with Bill Ruane. I was referring to any recent recommendations of SEQUX by Buffett.......say in the past 5 years.....
@little5bee: "I just remembered seeing Uncle Warren on CNBC and recommending it. It was open then"
Do you recall approximately what year that was little5bee?
Thanks!

@little5bee: "I remember Warren Buffett singing the praises of SEQUX during the recession"
@scott: "I believe Buffett has recommended Sequoia as a Berkshire alternative for quite some time."
I've never seen or heard Buffett recommend SEQUX, and would love to see this in writing or hear him.....do you have a reference, source or URL that I can read? Or a URL to an interview of his where he recommends it?
Thanks!

http://www.bloomberg.com/bw/magazine/for-sequoia-life-after-warren-buffett-is-sweet-01052012.html
"Sequoia Fund was founded by Richard Cunniff and William Ruane, a friend of Buffett’s since both studied under legendary value investor Benjamin Graham at Columbia University in 1951. When Buffett shut down his investment partnership in 1969 to concentrate on Berkshire Hathaway, he recommended that his clients invest with Ruane. “Bill formed Sequoia Fund to take care of the smaller investor,” Buffett writes in an e-mail. “A significant percentage of my former partners went with him and many of those still living have their holdings of Sequoia.”

@little5bee: "I remember Warren Buffett singing the praises of SEQUX during the recession"
@scott: "I believe Buffett has recommended Sequoia as a Berkshire alternative for quite some time."
I've never seen or heard Buffett recommend SEQUX, and would love to see this in writing or hear him.....do you have a reference, source or URL that I can read? Or a URL to an interview of his where he recommends it?
Thanks!

I remember Warren Buffett singing the praises of SEQUX during the recession...hmmm...interesting, considering he is a vocal proponenet of everyone paying his/her "fair share". Thanks for the background info @LewisBraham!

Buffett is a tremendous example of say one thing, do another. I believe Buffett has recommended Sequoia as a Berkshire alternative for quite some time.
Too bad some of the other Berkshire alternatives (Loews, Leucadia) have done poorly in recent years.

@little5bee
The primary reason I am going to open my account with GP (besides my other four accounts are there) is that once I fund my initial Global Micro Cap position allotment, I am going to initiate a systematic investment plan. If I don't initiate the systematic investment plan when I initially fund my Global Micro Cap Fund allotment, there is no telling when I may be able to add more $$$ to it later. Even if they give me a $1,000, I will still be able to systematically fund it so I can increase my position.
This quite similar to how Bridgeway oversees its Ultra Small Company Fund.

For each poster who posts multiple MF capital gains distributions, please try to alphabetize them under your one post. The post was too long so I had to split it. Some of the list, J through Z, is on the second page incl. RiverNorth separately below that.
AB Funds:
https://www.abglobal.com/sites/investments/library/Instrumentation/2015_Capital_Gain_Estimates.pdf?uuid=ec0e4046-768a-11e5-9ad5-2cac2182ff55
Aberdeen Funds:
http://www.aberdeen-asset.com/doc.nsf/Lit/ContentUSOpenAsiaPacificSmallerCompanies2015DividendandCapGainEstimates20151031
Aegis Fund:
http://www.aegisfunds.com/pdfs/2015_EST_DIST.pdf
Akre Focus Fund:
http://www.akrefund.com/historical-distributions/
Alger Funds:
http://www.alger.com/2015_Est_DivDist.html?_netui:returnActionViewRenderer=org.apache.beehive.netui.tags.internal.ReturnActionViewRenderer&_netui:returnActionCallback=Netui_OnPopupDone
Allianz Global Investors:
http://us.allianzgi.com/ShareholderCommunications/External Documents/AllianzGI_Capital_Gains_Estimates_2015.pdf
Amana Mutual Funds:
http://www.saturna.com/performance/distributions.shtml
American Beacon Funds:
https://www.americanbeaconfunds.com/downloads/resourcecenter/TaxAndDividend/2015YearEndEstDividendSchedule.pdf
American Century Funds:
https://www.americancentury.com/content/americancentury/direct/en/investment-planning/tax-center/estimated-distributions.html
American Independence Trust:
http://americanindependence.com/wp/wp-content/uploads/2015/10/Capital-Gains-Estimate-as-of-09-30-2015.pdf
Angel Oak Funds:
http://angeloakcapital.com/no-capital-gain-distribution-expected-2015/
AQR Global Equity(special dividend):
https://funds.aqr.com/~/media/files/fund-documents/aqr-global-equity-fund-november-2015-estimated-distribution.pdf?la=en
& AQR Funds: (others)
https://funds.aqr.com/~/media/files/fund-documents/2015-estimated-distribution-memo.pdf?la=en
Aquila Funds:
http://aquilafunds.com/wp-content/uploads/CapGainEst-9-30-15.pdf
Ariel Investments:
https://www.arielinvestments.com/content/view/2976/1850/
Aristotle Funds:
http://aristotlefunds.com/wp-content/uploads/2015/11/ARSOX-Capital-Gains-Distribution-Estimates-ACML-15-862v2.pdf
Artisan Partners:
https://www.artisanpartners.com/individual-investors/resources/tax-center/distributions.html
Aurora Horizons Fund:
http://www.aurorahorizons.com/aurora/1250208871653/Year-End+Distribution+Estimates+2015
Auxier Focus Fund:
http://auxierasset.com/files/uploads//2015-Distribution-Estimates.pdf
Ave Maria Funds:
http://avemariafunds.com/distributions2015.php
Baird Funds:
http://content.rwbaird.com/BairdFunds/PDF/Estimated-Capital-Gains-10-31-15.pdf
Baron Funds:
http://www.baronfunds.com/mutual-funds/distribution-information-2015/
Berwyn Funds:
http://www.berwynfunds.com/our-funds/fund-distributions/
Blackrock Funds:
https://www.blackrock.com/investing/literature/tax-information/equity-year-end-estimates.pdf
Blackstone Fund:
https://www.blackstone.com/docs/breif/2015-distributions-estimate-for-breif.pdf?sfvrsn=2
Bogle Funds:
http://boglefunds.com/mutualfund
Boston Partners/Robeco:
http://www.boston-partners.com/wp-content/uploads/2015/10/2015-Estimated-Cap-Gain-Distribution.pdf
Bridgeway Funds:
http://bridgeway_web.s3.amazonaws.com/cms/documents/13e714fe99520840/2015.11.05_Distribution_Estimates_for_Website.pdf
Broadview Advisors:
http://www.broadviewadvisors.com/PDF/BVAOX/Distributions/BVAOX-Distribution-Estimate-11-23-15.aspx
Brown Advisory Funds:
http://www.brownadvisoryfunds.com/media/pdfs/DistributionCalendar2015.pdf
Brown Brothers Harriman (BBH):
http://www.bbhfunds.com/wps/wcm/connect/24612a004a916918bec5ffab90abf029/BBH_Funds_2015_Year-end_Distribution.pdf?MOD=AJPERES&=true&id=1447437070829
Brown Capital Management: (the link does have 2015 information)
http://browncapital.com/sites/default/files/distributionestimates11-12-2014.pdf
Buffalo Funds: (check out the Buffalo Small Cap fund payout)
http://www.buffalofunds.com/media/pdfs/bf2015Distributions.pdf
Burnham Funds:
http://burnhamfunds.com/burnhamfiles/file/pdfs/2015/DIV GAINS ESTIMATES 2015 WEBSITE 110615.pdf
Calamos Funds:
http://www.calamos.com/~/media/documents/tax-center/10-20-2015-calamos-capital-gains-estimates
Cambiar Funds:
http://www.cambiar.com/individual/wysiwyg-images/144674428376f61889.pdf
Catalyst Funds:
http://www.catalystmutualfunds.com/i/u/6149790/f/Catalyst_Distributions_2015-09-30_EST.pdf
Causeway Funds:
http://www.causewaycap.com/wp-content/uploads/2015/01/2015_Causeway-Funds-Prelim-Distributions.pdf
Clearbridge Funds:
https://individualinvestor.myleggmason.com/portal/server.pt/gateway/PTARGS_0_355661_3518_1277_37025_43/http;/indinvserver;8400/indivPortletWebApp/documents/tax_information/D17213-2014 December Estimates for Posting 2 F.pdf
Clipper Fund:
http://clipperfund.com/estimated_capital_gains
Cohen And Steers:
https://www.cohenandsteers.com/assets/content/tax_documents/OEF_2015_Distributions_Estimate_September_30_2015.pdf
Coho Funds:
http://cohofunds.com/media/pdfs/Coho_2015_Distributions.pdf
Copeland Funds:
http://www.copelandfunds.com/download/2015 Cap Gains Estimate Flyer.pdf
Cove Street Funds:
http://covestreetfunds.com/PDFs/Capital Gains.pdf
Credit Suisse:
https://www.credit-suisse.com/media/am/docs/us/asset-management/2015-credit-suisse-notification-preliminary-distributions.pdf
Cullen Funds:
http://www.cullenfunds.com/documents/pdfs/cullen-dd-20151031.pdf
Dana Funds:
http://www.danafunds.com/files/documents/Dana 2015 Estimated Distributions_pending.pdf
Davis Funds:
http://davisfunds.com/document/read/2015_estimated_year_end_capital_gains_distributions
Delaware Investments:
https://delinvest.fgsfulfillment.com/download.aspx?sku=CGE-RET
Diamond Hill Funds:
http://www.diamond-hill.com/wp-content/uploads/DHF-year-to-date-capital-gains-as-of-9-30-15.pdf
Dimensional Funds:
https://hub.dimensional.com/exLink.asp?8073384OR98B38I32185637
Dodge and Cox Funds:
https://www.dodgeandcox.com/pdf/shareholder_services/dc_estimated_distributions_2015.pdf
Dreyfus Funds:
https://public.dreyfus.com/assets/pdf/tax-center/2015/DRY-ESTCG-1015.pdf
Dunham & Associates:
http://www.dunham.com/YearEndDistribution.aspx
Eagle Asset Funds:
https://www.eagleasset.com/tax_information.htm
Edgewood Growth Fund:
http://edgewood.com/documents/Edgewood Growth Fund Cap Gain Distribution Letter Estimates Sept 2015.pdf
Evermore Global Advisors:
http://www.evermoreglobal.com/dividends.html
FAM Funds:
http://www.famfunds.com/shareholder-services-fam-funds/year-end-distributions.cfm
Fairholme Funds:
http://goo.gl/A0IUlq
Fidelity:
https://www.fidelity.com/taxes/fidelity-mutual-fund-tax-information/year-end
or
https://advisor.fidelity.com/app/literature/view?itemCode=779189&renditionType=pdf (Advisor, Retail & Destiny Funds)
Fiduciary Management Inc.(FMI):
http://www.fiduciarymgt.com/funds/other/Funds_Fiscal2015_EstDist.pdf
First Eagle Funds:
https://www.feim.com/sites/default/files/media/ckeditor/1/lit_forms/Preliminary_2015_Income_and_Capital_Gains_Distribution_Estimates.pdf
Forward Funds:
http://www.forwardinvesting.com/doc/?file=Forward-Funds-2015-Preliminary-Capital-Gain-Distribution-Information.pdf
FPA Funds:
http://www.fpafunds.com/docs/fund-announcements/year-end-estimate-2015.pdf?sfvrsn=6
Franklin Templeton Mutual Funds:
https://www.franklintempleton.com/funds/fund-capital-gain-distributions
or
https://www.franklintempleton.com/retail/pdf/fund_info/GOF-PAKCG.pdf
Gabelli Funds:
http://www.gabelli.com/news/2015-estdivnotif.html
GE Funds:
https://www.geam.com/ExternalWar/static/en_US/pdfs/mutual_funds/value_add_material/ge-institutional-estimate-letter-november-2015_5.pdf
Glenmede Funds:
http://www.glenmede.com/pdf/Capital-Gain-08312015.pdf
Goldman Sachs:
https://assetmanagement.gs.com/content/dam/gsam/pdfs/us/en/tax-information/2015/EI-51 Cap Gains_1015_04.pdf?sa=n
Grandeur Peak Funds:
http://www.grandeurpeakglobal.com/distributions.php
Harding Loevner Funds:
http://www.hardingloevnerfunds.com/fileadmin/pdf/HLF/Distributions-Estimates-September15.pdf
Hartford Funds:
https://www.hartfordfunds.com/dam/en/docs/pub/funddocuments/regulatorydocument/Tax Center/2015 Estimated Cap Gains .pdf
Hatteras Funds:
http://hatterasfunds.com/assets/documents/HDOIX_EST_DIST_2015.pdf
Heartland Advisors:
http://www.heartlandadvisors.com/Products/Mutual-Funds/Tax-Information
Henderson Global Funds:
https://az768132.vo.msecnd.net/documents/15806_2015_10_16_07_31_05_267.gzip.pdf
Hennessy Funds:
https://hennessyfunds.com/capital_gains_and_distributions/content/distributions.fs
Highland Funds:
http://highlandfunds.com/wp-content/uploads/2015/11/Capital-Gains-Estimates-for-2015.pdf
Homestead Funds:
http://www.homesteadfunds.com/wp-content/uploads/2015/11/estimated_distributions__112015.pdf
Hotchkis & Wiley Funds:
https://www.hwcm.com/assets/documents/Marketing-Pieces/Additional-Fund-Information/HW-Funds-2015-Capital-Gain-Estimates.pdf
ICM Small Company Portfolio:
https://www.icomd.com/global/stream/1879
Ironbridge Funds:
http://www.ironbridgefunds.com/pdf/capital_gains_estimates.pdf
Ivy Funds:
https://www.ivyfunds.com/sites/default/files/IvyFunds2015CapitalGainDistributionEstimates.pdf

With Valeant, you basically have people saying on one hand that it is the next Berkshire Hathaway and on the other hand, you have Berkshire Hathaway being very negative on it (Munger has been very negative - “Valeant is like ITT and Harold Geneen come back to life, only the guy is worse this time.” http://www.fool.ca/2015/04/02/why-is-warren-buffetts-right-hand-man-so-bearish-on-valeant-pharmaceuticals-intl-inc/) This is a longer discussion by Sequoia on Valeant - http://www.valuewalk.com/2015/08/valeant-pharma-sequoia/
My issue really becomes the idea that the Valeant business model is the perfect target for politicians. It does little in the way of R & D and basically snaps up drugs/treatments/companies and raises prices. Some people have problems with "platform companies", but Danaher (DHR) has been successful for decades. When you apply that business model to the healthcare industry it's just ripe for controversy.
And maybe nothing happens with the subpoena that Valeant got yesterday, but I think the controversy and debate over that company is not likely over.
Also, for a company of Valeant's size, it's an unbelievably volatile stock.

Jack Vogel, at Alpha Architect, updates (with all links needed to follow) the recent back-and-forth between the authors of the original papers describing the active share effect and the contrarians at AQR who don't think much of it.
http://blog.alphaarchitect.com/2015/09/21/active-share-debate-aqr-versus-academics/
The authors have not taken kindly to AQR's questioning of their claims, and write in the abstract of a swing-back paper:
This paper’s first and main aim is to establish that the AQR paper should not be interpreted using typical academic standards. Instead, our conjecture is that this AQR paper falls into a wonderfully creative but altogether different genre, which we label the Wonderland Genre, as its main characteristic seems to be “Sentence First, Verdict Later.” ...{...] Thirdly and finally, we impolitely consider why AQR may not be a big fan of Active Share by taking a look at the AQR mutual funds offered to retail investors. We find that these tend to have relatively low Active Shares, have shown little outperformance to date (with performance data ending in 2014) and thus seem fairly expensive given the amount of differentiation they offer.
h/t Tadas Viskanta @ Abnormal Returns

According to Bloomberg, The Sequoia Fund lost $1.2 billion on its investment in Valeant. That’s a big loss for the 7.8 billion Sequoia. Bloomberg says that Valeant represented 29 percent of the fund’s holdings. That’s an unbelievably big bet for a fund that’s so highly respected. Is this accurate? [If so, this fund's Great Owl Fund status should be revoked.]
http://www.bloomberg.com/news/articles/2015-09-28/sequoia-fund-managers-suffer-1-2-billion-loss-as-valeant-falls?module=TopNews&position=4_reaction

Thanks. That's very helpful. It looks like this is a pure quant fund (albeit with multiple models).
It's curious that this information is not in any SEC filings. The only similar information (in the prospectus) is that Harindra de Silva, Ph.D, a member of the Analytic Investors, LLC management team "works primarily on research for the strategy (i.e., model maintenance and design)". From "model" one might infer quant management for this sleeve.
The only source I can find for the information you provided are "Fact Sheets" for the fund, such as this one dated June 30, 2015. Stranger still is that these are not published by SEI, in the sense that there doesn't seem to be a way to navigate to them.
FWIW, here's their glossy on their Managed Volatility funds.
All in all, a bit unusual, like they don't want you to know about the fund. Or, it's all in plain sight and I'm just having a bad day :-)

@PRESSmUP Holdings in the chart are as of March 31, 2015. There may have been a few changes since then.
@Dex Maybe this is a good thing? [of course, junk declines often foreshadow broader mkt corrections, so when I suggest "good" you're probably thinking "whatchoo talkin' 'bout, Willis?"] :)