Hi, guys.
A question came up about the availability of this fund and I've been chatting with the TCW folks. The fund launched Tuesday, Dec. 1 but is available for purchase only by residents of New York and California. It is not yet known when, or if, it will become available to residents of other states. TCW's reason for the limited release is to help the fund develop a track record before making it more widely available. And no, I don't know of other funds that have chosen that option.
Cheers,
David

Several of us have taken the position that we’re likely in the early stages of a bear market. The Wall Street Journal (12/01/2015) reports two troubling bits of economic data that might feed that concern: US corporate capital expenditures (capex) continue dropping and emerging market corporate debt defaults continue rising. For the first time in recent years, e.m. default rates exceed U.S. rates.
Who is Several of us?

A poster on the Bogleheads forum helpfully pointed out the difference between the upcoming fund and the current (closing) fund:
"By the way, nobody seems to have mentioned the difference between Style Premia Alternative (I) and Style Premia Alternative II. Looks like the latter uses equities, bonds, and currencies only, according to the filing. The original adds commodities and interest rates to that. This means that the new fund doesn't need the Cayman Islands subsidiary, as is common practice for running commodities trading.
I wonder if the risk weighting by asset class is going to change. Equities are already over half the old fund by risk (not by nominal dollar)."
https://www.bogleheads.org/forum/viewtopic.php?f=10&t=178649#p2705215

Like Chinfist, I like to spread my exposure to ALT funds with at least a 5% position in each investment, preferably 10%.
There may be select pockets for attractive FI exposure going forward in an increasing interest rate environment, but they will likely be limited to one of the Doubleline funds/CEFS, muni funds/CEFs, and PIMIX. And going forward, I definitely prefer select ALT funds over FI funds/CEFs such as: QMNIX, QLEIX, MCXIX, and even the low cost VMNFX ($50 min in Wellstrade retirement accounts).
Kevin

Uhhh? An alternative for prime time ??
"...fans soon may be able to invest in wide receiver Alshon Jeffery's future income on the Nasdaq Capital Market, if the company that bought a share of his earnings gets its way.
Fantex, an online marketplace that lets investors buy and sell stock in a professional athlete's brand value, today filed an S-1 with the Securities and Exchange Commission proposing an initial public offering of a single security tied to contracts it has with 10 pro athletes.
November 30, 2015
Alshon Jeffery's earnings may be heading to Nasdaq
DANNY ECKER ON SPORTS
"Our six completed IPOs paved the way to unlocking an asset class previously closed to the capital markets,” Fantex CEO Buck French said in a statement. "By bundling multiple tracking stocks into a single, Nasdaq-listed security, we believe Fantex is providing the next evolution for those looking to invest in the business of professional sports."
http://www.chicagobusiness.com/article/20151130/BLOGS04/151139989/alshon-jefferys-earnings-may-be-heading-to-nasdaq

http://www.sec.gov/Archives/edgar/data/915802/000091580215000097/financialinvestorstrustemera.htm
497 1 financialinvestorstrustemera.htm
FINANCIAL INVESTORS TRUST
Emerald Growth Fund (the “Fund”)
SUPPLEMENT DATED DECEMBER 1, 2015 TO THE PROSPECTUS AND SUMMARY PROSPECTUS EACH DATED
AUGUST 31, 2015
This Supplement updates certain information contained in the Prospectus and Summary Prospectus for the Fund each dated August 31, 2015. Additional copies of the Prospectus or Summary Prospectus may be obtained free of charge by visiting the Fund’s website at www.emeraldmutualfunds.com or calling 1.855.828.9909.
Effective as of the close of business on December 31, 2015, the Fund will close to new investors, except as described below. This change will affect new investors seeking to purchase shares of the Fund either directly or through third-party intermediaries. Existing shareholders of the Fund may continue to purchase additional shares of the Fund.
A financial adviser whose clients have established accounts in the Fund as of December 31, 2015 may continue to open new accounts in the Fund for any of its existing clients.
Existing or new participants in a qualified retirement plan, such as a 401(k) plan, profit sharing plan, 403(b) plan or 457 plan, which has an existing position in the Fund as of December 31, 2015, may continue to open new accounts in the Fund. In addition, if such qualified retirement plans have a related retirement plan formed in the future, this plan may also open new accounts in the Fund.
The Fund retains the right to make exceptions to any action taken to close the Fund or limit inflows into the Fund.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

@Junkster
Thanks for that asset class update.Here's a fund with a more conservative bent in the muni space but has captured much of the upside you point out.Bought the sister fund ( PTIAX )last week.These were $5k minimum but now available through Schwab @ $100.00
initial for small/young investors looking to diversify.
PTRMX - Performance Trust Muni Bd Retail
Investment Approach
The Fund invests in, but is not limited to, at least 80% of its net assets in investment-grade municipal securities. The Fund may invest up to 20% of its net assets in below investment-grade municipal securities.
http://www.ptiafunds.com/about-ptimx
http://www.ptiafunds.com/images/website/documents/fund-documents/ptimx_factsheet.pdf
Edit @heezsafe
Sorry for the confusion.Meant to compare only PTRMX to Junk munis "The Fund may invest up to 20% of its net assets in below investment-grade municipal securities."
As you stated below,we'll see how both Performance Trust funds do in any down draft.

Red ink swept across the major asset classes in November, with one exception: US equities
By James Picerno | Dec 1, 2015 at 06:24 am EST
The Capital Spectator
Major Asset Classes | November 2015 | Performance Review
Red ink swept across the major asset classes in November, with one exception: US equities. The Russell 3000 Index edged up 0.6% last month. Otherwise, losses prevailed, delivering a negative counterpoint to October’s generally bullish profile.
As for November, commodities were the big loser… again. The broadly defined Bloomberg Commodity Index fell 7.3% last month—the fifth consecutive monthly loss and the biggest dip since July.

http://www.capitalspectator.com/major-asset-classes-november-2015-performance-review/
U.S. Gasoline Prices Decline; Crude Oil Nudges Up
BY TOM MOELLER DECEMBER 1, 2015
http://www.haver.com/comment/comment.html?c=151201A.html

@Brightorange said
I do listen to Gundlach's webcasts and always find them interesting. I am looking forward to his always informative January forecast.

"Tick, tick, tick..."
Please join us for a live webcast titled "Tick, tick, tick..." hosted by:
Jeffrey Gundlach
Mr. Gundlach will be discussing the economy, the markets and his outlook for what he believes may be the best investment strategies and sector allocations for the DoubleLine Total Return Bond Fund (DBLTX/DLTNX).
Tuesday, December 8, 2015
1:15 pm PT/4:15 pm ET /3:15 CT
https://event.webcasts.com/starthere.jsp?ei=1051161

You can do a partial sale. Pick the shares that cost the most, sell those, retain the rest. Then you can repurchase as much or as little as you want by adding to your open account.
According to the prospectus you can add as little as $1K (min for a new account is $10K).
If you've got a lot of losses, it may be better not to offset all of them with gains. If you've got losses left over, you can use up to $3K of those extra losses to reduce ordinary income - a more valuable use of capital losses.

Too complicated. I always do fifo and my gain on earlier shares is 30℅. Minimum is 25k I thought. Just saying everyone's situation is different, and people have enough excuses to sell fairs and don't need another one.

Isn't a taxable distribution just an accountant's way of saying, "You made a profit...now you need to pay your taxes on that profit."

True, except in this case, the "person" that made the profit is the fund, and not necessarily the investors. FAIRX was down 2.72% in 2014 (compared to +13% for the S&P 500). So far this year, it is down another 2.39% (compared to +3% for S&P). So folks who bought into FAIRX during the last two years are probably not feeling all that "profitable" with their FAIRX taxes.

You can do a partial sale. Pick the shares that cost the most, sell those, retain the rest. Then you can repurchase as much or as little as you want by adding to your open account.
According to the prospectus you can add as little as $1K (min for a new account is $10K).
If you've got a lot of losses, it may be better not to offset all of them with gains. If you've got losses left over, you can use up to $3K of those extra losses to reduce ordinary income - a more valuable use of capital losses.

It's been some time since I left Bridgeway's small-cap offerings. What strikes me is that Montgomery promised to re-jigger his methodology in hopes of preventing a huge draw-down like the one in 2007-2009. A glance at the chart Charles posted above demonstrates that in 2009-2015 the tiger did not change its stripes (highest risk, lowest return). I'd like to believe in the Bridgeway story, but it reminds me of my misguided beliefs in certain story stocks. That money never came back up out of the rabbit hole.

The hyper-concentrated portfolio can make this choice easy. Would you buy AIG? BAC?

Neither would Berkowitz - he wouldn't even hold (let alone buy) AIG, which is why the fund is paying out so much in cap gains. He's also dumped most of BAC. It will be interesting to see how his turnover ratio jumps for 2015.
As for the other four companies (SHLD, JOE, FNMA, FMCC), well ...
Baron's: Berkowitz's AIG Sale To Result In Huge Taxable Distribution
Bloomberg: Berkowitz's Fairholme Sold Almost All Its AIG Shares in Quarter; Also unloaded more than 60 percent of Bank of America position.

http://www.sec.gov/Archives/edgar/data/1444822/000119312515390688/d25032d497.htm
497 1 d25032d497.htm AQR STYLE PREMIA ALTERNATIVE FUND & AQR STYLE PREMIA ALTERNATIVE LV FUND
AQR FUNDS
Supplement dated November 30, 2015 (“Supplement”)
to the Class I Shares and Class N Shares Prospectus dated May 1, 2015 (“Prospectus”)
of the AQR Style Premia Alternative Fund and AQR Style Premia Alternative LV Fund (the “Funds”)
This Supplement updates certain information contained in the Prospectus. Please review this important information carefully. You may obtain copies of the Funds’ Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290-2688, or by writing to AQR Funds, P.O. Box 2248, Denver, CO 80201-2248.
Effective January 29, 2016, the AQR Style Premia Alternative Fund and AQR Style Premia Alternative LV Fund will be closed to new investors, subject to certain exceptions. Accordingly, effective November 30, 2015, the section entitled “Closed Fund Policies” beginning on page 158 of the Prospectus is hereby deleted and replaced in its entirety with the following:
Closed Fund Policy ...

FYI: U.S. diversified stock funds remained in the winner's circle a second straight week, gaining 0.8% on average in the week ended Nov. 25, according to Lipper Inc.
Small-cap growth funds led the way, gaining 2.04%
Regards,
Ted
http://license.icopyright.net/user/viewFreeUse.act?fuid=MjEwMzc1NDM=
Enlarged Graphic:
http://news.investors.com/photopopup.aspx?path=WEBlv1130.gif&docId=782914&xmpSource=&width=1000&height=1027&caption=&id=782913

I just checked. I have a capital gain of about $5,000 if I sell the shares vs. a distribution of about $19,000 if I keep them. It would simply be an incorrect decision to keep them. So I'm out at today's closing price. I'll buy FAIRX back, but the position will be smaller than the one I sold today.

While this game is usually played with funds having large distributions, it can also prove useful for a fund with slow, virtually inexorable declines in NAV, viz. RPHYX. Not to mention other cash-substitute funds. For example, ZEOIX has spent nearly its whole life except its first year above $10. It's now at $9.90.
It turns out that because this year has been somewhat flat, many funds (even with more reasonable size distributions) have shares whose NAVs will drop below purchase price after distribution. This is where specific share identification becomes so handy. You can sell just those shares that you purchased (or got via reinvestment) in the last couple of years, and recognize their losses without also recognizing gains on the other shares.

@dryflower: FYI: 11/24/15 thread on FAIRX distribution.
Regards,
Ted
http://www.mutualfundobserver.com/discuss/discussion/24482/fairholme-fund-fund-s-successful-bet-on-aig-triggers-a-big-tax-bill-for-investors#latest

Edmond's initial take is essentially correct. These funds struggle for a number of reasons. Higher operating costs is one. More significant I think, investors aren't willing to endure prolonged losses when the alternative investments these funds invest in fail to keep pace with whatever the hot trend is. So managers have to deal with unusually large inflows and outflows (MFLDX case in point). Churn and trading costs must be horrible. The last guy to flee usually pays the highest price.
BTW: Probably the most widely owned alternative investment is one's home. This one works for a number of reasons: (1) We tend not to check our home's value daily or weekly, (2) Mortgage costs/constraints prohibit frequent buying and selling, (3) Packing up and moving from home to home is just too much trouble.
Bottom line: Investors want "alternative" funds, but they don't want "alternative" returns. Just MHO.