The Week in Charts (06/21/24)
The most important charts and themes in markets, including...
00:00 Intro
00:15 Topics
01:12 A New King Is Crowned
07:53 The Running of the Bulls
11:12 Partying Like It's 1999
16:40 The Mega Cap Premium
19:17 Consumer Weakness or Consumer Strength?
22:41 Housing Market Rundown
29:00 Inflation Trending Lower
Video

back to primecap topic, from IAV :
"...I won’t be buying either of the two reopened funds, but please do not take that as any indication of a lack of confidence or conviction in the funds and the managers. I’m not buying the funds because...I already have a lot of exposure to PRIMECAP's stock pickers...
Yes, PRIMECAP has trailed 500 Index over the past three years (by around 1% per year). However, the active fund has beaten the index fund over the past five, ten and fifteen years..."

https://www.sec.gov/Archives/edgar/data/92500/000119312524165867/d854673d497.htm
497 1 d854673d497.htm 497
STEWARD FUNDS, INC.
on behalf of its series
Steward Covered Call Income Fund
Steward Equity Market Neutral Fund
Steward Global Equity Income Fund
Steward International Enhanced Index Fund
Steward Large Cap Core Fund
Steward Large Cap Growth Fund
Steward Large Cap Value Fund
Steward Select Bond Fund
Steward Small Cap Growth Fund
Steward Values-Focused Large Cap Enhanced Index Fund
Steward Values-Focused Small-Mid Cap Enhanced Index Fund
(the “Funds”)
Supplement dated June 21, 2024 to the Currently Effective Prospectus and Statement of Additional Information dated August 28, 2023
This Supplement reports the following changes to information in the Funds’ Prospectus and Statement of Additional Information dated August 28, 2023.
A.Upon the recommendation of Crossmark Global Investments, Inc., Steward Small Cap Growth Fund’s investment adviser (the “Adviser”), the Board of Directors of Steward Funds, Inc. has authorized, on behalf of Steward Small Cap Growth Fund, the Fund’s liquidation and termination, which will be effective on or about August 23, 2024 (the “Liquidation Date”). Accordingly, the Fund will redeem all of its outstanding shares on the Liquidation Date. The liquidation will be effected pursuant to a Plan of Liquidation and Termination. The operational costs of the liquidation, including the mailing of notification to shareholders, will be borne by the Fund but reimbursed by the Adviser, after taking into account applicable contractual expense caps then in effect by the Adviser to waive or reimburse certain operating expenses of the Fund. As the Liquidation Date approaches, the Fund’s assets will be converted to cash or cash equivalents and the Fund will not be pursuing its investment objective.
The Fund will be closed to new investors effective at the close of business on June 28, 2024. After that date, existing shareholders may continue to invest in the Fund and retirement plans that currently offer the Fund as an investment option may continue to offer the Fund to their participants until the Liquidation Date.
Prior to the Liquidation Date, shareholders may exchange their shares for shares of the same class of another Steward Fund or redeem their shares prior to the Liquidation Date, in each case at net asset value. Shareholders whose shares are redeemed by the Fund on the Liquidation Date will receive the net asset value per share for all Fund shares they own on the Liquidation Date. The exchange or redemption of Fund shares, on or before the Liquidation Date, generally will be a taxable event for shareholders, other than shareholders that hold Fund shares in a tax-advantaged account (e.g., an individual retirement account, 403(b), 401(k) or other defined contribution or defined benefit plan), but it is important that you consult your personal tax advisor and/or plan provider if you have any questions.
Shareholders that hold Fund shares through a financial intermediary should contact their financial intermediary if they have questions.,,

Overall portfolio is up 5% YTD about 40% in equities
"dividend' stocks are up 11% LT Growth US 9% "speculative" ( ie tech) 13% Energy 6%
International 14% Emerging Markets flat
The most surprising are individual stocks an advisor picks in one sleeve. He has some real stinkers but who can argue with Rolls Royce, up 58% ?

I am applauding you from here! I'm 41% in bonds and am pleased with the 7% and even higher pay-outs, monthly. I find that my junk is not at all volatile.
My regional bank is BHB. It got SPANKED today, into the week-end. Knock-on effect of the scolding which the Banksters received from SEC and FDIC today? I dunno. Discouraging. Waiting and waiting for rates to come down. This bank stock will languish until then, I bet. Glad for the almost 5% dividend on the thing.
Oil drilling pipe maker TS just got hit with a negative legal decision in Brazil. Lower, but decent dividend on that one.
PRWCX is almost 40% of total portfolio. It "saved" me from a severely negative result today. Up a tiny bit. STILL RANGE-BOUND.

Overall portfolio is up 5% YTD about 40% in equities
"dividend' stocks are up 11% LT Growth US 9% "speculative" ( ie tech) 13% Energy 6%
International 14% Emerging Markets flat
The most surprising are individual stocks an advisor picks in one sleeve. He has some real stinkers but who can argue with Rolls Royce, up 58% ?

BTW I just had some Scotch from India Kamet
Was pretty good and only $47 a bottle vs Talisker at $65

@AndyJ - I’m lookin’ at the 2-yr treasury as well, and wondering if on 6/24 it’ll still be 4.74? Vanguard is showing 4.734.

Right, it's fairly common for yields to sell off even the morning of an auction. I've seen that enough, I don't put in an order now until ten minutes or so before the close at 10a Eastern.

@Derf - The standard size of a bottle of scotch is 750 ML. That would provide 15 (generous) servings of 50 ML each, which happens to be the size of those “shooters” handed out or sold on planes.

@Level5 Same here.

Sitting tight. Normal 10% cash allocation is at 15% pending a sizable withdrawal / distribution later this summer. Than back to 10%. Labor is in short supply so I don’t know when the infrastructure work will begin.
I watch the precious metals. If I were going to take a stab at something it would be GLTR. There’s a certain “fun” aspect to playing in that area. But that stuff has had a few good years and I don’t usually buy things that have risen a lot. Don’t usually mention specific CEFs, but I watch (and have owned in the past) GGN which plays in the miners and appears to be a pretty gentle behaving security considering its exposure to gold. But, again, it’s had a couple hot years recently, so not buying.
I watch scotch brands and prices. Testing a bottle of Glenfiddich 12-year right now and quite impressed. Enjoyed some Glenfarclas 12-year recently on United. Great stuff, but at $79 will need to grow the portfolio a bit more. United’s scotch is better than their planes.

You can check 2-yr EOD at StockCharts & at Treasury.
https://stockcharts.com/h-sc/ui?s=$UST2Y&p=D&b=5&g=0&id=p64547483100
https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202406

Or the 2y T showing at 4.74 right now; auction 6/25 if that's appealing. I'll prob'ly take a bite of that in the taxable account if the yield holds up fairly well between now and then.

DJT down 14.56% today after sharp losses Tuesday (-8 %) as well. Brings up the question - how many worthless DJT stock certificates can you stuff into a Tesla pickup and drive both into a permanent landfill?

But @Mark, it's not just a pickup, it's a CYBERtruck. (sarc)
P.S. Great comment; the visual it brings up is priceless.

That's cartoonish.
https://imageio.forbes.com/specials-images/imageserve/65b576f6eb1aee3b39bcca27/The-Tesla-Cybertruck/960x0.jpg?format=jpg&width=960

Looking for a replacement for VUSXX, since I'm leaving Vanguard, I worked up this table of Treasury MMFs. I included last year's fraction of income that was state exempt. If it isn't over half then (a) none of the income is state-exempt in Calif, NY, or Conn. and (b) one might do better after tax (in all states) in a general government fund.
Thinking in terms of a taxable account, ISTM the best funds at E*Trade are GABXX ($10K min) and VUSXX (80% exempt in 2023). The best funds at Merrill may be UTIXX (99.3% exempt) and TTTXX (94% exempt).

Family		Fund		Class	Ticker	E/R		SECyld	% Treas	Broker	Min	Min IRA
Allspring	100% Treas MM	A	WFTXX	0.58% (0.60%) 	4.77%	99.92%	Etrade 	$1,000 	$50 
Treas Plus MM	A	PIVXX	0.58% (0.59%)	4.77%	21.41%	Etrade 	$1,000 	$50 
Inst	PISXX	0.20% (0.22%)	5.15%	21.41%	Etrade 	$1 	$1 
Blackrock	Lqd Fed Trust	Inst	TFFXX	0.17% (0.23%)	5.17%	98.65%	Merrill	$1 	$1 
Treasury Trust	Inst	TTTXX	0.17% (0.19%)	5.19%	94.07%	Merrill	$1 	$1 	T+0 
DWS	 	US Treas MM	S	IUSXX	0.32%	 	5.10%	100.00%	Etrade	$2,500 	$0 
Fed Hermes	Gov Obl TaxMgd	Inst	GOTXX	0.20% (0.24%)	5.14%	99.996%	Merrill	$1 	$1 	T+0 
Gov Oblig	Inst	GOIXX	0.20% (0.28%)	5.17%	32.047%	Merrill	$1 	$1 	T+0 
Treas Oblig MM	Auto	TOAXX	0.50% (0.58%)	4.84%	16.850%	Etrade	$25K 	$250 
Inst	TOIXX	0.20% (0.28%)	5.15%	16.850%	Merrill	$1 	$1  	T+0
US Treas Cash R	Inst	UTIXX	0.20% (0.28%)	5.16%	99.295%	Merrill	$1 	$1  	T+0
Fidelity	Gov Portfolio	I	FIGXX	0.18% (0.21%)	5.19%	35.13%	Merrill	$1 	$1  	T+0
35.13%	Fid	$1M 	$1M
Treas Portfolio	I	FISXX	0.18% (0.21%)	5.18%	22.21%	Merrill	$1 	$1 	T+0 
Fid	$1M 	$1M 
Treas MMF	-	FZFXX	0.42%	 	4.95%	24.19%	Fid	$0 	$0 
Treas Only MM	-	FDLXX	0.42%	 	4.93%	90.39%	Etr,Fid	$0 	$0 
Daily	FDUXX	0.70% (0.72%)	4.66%	90.39%	Etrade	$0 	$0 
I	FSIXX	0.18% (0.21%)	5.18%	90.39%	Merrill	$1 	$1 	T+0 
Gabelli	 	US Treas MM	I	GABXX	0.08%	 	5.26% 	100.00%	Etrade	$10K 	$1,000 
JPMorgan	Fed MM	 	Instl	JFMXX	0.21% (0.25%)	5.14%	98.32%	Etrade	$3M 	$3M 
US Treas Plus	Res	HTIXX	0.69%	 	4.67%	19.63%	Etrade	$1,000 	$1,000 
Morgan Stanley	Inst Liq Treas	Inst	MSUXX	0.20% (0.21%)	5.14%	100.00%	Etrade	$1 	$1 
Schwab 	 	Treas Oblig 	Inv 	SNOXX 	0.34% (0.36%) 	5.02% 	11.21% 	Schwab 	$0 	$0	
Ultra 	SCOXX 	0.19% (0.21%) 	5.17% 	11.21% 	Schwab 	$1M 	$1M
US Treas MM 	Inv 	SNSXX 	0.34% (0.36%)	5.03%	99.61%	Schwab	$0	$0
Ultra	SUTXX	0.19% (0.21%) 	5.18% 	99.61%	Schwab	$1M	$1M
T Rowe Price	US Treas MM	Invstor	PRTXX	0.30%		5.07%	30.78%	Etrade	$100K	$100K 
TRP	$2,500 	$1,000 
Vanguard	Treas MM	Invstor	VUSXX	0.09%		5.29%	80.06%	Etr, VG	$3,000 	$3,000 

DJT down 14.56% today after sharp losses Tuesday (-8 %) as well. Brings up the question - how many worthless DJT stock certificates can you stuff into a Tesla pickup and drive both into a permanent landfill?

LOL. I'm sure CEO (and retired GQP Congresscritter) Devin Nunes will again be begging Congress, the NYSE, SEC, Mulder & Scully, the Illuminati, StoneCutters, and the folks at Area 51 to launch an investigation why his stock is going down so much all the time. /sarc

DJT down 14.56% today after sharp losses Tuesday (-8 %) as well. Brings up the question - how many worthless DJT stock certificates can you stuff into a Tesla pickup and drive both into a permanent landfill?

Sorry. I can’t relate to however you invest. Sounds “venturesome.” - :)
Some here think 5% in a money market fund is pretty enticing. So, if your holdings are ahead by 2.5% YTD you’re doing at least that well. I’ll agree it looks like a bifurcated stock market, with some sectors red hot and others “slip slidin away.” But I’m not sure that’s all that unusual.
Things go up. Things go down. My two long-short funds had a better-than-average day today. I haven’t bothered to check, but hopefully they have some tech-related shorts on. I’m tempted myself to short the QQQ. However, have some big distributions coming out later in the summer - so playing it cautious for now.
Note: I edited out an earlier comment that my funds had done about the same lately. Clearly, some have done much better than others. In general, things have been grinding higher (which is better than tumbling lower).

@Tarwheel - never would I claim that FCNTX is an S&P 500 clone. It's far from it. At the time I sold what it hadn't been doing was beating up on the S%P 500 like it had in prior years. I blamed it on the growth of the massive AUM. I owned it close to 30 years.. largely due to it's skilled manager.