For the past two months, I have been following two "Market Neutral" funds, QQMNX and VMNFX, which held up very well and provided some protection during recent market downturns. New managers have been at the helm of both funds since 2021.
As MikeM said: "I have to admit, QQMNX is a tempting alternative in this alternative field for a less bumpy ride and, so far, excellent returns."
..............QQMNX....VMNFX
YTD.........15.6%.......8.9%
3 YRS.......14.4........14.8
5 YRS.......10.3..........8.2
2022..........9.5.........13.5
Std. Dev....8.6%.......7.3%
As a retired investor who doesn't need a lot more money, preserving capital is more important to me than seeking sizeable returns on capital. While both funds have excellent risk/reward profiles, I have decided to add QQMNX to my portfolio at this time.

The 10 year return for VMNFX is 3.63%. That's my worry with QQMNFX. Is the risk/reward that much better than a solid bond fund particularly if rates fall as "expected"?

AAII Sentiment Survey, 10/2/24
BULLISH remained the top sentiment (45.5%, high) & bearish remained the bottom sentiment (27.3% tie, below average); neutral remained the middle sentiment (27.3% tie, below average); Bull-Bear Spread was +18.2% (above average). Investor concerns: Elections, budget, inflation, economy, the Fed, dollar, Russia-Ukraine (136+ weeks), Israel-Hamas (51+ weeks), geopolitical. For the Survey week (Th-Wed), stocks mixed (growth down, cyclicals up), bonds up, oil up, gold down, dollar up. NYSE %Above 50-dMA 69.54% (positive). Port workers' strike will cause supply disruptions. Situation in Middle East has worsened, but oil hasn't reacted much. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1681/thread

Thanks you both for your replies. Did the alternative allocation come from (reducing) your historic equity or historic fixed income allocation percentage?

I don't think I ever had a "historic" equity or fixed income portfolio allocation. It was always a function of my age and the current economic/market environment.
Thus, in the recent 5%+ interest rate environment, I was almost exclusively invested in CDs and Treasury bonds. As these instruments mature, I am now moving into bond and allocation funds, like ICMUX, RCTIX, BINC, PRCFX, etc.
I used to have JHQAX in my portfolio but sold it in 2022. I guess you could say that QQMNX has had a better risk/reward profile over the past 3 years and has replaced JHQAX.

In a nod to all those still parked in short term and / or floating rate stuff,
Stan Druckenmiller at the Grant’s conference yesterday -
“Bipartisan fiscal recklessness is on the horizon.”
He’s short bonds equivalent to 15-20% of his portfolio.
“George [Soros, Stan's ex-boss / mentor] would be embarrassed of me” for not making it a bigger bet.
Obviously, I do not know Stan's time horizon for this bet and may differ from your criteria. So, please do not take the above as my commentary against anyone who is making a different bet. I am clueless about the bond market.

Saw the article. Color me clueless, but I hear they're supposed to provide safety; so I'm staying mostly short, not shorting, and not floating. :)

The initial investment minimum is supposed to be$5K through transfer agent. I had a problem with them when I filed an application for the Low Duration High Yield Fund. They told me I needed $50K until I told them about the SEC filing where the initial minimum was lowered to $5K..
Schwab wants $2,500 initial minimum for a Nordic account plus trade fee.

Thanks for the heads up on this and sorry for the confusion/inconvenience. I spoke w/ U.S. Bank today and all is fixed. Correct minimum through the transfer agent, as well as on the platforms, is $5k.

Thanks you both for your replies. Did the alternative allocation come from (reducing) your historic equity allocation or from your historic fixed income allocation?
For disclosure, since I am asked you about your info-
I started PHEFX and HELO at 1% which were entered by reducing PRWCX. I am comfortable with both, but I have to figure out how to increase them (from equity or fixed income).
I had previously experimented with BLNDX and closed that out at zero net gain / loss, except for the time value of money and opportunity cost.
QQMNX chart looks good and from what I can see it is a pure long-short fund (correct me if I am wrong). I like that it is not trying to shoots the lights out and its chart looks less correlated to SPY than BLNDX or QLEIX (previous alt funds discussed here). I am inclined to take money out of fixed income to buy QQMNX but have not decided yet.
@fred495, Do you no longer own Hedge equity fund(s)?

In Schwab the min is $2500 + $49.95. Most times I don't pay this.
Even if I pay for it, it's meaningless compared to the amounts I invest.
Most investors do too much analysis. If I know the manager and the uptrend is good and smooth I will buy, and will switch when it is not or I find a better fund. I am far from a weekly trader. I have owned 2 funds for months now.
Of course, on the first sign of volatility that looks subnormal I will sell.
I'm going into hibernation about what is my next move. I like to own small AUM funds, especially when they are new.
Today we hike at Laurel Falls Trail. Wow, no wonder it ranks 4.7 out of 5. Amazing beautiful trail with a river, hills, a fall, and rocks.
Several trees fell and we had to go above/under them. We love to hike in TN which is very similar to North GA

@fred495 and @MikeM,
If you are OK disclosing, what percentage of your portfolio makes up alternative funds and which one of the alternative funds do you currently own.

I have one alternative fund, QQMNX, which makes up 10% of my portfolio.

In a nod to all those still parked in short term and / or floating rate stuff,
Stan Druckenmiller at the Grant’s conference yesterday -
“Bipartisan fiscal recklessness is on the horizon.”
He’s short bonds equivalent to 15-20% of his portfolio.
“George [Soros, Stan's ex-boss / mentor] would be embarrassed of me” for not making it a bigger bet.
Obviously, I do not know Stan's time horizon for this bet and may differ from your criteria. So, please do not take the above as my commentary against anyone who is making a different bet. I am clueless about the bond market.

what percentage of your portfolio makes up alternative funds

Hi @BaluBalu. About 20% total. Hedge/options funds make up 15% of portfolio. 5% now in a market neutral fund (traded out of BLNDX to buy).
Options trading funds
JHQAX 12%
PHEFX 3%
Market neutral fund
QQMNX 5%

BHB still falling today. Bought a few more. 5.63% of total portfolio today.

It is concerning that the IRS chart discussing the differences between RMD for IRAs and Defined contribution plans still uses 72 as the age for RMDs ( even though it says it was updated 8/2024)
" April 1 of the year following the later of the year you turn 72 (70 ½ if you reach 70 ½ before January 1, 2020) or the year you retire (if allowed by your plan). If you are a 5% owner, you must start RMDs by April 1 of the year following the year you turn 72 (70 ½ if you reach 70 ½ before January 1, 2020)."
https://www.irs.gov/retirement-plans/rmd-comparison-chart-iras-vs-defined-contribution-plans
The "FAQS" page has the correct information
"(73 if you reach age 72 after Dec. 31, 2022). "

The initial investment minimum is supposed to be $5K through transfer agent. I had a problem with them when I filed an application for the Low Duration High Yield Fund. They told me I needed $50K until I told them about the SEC filing where the initial minimum was lowered to $5K..
Schwab wants $2,500 initial minimum for a Nordic account plus trade fee.

Update:
T Rowe Price's proxy info for The New America High Income Fund, Inc. reorganization:
https://www.sec.gov/Archives/edgar/data/754915/000110465924105255/tm2421611d5_497.htm

@fred495 and @MikeM,
If you are OK disclosing, what percentage of your portfolio makes up alternative funds and which one of the alternative funds do you currently own.

fyi- if you enroll with the fund's direct agent the minimum is $50k. I spoke to a rep yesterday who spoke to a manager and you cannot bypass the minimum via enrolling in the AIP (which is $100 per month). Unsure if Fidelity or Schwab have minimum purchase requirements. Side note, good to see you around still FD1000. I recall your name from the early 2000s on M* discussions. Still miss Copie. GLTA. GranTorino

https://www.sec.gov/Archives/edgar/data/811030/000089418924006027/villere497elowerexpensecap.htm
97 1 villere497elowerexpensecap.htm 497
Filed pursuant to Rule 497(e)
File Nos. 033-12213; 811-05037
Villere Balanced Fund
TICKER: VILLX
Villere Equity Fund
TICKER: VLEQX
(together, the “Funds”)
each a series of Professionally Managed Portfolios (the “Trust”)
Supplement dated October 1, 2024 to the
Statutory Prospectus dated December 29, 2023
On August 14-15, 2024, the Board of Trustees (the “Board”) of the Trust approved an amendment to the operating expense limitation agreement between the Trust, on behalf of the Villere Balanced Fund (“Balanced Fund”), Villere Equity Fund (“Equity Fund”) and St. Denis J. Villere & Company, LLC (the “Adviser”), pursuant to which the Adviser has agreed to reduce the Balanced Fund’s operating expense limit from 0.99% to 0.89%, and reduce the Equity Fund’s operating expense limit from 1.25% to 1.15%, both effective October 1, 2024.
The following disclosures are hereby revised to reflect the changes to the fees and expenses of the Funds:
Page 3 - “Summary Section - Villere Balanced Fund”
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Balanced Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and expense example below.

https://www.sec.gov/Archives/edgar/data/1314414/000158064224005882/altegriscrabel497.htm
97 1 altegriscrabel497.htm 497
Altegris/Crabel Multi-Strategy Fund
Class A Shares CMSAX
Class I Shares CMSIX
(a series of Northern Lights Fund Trust)
Supplement dated September 27, 2024 to
the Prospectus and Statement of Information dated April 29, 2024
The Board of Trustees of Northern Lights Fund Trust (the “Board”) has determined based on the recommendation of the investment adviser of the Altegris/Crabel Multi-Strategy Fund (the “Fund”), that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on October 28, 2024.
Effective at the close of business September 27, 2024, the Fund will not accept any purchases and will no longer pursue its stated investment objectives. The Fund may begin liquidating its portfolio and may invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders. Shares of the Fund are otherwise not available for purchase.
Prior to October 28, 2024, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO OCTOBER 28, 2024 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-877-772-5838.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement and the existing Prospectus dated April 29, 2024, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated April 29, 2024, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Fund at 1-877-772-5838.

The Week in Charts (10/01/24)
20 Rules for Markets and Investing...
00:00 Intro
00:20 Rule #1: Be humble.
01:11 Rule #2: Don't trust, verify.
02:57 Rule #3: Play the long game.
05:24 Rule #4: Understand that every time is different.
07:41 Rule #5: Pay no heed to predictions and price targets.
09:24 Rule #6: Embrace risk.
10:47 Rule #7: Buy the haystack.
13:16 Rule #8: Fight the Fed.
16:43 Rule #9: Expect the unexpected.
18:10 Rule #10: Don't chase the past.
20:16 Rule #11: Focus on saving before investing.
23:42 Rule #12: Simplify whenever possible.
26:27 Rule #13: Learn to be good at suffering.
27:54 Rule #14: Never interrupt compounding unnecessarily.
29:29 Rule #15: Tune out the noise.
32:01 Rule #16: Respect reversion to the mean.
34:15 Rule #17: Know what you own and why you own it.
39:36 Rule #18: Diversify, diversify, diversify.
41:44 Rule #19: Control your emotions.
44:05 Rule #20: Value time over money.
Video
Blog - 10/01 blog not currently available