Updated 6:01 PM CDST: IBD: Bloomberg Evening Briefing: Barron's After The Bell:
Regards,
Ted

The culture at FMI funds is excellent. I first invested with Pat English and Andy Ramer in the Large Cap fund, FMIHX in 2006; then later in the international fund, FMIJX. FMI will close their fund when asset grew too large to manage in their concentrated portfolio. Also their fees are reasonable. Most of all, the institutional shares are assessable in major brokerages with reasonable $ minimum.
Ironically, FMI and Artisan are both based in Milwaukee, WI, but this corporate cultures are quite different.
Another consideration is Vanguard Global Minimum Volatility fund; ER 0.25% Investor shares and 0.17% Admiral shares. Both FMIJX and VFVFX are doing well this year despite the challenges in international and global funds.

shorter analysis
https://www.nytimes.com/2018/09/12/opinion/botching-the-great-recession.html

Just a guess because I don't know the fund well, but Andrew Stephens started this fund and managed it until he retired in 2014. I can't look at the category rankings before 2008 but it seems like performance suffered after he retired, or maybe after he announced his retirement. If I held the fund I'd want to believe someone else on the team was just as good.

(Due to a doctors appointment, I'm posting this at 1:30 PM CDST. I will update when I get home.)
FYI: The Nasdaq fell on Wednesday, weighed down by a drop in Apple on fears of further regulation, while a rise in energy stocks and a report of fresh U.S.-China trade talks helped keep the S&P afloat and boost Dow Industrials.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2018-09-11/asia-stocks-set-for-mixed-start-crude-oil-soars-markets-wrap?srnd=premium
Blooomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-09-12/your-evening-briefing
Barron's After The Bell:
https://www.barrons.com/articles/dow-rises-28-points-on-hopes-for-a-u-s-china-trade-deal-1536786730
WSJ:
https://www.wsj.com/articles/trade-concerns-weigh-on-global-stocks-1536739873
Reuters:
https://www.reuters.com/article/us-usa-stocks/tech-stocks-pressure-wall-street-apple-down-ahead-of-event-idUSKCN1LS1UI
IBD:
https://www.investors.com/market-trend/stock-market-today/indexes-pare-losses-nasdaq-lags-sell-off-semiconductor-stocks/
MarketWatch:
https://www.marketwatch.com/story/us-stock-futures-inch-up-as-apples-iphone-event-grabs-the-spotlight-2018-09-12/print
CNBC:
https://www.cnbc.com/2018/09/12/us-markets-trade-conflicts-continue-to-fester.html
Europe:
https://www.reuters.com/article/europe-stocks/oil-and-mining-strength-helps-european-stocks-shrug-off-trade-rhetoric-idUSL5N1VY1BB
Asia:
https://www.reuters.com/article/japan-stocks-close/nikkei-drops-led-by-chip-stocks-machine-tool-makers-kubota-falls-idUSL3N1VY47W
Bonds:
https://www.cnbc.com/2018/09/12/us-bonds-and-fixed-income-fed-remarks.html
Currencies:
https://www.cnbc.com/2018/09/12/forex-markets-dollar-canada-us-trade-talks-us-china-trade-war-in-focus.html
Oil:
https://www.cnbc.com/2018/09/12/oil-markets-us-crude-inventories-sanctions-on-iran-hurricane-florence-in-focus.html
Gold
https://www.cnbc.com/2018/09/12/gold-markets-us-china-trade-dollar-fed-interest-rate-policy-in-focus.html
WSJ: Markets At A Glance:
http://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures:
https://finviz.com/futures.ashx

FYI: If Hollywood decides to produce a movie about a government official who finds himself mired in the middle of a once-in-a-lifetime crisis, Hank Paulson could easily be cast in the lead role. He’s tall, bespectacled, ruggedly handsome, and still has pretty much the same athletic physique he had when he started 50 years ago on the varsity football team at Dartmouth. (His nickname was “Hank the Hammer.”)
He is also the former CEO of Goldman Sachs and of course was the Treasury secretary, under President George W. Bush, during the 2008 financial crisis.
Regards,
Ted
https://www.barrons.com/articles/hank-paulson-looks-backat-the-turmoil-of-2008-1536759000?mod=hp_highlight_2

O'Shaughnessy Funds rose to MFO's "Upper" Family Rating this past month, which is good to see. All its 5 funds have fared very well against their competition this past year.

@msf
>> I'm still curious though, what your objective was in searching for an intra-day trading fund in the first place. Now that your target is in sight (you know where to look), you appear to have given up the quest, i.e. you haven't posted any funds you found. Maybe you were checking Select funds in particular because you were open to day trading those funds specifically? Just tossing out possibilities here, since I haven't a clue why one would care which funds day trade.
Is this to me? If so, I was posting only in response to my misreading of your
\\\ "Today their Select Funds operate just like any other open-end fund, trading once a day.any other open-end fund, trading once a day."
>> Some funds still trade more than once a day.
since it took no time to find out actual Fido policy, more recent than 1992.
I have zero interest or concerns in any of this myself, was just trying to clarify the facts of the thread.
>> If I were you, based what you found on the Fidelity site (a blanket statement that as far as Fidelity knows, OEFs trade only daily), I'd be digging even further. That's because it sounds like Fidelity won't let you trade these funds more than once a day even if they carry them.
okay.
Some random closing emoji about 'conceptual points' and believing surely goes here.
I liked the blunt shifting of the burden of (mis)communication off of you and fully onto me --- well-played. Foghorn for sure.

Hi Guys,
It is a universal truth that we love winning and hate losing. But those emotions are very asymmetric. Many studies reach that same conclusion. In my rough summary of these studies, they almost all conclude that we hate losing about twice as much as we like winning. Again, very generally, expected payoffs have to be double possible losses to induce an investment if the odds are an even 50-50.
"The stock market is not logical, it is psychological." That's a quote I extracted from an article that highlights and provides an approximate measure of our risk aversion. The article was written by David Fabian. Here is the Link to it:
https://seekingalpha.com/article/1289491-why-shorting-stocks-is-the-worst-investment-strategy-ever?page=3
His title fully tells the story: " ... Shorting Stocks is the Worst Investment Strategy Ever". That might just be a slight overstatement, but his position on the matter is never in doubt. A positive correlation between rewards and risks exist in just about every human endeavor.
Seeking Alpha in the markets is risky business. That's a lesson that all MFOers understand. Some of us have learned that hard lesson the very hard way.
Best Wishes

Sold ARTKX 2 days ago after 9 years in portfolio because of gradual decrease in performance over the past 10 years. When things get less frothy ,funds will go into FMIJX,PGVFX and VMNFX which I also hold. Artisan today is very different from 10 years ago and it was time to move on.

After reading discussions below on Artisan Partners I decided to check on son's holding of ARTMX. 20 yrs mfo gives it a 5 rating on return. 10 yrs = 3, 5 &3 yrs =1 , & 1 yr =2 rating. Does anyone care to chime in about this fund.
Thanks, Derf

>> Maybe you don't believe me. I'm so hurt :-)
I can't tell how this is intended. .

It seems emojis have lost their meaning. How about:

Since we do seem to be having problems communicating, I suppose I should add that the footnote above is not part of my message.
If you've got a better icon to use, just let me know.
I'm still curious though, what your objective was in searching for an intra-day trading fund in the first place. Now that your target is in sight (you know where to look), you appear to have given up the quest, i.e. you haven't posted any funds you found. Maybe you were checking Select funds in particular because you were open to day trading those funds specifically? Just tossing out possibilities here, since I haven't a clue why one would care which funds day trade.
If I were you, based what you found on the Fidelity site (a blanket statement that as far as Fidelity knows, OEFs trade only daily), I'd be digging even further. That's because it sounds like Fidelity won't let you trade these funds more than once a day even if they carry them.
Obvious followup questions: does Fidelity carry these funds? What are its rules on trading them? If it does allow intra-day trading how do its time of day cutoffs compare with those specified by the funds (brokers sometimes set earlier cutoffs)? If Fidelity doesn't support intra-day OEF trading, are there other platforms that do (such as your Merrill Edge), or does one need to go directly to the distributor? How would that work?

https://www.newyorker.com/magazine/2018/09/17/the-real-cost-of-the-2008-financial-crisis
Skin in the game(s) result in lasting memory etched in lost trust and confidence.

You will perma-bears like Marc Faber and other saying the same thing going back at least ten years ... so listen w/a grain of salt. They'll be proven right EVENTUALLY ... but being early and right is still being wrong for economists and market pundits. But anyone who offers a market-timing timeframe for their prognostications is, generally, imho, to be ignored. Nobody has a crystal ball.

https://seekingalpha.com/article/4188407-bill-fleckenstein-market-crash-within-6-months-podcast

So where are you guys who are selling ARTKX/ARTGX moving your funds to? I've owned ARTKX for 12 years or so, it's been a fabulous fund, but all these changes are disturbing.

Not finding that at the moment:
https://www.fidelity.com/learning-center/trading-investing/trading/trading-differences-mutual-funds-stocks-etfs
but perhaps hidden elsewhere ...

My points were conceptual: that open end funds can be shorted, regardless of whether any currently do so. Also, that open end funds are not barred from being traded more than once a day.
Statements that OEFs cannot do X are often mistaken. In this context, the only function that identifying such funds serves is as an existence proof. What does it matter which funds if any do either of these today? Are you planning on shorting OEFs? Are you planning to day trade OEFs?
Maybe you don't believe me. I'm so hurt :-)
Ted identified Fidelity Select funds as ones that traded more than once daily in the past. I just wrote that there are still some OEF funds that, like the Select funds of yore, do so. Not that the Select funds still do; they don't. At least the last time I looked some Rydex funds traded twice daily. You can go and figure out which.
http://www.investmentnews.com/article/20070122/REG/70118012/rydex-expands-availability-of-twice-a-day-pricing
Here's another "strange but true" on OEFs: Paying shareholders to invest in funds (i.e. negative ERs) is not new, it's been done before. So read carefully any statement that says: for the first time, introducing a fund that costs less than zero to invest.
If it doesn't say "always" costs less than zero, it's not something new. In the past, a negative ER for a fund was only temporary. At least AFAIK.

FYI: With Hurricane Florence, possibly the largest-ever storm to hit as far north as the Carolinas, barreling toward the East Coast, close to a million people have begun evacuating their homes. Hurricane Florence is expected to make landfall early Thursday as a Category 4 storm with winds up to 150 miles an hour.
Companies including Boeing, Daimler, Cargill, and Pfizer have already closed manufacturing and processing plants in the Carolinas in anticipation of the weather and due to port closures up and down the Eastern Seaboard.
Here’s how investors can try to stay safe.
Regards,
Ted
https://www.barrons.com/articles/how-investors-can-prepare-for-hurricane-florence-1536687252?mod=hp_highlight_4

FYI: Time may heal all wounds. But the decade since the collapse of Lehman Brothers Holdings Inc. hasn’t been long enough to restore investors’ faith in banks.
While this week marks the 10-year anniversary of the Lehman bankruptcy, an event seen widely as a catalyst for the global financial crisis, data on stock prices and fund positioning suggests the aversion to the banking industry hasn’t gone away.
Regards,
Ted
https://www.bloomberg.com/news/articles/2018-09-11/a-decade-after-lehman-collapse-investors-still-shun-bank-stocks

Updated 4:16PM Barron's After The Bell