I listened to a very tiny little bit of it. They were talking about how the 2014 predictions said small cap were going to do better than large cap over the next 10 years LOL. I then closed it.

backtesting is so often comical

"It depends on what types of risks you're concerned with and how long you're willing to wait for recoveries."
+1
Just an observation -
Is it possible that DHEAX has more unrated stuff that can act weird in a quick flight to safety situation? Not suggesting it is otherwise the same risky as the other two. I would not be surprised if DHEAX overall credit rating is lower.
DHEAX has marginally more securitized stuff than FPNIX now.
I did not know about BBBMX and it looks very good (A+ per M*). I personally am inclined not to buy AA or above stuff (FPNIX) because I do not want to over insure. If I am skipping single A, then I tend to go straight to Treasuries or Agencies. MM are a general exception.
Looking at the chart from DHEAX inception also gets my vote for BBBMX.

@msf In your scenario it makes a bit more sense, but in my case it was more like I had a limit for 200 shares @ $50, got filled for 100, and the next trade came in for 50 shares @ $49.90. So my standing order could have absorbed the entire block with some room + the price difference was a little bit more appreciable... Would you still feel the same about the hypothetical $100/$1 split I discussed with the trading rep?

footnote "32. Credit metrics and yield per turn of leverage for CrossingBridge Nordic Core Value Positions reflect 30 dollar-weighted Nordic positions, aggregating $211.8 mm in market value, held in CrossingBridge portfolios as of 9/30/24 excluding short term and investment grade bonds (4 positions with market value of $39.5 mm as of 9/30/24) and stressed/distressed credit opportunities (11 positions with market value of $33.1 mm as of 9/30/24)."
That is nearly $300M in Nordic bonds as of 9/30, a significant portion of total AUM. Anyone interested in the composition of each of the funds, pl visit the fund site. I superficially look at these funds occasionally and do not have a good knowledge of CB funds.
Looking forward to the breakdown as of 10/31 (first month operation) of NRDCX into the three categories of Nordic bonds mentioned in the footnote.

Nice find. It looks like you hit the sweet (or target) spot - high risk relative to ultra short bond funds (of which it is one based on duration), but low risk relative to short term bond funds.
A fund that's somewhat similar in performance and risk to WEFIX is FPNRX. FPA New Income focuses on preservation and then beating cash. I was happy to see it go no-load several years ago. More recently, it added this investor class so that it could be sold NTF. Unlike many NTF funds, New Income retail class adds only 10 basis points of expenses to its institutional class FPNIX. That may make it worth the cost if you buy frequently and/or in small amounts.
You'll find several funds with short durations and higher yields that invest primarily in ABSs. These look good on paper but come with risks that don't manifest too often. But sometimes they do. Check March 2020.
Almost everyone lost money then, but ABS funds tended to lose more. DHEAX is such a fund. Great three year volatility. Less great five year figure. Max drawdown (March-April 2020) was 9.74%. BBBMX was 4.07%, FPNRX was 4.24%, RPHIX was 1.09%. (All from M*)
It depends on what types of risks you're concerned with and how long you're willing to wait for recoveries.

I listened to a very tiny little bit of it. They were talking about how the 2014 predictions said small cap were going to do better than large cap over the next 10 years LOL. I then closed it.

Reaching for yield segment says stay away from high yield, rather take risk with equities.
Pl share if you listened to the prognosis for next 10 yrs. It is 15 min long.

The Week in Charts (10/25/24)
The most important charts and themes in markets and investing, including:
00:00 Intro
00:35 Topics
02:00 How Everything Could Change over the Next 10 Years
17:52 The AI-Driven Multiple Expansion
28:29 Reaching for Yield Like It's 2007
35:00 Rise of the Bond Vigilantes
44:06 Stock Picking Is Hard, Netflix Edition
46:09 Are Workers Today Better off Than 50 Years Ago?
Video
Blog

Hi @yogibearbull
Yes, absolutely dramatic. I've watched percentage changes in yields ranges as another view method; versus actual pricing.
In the Treasury yield chart link I include; the UST 10 year shows the measure.
--- Sept. 16 yield at 3.62%
--- Oct. 25 yield at 4.25%
This is a +17.4% change !!!
Anyone here would be pleased with such an investment gain in this timeframe.

Risk ! If memory serves me, RPHIX started out with a NAV of $10.00 or at least the brother version RPHYX $ amount to start the first buy was at $10.00.
Correct me if I'm wrong.

Suppose an "all or none" limit order comes in to buy 100 shares at $50. Then you place a limit order to buy 130 shares at $50.
30 shares come on the market that meet your $50 offer price. Your order is partially filled at $50, leaving a partial order open for 100 shares at $50. There is still an earlier placed order for 100 shares at $50.
Now 100 shares come on the market with an offered price of $49.99. Who gets those 100 shares? The earlier all-or-none order or your partially filled order that you placed later?
I don't know the answer to that, but ISTM that the earlier order should take precedence over yours.

Rate moves from mid-September have been dramatic. See StockCharts for 10y and 2y (bottom panel).
https://stockcharts.com/h-sc/ui?s=$TNX&p=D&b=5&g=0&id=p52065233779

NOTE:

My intention, at this time; is to present the data for the selected bond sectors, as listed; through the end of the year (2024). This 'end date' will take us through the U.S. elections period, pending actions/legislation dependent upon the election results, pending Federal Reserve actions and market movers trying to 'guess' future directions of the U.S. economy. As important during this period, are any number of global circumstances that may take a path that is not expected; and/or 'new' circumstances. In the 'cooking pot' we currently have the big ingredients of the middle east and also, how much damage Ukraine may inflict upon Russia and the response.

FIRST: The NEWS is very full of elections 'news'. North Korean troops training for combat in Ukraine, to join with Russian troops. HA!, and this report that the NK troops have been issued Serbian ID cards. Right! That should take care of who is who in Ukraine. And is Lebanon entering a period of becoming a GAZA-fication relative to infrastructure and death? AND overnight reports of strategic military facility strikes (aircraft) in IRAN. Actions are reported to be done, for now. Song lyrics arise: "No where to run to, no where to hide."
W/E October 25 , 2024..... Bond NAV's Direction = Election + news
--- I/we don't need to make any bond fund purchases at this time; but right now the bond sector may not be a buy until the dust settles from the elections, regardless of other factors; barring outright armed conflict. 'Course, all the bond sectors in the list find their reasons for price movements, and we find 'DOWN' for this weeks pricing. Many bond sectors where negative for most of the week, with some price recovery on Thursday, and another attempt on Friday; which fizzled mid-day. So, depending on where you're 'hanging' your bond market monies, there isn't much to smile about this week . The MINT etf, to the best of my recall, has maintained a positive price for the year, each and every week; and this remains for this week.
A few numbers for your viewing pleasure.
NEXT:
*** UST yields chart, 6 month - 30 year. This chart is active and will display a 6 month time frame going forward to a future date. Place/hover the mouse pointer anywhere on a line to display the date and yield for that date. The percent to the right side is the percentage change in the yield from the chart beginning date for a particular item. You may also 'right click' on the 126 days at the chart bottom to change a 'time frame' from a drop down menu. Hopefully, the line graph also lets you view the 'yield curve' in a different fashion, for the longer duration issues, at this time. Save the page to your own device for future reference. NOTE: take a peek at the right side of this graph to find the yield swings of the past week, and for the current yields for the last business day.
For the WEEK/YTD, NAV price changes, October 21 - October 25, 2024
***** This week (Friday), FZDXX, MM yield continues to move with Fed funds/repo/SOFR rates; and ended the week at 4.66% yield. Fidelity's MM's continue to maintain decent yields, as is presumed with other vendors similar MM's. Theoretically, a new yield bottom is in place, until the next FED action. SO, one is still obtaining a decent MM yield. MOST MM's found a few hundreds basis drop in yield for the week.
--- AGG = -.93% / +2.09% (I-Shares Core bond), a benchmark, (AAA-BBB holdings)
--- MINT = +.06% / +4.90% (PIMCO Enhanced short maturity, AAA-BBB rated)
--- SHY = -.21% / +3.42% (UST 1-3 yr bills)
--- IEI = -.68% / +2.36% (UST 3-7 yr notes/bonds)
--- IEF = -1.09% / +1.02% (UST 7-10 yr bonds)
--- TIP = -1.00% / +2.87% (UST Tips, 3-10 yrs duration, some 20+ yr duration)
--- VTIP = -.29% / +4.40% (Vanguard Short-Term Infl-Prot Secs ETF)
--- STPZ = -.41% / +4.18% (UST, short duration TIPs bonds, PIMCO)
--- LTPZ = -2.33% / -.31 % (UST, long duration TIPs bonds, PIMCO)
--- TLT = -1.84% / -4.04% (I Shares 20+ Yr UST Bond
--- EDV = -2.50% / -7.53% (UST Vanguard extended duration bonds)
--- ZROZ = -2.69% / -9.70% (UST., AAA, long duration zero coupon bonds, PIMCO
--- TBT = +4.03% / 16.31% (ProShares UltraShort 20+ Year Treasury (about 23 holdings)
--- TMF = -5.87% / -24.63% (Direxion Daily 20+ Yr Trsy Bull 3X ETF (about a 2x version of EDV etf)
*** Additional important bond sectors, for reference:
--- BAGIX = -.88% / +2.65% Baird Aggregate Bond Fund (active managed, plain vanilla, high quality bond fund)
--- LQD = -1.30% / +2.10% (I Shares IG, corp. bonds)
--- BKLN = +.12% / +6.66% (Invesco Senior Loan, Corp. rated BB & lower)
--- HYG = -.65% / +7.24% (High Yield bonds, proxy ETF)
--- HYD = -1.04%/+4.38% (VanEck HY Muni)
--- MUB = -.85% /+.92% (I Shares, National Muni Bond)
--- EMB = -1.18%/+6.40% (I Shares, USD, Emerging Markets Bond)
--- CWB = -.67% / +8.34% (SPDR Bloomberg Convertible Securities)
--- PFF = -1.46% / +10.78% (I Shares, Preferred & Income Securities)
--- FZDXX = 4.66% yield (7 day), Fidelity Premium MM fund
*** FZDXX yield was .11%, April,2022. (For reference to current date)
Comments and corrections, please.
Remain curious,
Catch

no kiddin'
https://www.nytimes.com/2024/10/21/opinion/inflation-mistakes.html

@bee
You don't have to look too far. Oaktree offerings of the promised land of 7-10% returns are conveniently listed below the letter.

@yugo So if I'm reading you right, after market close & account settles , your purchase shows & MM has been lowered by the cost of purchase?
Thanks, Derf

@Derf It depends on whether you are referring to Fidelity or Schwab.
At Fidelity, this is basically how it works, though - unlike sweep cash MM funds or bank accounts - there is a separate automatic MM sale happening which you can track but conveniently do not have to bother placing. (Technically, once your buy order executes, Fidelity automatically places an offsetting MM sell trade. So, until the MM sell trade settles, you see a pending debit in your account for the trade amount which is then satisfied - usually after market closes but occasionally on the next day - by the proceeds from the MM sale.) Another nice feature - not listed anywhere that I've seen but confirmed - is that if you hold multiple eligible MM funds, Fidelity will sell the the lowest yielding one first but will not zero it out if MM fund has a large buy-in.
At Schwab, it's a bit clunkier. They do not automatically make an offsetting trade. So, once your buy order goes through, they post a debit to the account which you have to satisfy by manually placing an offsetting MM sell order (or adding cash funds in other ways). This used to be a nice perk, since you could delay placing the MM sell order by a couple of days for a bit of extra yield, particularly if the trade was sufficiently sizable. With T+1 settlement this became less meaningful, but the hassle of having to place the MM sell trade manually - and to monitor GTC orders in case one of them executes - remains.

"As we have discussed in prior letters, valuations remain rich. High yield bonds’ yield advantage over investment grade bonds is at very low levels, reminiscent of the 2005-07 period."
Also, CB's Nordic Core value positions (30 dollar-weighted) have YTW of 10.1%.

Maybe look into MYFRX. This is the institutional share class, and it has no transaction fee. I regard it as steady and comparable to RPHIX in returns (and better than RPHIX over the last 6 month, 1 year, and 2 year trailing returns). Alternatively, maybe consider the ETF MINT?

I have recently had a partial fill on a limit buy order. A few minutes later the same stock sold at a lower price than my limit (my order still being open). I called Fido and was told that "once a market maker has partially filled an order, it can move on to the next order and fill that - even at a lower price."
When I asked whether I correctly understood that the same logic would apply to a hypothetical scenario where a market maker would be free to give me a partial fill on an order @ $100 and then sell a block within the amount still left on my order to a "favored client" @ $1 - the fellow on the trading desk said that this was exactly right and that the market maker would be free to do so... Any thoughts on whether this makes sense from a market and/or regulatory standpoint?

10-25-24