.77% out based upon the $3.5 billion previous.................now, if the trend continues for several weeks or months, then perhaps of consequence, eh???
And which equity? We know large caps and other caps have their days in the sun, while the other snooze. Is the ICI number generic across an entire spectrum?

Well, that helps. $27 mil out after $3.5 bil in. - These retail flows normally track the stock market. Stocks indexes rise, and a week or so later $$ comes in. Dow falls 500 or 1000 points, and money starts to flow out. Dow's been fluctuating between 17,000 and 18,000 for some time now - enough to cause flow reversals.
Would imagine there's a slight time-lag before these trend reversals appear. Might take a week or so for someone tuned-in to the markets to share the news with neighbors, brother-in-law, co-workers and patrons down at the pub. (offered half tongue-in-cheek)

Equities Ditto: $27 million in outflows, according to the data from ICI, a U.S. mutual fund trade organization. While meager, they were the first withdrawals in four weeks and came after inflows of $3.5 billion the prior week, which were the biggest since last October.

Equities in a nutshell:$27 million in outflows, according to the data from ICI, a U.S. mutual fund trade organization. While meager, they were the first withdrawals in four weeks and came after inflows of $3.5 billion the prior week, which were the biggest since last October.

David, etal.,
How do you think/feel this will affect THDIX. I am an investor in it and i'm now a little (maybe a lot) concerned that the lead mgr is gone!! Not only that, the two other manager just joined the team in Feb. 2015 (according to M*).
Should I be concerned????
Thank you for your thoughts,
Matt

@Dex: In the future don't ever quote something that the beloved Art Cashin didn't say. What he did say was the "Fed won't raise rates in June". Which is true.
http://video.cnbc.com/gallery/?video=3000355356&play=1

M* agrees with Junkster regarding potential upside for HY Junk this year though it seems to disagree with Junkster's holding periods.
"No matter which vehicle investors choose for high-yield exposure, it's crucial that they have a long holding period in mind, similar to what they might use for equity exposure, because of the volatility inherent in high-yield bonds. Morningstar's Bush says, "To use high yield well, investors need to hold through periods of volatility, or even buy into them, which could be the argument for certain parts of the market today. There isn't good evidence from fund flows that they've used these funds particularly well in the past."
news.morningstar.com/articlenet/article.aspx?id=682752

This ThinkAdvisor piece tries to figure out why.
http://www.thinkadvisor.com/2015/02/17/investors-continue-to-shun-equity-funds-pimco

Bond funds are having a heyday.
http://mobile.reuters.com/article/idUSL1N0VS1AW20150218?irpc=932

The corporate junk bond win streak continues. Merrill's H0A0 has been up for 24 consecutive days!

Hopefully we can make it to 25 as in pre market trading it is looking ugly for oil today.

... but I'll stick to comments after the market moves."
Longtime U.S. bull Jack Ablin is about to dump domestic stocks
http://www.marketwatch.com/story/longtime-us-bull-is-about-to-dump-us-stocks-2015-02-18

Hi Bitzer,
Under another post of mine, you asked how my funds were performing with respect to their benchmark? Within this post I have listed my funds owned. It is easy to pull their respective Morningstar report and one can easily see how they have faired against their benchmark.
For the portfolio as a whole I have it benchmarked against the Lipper Balanced Index. Year-to-date the Index is up 1.78% while my portfolio is up 2.42%. At times, I lead the Index and at times it leads me. Last year the Index was up 7.1% while I was up 6.5% which includes the gains I had made from my spiff positions.
I hope this answers your question; and, perhaps my above blurb, directed to Ted, about my portfolio will provide some insight as to how I have organized and govern it.
Old_Skeet

http://www.sec.gov/Archives/edgar/data/1199046/000119312515052553/d870226d497.htm
497 1 d870226d497.htm UNIFIED SERIES TRUST
MARTIN FOCUSED VALUE FUND
Supplement to the Prospectus dated August 19, 2014
Supplement dated February 18, 2015
The Board of Trustees has determined to redeem all outstanding shares of the Martin Focused Value Fund (the “Fund”) and to cease operations of the Fund due to the adviser’s decision that it is no longer economically viable to continue managing the Fund as a result of the Fund’s small asset size and the increasing costs associated with advising a registered investment company.
As of the date of this supplement, the Fund is no longer accepting purchase orders for its shares and it will close effective as of March 31, 2015. Shareholders may redeem Fund shares at any time prior to this closing date. Procedures for redeeming your account, including reinvested distributions, are contained in the section “How to Redeem Shares” of the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to March 31, 2015 will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer and are held in a brokerage account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer for deposit into your brokerage account.
The Fund is no longer pursuing its investment objective. All holdings in the Fund’s portfolio are being liquidated, and the proceeds will be invested in money market instruments or held in cash. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 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 are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodian account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.
* * * * * *
This supplement and the Prospectus provide the information a prospective investor should know about the Fund and should be retained for future reference. A Statement of Additional Information, dated August 19, 2014 has been filed with the Securities and Exchange Commission, and is incorporated herein by reference. You may obtain the Prospectus or Statement of Additional Information without charge by calling the Fund at (855) 367-6383.

http://www.sec.gov/Archives/edgar/data/747546/000114420415010615/v402052_497.htm
Parnassus Funds
February 18, 2015
Supplement to the Prospectus dated May 1, 2014 (as Amended and Restated September 19, 2014)
Parnassus Small Cap Fund
This Supplement provides new and additional information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.
Merger of Parnassus Small Cap Fund into Parnassus Mid Cap Fund
The Board of Trustees of the Parnassus Small Cap Fund (the “Small Cap Fund”) and the Parnassus Mid Cap Fund, each a series of Parnassus Funds (the “Trust”), has approved a proposal for the Small Cap Fund to be merged into the Mid Cap Fund. In connection with the merger, all of the Small Cap Fund’s assets will be transferred to the Mid Cap Fund, and shareholders of the Small Cap Fund will receive shares of the Mid Cap Fund in exchange for their shares, on a tax-free basis.
The merger does not require approval of the shareholders of the Small Cap Fund, but shareholders of the Small Cap Fund may redeem their shares prior to the merger. Effective March 16, 2015, the Parnassus Small Cap Fund will stop accepting (1) orders to purchase shares of the Fund and (2) orders to exchange shares of another one of the Parnassus Funds for shares of the Small Cap Fund. The merger is expected to occur on or about April 24, 2015. The expenses of the merger will be borne by the investment adviser to the funds.
The Trust will file a prospectus as part of a Registration Statement on Form N-14 with the Securities and Exchange Commission in connection with the proposed merger. The definitive Form N-14 Prospectus (when available) will be sent to shareholders of the Small Cap Fund. Shareholders of the Small Cap Fund are urged to read the Form N-14 Prospectus when it becomes available, because it will contain important information about the proposed merger.
* * *
The date of this Supplement is February 18, 2015.
Please retain this Supplement for future reference

This isn't on the list?

As long as the ECB and BOJ are in QE mode, their currencies should continue decline relative to the USD, so I think currency hedging makes sense right now, but I closely follow currency trends. Even a favorite on this forum, FMIJX, has $250M dedicated to hedging currencies. Right here, right now, I think the herd is right.
Kevin

FYI: As you are likely well aware by now, 2014 was the worst year for actively managed mutual fund performance in three decades. Less than 20% of stock-picking managers were able to exceed the returns of their benchmarks last year and, in some categories, the number was closer to 10%. How on earth could things have gotten so bad?
Regards,
Ted
http://thereformedbroker.com/2015/02/17/why-active-management-fell-off-a-cliff-perhaps-permanently/

FYI: The annual paperwork from one of my mutual funds came recently, and it scared me.
Regards,
Ted
http://www.marketwatch.com/story/5-things-you-dont-want-to-hear-from-your-fund-manager-2015-02-17/print

@David_Snowball Although still opaque (no surprise there), it is becoming more likely that your earlier hunch about changes afoot at Artisan re. EM was spot-on. The picture being painted behind the canvas cover may become more elaborate. Good luck arranging an interview, though; I'd imagine their internally-imposed "quiet period" will keep that from happening until at least this Summer (recall how long it took you to get Bryan Krug to speak about anything, for no apparent reason).
This move does raise another side question. We now have another quality manager being pealed away from Thornburg. Not to a second hand yet to count them all, but getting close. What's that about?
Retail shares? Hey, we wish!! If it happens, it probably will be one of those offers with gross expenses of 6.352%, but for you, and for a short period of 12-18 months, a special low low fee of "only" 1.65%.

Question: Perhaps I'm wrong, but I was under the impression that Buffet no longer personally made the decisions for the stock holdings of Berkshire. He still works directly on Berkshire's acquisitions of whole companies as well as other special situations, but he's assigned other people to work the stock market for him. Is this so or am I hallucinating again?

Buffett definitely makes decisions, but I believe a fairly significant amount of money has been farmed out to the two newer managers. It remains to be seen who is next in line to replace Buffett, although possibly some hints of that will be in the "next 50 years" letter (which I think was supposed to come this month?)