Just saw in their new prospectus (Jan. 31, '18) that they've changed the wording around currency hedging from "The Fund may hedge ...." to "The fund generally hedges a significant portion ...." (emphasis mine)
Leaving little doubt, apparently, that they won't be trying to catch much if any of the currency tailwind for foreign stocks that they've been fighting for the past year ... not a bad thing, necessarily, unless the U.S.$ is in a more secular decline, like the 2000-oughts. If that happens, it'd mean the fund will be sucking wind for some time.
I've owned it since not long after inception, and think they're among the best stock pickers in the business, but I've trimmed it down considerably for now, until the markets revolve back into its sweet spot.

@MFO Members: The Linkster go to REITs are, CIM-A and CIM. I bought CIM on 6/16/15 @$14.55 per share, yielding13.73%, and CIM-A preferred on 11/28/16 @$24.62 per share, yielding 8.1% . APO was purchased on 3/14/17 @$23.50 per share, yielding 8.7%
Regards,
Ted
CIM Website:
http://www.cimgroup.com/index.html
APO Website:
http://ir.agm.com/phoenix.zhtml?c=214560&p=irol-IRHome

The real estate fund that I own (FRINX) currently has a yield of 4.12%. Seems, real estate funds along with most utility funds have been hammered on late in this rising interest rate environment. If I were to add a utility fund for income it would be FKUTX. In addition, I like and own PGUAX which is an infrastructure fund. It kicks off a reasonable income stream as well; but, back of FRINX and FKUTX.

FYI: Frank Jennings runs the fairly concentrated Oppenheimer Global Opportunities fund. His outstanding performance history is thanks to his ability to spot technological trends early, and invest while the companies are still small.
Regards,
Ted
http://www.cetusnews.com/business/Investing-in-the-Future--150-Companies-at-a-Time.rJjQONBDf.html
M* Snapshot OPGIX
http://performance.morningstar.com/fund/performance-return.action?t=OPGIX&region=usa&culture=en_US
Lipper Snapshot OPGIX:
https://www.marketwatch.com/investing/fund/opgix
OPGIX Is Ranked #1 In The (W S/M S) Fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/world-small-mid-stock/oppenheimer-global-opportunities-fund/opgix

FYI: I find it unfortunate, but completely wired into our brain circuitry, that we over rely on often very short-term data in forming our judgments about our investments and when deciding whether we might need to adjust our portfolios. Although it is hard to realize it at the time, this almost always leads to doing exactly the opposite of the right thing if we wish to maximize our returns, or even to come out ahead at all. This may appear to be a very strong statement but is true nonetheless. And it helps account for why so many investors lost so much money in the 2007-2009 market crash.
Regards,
Ted
http://funds-newsletter.com/feb-mar18-newsletter/mar18.htm
Portfolios:
http://funds-newsletter.com/

FYI: Real estate investment trusts, or REITs, are best viewed as stock/bond hybrids, since their valuations are sensitive to both interest rates and the economy. REIT shares badly trailed the Standard & Poor’s 500 index in the past year as the bond market fell, lifting the yield on the 10-year Treasury to 2.9% from 2.5%. As a result, REITs now could be flashing one of their strongest buy signals in years.
Regards,
Ted
http://www.cetusnews.com/business/REITs-Are-Sending-a-Powerful-Buy-Signal.rysN_NHvG.html

@davfor, you're right on the money about MCRDX. The only investment grade FI in the portfolio is that sliver in BBB-, the lowest IG rating. Everything else is below IG, not rated, or cash (12%).
T. Kong's rollout communication emphasized U.S. dollar-denominated non-IG Asian issues, and that's been the main emphasis ever since. Currency weighting reported on the current fact sheet is 79% U.S.$ and 9% Chi renminbi (12% cash).
I own her other fund, MAINX, but check in on MCRDX every so often too. She's a good manager.

I believe you're misreading the Arizona case. Most of it is explained in headnote #2 of the ruling.
http://i2.cdn.turner.com/cnn/2012/images/06/25/scotus.arizona.pdf
What Arizona did was not enforce federal law, but enact its own laws. That's usually okay. But as the headnote explains, a state can't enact laws conflicting with federal law, or when the federal government has exclusive dominion over an area of the law.
Arizona wandered into an area of the law that is exclusive to the federal government - immigration policy. So its laws that substantially affected immigration policy were void. That's not the situation here.

Howdy Bobpa,
I think 3-5% of one's wealth is completely reasonable and have been preaching such around here for longer than I care to think.
Ted mentioned CEF and that's probably the easiest way to cover this square. Unless it's a tax deferred or exempt acct, you want to avoid the bullion ETF's like the plague. Their gains are taxed as collectibles at 28%. CEF is not.
There are also those that recommend that for one's bullion holdings you use the real thing. Not that hard, really. A roll of American Gold Eagles is about 2" tall by 1" square and can be hidden in the oatmeal box. At $1400 per oz., that's about 28K. Silver? Buy a 100 oz. bar and paint it black and use it as a door stop. Or start collecting some nice bling that's not designer label (i.e. plain vanilla gold jewelry bought by gram weight).
just some thoughts,
and so it goes,
peace,
rono

@catch22
As usual, your stockcharts chart does not come through on my computer. But, I also looked at 1 year in M* so I got the picture.
@Ted
My definition of high yield is <BBB. Here is the latest composition info from Matthews (see Portfolio Breakdown %/Quality Distribution):
BBB- 3.7
BB+ 4.2
BB 4.5
BB- 12.9
B+ 15.1
B 14.5
B- 3.5
Not Rated 29.1
I could alway be reading something incorrectly but it sure quacks like high yield to me!
See: https://matthewsasia.com/our-funds/f-32/matthews-asia-credit-opportunities-fund/investor/composition.fs#PortfolioBreakdown
Also, here is an excerpt from the Outlook section of the latest commentary that suggests high yield is central to their current thinking:
"In our view, Asia high yield bonds look reasonably valued, while U.S. and European high yield bonds appear overvalued. Credit spreads for Asia high yield bonds are near historic averages. In contrast, spreads for U.S. high yield bonds are about 200 basis points (2.0%) below average while spreads for European high yield bonds are 300 basis points (3.0%) below average. In simple terms, Asia high yield bonds are compensating investors for taking credit risk, in our view, while U.S. and European high yield bonds are not."
https://matthewsasia.com/our-funds/f-32/matthews-asia-credit-opportunities-fund/investor/commentary.fs

Hi Derf, my robo has about 62-63% equities and it dropped -6.7% from high to low. As I look right now it is up +1.5% for the year FWIW. Comparing to the self managed isn't an accurate comparison. The self managed is only about 40-45% equities at this point. That drop was somewhere around -4.5% I believe. Not sure where it sits YTD but it is on the + side. Not as high a YTD return as the robo.

Hi @davfor
ARTFX is a fund I track for purposes of "looking" at this area. Tis a well managed HY fund.
In the HY sector, and not being a trader; I personally would only invest in active managed funds. HYG and JNK usually do not keep pace because of other internal holdings.
A quick 1 year chart for a view.....the link indicates the chosen compares:
http://stockcharts.com/freecharts/perf.php?HYG,JNK,ARTFX,SPHIX&p=5&O=011000
As to MRCDX. It does have a "high" yield, but I suspect this is due to yield rates of the corporate investments. International rates/yields are quite a bit higher than the U.S.

@slick: Enjoyed their commentary, but am not worried that the market will turn south for the remainder of 2018
Regards,
Ted :)

https://www.fiduciarymgt.com/funds/shrpt/qly_shrpt_123117.pdf
Always like their honesty and openness. They do stick to their cooking, even though it is not always what people want to hear. I hold FMIJX

@catch22 & davfor: Funds that buy junk bonds suffered their second-highest outflow on record. End of story !
Regards,
Ted
https://www.bloomberg.com/news/articles/2018-02-16/selloff-spreads-to-company-debt?srnd=fixedincome

@catch22: You get an A+ for the rant. High-yield outflows this year now stand at $13.7 billion is not chicken feed.
Regards,
Ted :)

I saw the report earlier and @Ted posted recent about the outflow of monies from high yield bonds; well okay, but.....
Okay, so the second biggest money outflow on record from high yield is probably worth some type of note in the financial press; but it tis a small percentage number in the "move".
Here are more details on fund flows from a current report:
First IG bond fund redemptions in 60 weeks ($2.0bn)
HY bond redemptions second highest on record ($10.9bn)
Largest EM debt outflows for 64 weeks ($2.9bn)
Modest muni fund outflows ($0.7bn)
Strong govt/Tsy fund inflows continue ($2.4bn)
Tiny TIPS inflows ($0.01bn)
Small bank loan fund outflows ($0.2bn)
Based upon the reported numbers above and the reported dollar value of high yield bonds in the U.S. from Forbes being at $1.3 trillion; the percentage change of the HY money outflow = .85% .
I'll use this example of percentage moves that "could" provide the same headlines, but you will not likely ever see a mention:
The U.S. 10 year note yield moves from 2% to 2.05% during a trading day. This is a 2.5% move. Ya won't see this reported, eh?
Anyway, always pay attention to how numbers are crunched. Yes, even small moves may be of value to monitor and other aspects may be causing traders in any market to adjust. What is the overall trend in any market sector and what do you feel is the reason?
These dollar values do not necessarily have any real value in the big picture. This would not be unlike my smile when I see a truck commercial on tv indicating a price drop or rebate or whatever they choose to phrase being at $10,000 of the MSRP. Okay, so what; in 1970 one could buy 3 fully loaded Chevy Impalas for about $10,000. We need reference points, yes???
No, we investors do not "play" in either a fair or concise world of money.
E.O.R. (end of rant)
Have a good remainder
Catch

FYI: (Lewis: You beat me to the punch with the Scottrade DOL article.)
Some big-name value managers—including Stephen Yacktman and Joel Tillinghast—have been wary of stock valuations and holding off on buying. They’re not alone. So what’s next?
Regards,
Ted
http://www.cetusnews.com/business/Cash-Is-King—and-a-Harbinger-of-Doom-.B1O-gsmvf.html

Cash at Schwab is the worst but their CD Market is not. You can always find outliers at silly high rates randomly but I have built a CD ladder at Schwab that I am very happy with. Plus the CDs are at many banks as to not go over the limit. The only downside is that the interest becomes the dreaded cash at Schwab because it's not reinvested.my ladder currently has 19 CDs and when I bought each of them they were best in term .