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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Hasenstab Doubles Down On Bets Treasuries Doomed By Rising Rates
    Totally under impressed. $37.9B AUM *.093 (ER) = Management fee = ($352,470,000).
    Who's making money on this bond fund? Not the small investor.
    Just a few comparisons to TPINX vs VTBIX, DODIX, PONDX, and PTIAX.
    5 year Chart:
    image
    Performance:
    image
  • Bond Funds
    CBLDX is the only class available as per this 2/1/18 filing (see the top of the filing):
    https://www.sec.gov/Archives/edgar/data/1141819/000089418918000646/tpm-cbridge_497c.htm
    It may take some time to get availability agreements finalized with the brokerages. You may want to contact the brokerages and express your interest in having the fund available.
  • Bond Funds
    Why lock into a 3-month CD paying 1.4% when money market accounts are paying up to 1.6%?
    https://www.bankrate.com/banking/savings/rates/
  • Bond Funds
    @sma3
    3 month CDs pay 1.4% You may be a lot happier in April going this route. I think it may be risky to think intermediate bonds will do anything than loose less than equities at this point.
    Any recommendation on banks that offer that rate? For now I am using money market.
  • Comparison snapshot during current crazy market period: SFGIX vs. PRIJX
    Concur with everyone's assessment on SFGIX. In the semiannual report of SFGIX, Andrew Foster discussed his view on China and its risk-seafarerfunds.com/letters-to-shareholders/2017/10/semi-annual
    As other noted here that SFGIX held up better during the wild swing of the last several days. The other fund I am watching is MAPIX which is Asia-focus fund and has sizable exposure to China/Hong Kong as well.
  • Comparison snapshot during current crazy market period: SFGIX vs. PRIJX
    Jan. 31 through 06 Feb, '18.
    SFGIX -3.38%
    PRIJX -3.76% (I do not own this guy.)
    Did SFGIX do its job of reducing losses in a downward-stretch?
    ...And from a different planet, my domestic small caps in VSCIX were down by -4.45% in the same period.

    Although SFGIX is listed as a Diversified Emerging Markets fund, it holds about 55% in emerging markets with the rest categorized as developed markets. IMHO, it's not a true emerging markets fund with little more than half exposure. PRIJX, however, holds about 72% in emerging markets with the rest in developed markets. This could explain in part the reason for the greater downswing for PRIJX. To me, SFGIX is sort of a back end way of dipping into emerging markets without REALLY getting full exposure to it. I own the fund myself, just to clarify.

    I think this is splitting hairs a bit.
    Country Diversification Top 5
    VEIVX
    China 32.6%
    Taiwan 14.4%
    India 11.8%
    South Africa 7.9%
    Brazil 7.7%
    SFGIX
    China/Hong Kong 19%
    South Korea 18%
    Taiwan 11%
    India 10%
    Brazil 10%
    Is South Korea an emerging market?
    Is Vanguard Emerging Markets Stock Index Fund, also a "Diversified Emerging Markets Fund", a true emerging markets fund?
    Mona
    Not splitting hairs at all; just looking at the facts as shown on *M. The MSCI EM benchmark is 70 EM and 30 DM. Currently, Foster is below that benchmark at 55 EM, hence the possible reason for lower volatility. I believe @BobC mentioned this very issue in July.
  • Comparison snapshot during current crazy market period: SFGIX vs. PRIJX
    If we stick to @Crash's original question and not try and give our reasons for why or how it's different than other EM funds (it of course is - it's suppose to be), there is no splitting hairs.
    I believe SFGIX gives good risk adjusted return. That's Foster's mandate. How the management team achieves that has been well described by Foster (see the MFO profile below). So back to crash's question,
    Did SFGIX do its job of reducing losses in a downward-stretch?
    Heck yeah - so far.
    David writes some great fund profiles. The description he wrote in 2013 and updated in 2015 on SFGIX tells exactly how this fund gives great risk adjusted return. And it seems to work as evidence from the last week of market turmoil.
    For an older guy like myself heading into retirement who is some what risk adverse, it is a perfect way to "back-end" EM exposure.
    https://www.mutualfundobserver.com/?s=sfgix
  • Hasenstab Doubles Down On Bets Treasuries Doomed By Rising Rates
    FYI: Michael Hasenstab has been waiting since at least 2016 for his wager on rising U.S. rates to come good. Now he’s adding to the position.
    The Franklin Templeton bond chief, known for staking vast sums on conviction trades, has been loading up on wagers that protect against a spike in yields in his $38 billion flagship Global Bond Fund. The move has pushed average duration in the portfolio to the shortest on record.
    Regards,
    Ted
    https://www.bloomberg.com/news/articles/2018-02-08/hasenstab-doubles-down-on-bets-treasuries-doomed-by-rising-rates?srnd=fixedincome
    M* Snapshot TPINX:
    http://www.morningstar.com/funds/XNAS/TPINX/quote.html
    Lipper Snapshot TPINX:
    https://www.marketwatch.com/investing/fund/tpinx
    TPINX Is Ranked #33 In The (WB) Fund Category By U.S. News & World Report:
    https://money.usnews.com/funds/mutual-funds/world-bond/templeton-global-bond-fund/tpinx
  • Comparison snapshot during current crazy market period: SFGIX vs. PRIJX
    Jan. 31 through 06 Feb, '18.
    SFGIX -3.38%
    PRIJX -3.76% (I do not own this guy.)
    Did SFGIX do its job of reducing losses in a downward-stretch?
    ...And from a different planet, my domestic small caps in VSCIX were down by -4.45% in the same period.

    Although SFGIX is listed as a Diversified Emerging Markets fund, it holds about 55% in emerging markets with the rest categorized as developed markets. IMHO, it's not a true emerging markets fund with little more than half exposure. PRIJX, however, holds about 72% in emerging markets with the rest in developed markets. This could explain in part the reason for the greater downswing for PRIJX. To me, SFGIX is sort of a back end way of dipping into emerging markets without REALLY getting full exposure to it. I own the fund myself, just to clarify.
    I think this is splitting hairs a bit.
    Country Diversification Top 5
    VEIVX
    China 32.6%
    Taiwan 14.4%
    India 11.8%
    South Africa 7.9%
    Brazil 7.7%
    SFGIX
    China/Hong Kong 19%
    South Korea 18%
    Taiwan 11%
    India 10%
    Brazil 10%
    Is South Korea an emerging market?
    Is Vanguard Emerging Markets Stock Index Fund, also a "Diversified Emerging Markets Fund", a true emerging markets fund?
    Mona
  • Comparison snapshot during current crazy market period: SFGIX vs. PRIJX
    Jan. 31 through 06 Feb, '18.
    SFGIX -3.38%
    PRIJX -3.76% (I do not own this guy.)
    Did SFGIX do its job of reducing losses in a downward-stretch?
    ...And from a different planet, my domestic small caps in VSCIX were down by -4.45% in the same period.
    Although SFGIX is listed as a Diversified Emerging Markets fund, it holds about 55% in emerging markets with the rest categorized as developed markets. IMHO, it's not a true emerging markets fund with little more than half exposure. PRIJX, however, holds about 72% in emerging markets with the rest in developed markets. This could explain in part the reason for the greater downswing for PRIJX. To me, SFGIX is sort of a back end way of dipping into emerging markets without REALLY getting full exposure to it. I own the fund myself, just to clarify.
  • Comparison snapshot during current crazy market period: SFGIX vs. PRIJX
    I see SFGIX has dropped 4.76% from 1/31 to 2/7. I see PRIJX dropped 5.74% in the same time range. SFGIX dropped 17% less than PRIJX. You decide.
    I'll edit and throw in another comparison. Schwab's emerging market ETF, SCHE, has dropped 6.9% from 1/31 to 2/7. SFGIX has dropped 31% less than that index ETF.
  • Bond Funds
    How about the fund David highlighted in this months commentary, CBLDX? The selling point, I think, is in the statement below from the commentary. If you want low risk, this might be a consideration.
    CrossingBridge is an affiliate Cohanzick Management, sub-adviser to two exceptionally excellent and distinctive fixed-income funds. They are RiverPark Short Term High Yield (RPHYX/RPHIX) and RiverPark Strategic Income (RSIVX/RSIIX). RPHYX, in particular, has posted an exceptional risk-return profile: it has the highest Sharpe ratio of any mutual fund (as in: #1 out of 7000+) over the past five years and 14th over the past three.
  • Comparison snapshot during current crazy market period: SFGIX vs. PRIJX
    Jan. 31 through 06 Feb, '18.
    SFGIX -3.38%
    PRIJX -3.76% (I do not own this guy.)
    Did SFGIX do its job of reducing losses in a downward-stretch?
    ...And from a different planet, my domestic small caps in VSCIX were down by -4.45% in the same period.
  • Bond Funds
    need more details on your objectives. Parking some money to prevent losses? Do you need the income? How much?
    Most people expect a bond fund to provide ballast and sorta go up when the market goes down. Or at least not loose a full year's income.
    Unfortunately with interest rates at these levels, the obvious direction of bond prices is down.
    Look and see what many of the "intermediate" bond funds did in the last couple of weeks when the stock market tanked. DODIX lost .6% or almost 25% of the yearly dividend in less than 3 weeks.
    3 month CDs pay 1.4% You may be a lot happier in April going this route. I think it may be risky to think intermediate bonds will do anything than loose less than equities at this point.
  • LJM Preservation and Growth Fund to hard close to new and existing investors
    https://www.sec.gov/Archives/edgar/data/1552947/000158064218000690/ljmpresgrwth497s.htm
    497 1 ljmpresgrwth497s.htm 497
    LJM PRESERVATION AND GROWTH FUND
    Class A LJMAX
    Class C LJMCX
    Class I LJMIX
    A Series of Two Roads Shared Trust
    Supplement dated February 7, 2018 to the Prospectus dated February 28, 2017
    __________________________________________
    THIS SUPPLEMENT CONTAINS NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS.
    Effective February 7, 2018, the LJM Preservation and Growth Fund (the “Fund”) is closed to all new investments, with the exception of dividend reinvestments, and the Fund's transfer agent will not accept orders for purchases of additional shares of the Fund, either from current Fund shareholders or from new investors.
    Effective February 7, 2018, the Fund has elected not to impose the Fund’s redemption fee on any redemptions of Fund shares until further notice.
  • Tax loss harvesting question
    @Mgconslts: DLTNX is Doubleline Total Return Bond Fund, not DBLNX . msf is correct, why would think about repurchasing the same fund 31 days after having put the proceeds into a substitute fund?
    Regards,
    Ted :)
  • Tax loss harvesting question
    The IRS has never said what funds might constitute substantially identically securities (and thus trigger a wash sale).
    I'd wager it's fair to say that the vast majority of people ("experts" if you wish) agree with McGowan that swapping an actively managed fund for an index fund or different actively managed fund would be safe. There's less of a consensus on swapping index funds.
    Even swaps of index funds tracking the same index might not trigger a wash sale. (IMHO it's not worth the risk.) Different funds may use different sampling techniques, resulting in different market exposures and thus not constitute substantially identical securities. This may be especially true with bond funds or with funds having a bit of "wiggle room" in how they track their indexes.
    Coming from the opposite direction, one might regard two index funds that track different indexes of the same market segment as substantially identical (since the investment exposure could be viewed as substantially identical). For example, IWV (R3K - 97% market coverage) vs. WINDX (W5K).
    The 30/60 day rule is that you have a wash sale if you purchase a substantially identical security within 30 days of the loss sale. That's 30 days before the sale to 30 days after the sale, inclusive. So if you repurchase within that 61 day window, you've got a wash sale.
    It's always puzzled me why fund investors would think about repurchasing the same fund 31 days after having put the proceeds into a substitute fund. If you put the the money in the substitute fund (here, DODIX), you do it in anticipation of the fund appreciating. So after taking a loss, you're going to turn around right away and recognize a short term gain? What's the point in that?
    If you're figuring that you're not going to make (much) money on the replacement fund, then why invest in it for 31 days? You don't expect to gain, so you're just putting your money at risk.
    I'd rather buy a replacement fund that I like and want to keep.