Out of curiosity I checked my portfolio ytd, currently up 7.01% Now if that's skill or luck? Anyone's guess. Last year I lagged my benchmark by about 2 percent. Much of the lag then and a bit of the outperformance now are from ARTWX, which was heavy towards EM.

Bob mentions "world-allocated portfolio" in his above post ... Curious, I located a definition:
"World-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds." http://money.usnews.com/funds/mutual-funds/rankings/world-allocation
RPGAX (which I own) seems to conform pretty closely to that definition. it's up 3.36% YTD. That would put it in the 5-6% bracket for a full year - if the trend continues.
-
Yikes. Hadn't realized EM's were bleeding so badly. Thanks Bob for the insights.

@ Slick: True, but the Steadman Funds were actively managed. MXVIX is a passive index fund that tracks the S&P 500 Index with an ER of .60%. SPY an ETF that track the S&P 500 Index ER is .09% , and VFINX a Vanguard open-end mutual fund is .17%.
Regards,
Ted
http://www.forbes.com/forbes/1999/0823/6404124a.html

from the article about Great-West

It’s one of the handful of funds on the menus of 401(k) and 457(b) plans offered through their employers; if they want to take advantage of a tax-advantaged retirement plan and want exposure to the S&P 500, there’s one game in town. And it’s not cheap.

its too bad people are stuck with companies like this. when an insurance company runs your funds, ....

FYI: Based on the mountains of evidence illustrating the futility of active management, I am generally skeptical of non-indexed investment products. There is no shortage of targets for derision among the thousands of mutual funds; countless products charge sky-high fees in exchange for disappointing, benchmark-lagging results.
After reviewing hundreds of worthy candidates, I think I’ve found the Worst Mutual Fund in the World
Regards,
Ted
http://fundreference.com/articles/2015/1000668/the-worst-mutual-fund-in-the-world/

@msf
I thought it was strange that the supplement as of 7/29/15 is in addition to the prospectus dated 7/29/15.
@Ted
Maybe there will be a filing tomorrow amending this filing like Vulcan Value Partners filed an amendment after announcing they were going to close the funds immediately?

http://www.sec.gov/Archives/edgar/data/1370177/000139834415004753/fp0015268_497.htm
497 1 fp0015268_497.htm
RIVERNORTH FUNDS
RiverNorth Managed Volatility Fund
(Ticker Symbol RNBWX)
July 29, 2015
SUPPLEMENT TO PROSPECTUS DATED
January 28, 2015
The RiverNorth Managed Volatility Fund to Close and Liquidate.
At a meeting of the Board of Trustees (the "Board") of RiverNorth Funds held on July 29, 2015, the Board approved the closure and liquidation of the RiverNorth Managed Volatility Fund (the "Fund").
Accordingly, effective July 29, 2015 the Fund (i) is closed to new purchase orders, (ii) will no longer pursue its stated investment objective, and (iii) will sell or convert all current investments to cash in anticipation of full liquidation on, or about August 7, 2015.
If a shareholder does not voluntarily redeem his or her investment in the Fund by the liquidation date, the Fund will send proceeds from the shareholder's account to his or her address of record.
RIVERNORTH FUNDS
c/o ALPS Fund Services, Inc.
1290 Broadway, Suite 1100
Denver, Colorado 80203
1-888-848-7569
Please retain this supplement with your Prospectus for future reference.

If a portfolio is up more than 4% ytd, I'd say that is quite good. The S&P is up 2.4%, the Dow is up 0,74%, EAFE is up 5.9%, emerging markets are down 5.9%, commodities are down anywhere from 11-25%. We suggested to clients a 5% return for a 'world-allocated' portfolio. That might be darned good by comparison to many markets by year end for an un-traded account.

>Existing shareholders of other Tweedy, Browne Funds may establish an investment in the Fund.
That sounds like a pretty big back door. (If it had said that you had to be an existing shareholder as of July 29, 2015, that would have made more sense.) So all I need to open an account in TBCUX is to first open an account in TBGVX?
The supplement reads as though it was thrown together in a hurry. The wording above is one item that suggests this. Another is the parenthetical remark that existing shareholders can add (up to certain daily limits) without specifying those limits. You won't know what the limit is until you try to add too much?
Finally, who puts out a supplement on the same day as the prospectus it is supplementing (both are dated July 29, 2015)? That's the strongest indication that this was a hurry-up job. I wonder why.
P.S. Artisan has a similar back door, but only for significant fund investors. They'll generally let you invest in closed funds if you have at least $100K invested in family funds. (Artisan Prospectus: "You may open a new account in a closed Fund [except Artisan Global Value Fund] if ... you are a shareholder with combined balances of $100,000 in any of the Funds".)

Obviously not surprising now, but I would be surprised if they haven't raised by December.

I'm still thinking it winds up being next year, if that. Inflation is not where they want it, China is not in good shape and other cracks showing.
UPS earnings call:
CEO Abney: “But to get to the economy, recent economic news has just been mixed and it’s caused us to be cautious. The continued strength of the U.S. dollar and I think this impending rate hike by the Fed appears to be holding back some U.S. growth.”
Chief Financial Officer Richard Peretz: “The U.S. domestic business is on track with its revenue management and efficiency gains. However, we are seeing some softening in the economy.
Chief Commercial Officer Alan Gershenhorn: “We’re about where we thought we would be. [But] we think the economy was certainly slower for sure.”
http://www.marketwatch.com/story/ups-fires-warning-shot-across-the-bow-of-the-stock-market-and-the-fed-2015-07-28
---
Now, I'm not saying that things are falling apart or going to. But I am increasing positions in things like Ecolab (ECL), which is now a very large holding and continues to be a favorite example of "buy and forget".
I do not think that Yellen has forever to raise rates - I think there is a point the window to raise rates will have closed. Some think the window has already closed.

FYI: With Wall Street looking for any clues that tighter policy is coming, the Federal Reserve on Wednesday both declined to rate interest rates and provide any clues about when a hike is on the way.
Regards,
Ted
http://www.cnbc.com/2015/07/29/fed-leaves-interest-rates-unchanged.html
Bloomberg Slant;
http://www.bloomberg.com/news/articles/2015-07-29/fed-says-labor-market-improves-as-it-moves-toward-rate-increase

@davfor: Unfortunately, with many fund investors, its what have you done for me lately. As soon a a fund turns south over a couple of years they start looking for reasons to dump it Both of the Yacktman Funds are in the 1 & 2 percentile for ten and fifteen years. For what its worth I owned Fidelity Magellan from 1972-1996.
Regards,
Ted

@The Shadow: Help ! I'm confused, according to funds website it has been closed to new investors since 8/11/14. If its closing on 7/29/15, when did it reopen after 8/11/14 ?
Regards,
Ted
http://www.tweedy.com/resources/library_docs/general/TBGVFIIFundClosurePressReleaseWEB29Jul2014.pdf

@Ted Thanks. That was interesting. Their process continues to make long term sense to me. I recall a similar interview with Don Yackman in 1997 about the time I first invested in YAFFX. YAFFX is up about 510% since inception in 1997 while the S&P 500 is up about 365%. I currently plan to stick with it to see what the next 10 years brings.

http://www.sec.gov/Archives/edgar/data/896975/000119312515267440/d948002d497.htm
497 1 d948002d497.htm TWEEDY, BROWNE FUND INC.
TWEEDY, BROWNE FUND INC.
Tweedy, Browne Global Value Fund II -
Currency Unhedged (the “Fund”)
Supplement dated July 29, 2015 to the Prospectus dated July 29, 2015 (the “Prospectus”)
The Fund is closed to most new investors until further notice.
The Fund remains open to existing shareholders (up to certain daily limits) as follows:
› Existing shareholders of the Fund may add to their accounts, including through reinvestment of distributions.
› Existing shareholders of other Tweedy, Browne Funds may establish an investment in the Fund.
› Financial Advisors who currently have clients invested in the Fund may open new accounts and add to such accounts where operationally feasible.
› Participants in retirement plans currently utilizing a Tweedy, Browne Fund as an investment option may also designate the Fund, where operationally feasible.
› Investors may purchase the Fund through certain sponsored fee-based programs, provided that the sponsor has received permission from Tweedy, Browne that shares may continue to be offered through the program.
› Employees of Tweedy, Browne and their family members may open new accounts and add to such accounts.
› Existing separate account clients of Tweedy, Browne may open new accounts in the Fund.
The Fund reserves the right to make additional exceptions or otherwise modify the foregoing closure policy at any time and to reject any investment for any reason.
This Supplement should be retained with your Prospectus for future reference.

I like where I am with 61% equity, 24% fixed income and 15% cash but considering reducing fixed and adding to SCHD a high quality dividend ETF. Maybe also adding from cash.

Buying/selling at these levels? Not much, still ~ 40% cash & stable value, but nibbling at three relatively attractively priced cef's of various portfolios and pedigrees (PTY, DBL, FPF) and one etf (PCY), plus adding a little to core-ish bonds since the 10yT trading range has stabilized. None of the recent buys really affects the overall portfolio, which is in very conservative territory since late May-early June.

I haven't backed up the truck with GILD shares, although I did purchase some more shares last Thursday.

Basically, you have a situation - even more than Apple (and Gilead has often been called the "Apple of Biotech") where the market is demanding to know more about what the next five years looks like.
Look at Celgene, which has really kind of spelled out what the next 5 years look like, complete with projections and a number of recent purchases/partnerships. Celgene is trading at nearly a 50 p/e.
Gilead, which has really not spelled out what the next 5 years looks like, is trading with about a 13-14 p/e and has just had two quarters where the analyst estimates weren't even close to the beat that the company delivered.
If Gilead makes a "transformative" purchase (and their two major purchases have resulted in enormous success) or even a series of small purchases then would it stand to reason that Gilead should deserve to trade at a higher multiple? I think so. Is Gilead undervalued at present time? I think so, too. The market/valuation is acting like there isn't any pipeline at all and is basically ignoring growth internationally. The company has nearly $15B in cash.
The company is certainly not without risk, but it has taken in a lot of cash and management should have - at this point - proven themselves quite capable, given their track record. With the valuation where it is, I'm not buying anymore than the already large position, but I do feel very comfortable holding it and that there is a margin of safety with the valuation where it is. The dividend helps, as well.
I'm not expecting Gilead to repeat its past performance. I simply see what I believe to be a very undervalued stock that I think could do very well over time (and potentially grow the dividend.) I think it's gone from a volatile biotech to something that looks and feels more like a buy-and-hold stock.

Now GILD's price targets are predictably being raised:
S&P CAPITAL IQ REITERATES
STRONG BUY OPINION ON
SHARES OF GILEAD SCIENCES
Recent Price: $113.07
Recommendation:
FIVE STAR BUY [Highest Rating]
We raise our 12-month target $12 to $155 on below peers 13.9X our revised 2015 EPS estimate of
$11.15, up $0.95. Q2 EPS of $3.15 vs. $2.36 is $0.65 ahead of our est. Sales, driven by a robust $4.9B
in Sovaldi/Harvoni hepatitis C (HCV) sales, rose 26%. We see GILD maintaining dominant 90%+
HCV market share in the U.S., but we see new HCV patients moderating in H2 from significant
uptake in Q1 and some payer restrictions. We see solid growth in Europe, including France where
price negotiations just finished and we see large Japan opportunity, which approved Harvoni in
July.
Jeffrey Loo, CFA
07/28/2015 17:56:55

Patience in GILD will be rewarded as it's a monster...

Yeah - it's not without risk, but yet another giant quarter and the thing still trades at a single digit forward p/e.
http://blogs.barrons.com/stockstowatchtoday/2015/07/28/gilead-sciences-big-beat-big-gain/?mod=yahoobarrons&ru=yahoo
Shares of Gilead Sciences (GILD) are up after the biotech giant easily topped earnings and revenue forecasts.
Evercore ISI’s Mark Schoenbaum says “Gilead just put up what appears to be an awesome quarter.” He continues:
And they raised revenue guidance to where Street already is. Expenses came in lower, and they lowered R&D guidance for the year (this company tends to be conservative, so for them to raise revenue guidance this early in the year speaks volumes).