Also initiated a position in DSENX after listening to Mr Gundlach's July Webcast. In his words,for those.. (looking to) the stock market.. ,DSENX has an emphasis on risk management and risk adjusted returns. Recap here in Q and A.Two and 1/2 pages of quick hit commentary.
http://www.doublelinefunds.com/wp-content/uploads/7-12-16_AssetAllocationWebcast_Recap.pdf
Also opened small position in DRRAX today.Managed out of London.World view?
Trimmed Gold/Precious Metal positions over past 60 days.Now just under 5 % of investment total,mostly in TGLDX. Proceeds into PTIAX,now my largest bond holding.

FYI: Intermediate-term bonds took in $15 billion last month — the largest inflow of any Morningstar category.
Regards,
Ted
http://www.investmentnews.com/article/20160815/FREE/160819958?template=printart

@MFO: Members From the Mairs & Power Website:
Regards,
Ted
Mairs & Power's Small Cap Fund Closes to New Investors
Announcement - August 15, 2016
After careful deliberation, Mairs & Power has decided to close the Small Cap Fund (MSCFX/ the "Fund") to new investors effective as of the close of business on September 30, 2016 (the "Closing Date"). The Fund will remain open to investment by existing shareholders, existing Mairs & Power private clients, retirement plans with an existing agreement and new or existing clients of an individual financial adviser representative with pre-existing investments in the Fund.
Mairs & Power Growth Fund (MPGFX) and Mairs & Power Balanced Fund (MAPOX) remain open to new investors.
"With our disciplined, low turnover and long-term investment approach, we hold relatively concentrated positions in a carefully selected portfolio of companies. This strategy means that we manage our asset base carefully," said Mark Henneman, Chief Investment Officer of Mairs & Power, Inc. (the "Adviser"). "We manage capacity for each of our Funds individually, taking a conservative approach that considers, among other factors, total assets under management, the rate of asset growth and the availability of securities that meet the Funds' investment objectives."
"We beleive this decision is in the best long-term interest of the Small Cap Fund's existing shareholders, as it allows us to maintain stable and balanced growth with the Fund. We remain confident in our ability to continue to find attrative investment opportunites within the small cap universe and we reamin committed to protecting the interests of our Fund's shareholders. This soft close demonstrates that commitment," said Andrew Adams, lead portfolio manager of the Mairs & Power Small Cap Fund.
Launched in 2011, the Small Cap Fund has experienced significant, but manageable, asset flows. The Fund's performance success over one-, three-, and five-year periods led to strong asset growth from both existing and new investors. While this growth has not impacted the Adviser's ability to implement the Fund's stated investment strategy, the decision to close the Fund at this time followed careful deliberation and discussion on how best to serve the interests of existing shareholders by managing asset growth.

https://www.sec.gov/Archives/edgar/data/1521353/000089418916011080/mpft_497e.htm
497 1 mpft_497e.htm SUPPLEMENTARY MATERIALS
Filed pursuant to Rule 497(e)
Registration No. 333-174574
MAIRS & POWER FUNDS TRUST
(the “Trust”)
Mairs & Power Small Cap Fund
(the “Fund”)
Supplement dated August 15, 2016
to the Prospectus, the Summary Prospectus and the Statement of Additional Information
dated April 30, 2016
Effective as of the close of business on September 30, 2016 (the “Closing Date”), the Fund will be closed to most new investors. Mairs & Power, Inc., the investment adviser to the Fund (the “Adviser”) believes that limiting investment in the Fund will help ensure that the Fund can be effectively managed in accordance with its stated investment objective. The closing is intended to promote long-term investments in the Fund, thereby contributing to a more stable asset base and the continued efficient management of the Fund. This decision was made after considering the current size of the Fund (approximately $274 million as of July 31, 2016) and the availability of common stocks of small cap companies that meet the Fund’s investment criteria.
Only investors of the Fund as of the Closing Date, whether owning shares directly through the Fund’s transfer agent or through a bank, broker-dealer, financial adviser or recordkeeper (“Financial Intermediary”), are eligible to purchase shares of the Fund. The Fund will continue to permit the following types of investments in the Fund:
· Investments by new or existing clients of an individual financial adviser representative who already had client assets invested in the Fund on the Closing Date;
· Additional share purchases or reinvestment of dividends or capital gains by existing Fund shareholders;
· Investments made through qualified retirement plans (such as 401(a), 401(k) and other defined contribution plans and defined benefit plans) for which the Fund is an eligible investment alternative and whose records are maintained by a Financial Intermediary having an agreement with the Fund in effect on or before the Closing Date;
· Investments by a Trustee or officer of the Trust, an employee of the Adviser, a member of the immediate family of any of those persons, or clients of the Adviser; and
· An investment that officers of the Trust determine, in their sole discretion, would not adversely affect the Adviser’s ability to manage the Fund effectively.
The Fund may ask you to verify that you meet one of the guidelines above prior to permitting you to open a new account in the Fund. The Fund reserves the right to prohibit a transaction otherwise permitted if the Fund believes doing so to be in the Fund’s best interest. In addition, the Fund reserves the right, at any time, in its sole discretion, to further modify or amend the extent to which the future sales of shares are limited.
For additional information regarding restrictions on new purchases of shares of the Fund, please contact the Fund at 1-800-304-7404 (toll free).
Investors should retain this supplement for future reference.

Recency is awesome! Be sure not to compare JENSX w FCNTX, PRBLX, or indeed RPG *except* at the 1y and 2y mark.

JENSX slightly beats out FCNTX, PRBLX, and RPG during the last 3 years; JENSX beats out FCNTX and slightly beats out PRBLX during the last 5 years (essentially tied with PRBLX over the last 5 years), but slightly loses to RPG over the last 5 years. This according to Morningstar data. The 3 and 5 year time periods are long enough to compare, at least for me.

Yep, it's amazing how much even a partial year's returns can color a fund's overall relative record. I finally got that thru my thick head only in the last couple of years.
Jensen was okay but not great for years, then started a run in Q4 15. The discipline they follow is pretty great, though.

QLEIX is available at Scottrade for $100 minimum.

AUGUST 12, 2016
U.S. Fund-Flows Report: Equity Mutual Funds Suffer Twenty-Second Consecutive Week Of Outflows
by Patrick Keon lipperalpha.financial
Thomson Reuters Lipper’s fund macro-groups (including both mutual funds and exchange-traded funds [ETFs]) experienced net outflows just shy of $800 million for the fund-flows week ended Wednesday, August 10. Equity funds (-$3.8 billion) and money market funds (-$3.0 billion) were responsible for the net outflows, while taxable bond funds (+$5.2 billion) and municipal bond funds (+$871 million) each took in net new money.
Equity mutual funds continued their slump. The group suffered its twenty-second consecutive week of net outflows (-$4.4 billion this past week).
The inflows for taxable bond funds went mostly into ETFs (+$3.5 billion net), and mutual funds benefited from $1.7 billion of net new money. Within the ETF universe high-yield had positive funds flow (+$1.3 billion) and high-yield mutual funds took in $391 million of net new money.
The streak for municipal bond funds hit 45 weeks of positive flows, the third longest of all time,
http://lipperalpha.financial.thomsonreuters.com/2016/08/u-s-fund-flows-report-equity-mutual-funds-suffer-twenty-second-consecutive-week-of-outflows/
AUGUST 12, 2016
Fidelity Equity Funds Also Feel the Pain
by Patrick Keon
Equity mutual funds are in the midst of their worst run since the global financial crisis. The group has seen money leave its coffers for 22 consecutive weeks—to the tune of $87 billion of net outflows.
One of the name players in the mutual fund industry, Fidelity Management & Research Company, has not been able to escape the investor sentiment; their equity funds have shed $22.5 billion for the year to date. If this pace continues, Fidelity equity funds will record their largest annual net outflows since Thomson Reuters Lipper began tracking fund flows data in 1992,
The negative flows have been fairly widespread for the year to date, with 11 funds having net outflows of greater than one billion dollars each. Ten of these funds are diversified equity funds, while one is a sector equity fund (Fidelity Select Biotechnology Portfolio, -$1.5 billion). In the diversified equity fund group nine of the ten are domestic equity funds; the one nondomestic equity fund is Fidelity Diversified International Fund, which has shed $1.9 billion.
The largest net outflows for the year so far among Fidelity’s equity funds belong to Fidelity Contrafund (-$3.7 billion), Fidelity Growth Company Fund (-$2.9 billion), and Fidelity Strategic Advisers Core Fund (-$2.6 billion). These are all actively managed funds, with the Contrafund being run by William Danoff, Steven Rymer in charge of the Growth Company Fund, and John Stone and Niall Devitt leading the Strategic Advisors Core Fund. Interestingly, the largest net inflows for the year to date for Fidelity equity funds belongs to Fidelity 500 Index Fund (+$3.3 billion), offering ( more ) evidence that investors may prefer passively managed over actively managed funds for their U.S. equity fund investment choices.
http://lipperalpha.financial.thomsonreuters.com/2016/08/fidelity-equity-funds-also-feel-the-pain/

Currently, what I consider to be my specialty funds which make up about 30% of the growth area of my portfolio and found in the specialty/theme sleeve are as follows:
1) Emerging Markets ... NEWFX & THDAX.
2) Private Equity & Business Development ... LPEFX.
3) Infrastructure ... PGUAX.
4) Commodities ... JCRAX. "Under consideration for addition (awaiting market pullback)."
In addition, I hold a hybird real estate fund (FRINX) in my domestic hybrid sleeve found in the growth & income area of my portfolio. This fund holds bonds, stocks, reits, convertibles and preferreds; and, it is a fund that provides a good income stream.
And, yet another interesting fund that I hold in my hybrid income sleeve is CTFAX. It is primarily a fixed income fund that loads equities during stock market declines and then reduces its allocation to stocks as they recover. It adjusts its stock allocation based upon an equity valuation matrix set to the S&P 500 Index.
There are some other funds held within my portfolio that also utilize some interesting strategies. One of these funds is FDSAX which holds part of its stock allocation in the "Dogs of the Dow." And, another is SPECX. It is primarily a large cap growth fund but it can hold stocks of any size and shorts what it considers to be overvalued stocks. Then there is JDCAX (a stock pickers fund of about 40 stocks) which is classified as a large cap growth fund but can hold stocks of most any size. And, there is another note worthy fund (ABSAX) that uses the sleeve system splitting its assets among four to five asset managers using different investment strategies to cover the small/mid cap space.
There are some more interesting funds that I hold within my portfolio of forty seven funds; but, to go through all of them would truly be an excerise.

FYI:
Regards,
Ted
Lipper Equity Mutual Funds:
http://www.allaboutfunds.com/performance/iops.pdf
Lipper Fixed-Income Mutual Funds: (Taxable)
http://www.allaboutfunds.com/performance/fixed_iops.pdf
Lipper 25 Largest Mutual Funds:
http://www.allaboutfunds.com/performance/lg25.pdf
Lipper Mutual Fund Yardsticks:
http://online.wsj.com/mdc/public/page/2_3023-fundyrdstick.html?mod=wsj_mdc_additional_mutualfund
Lipper Mutual Fund Indexes:
http://online.wsj.com/mdc/public/page/2_3020-lipperindx.html

Ha. I averaged into PRNEX beginning about a year ago when it seemed no one wanted it. As the author says, the ER beats many similar funds (and many of T.Rowe's other growth funds as well). Heavy on refiners. I've been slowly averaging out since oil got back above $40.
What's really funny is that even the fund's manager sounded bearish six-months to a year ago. (I got the impression he was telling people not to buy his fund.) :) His take (as related thru fund reports) was that energy and commodities were only mid-way through a multi-year bear likely to last several more years. (Someone linked an interview here wherein he made that point.)
He may still be proven right, but as of yesterday PRNEX was up 21% YTD. It's more aggressive than I normally hold in my equity portion, preferring their tamer PRWCX. But in comparing PRNEX to their other growth funds, I suspect it still has a lot of catching-up to do in the next few years. Just a hunch. Will resume scaling out as the fund's price rises above $35.
FWIW

@Ted said And here I thought I was the oldest, at 80, on the MFO Board.
Hey,look what we have to look forward to besides Balanced Funds !
Tweet from former Michigan congressman Charles Dingell: “Everything’s a balance beam when you’re 90.’’
Follow
John Dingell ✔ @JohnDingell
Everything's a balance beam when you're 90.
10:34 PM - 7 Aug 2016
http://www.chicagotribune.com/sports/rosenblog/ct-alshon-jeffery-john-fox-rosenbloom-20160808-column.html

My error on PRRXX. Apparently at the end of March TRP issued a supplement to the prospectus stating that it was converting, as Hank indicated, to a government MMF.
If I were keeping money in a TRP MMF, I'd probably also stick with PRRXX (yielding 0.01% after waivers). All of TRP's MMFs (except possibly ones not open to individuals) are yielding 0.01% after waivers, except for Cash Reserves, TSCXX, which is yielding 0.02%.
Each of the various types of cash investments can serve a useful function depending on what matters to you: principal risk, liquidity risk, convenience, yield.
- CDs help yield (albeit not as much as a bank savings account unless they're mulit-year) and security, but at a risk of convenience, and significant loss of liquidity.
- Government MMFs preserve liquidity and convenience. While they reduce risk, they don't reduce risk to the level of Treasury MMFs or FDIC-insured bank accounts. And they come close to worst for yield (Treasury funds being slightly worse).
- Prime MMFs preserve convenience. They help yield, but not as much as bank accounts. They have a modest liquidity risk - in times of stress, they may freeze withdrawals and/or impose redemption fees for a limited time. They also have the highest risk of loss, though the point of the new rules is to bring that risk down. In addition, deep pocketed sponsors like TRP have in the past propped up NAVs; it's only been Reserve Fund with no reserve funds available, that failed to do so.
- Bank sweep accounts preserve convenience and safety. They may have an iota of liquidity risk (banks generally reserve the right to hold withdrawals for seven days). But they generally tie government MMFs for lowest yields.
- External bank accounts preserve safety but with loss of convenience (a couple of days for ACH transfers to clear). Like sweep accounts, they have a very small liquidity risk. They will tend to provide the highest yields (if you shop around for best banks).
If one factor is paramount, pick the best matched option. But make sure that one attribute really is critical, and don't lose sight of the other factors. One may often achieve one's objectives by splitting money across multiple cash vehicles.

Recency is awesome! Be sure not to compare JENSX w FCNTX, PRBLX, or indeed RPG *except* at the 1y and 2y mark.

@rabockma: Thank you, on further review JENRX, retail shares, inception date was 7/30/2003 which is a much newer share class than JENSX the institutional shares who's inception date was 8/3/1992. This longevity is reflected in U.S. News rankings
Regards,
Ted

JENSX is ranked 13th in the LCG fund Category by US News & World Report
http://money.usnews.com/funds/search?name=jensx

Lots of misinformation all around. The article says that Legg Mason Opportunity Trust is seven years old. While its class A shares (LGOAX) began Feb 3, 2009, the fund itself (Class C, formerly Primary Class) LMOPX began December 30, 1999.
M*'s profile of Bill Miller (the text on the fund's management page) says that Bill Miller currently co-manages Legg Mason Value Trust (i.e. the 15-year streak fund). He ended that in 2012. The fund (LMVTX) doesn't even carry the Legg Mason name - it was renamed years ago to Clearbridge Value (a Legg Mason brand).
This seems like a formality - Legg Mason has been inching Miller out for years. Bloomberg has a better article.
http://www.bloomberg.com/news/articles/2016-08-11/bill-miller-buys-legg-mason-s-stake-in-his-fund-company-lmm

If you've got a Schwab brokerage account, that's a reasonable compromise between convenience and yield. You could get better bank yields elsewhere, but you won't be able to have that money "instantaneously" transferred to your brokerage account as you can from Schwab bank. (I like this account for free ATM access with no foreign transaction fee worldwide.)
You're getting a better yield than you would if you had Schwab automatically sweep the money into the bank with its "Bank Sweep" feature (as I described above for Scottrade and Fidelity). If Schwab does the sweep for you, it pays only 0.01%. You need a customer login to see that current rate, but the information is here.
On the other hand, if you can limit yourself to six withdrawals per month, Schwab Bank's High Yield Savings is yielding nearly double: 0.10%. For all the good 4 basis points will do you :-(
Note that with both Schwab Bank accounts (checking and savings), the bank could delay your withdrawal. This is pretty standard, though people tend not to read the fine print. Banking and new MMF rules are somewhat closer together than people think.
Specifically, from Schwab Bank's disclosure:
"Notice of Withdrawal: Federal regulations require us to retain the right to require all savings, money market deposit and interest-bearing checking account depositors to give seven days’ written notice before making a withdrawal. It is unlikely, how ever, that we would require this notice."
Similar to Vanguard's statement on prime funds: "We expect to be able to manage our funds without fees and gates."

FYI: The Jensen Quality Growth Fund has been one of the best-performing large-cap growth funds over the past few years, even as the stock market has hit plenty of potholes and many other active fund managers have lagged behind the market.
Regards,
Ted
http://www.marketwatch.com/story/how-this-stock-fund-has-beaten-the-market-through-thick-and-thin-2016-08-11/print
M* Snapshot JENRX:
http://www.morningstar.com/funds/XNAS/JENRX/quote.html
Lipper Snapshot JENRX:
http://www.marketwatch.com/investing/Fund/JENRX
JENRX Is Ranked #13 In The (LCG) fund Category By U.S. News & World Report:
http://money.usnews.com/funds/mutual-funds/large-growth/jensen-quality-growth-fund/jenrx

FYI: Bill Miller and Legg Mason [profile] are parting ways after 35 years together.
Today the famed value-equity PM confirms that he plans to buy out the 50-percent stake in his shop, LMM, that had been owned by Legg Mason. Once the deal closes, Legg Mason reveals, "Miller, together with companies he controls, will own 100% of LMM." LMM, like Legg Mason, is based in Baltimore.
Regards,
Ted
http://www.mfwire.com/article.asp?storyID=54590&bhcp=1