Hello,
About a month ago, or so, Parker Binion who is one of the fund managers on KCMTX began to post on our board.
For those that have an interest in KCMTX, as I do, I thought I'd post recent news on his fund in that it made it's annual distribution on December 13th in the amout of $1.69.
Looking back over the last five years KCMTX has paid out $4.57 in distributions while it has grown its nav from a starting value of $12.24 to current value of $13.06 (after distribution). With this it has demonstrted it's ability to to grow its value while at the same time make reasonable payout to its investors that might be seeking an income stream coming from capital gain distributions. Know that these annual distributions vary in amounts.
This fund is listed as a multialternative fund by Morningstar and one that actively engages the global markets. Since, it can hold just about anything the mangers choose I consider it a hybrid type fund. With a turnover ratio of 318% indicates that it is very active in changing its positioning. This fund reminds me a lot of Marketfield and Ivy Asset Strategy which I use to own but no longer do. As these funds grew in size they also became bloated, from my perspective; and, with this, it took longer and longer for their managers to reposition them. As their performance waned I sold them off.
I have linked below KCMTX's Morningstar Fund Report.
http://www.morningstar.com/funds/XNAS/KCMTX/quote.html
I wish all ... "Good Investing."
Old_Skeet

@GP felt that having a frontier product would be better run under the Rondure umbrella given the track record and experience that Laura Geritz brings.

I would be very interested in hearing about a frontier markets fund offering from Rondure. That was, after all, what Laura Geritz was most known for when she left Wasatch. Right now, Rondure New World Fund (RNWOX / RNWIX), although purporting to be an emerging/frontier fund, has actually less than 10% holding in frontier markets -- too little to be a meaningful allocation, in my opinion. Of course, Geritz may very well feel that frontier markets should have only a very small portion in an overall portfolio --
but that leads to the question of whether we should have any holding in frontier markets at all.
I had some further comments on frontier market funds in this earlier thread: https://mutualfundobserver.com/discuss/discussion/comment/93797/#Comment_93797

@hank,
Notice this as well.
Firstly, @TheShadow does an awesome job and provides a great service to us with the "Capital Gains Thread", but I'd like a website dedicated to searching individual ticker symbols for gain gains/ dividends information.
Does a website exist that allows the user to enter a mutual fund ticker symbol and reveal distribution information...monthly, quarterly, semi-annually, annually?
I have always wished YahooFinance (a website I use to get daily updates on NAV) would at least place a small "d" next to the %change (d).

Oh well...hang in there and make mine a Boston Creme.

OAKBX and PRWCX were off today by 7.92% and 6.78% respectively. No doubt some of that was daily market fluctuation. Still, those distributions appear very large.
Other news - Didn’t want to start a new thread. But learned recently that Oppenheimer is killing its Global Multi-Strategies Fund OARAX, effective March, 2018. Another one of their expensive poorly performing funds. If it’s already been reported here, I stand remiss.
”The Board of Trustees has approved a plan to liquidate the Fund, to take place on or about March 16, 2018 (the “Liquidation Date”). Any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed. Subject to certain exceptions, redemptions made beginning January 12, 2018 through the Liquidation Date will not be subject to any contingent deferred sales charges. Shareholders should consult their tax advisors for information about the tax consequences of the liquidation. In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the Liquidation Date, the Fund may deviate from its investment objectives and strategies as the Liquidation date approaches.“

FYI: When it comes to investing, women often get a bad rap: They lack confidence, they’re less knowledgeable than men, they’re afraid to take risks, according to conventional wisdom. A recent survey from Capital Group confirms that eight in 10 women have encountered one or more of these or other stereotypes about their investing expertise, suggesting that, when it comes to money at least, women are truly the weaker sex.
Regards,
Ted
http://www.nextavenue.org/women-investors-get-bad-rap/

Of the 128 alternative & mixed asset funds launched this year, here are the top performers in each: Arabesque Systematic USA (ASUIX), Measured Risk Strategy I (MRPIX), Gotham Master Long (GMLFX), GMO Climate Change III (GCCHX), DoubleLine Shiller Enhanced International CAPE I (DSEUX), Driehaus Multi-Asset Growth Economies (DMAGX) ...

FYI: Vanguard, in close collaboration with the Center for Research in Security Prices (CRSP®) and technology provider Symbiont, is leading an effort to simplify the index data sharing process through innovative blockchain technology. This partnership between the three organizations will enable index data to move instantly between index providers and market participants over one decentralized database.
Regards,
Ted
https://pressroom.vanguard.com/news/Press-Release-Vanguard-Using-Blockchain-Technology-To-Improve-Index-Data-Distribution-121217.html

FYI: In the wake of "The Fantastic 43” article in September, readers wrote to ask if there was a way to replicate the screen in the Premium Fund Screener tool on Morningstar.com. Unfortunately, the Manager Investment of More Than $1 Million in the Fund and Returns Above the Fund’s Benchmark Over the Manager’s Tenure screens that were crucial to my tests are not available in this tool, which was built many years ago.
Regards,
Ted
http://beta.morningstar.com/articles/839773/making-fund-screeners-fantastic.html

There have been 555 US mutual fund and ETF launches this year. Of the 94 global & international equity funds, here are the top performers in each: AlphaCentric Global Innovations I (GNXIX), Artisan Thematic (ARTTX), Davis Select Worldwide (DWLD), PNC EMs (PIEFX), Alpha Architect Value Momentum (VMOT), TOBAM EMs I (TBMIX) ...

I’ve lightened up ever so slightly on IOFIX. Will sell more if it takes out recent lows and buy back if it takes out recent highs (adjusted for November dividend). The non agencies seem to have hit a wall here albeit IOFIX hasn’t really been affected. Had thought I would be in retirement mode in 2017 and be more diversified in bonds and happy with a 5% return but then along came IOFIX. I don’t see why the non agency story can’t continue in 2018 so anxious to see what January brings. But price is always the final arbiter, not what I think.

com·pla·cent (kəm-plā′sənt) adj.
1. Satisfied with the current situation and unconcerned with changing it, often to the point of smugness
2. Eager to please
https://www.thefreedictionary.com/complacent
-

@hank- Surely you're not equating "active" with "complacent"?
@OldJoe, No - not equating. Just the opposite. (Using definition #1) The complacent type probably aren’t hanging around here posting their trades or market insights day by day. Not to sound judgmental ... but with a few exceptions I’d consider this a pretty non-complacent bunch.

FYI: In the good old days of the investment industry the life of fund selectors and investors was much easier, since equity funds invested straightforwardly in equities—as did their fixed income peers with bonds. Even mixed-asset funds were easy to classify, since they had fixed or target portions of their portfolios invested in equities and bonds in combination with cash as a risk-free position. Investors could simply buy a fund that had an equity portion that was suitable for their risk appetite.
Regards,
Ted
http://lipperalpha.financial.thomsonreuters.com/2017/12/monday-morning-memo-how-to-properly-classify-mixed-asset-funds/?utm_source=Eloqua&utm_medium=email&utm_campaign=00008DM_NewsletterLipperAlphaInsightFundInsightsWeekly_Other&utm_content=Newsletters_FundsInsightWeekly_Dec122017

FYI: With 14 more trading days left in 2017, investors are looking to close the books on an
excellent year marked by likely double-
digit returns in stocks, high single -digit gains in
credit and even positive total returns in US Treasuries
Regards,
Ted
https://www.morganstanleyfa.com/public/projectfiles/gicweekly.pdf

@MJG your comment,

Therefore, I take issue with Ben Carlson's closing statement. Portfolio volatility matters; it is your enemy.

I'm not sure if you read the link that the last line hyperlinked to (and you referenced) , but if you didn't, I'll link it here:
Look at volatility as a source of opportunity, not something to be afraid of.
Also for visual reasons I linked this chart of historical yearly returns and Volatility of the S&P500. Volatility changes the spread or range of returns which is not always a negative enemy of your portfolio:

FYI: The idea behind the Circle of Competence filter is so simple it is embarrassing to say it out loud: when you do not know what you are doing, it is riskier than when you do know what you are doing.
Regards,
Ted
http://ritholtz.com/2017/12/circle-of-competence/

Threw a few dollars at OPGSX. Off 15% since I sold it in early September.
I’ll add: Gold’s been acting strange. Suspect the Bitcoin craze has something to do with it.

Hi Guys,
Like it or not, volatility is a characteristic of markets. It does change, sometimes dramatically, over various periods, but the historical record tells the basic truth. In very gross terms, annual equity standard deviation is approximately double annual returns. That's not likely to change, so investors must accept that as the uncertainties of expected returns.
Variability always exists. The arithmetic average return will always be larger than the geometric return. That disparity grows as return standard deviation increases. The geometric average return Includes a correction for Standard Deviation. The geometric return is what determines your end wealth. The equation tells the story.
The approximate equation is: Expected Return equals Average Return minus 1/2 times the standard deviation squared.
Therefore, I take issue with Ben Carlson's closing statement. Portfolio volatility matters; it is your enemy. Portfolio Standard Deviation directly impacts long term returns in a negative way. That's why we work hard to select portfolio components that hopefully reduce our portfolio's volatility.
Carlson is a terrific financial writer. In this instance, he was not representing a viewpoint from an individual investor's portfolio perspective.
Best wishes on accomplishing that target goal.

FYI: ( The Linkster has always said you can't be a successful investor until some of your investments have lost money.)
The world's biggest hedge fund springs from the wreckage of his monumental error.
Regards,
Ted
https://www.bloomberg.com/view/articles/2017-12-11/a-hedge-fund-giant-found-lots-of-value-in-failure

FYI: During three separate interviews this week I was asked if I was seeing any signs of complacency among investors, markets, or clients.
If anything, the people I talk to are more concerned with the high probability of lower market returns in the future but my view is surely clouded by the clientele and readers I deal with on a regular basis.
Whether my sample size is representative or not, measuring market sentiment is getting harder and harder these days. Everyone now has a megaphone to voice their opinions — social media, blogs, 24-hour financial television, podcasts, conferences, magazines, financial news websites, etc.
Regards,
Ted
http://awealthofcommonsense.com/2017/12/what-a-complacent-investor-looks-like/

FYI: Over the last three weeks, my strategy colleagues and I have been crisscrossing the globe, discussing our views on markets for the year ahead.
What follows is a summary of where our views appear to differ materially, where the
‘consensus’ is, and how our views (or the consensus) would likely go wrong.
Regards,
Ted
https://markets.morganstanleyclientserv.com/MSOnline/InternalApi/GetPdfDocument?dockey=1134-86cb079cdc6211e7b057982cff117061-1&downloadfilename=Research-Document