BIVRX's latest annual report 's balance sheet shows $46.4M in cash held for collateral, out of net assets totaling $78.1M. That's 60% in cash for collateral. The remaining cash-like assets (e.g. foreign currencies, receivables for securities sold, etc.) come out to around 5%. That doesn't quite add up to the current 73%, but it's in the ballpark.
Likewise, the portfolio breakdown summarizes common stock at 95.2% long and 64.2% securities sold short. That's about 31% net long. Again, not an exact match for the current 27%, but in the same ballpark.
This seems straightforward. What strikes you as misleading?

Those quarterlies are all over the place. I want to know that I can count on a pretty consistent amount. Nope, I'm not buying this one. I'm 61% in bonds: PRSNX, PTIAX and a portion of (balanced) PRWCX. I lately learned a particular fact: that PRSNX hedges to the dollar. That helps with consistency, too.

@MikeM,
That's as misleading as showing DSE_X as half bonds+cash, jeez; M* is so messed up in this.
See
https://www.mutualfundobserver.com/2019/05/balter-invenomic-bivrx-bivix-bivsx/#more-12776
Thought I would give it a try.

If one is going to invest in a fund that's effectively 200% long (DSEEX), then I suppose there's some sort of logic in buying another fund that sells 63% of its portfolio short.
DSEEX (summary prospectus): the Fund’s total investment exposure (direct investments in debt securities plus notional exposure to the Index) will typically be equal to approximately 200% of the Fund’s net asset value.
BIVRX can be viewed as using 90% of the money invested in it to buy equities (80% domestic, 10% foreign) and keeping 10% in cash like a conventional fund, but then also shorting 63% of its NAV. When it shorts that equity, it receives cash. Hence the 10% + 63% = 73% cash position. Hence also the high ER: for borrowing the securities to sell short, and to cover the dividends that would have gone to the lender of the securities.
While it's placing just a modest bet (27% NAV) on the market going up, it is simultaneously placing outsized bets on individual securities - 90% of its NAV on stocks it is betting will go up, and 63% of its NAV on differentstocks it is betting will go down. The dollars add up to a small net equity position (small bet on the market as a whole), but the individual security exposure is magnified (90% + 63%).

I agreed.. So much negative news on the streets... 50%of pundits are wrong anyway
Mama retired portfolio heavily weight in bonds cash
Our diversed portfolio and 401k still 80:20...no changes since 2009

Generally, Old_Skeet, now retired, does a portfolio review and a calendar rebalance in May and October and at other times if felt warranted. My asset allocation threshold is 20% cash, 40% income and 40% equity. I allow for a 2% + (or -) movement from the threshold for my income and equity areas while I generally let my cash area float. In addition, I can, if felt warranted, tactually let equity bubble up to +5% from it's threshold. With this, the cash area can float from a low of 13% up to a high of 24% depending on where my income and equity allocations bubble.
An example. As we entered May I was equity heavy; and, I reduced my allocation to equities raising my allocation to cash. As equities pulled back in May I did a little buying but staying well within my asset allocation ranges, of course. So, thus far, this has worked well for me playing the swing as the Index has had better than a 7% movement during May (high to low) and has now recovered in June reaching a new all time high. Old_Skeet's market barometer is a tool that I developed and I use to assist me with market calls along with using it to help me throttle my equity allocation. As of market close June 20th, it scored the S&P 500 Index as extremely overbought. When I began to buy during the weeks of May 20th and May 27th the barometer indicated that stocks were undervalued with week ending readings of 155 and 158 respectively. Perhaps, now might be a time, for me, to take a little off the table and book some profit since the S&P 500 Index reached a new all time high and by the metrics of the barometer stocks are now extremely overbought with a barometer reading of 133. Generally, a higher barometer reading indicates there is more investment value in the Index over a lower reading.
Currently, my cash bubbles at 14% so I'm strongly thinking of selling some equity and raising my cash allocation since historically, stocks tend to go soft during the summer months. And, there will be, in time, another swing movement that I can play. But, to do so ... I'll need some cash. So, for me, it is now time to rebalance and reload the cash area of my portfolio.
So ... How often should you rebalance? I'm thinking when it is warranted.

FYI: Dear retail investors holding lame 0.75% bank certificates of deposits and U.S. Treasury bonds yielding a tad over 2% for 10 years. If you want your money to yield something outside of the stock market, then it’s time to leave the United States.
Not pack-your-bags, sell-your-home leave the United States. But time to diversify out of U.S. bonds and CDs and put that retirement money somewhere far, far away.
It can’t go to Germany. That’s a negative yield debt. It can’t go to Japan. That’s money under the mattress. So it has to go to the emerging markets. Like China. Yes, China.
Regards,
Ted
https://www.forbes.com/sites/kenrapoza/2019/06/21/for-fixed-income-investors-time-to-leave-america/#290485bc51f6
M* Snapshot GARBX:
https://www.morningstar.com/funds/xnas/garbx/quote.html

FYI: Investors who decide to put their money where their values are have a small but fast-growing array of mutual funds and exchange-traded funds to choose from. At first blush, it sounds straightforward: By putting your savings in funds that assess how a company is addressing (or worsening) environmental, social, and governance, or ESG, factors, you hitch your investments to good corporate citizens, and may earn above-average returns.
But turning the concept into a practical investment portfolio without compromising on investing mandates such as diversification and due diligence comes with a unique set of challenges. Here’s what investors should keep in mind as they construct a values-based portfolio.
Regards,
Ted
https://www.barrons.com/articles/how-to-build-your-own-esg-portfolio-51561160049?mod=past_editions

Meanwhile, the NABE, NY and Philly Fed, and the rail reports sure give pause:
https://www.washingtonpost.com/opinions/the-trump-economy-house-of-cards-collapses/2019/06/21/00412398-9429-11e9-aadb-74e6b2b46f6a_story.html

It is interesting to compare DGRO, DGRW, OUSA, QUAL, NOBL, SCHD, and VIG over the last 3, 2, and 1 years and see which ones move ahead of the others. (All outperforming CAPE for the 1- and 2y periods but not longer.)

@David, at best I have less than half the $100K minimum so....
I tend to stay fully invested most of the time. I just happen to have enough to start the new position and I wouldn't build it up to the max anyway. But thanks.

@Mark,
I just emailed them to remind me what it is I have done for several years now, the same process each time, no changes. I think it was just that once DSENX got above $100k, a phone call permitted quick reclassification to DSEEX, no TF, no nothin'. But my memory for these things is sievelike, hence the email. Will report.

@davidrmoran @Mark
Mark, I recall you did a test transaction. Yes, the transaction fee would apply as noted by @msf; but one also knocks down the e.r. with DSEEX. Depending on the amount invested, the fee would be recovered fairly fast.
I also trialed the purchase of DSEEX with both traditional and Roth IRA's at Fido.
The minimum is $5,000; vs the $100,000 listed.
Regards,
Catch

ah, sorry
and it has to be $100k
your understanding is that you need to buy DSEEX and pay the TF first?? Not how it works with my account.

FYI: ‘Buy American’ has never felt this good for investors.
The total return indexes for the S&P 500 Index, U.S. investment-grade corporate bonds, high-yield debt, and sovereign and quasi-sovereign debt have risen to record levels in the wake of the Federal Reserve’s signal it stands ready to lower interest rates for the first time in over a decade.
Regards,
Ted
https://www.bloomberg.com/news/articles/2019-06-20/all-time-highs-in-everything-american-as-risk-rally-crescendoes

FYI: High dividend strategies may seem like the way for income investors to go with the Federal Reserve looking like it could cut interest rates later this year, but dividend growth exchange traded funds, including the iShares Core Dividend Growth ETF DGRO, +0.21% still merit consideration.
DGRO tracks the Morningstar US Dividend Growth Index and holds 480 stocks, giving it one of the larger rosters among dividend growth ETFs. That index requires members firms to have minimum dividend increase streaks of at least five years, one of the more liberal requirements in the universe of dividend growth ETFs.
Importantly, DGRO's underlying index also excludes companies with excessively high yields and only permits the inclusion of companies with payout ratios of less than 75%.
Regards,
Ted
https://www.marketwatch.com/story/a-darling-among-dividend-growth-etfs-2019-06-21-6463255/print
M* Snapshot DGRO:
https://www.morningstar.com/etfs/arcx/dgro/quote.html

Seeing as DSENX invests in those sectors that are the cheapest, I would it expect it to be less volatile than the market and that it would resist downdrafts better. Why don't the numbers play out this way? The downside capture ratios are all slightly greater than 100%.

If your interest is simply consolidation and you're willing to do a little work, you could purchase the shares at Vanguard and then do an in-kind transfer to Schwab. Selling shares of all funds, even TF funds, is free at Schwab.
Traditionally, transfers of shares from mutual fund companies to brokerages has been free. Now that Vanguard has moved to a brokerage model (you can't buy their funds in a standalone mutual fund account), that may have changed. I don't see any account closing or transfer fee in Vanguard's fee disclosure, but you should check first.
https://personal.vanguard.com/pdf/v414.pdf?2210079054

Hi @hank.,
The "Sell in May" axiom has many spins to it. Below is mine.
Generally, Old_Skeet does a portfolio review and a calendar rebalance in May and October and at other times if felt warranted. My asset allocation threshold is 20% cash, 40% income and 40% equity. I allow for a 2% + (or -) movement from the threshold for my income and equity areas while I generally let my cash area float. In addition, I can, if felt warranted, tactually let equity bubble up to +5% from it's threshold. With this, the cash area can float from a low of 13% up to a high of 24% depending on where my income and equity allocations bubble.
As we entered May I was equity heavy; and, I reduced my allocation to equities raising my allocation to cash. As equities pulled back in May I did a little buying but staying well within my asset allocation ranges, of course. So, thus far, this has worked well for me playing the swing so-to-speak. My market barometer is a tool that I developed and I use to assist me with market calls along with using it to help me throttle my equity allocation. As of market close June 20th, it scored the S&P 500 Index as extremely overbought. Perhaps, now might be a time, for me, to take a little off the table and book some profit since the S&P 500 Index reached a new all time hight.
The Sell in May and Come Back After St. Legers Day axiom is one that my family has followed for a good number of years. For us this has worked well through the years; but, like most everything else it does not work every year.
It will be interesting to see how stock valuations bubble as we approach fall. For me, the Sell in May theme simply reflects calendar times to review and, at times, to rebalance my portfolio, if warranted. After all, most of the gains in the stock market have historically taken place during the fall and winter months. It is during these times that Old_Skeet chooses to be equity heavy and then light to normal during the other periods.
So, with this, I am, in general, a subscriber to the Axiom.

Maybe Ted can post all the links of the myriad of negative stock market articles I have been reading this morning. You would expect to see ebullience with a market at all times highs and a market on track for its best June since 1955. But I sure am not seeing much ebullience out there. In fact, can’t ever recall so much apprehension of a market at all time highs.
I can understand the trepidation. The biggest bullish peg is the Fed but how is that not already priced into the market. Plus, what if the markets keep roaring ahead? Would the Fed even lower rates with markets making one new high after another? There is hope for something positive next week on China but what if that once again proves to be much ado about nothing. And then what about Iran? The only positives I see is the junk bond market and price itself. But price and junk bonds can turn on a dime or better yet, an unexpected tweet out of the blue. In the meantime enjoy the ride - as long or short as it may be.
Edit. Just about every category of bonds are obscenely overpriced in the short term based on their 10 day RSI. And this morning for the first time in many a moon seeing selling throughout all the sectors in Bondland.