That's okay. I hear next month they're launching a Phonetic Integrated Alpha fund with a ER waiver that brings the fee down to .53, which is a rock-bottom STEAL. Of course there's a 6.25% 12(b)-1 fee but who's looking? The more complex the name, the more retail sheeple will flock to it, thinking they're part of the 'smart' money.
In this case, Phonetic version is 3x-leveraged. The Numeric version is unlevered. ;)

Yes, it's closing to new investors on 30 Sept. ... Anyone else catch this, though? PrivateBank Corp. is the largest holding in MSCFX (3.55% of assets), and it's being bought by Canada's CIBC. (Ticker CM in both Toronto and NY.) I like to follow the big Canadian banks.
http://investor.theprivatebank.com/Cache/1500088182.PDF?O=PDF&T=&Y=&D=&FID=1500088182&iid=1023170

https://www.sec.gov/Archives/edgar/data/809593/000113322816011586/e446873_485apos.htm
(Very expensive...)

Hi Guys,
Heavy weight fund managers do exist, but they do not persist. Yesterday's winners are likely to be tomorrow's losers. That's a fair summary of the historical record that is repeated time and time again.
“So if you can get a couple of decent years together and a decent story and then slide quietly into mediocrity, it’s a recipe for success for your fund company, and a recipe for disappointment for investors.” Thea's not me talking. That's a quote from Professor Snowball.
Fund managers do a terrific job at stock selection that would generate a positive Alpha without integrating research and trading costs into the equation. Most managers can not consistently overcome that frictional drag.
With a very few rare exceptions who can not be identified ahead of time, heavy weight fund managers are a myth. That's a major factor in the increasingly popular passive Index investment strategy. Actively managed mutual funds are becoming an ever decreasing fraction of my portfolio. I tend to apply lessons learned slowly.
EDIT: Sorry, I neglected to include a reference to the article that I extracted the David Snowball quote from. Here it is:
http://www.marketwatch.com/story/90-of-fund-managers-beat-the-market-but-their-shareholders-dont-2015-01-21
Best Wishes.

@expatsp: Apparently the attractiveness of low volatility portfolios has been known since the 1960s-1970s per AQR, but has only recently become indexed and become popular. But the effect is real and works for domestic and foreign equities.
AQR Paper
MSCI Risk Premia
JPMorgan Paper
Disclosure: we currently own VMVFX.
Kevin

FYI: Almost five years ago, when Bill Miller left the Legg Mason Value Trust — the mutual fund he once led to an astounding 15 straight calendar years of beating the S&P 500 — the question was whether the lasting memory of his career would be one of legendary success or epic failure.
Last week, when it was announced that Miller would formally break ties with Legg Mason after more than three decades, the answer was clear: the pains speak louder than the achievements.
Regards,
Ted
http://www.marketwatch.com/story/whatever-happened-to-the-heavyweight-mutual-fund-managers-2016-08-16/print

Well, yup is the answer.....somewhat.
From the article: "Powering the bond rally is an enormous thirst for yield, fueled by negative interest rates in nearly a quarter of the world. About $8 trillion of government bonds worldwide offered yields below zero, according to Bloomberg, affecting some 500 million people. Even though the bellwether 10-year Treasury note yields just 1.54%, that yield is far more appealing than a guaranteed loss."
Also from the article: "Investors worldwide have poured $202 billion into bond funds this year, according to J.P. Morgan Chase". Unknown is who "investors" are per the article.
>>>One shouldn't leave out the "twitchy" factor = perceived safety.
Total return = yield + price performance, eh?
I see the trend as much to the price performance as yield. Those continuing to suspect that yields will remain low for an extended period of time are banking on price performance, although perhaps at a slower pace than previous.
Similar trends exist in broad and various sector equity area, eh? Equity growth and value have their swings and trends, too. Hot money still looking for the best bang for the buck.
Are "investors" per the article, include sovereign funds, pension funds and related, as well as individual investors? Most of the "large monies" group of investors are scratching their investing heads as much as anyone at this discussion board. So, don't feel overly confused by the ongoing perversions of the market place; at least relative to your intellect. You have company for such a status, PhD's or not.

I allocate part of my portfolio to "alternative" strategies. Results to date have been generally terrible. Hopefully I will learn some lessons along the way, albeit painfully.
I think it is very important to define at the outset exactly what you expect this part of your portfolio to do for you. Whatever fund you pick, you should expect that it will eventually feel like it is underperforming. When that happens, going back to your original investment plan is the only way to determine whether your fund is "working" or not.
Some of my funds that are doing poorly this year include:
- Catalyst Macro Strategy MCXIX: Down over 20% this year. Terrible. I know others on this board had it, but maybe some (all?) of them have bailed by now.
- Wasatch Frontier WAFMX: Down over 2% year to date, and 10% for the past year. Not as terrible compared to MCXIX, but pretty bad compared to equity markets in general.
But I put it in context. Stocks and bonds are having a great year. Even Vanguard Wellesley, which is about as boring of a fund as it gets, is up over 9%. Alternative funds, I believe, should provide some diversification. That is, I hold them in the hopes that they will give some pleasant surprises when stocks and bonds are middling. Conversely, I try not to be too critical of them when the rest of the portfolio is doing well.
In that sense, I wouldn't classify DSENX / DSEEX as an alternative fund. It may use unusual methods, but it is basically a U.S. large cap value fund. That doesn't mean it isn't a good fund, but you should only add it if you're looking to add more U.S. large cap value to your portfolio (or if you're looking to replace your existing U.S. large cap fund).

@hank
Another President who "lusted" in his heart (s) ?

Clinton and Lewinsky on a 1998 Abkhazia stamp
https://en.wikipedia.org/wiki/Lewinsky_scandal

Feels like I've been here before - 1980 & 1999
Than there's poor Jimmy Carter who got himself in a heap of trouble in '76 for confessing (in a Playboy interview) that he had "lusted" in his heart many times. :)

In this space, I would consider and actually prefer XSLV:
CHART
Backtested Performance
Kevin

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.