Yes, I am a fan of OSTIX, a big fan of Carl Kaufman and his team. OSTIX does have a transaction fee because Osterweis funds refuses to pay Fidelity, TD, Schwab, or anyone else the extra fees. It helps to keep the asset base down, which is a good thing. We use OSTIX as a core hold in most accounts for its ability to go where and when it wants, with very little volatility and risk. Duration around 1.3, current yield around 5%. Please don't look at OSTIX as another high-yield fund. It isn't. We don't worry about this fund in terms of tightening corporate spreads since its average maturity and extremely short duration have proven its ability to withstand prevailing winds.
PONDX is also a good fund. We would use it in our more aggressive fixed-income allocations.
PTIAX is not something we would use now because of its rather long maturity. We are focusing on short maturity with shorter durations.

FYI: Joshua K. Spencer of the T. Rowe Price Global Technology Fund has sold some big winners and says where he’s leading the fund now.
Regards,
Ted
http://www.marketwatch.com/story/no-1-mutual-fund-which-made-a-killing-off-amazon-and-tesla-is-now-focused-on-these-stocks-2017-06-19/print

FYI: I posted my write up of my podcast with Ned Davis yesterday (hear it on iTunes, Soundcloud, Overcast, and Bloomberg).
I reviewed some of my notes prepared for the interview, and almost forgot about this set of rules from him: Its smart, straight-forward, advice.
Regards,
Ted
http://ritholtz.com/2017/06/ned-davis-9-rules-research/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+TheBigPicture+(The+Big+Picture)

@ Puddnhead: Look at Cohen & Steers Real Estate Funds.
Regards,
Ted
Cohen & Steers Website:
https://www.cohenandsteers.com/funds/mutual-funds
M* Cohen & Steers Family Of funds:
http://quicktake.morningstar.com/fundfamily/cohen-steers/0C00001YQF/fund-list.aspx

@Dave @Junkster I have no problem with the interval structure as I think it is the most appropriate one for illiquid assets that can be hard to trade. There is an "illiquidity premium" for such assets and they tend to produce better returns long term, but only if you have the stomach to hold them and not be forced to sell them at distressed prices. So an interval structure may be the most appropriate to prevent forced selling.
That said, the fund industry has terrible timing when it comes to launching new products, tending to open new funds when an asset class is hot and may have peaked already and close funds when an asset class is bottoming and will rebound soon. It is possible this may be the case with CMBS and Riverpark as there are indications that CMBS are overvalued:
businessinsider.com/11-trillion-commercial-real-estate-bubble-ready-to-rock-the-economy-2016-11
There is also a case to be made that companies like Amazon may ultimately destroy significant parts of the retail sector, which will hurt CMBS with leases on malls and other retail-oriented buildings. So I find the timing of this fund launch suspect.

Keep in mind that much of this is RETAIL money, investors trying to follow whatever trend is hot. I would suggest that more than a few of the funds on this list could have banner years. MALOX is ahead of the S&P 500 ytd. TGBAX is up more than double the gain of VTABX. JPMorgan Core Bond is ahead of VBTLX. At some point, investors will abandon the current "hot" funds and sectors, and move on to something else that has caught the next trend.
On the other hand, this is not to suggest that more than a few of the funds on this list are in serious trouble, if not on the brink of liquidation. How many times can a fund sustain outflows of more than 50% and survive? WASYX is a case in point. M* numbers are incorrect on it. Current assets are only about $230 million, down from about $1.5 billion just 3.5 years ago. It would appear this one is a goner, for a number of reasons. M* numbers must include privately-managed dollars as well as mutual fund assets for each fund. This being the case, the situation is even more dire for the mutual-fund only assets.

Hi Bob,
*M recently put MALOX "under review" due to the upcoming departure of one of the managers on Aug. 1. Does this departure concern you at all? Thanks.

Interval funds = another gimmick/fad offered to retails investors under the guise they are being being offered the privilege to invest along side of the big boys. But maybe I am getting old and just can't grasp why anyone in their right mind would invest in a fund where access to your monies is limited. Regardless, not being a fan of anything Riverpark related, you might want to check out the new credit interval fund from PIMCO - PFLEX - which so far is nicely outperforming the offering from Riverpark. Of course, there are a 1001 fine open end credit funds out there that are outperforming so why even look at a credit interval fund? Unless of course you believe the hype of how they will protect you in the the next meltdown - a meltdown they have yet to even be tested in.

Anyone have any experience and/or thoughts on this fairly new (September 2016) RiverPark fund. It is not managed by Cohanzick Management (David Sherman) of the Riverpark High Yield (RPHYX/RPHIX) & Strategic Income (RSIVX/RSIIX) funds, and there's no real history but it looks interesting as a commercial real estate mortgage play with a yield based on the monthly LIBOR rate resets. Mr. Snowball posted a Launch Alert back in October but I see nothing else in the archives.
The main drawback I see to this fund (other than its being an MBS) is its structure as a closed-end "interval" fund and a limitation of only being able to redeem (sell) shares on a quarterly basis. In all probability, the 5-25% of outstanding shares quarterly repurchase limitation would never (probably never?) be invoked, but it is a consideration limiting ones personal liquidity.
Other comments?
/dave

@MFO Members: In a 4/28/17 interview with M*, Dan Ivascyn had this to say about Pimco Income Fund size. "So, we've been pleased that we've been able to maintain performance during this period of growth. If we get into a situation where we feel that growth is limiting our ability to provide good value to clients--when I talk about value it's not just return, it's risk-adjusted returns--we'll consider steps to reduce those inflows. But we're nowhere close to that point currently. But it's something that if necessary we will certainly do.
Regards,
Ted

https://www.wsj.com/articles/pimcos-new-bond-king-is-nothing-like-bill-gross-1497605409

With a 2-year time horizon I would go with Pimco Income and if you have $25,000 to invest, I would open a Brokerage Account at Vanguard to purchase institutional shares (PIMIX). There is a 34 basis point difference in the expense ratio between PONDX and PIMIX.

I would use Vanguard, but I invest for the long term. Over two years, after taxes, this would save someone about eighty bucks. Not chickenfeed, but not a king's ransom either. Depends on how much you value your time and effort. (I'll walk an extra 1/2 mile to save 25 cents on a bottle of soda - but I also benefit from the exercise - the 25c is just an added bonus.)
Increased yield: $25K x 0.34% x 2 years x 75% = $127.50 (25% tax bracket)
Increased cost: $35 to buy, $20 to sell = $55 x 85% = $46.75 (15% tax savings on reduced cap gains)
Net after tax gain by using Vanguard: $80.75

FWIW it have 10% of my net worth in PCI/PDI (49yo) and my mother's account has 13% in PONDX/PIMIX(retiree). A vote of confidence in the PIMCO team. Both tax deferred IRA accounts although she is taking RMDs.
The funds mentioned will likely kick off large amounts of income so there is a tax hit to consider. Or not, depending on your situation/state. Being in NJ I have a TRowePrice NJ Muni bond fund to avoid taxes on non retirement accts. Have considered closed-end Muni bond funds too.
FWIW I also vote PONDX.

@Carefree
The below total return graphic is a busy chart with the funds you noted, but may help provide a perspective. I started the reference at about Halloween, 2007; as this was the beginning of the end of the high point for many equity sectors before the market melt of 2008. I also included VTI (a blended cap U.S. equity etf). I will also note that the growth and value side of U.S. equity has seen rotations in the past few years. Being that growth is hot one year and then it has been value's turn. I place these rotations into the big money moving around to discover overbought and oversold indicators to obtain maximum profits, regardless of other criteria, except technical indicators.
http://stockcharts.com/freecharts/perf.php?PARWX,FOCPX,NASDX,FBGRX,MSEQX,VTI&n=2424&O=011000
This graphic for the same funds is for the past 2 years:
http://stockcharts.com/freecharts/perf.php?PARWX,FOCPX,NASDX,FBGRX,MSEQX,VTI&n=505&O=011000
Regards,
Catch

POGRX is what I'd consider to be the current standard in large growth and the primecap team is arguably the best in the business.
It's been consistent over the last 13 years and has the best fees I've ever seen outside of Vanguard. Easy to add to if you're going through Fidelity. MSEQX is solid, though. There are a few good funds in Morgan Stanley's lineup.
Otherwise, there's something to be said about just going with an index of the Nasdaq and letting that run.

Hi @expatsp
Well, they are different bond types, eh?
I recall that OSTIX evolved away from a more common multi-sector bond fund into a high yield bond fund about 3 or 4 years ago. The most current report indicates 67% high yield corporate and about 22% cash or equivalents.
PONDX , since its inception was more targeted towards mortgage related holdings, but continues to evolve into areas found more desirable by management. This fund continues to use the "magic sauce" of whatever derivative tools deemed appropriate to hedge their bets. I'm personally comfortable with the apparent skills of management, at this time.
I'm not familiar with PTIAX and its past holdings or history, but find current reported majority holdings to be mortgage related, as well as taxable and non-taxable muni bonds.
http://stockcharts.com/freecharts/perf.php?PONDX,OSTIX,PTIAX&n=1708&O=011000
A 3 year view of the above 3 funds:

http://stockcharts.com/freecharts/perf.php?PONDX,OSTIX,PTIAX&n=755&O=011000
High yield compare: OSTIX and ARTFX
http://stockcharts.com/freecharts/perf.php?OSTIX,ARTFX&n=816&O=011000
If I stepped into this bond world of these 3 choices without prior knowledge, I would have to rely, in part; to the above graphic of total returns for the time period.
My money would go to PONDX .
'Course, one could also do an even split among the three.
My 2 cents worth.....
Regards,
Catch

This is really a follow up on puddnhead's thread, for money I'll probably need not in 6 months but in 2 years. I'd like to be in bonds since I'm overweight equities already.
These bond funds, OSTIX, PONDX, PTIAX all seem great, but I'm leaning toward OSTIX because...
a) lower AUM than PONDX
b) longer track record (including Great Recession) than PTIAX.
Flaws in my logic? Other suggestions? My account is with Schwab, where these funds are all NTF. I don't have the 100K minimum here for institutional share classes.

Still leading the pack +9% ytd, while sitting on 15% cash. That's some kinda neat trick! PRWCX.

FYI: . Transaction reaffirms his faith in ailing retailer Sears
. Fairholme Fund trailing more than 99% peers so far this year
Investor Bruce Berkowitz said Amazon.com Inc.’s purchase of Whole Foods Market Inc. demonstrates that there’s still value in the traditional world of retailing.
Regards,
Ted
https://www.bloomberg.com//news/articles/2017-06-16/berkowitz-says-amazon-deal-shows-value-of-physical-retailing

ETFs.... I hold none. I'd just as soon invest in a single stock. And I own just one: PNM. It was bought via dollar-cost-averaging, starting in Sept. of 2015. I've taken a bit of a hiatus just since April or May of this year. The stock continues to do very well, for such a stodgy, traditionally conservative sector: regulated electric utilities. Its affiliate, TNMP, just floated a big buncha bonds, too. I dunno if I should be too happy about that. The stock continues to make me happy, surprising to the up-side, plowing through technical "resistance."