FYI: Pacific Investment Management Co. said that it has exited all its holdings of Italian bonds on the conviction that the yields were too low to compensate for the nation’s mounting political risks.
Pimco unwound its investments this year in a move that marks an about-turn for the $1.5 trillion fund, which had the securities among favored choices two years ago. It now maintains a neutral exposure to peripheral European assets. JPMorgan Chase & Co. and Barclays Plc say the odds of Italy facing snap elections as early as autumn have risen, with the U.S. bank predicting an increase in the nation’s bond yields in such a case.
Regards,
Ted
https://www.bloomberg.com//news/articles/2017-06-05/pimco-pulls-out-of-italy-as-jpmorgan-sees-risk-of-autumn-vote

Discussed this with a recently-retired client. We (our wives and us) simply don't buy clothes the way we used to, and probably will buy even less into retirement. New suits, no. Dress shirts, no. Dress shoes, no. New cars, no. Same goes for many other household things. We just are not shopping nearly as much. If that is true for much of the boomer generation, it helps to explain the pickle in which the big malls find themselves. Instead, the boomers are spending dollars on more meaningful things like travel, concerts, grandkids, volunteering, etc. It's not that we are pulling money out of the stock market (we are not, contrary to what some predictions were 10-15 years ago). We are simply changing our spending habits: spending less overall and for sure not spending as much at the malls. It goes to my comments on my most recent Retirement Blog.

Fixed-income managers who value the mantra "do not lose money" will tell you that preferreds are horrendous values now, with prices much higher than the face value. Given that most preferreds have deep call features, it is hard to understand the logic in paying 15-35% premium for a preferred now, and have it called at face or perhaps at a small premium in the near future. Yes, the prices could continue to escalate, but a number of smart managers will tell you that if there is a bubble in the fixed-income markets, this is it. In a credit crunch, these will not be pretty, as another poster noted.

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.

Definitely paring down the optional stuff except for good whiskey. Jameson 18 years is not on the chopping block.

Jameson 18 might need to be in consumer staples.

Definitely paring down the optional stuff except for good whiskey. Jameson 18 years is not on the chopping block.

I would look at David's write-up from last year:
http://www.mutualfundobserver.com/2016/10/fund-profile-city-national-rochdale-emerging-markets-fund-rimix-cnryx/
Incidentally, I own a very minimum amount in the fund.

Lack of tax reform may also be a catalyst, as it looks to be a 2018 event...

I am looking for some thoughts, opinions and suggestions regarding RIMIX/CNRYX City National Rochdale DEM fund.
I am considering this fund as a "complementary" position, not my major holding in EM.
It has performed very well in its short life and its metrics are very good. BUT it invests a vast majority in Emerg. Asia (90%) with 43% in China and 24% in India (According to M*).
Seems more like an "Asian" fund then DEM.
This fund seems to defy the odds in every way. Every metric bests the Cat. Avg. including the UP and DOWNSIDE C/R. Its 3 and 5-year returns, top 1%.
Any thoughts, ideas, suggestions and comments would be greatly appreciated!!
FYI, I have read the analysis on MFO and a few comments but I can't find much else
Thx, Matt

Hi @VintageFreak,
Here is how I use my convertible secutities fund.
I do not own the subject fund you are asking about; but, I do own a convertible securities fund FISCX and hold it in my hybrid income sleeve. It is mostly made up of bonds that have the option to convert to common stock at the bond holders choice usually at maturity or at an established date. In addition, the fund holds some convertible preferreds as well.
Year-to-date the fund is up 11.5% and is the leading member of it's sleeve. Generally, I like to keep about 10% of the sleeve's money in convertibles and because other sleeve members usually hold some convertibles as well from time-to-time I have to sometimes throttle the weighting of FISCX to maintain a 10% convertible securities weighting within the sleeve.
In addition, I strive to keep an overall portfolio weighting of about 5% in other assets as classified by Morningstar's Instant Xray of which convertibles securities fall.
Perhaps, the above will be helpful if you are looking for ideas as how to incorporate a convertible securities fund within your portfolio. Perhaps not.
When I Xrayed WSGCX it came up as a Wells Fargo fund. Why do you favor this fund? I'd run from anything with the name Wells Fargo on it as the bank's ticker symbol WFC in my book means "We Fleece Customers."
My best to you ...
Old_Skeet

Funds in Registration seems to suggest that CBOE Vest S&P 500® Dividend Aristocrats Target Income Fund will only offer load shares (it talks about A shares).
As with other CBOE Vest funds, there will be four classes offered. The SEC filing contains two prospectuses, one for A and C shares, and one for Investor and Institutional class shares. Like the A shares, the initial ER for the investor class shares will be 1.20% after waivers with a $1K min, but will be sold with no load (Search for Investor class in the filing.)

Trading is just like stocks & ETFs; broker's commissions the same.
Be aware many taxables are pretty extended, with 1y returns up in the +30s - won't go on forever.

FYI: Is this a ‘Goldilocks’ trading environment for bonds and stocks?
Regards,
Ted
http://www.marketwatch.com/story/bonds-and-the-stock-market-are-rallying-at-the-same-time-and-its-befuddling-investors-2017-06-02/print

You'd think Consuelo could take a break from interviewing Bill Miller, this is turning into a yearly interview. Beat the S&P 15 years in a row and then the fund tanked hard. I couldn't see why anyone would invest in his funds now. Maybe a lot of the other fund managers just deny her request for an interview.

@STB65 and @bee,
VMVFX is an global equity fund with no bond exposure. The Admiral share, VMNVX, has a very low expense ratio 0.17%. As bee pointed out, the risk profile is excellent for equity funds.
As for income investors, there are many choices and risk that one needs to consider carefully.

Saturday morn'in to you,
So, a tiny bit on the "tongue in cheek" side of life; although reality tends to sneak in when we're not paying attention, eh?
Not too low on coffee this AM; but must get outside, as Michigan weather is glorious right now for most of the state, so a few quick notes or observations.
So, not much to add about the equity sector, eh? Ya'll are watching what you choose to see for returns YTD for your particular holdings. Exceptions being the commodities areas which are not having as much fun right now. I noted a few days ago about the below "bold" and the so-called defensive area equities moving up more than some other equity sectors. These have not sold back to end the week (Friday, June 2 closing values).
Sector summary
Sector Change % down / up
Energy -0.81%
Basic Materials +0.14%
Industrials +0.50%
Cyclical Cons. Goods ... +0.27%
Non-Cyclical Cons. Goods... +0.75%
Financials +0.19%
Healthcare +0.74%
Technology +1.02%
Telecommunications Ser... +0.17%
Utilities +0.02%
As to those pesky low bond yields. Well, we know lower yields = higher prices, and so a bit of money is being made here, too. The 10 year Treasury yield closed at 2.16% and the 30 year closed at 2.81% this week (list below, including shorter term yields and price moves for Friday, June 2.
These 3 etf's and closing percentage up for the week ending Friday, June 2.
LQD +0.8%
IEF +0.7%
EDV +2.7%
Yields as of June 2.
3 Month 0.95% +0.01 (1.06%)
6 Month 1.03% +0.01 (0.98%)
2 Year 1.29% +0.01 (0.78%)
5 Year 1.72% 0.00 (0.00%)
10 Year 2.16% -0.01 (-0.46%)
30 Year 2.81% -0.02 (-0.71%)
This link from Jan. 26, 2004 through June 2, 2017 is for "yield" not pricing. So, I'm sitting here looking at this chart and wondering if that 2 year yield path has any meaning relative to the 10 and 30 year yields, based upon prior years. Should this chart be showing me anything about short term rates and how they moved in early 2008 or any other periods that are of value today?
http://stockcharts.com/freecharts/perf.php?$UST2Y,$UST10Y,$UST30Y&n=3334&O=011000
What could be a meaningful summary of all the above? IF the equity players decide to "take the money and run"; one can imagine a move into the "safe havens", eh? Who is to say that such a move would not find the 10 year yield at .5% and the 30 year at 1.1%. These yields are still attractive relative to Japan and the Eurozone, yes?
Global 10 year yields
The marketplace is re-balancing our portfolio from a 60/40 equity/bond to a +70/30 and we're letting it ride; hoping to get out of the way if needed.
Well, we still live in interesting times; don't you agree?
Have a pleasant remainder.....
Catch

The problem is one shouldn't really invest 100% in 1 fund like VWINX. It is just too risky to do that. If there was "guarantee" I would get 3%, keep my principle, year after year in retirement, accepting the occasional loss, is one thing. However, I need multiple funds like that invest in retirement to offset single fund list.
In my Scottrade IRA, I keep a few "income" funds. I don't trade them. Not that I'm retiring, but just use remaining money to get in/out of stocks while I keep part of it always invested in income funds. VWELX/VWINX would be swell to own in this portfolio, but I just don't have that option. I'm making do with RNDLX, SIRIX, ETNMX, MAINX, RPHYX, RSIVX, PLMDX (for now) and IRNIX (contemplating)

FYI: Bill Miller remains the only mutual fund manager in memory to beat the S&P 500 fifteen years in a row. He did it while he was managing Legg Mason Capital Management Value Trust from 1991-2005. After a couple of episodes of serious underperformance in 2006-2008 and 2010-2011 Miller left the fund and in 2016 left Legg Mason to launch his own independent investment advisory firm, Miller Value Partners.
Regards,
Ted
http://wealthtrack.com/miller-hedge-fund-timing/?action=edit
M* Snapshot LGOAX:
http://www.morningstar.com/funds/xnas/lgoax/quote.html
M* Snapshot LMCJX:
http://www.morningstar.com/funds/xnas/lmcjx/quote.html

FYI: Succinct Summations for the week ending June 2nd, 2017.
Regards,
Ted
http://ritholtz.com/2017/06/succinct-summation-weeks-events-6-2-17/