FYI: Many fund sponsors voluntarily provide that information. But at least one major ETF sponsor, Vanguard Group, doesn’t.
Regards,
Ted
http://blogs.wsj.com/totalreturn/2014/10/29/etfs-are-required-to-be-transparent-not-always/tab/print/?mg=blogs-wsj&url=http%3A%2F%2Fblogs.wsj.com%2Ftotalreturn%2F2014%2F10%2F29%2Fetfs-are-required-to-be-transparent-not-always%2Ftab%2Fprint&fpid=2,121

Hi, mrc70: A couple of things
(1) what's up with the 2 global funds? What's your thinking with them in the mix? It looks like the rest of your portfolio, w/o them, more than sufficiently covers the entire global, and just about all the bases (and then some);
(2) VGSTX-- what's that trivial position about? what of any significance do you envision that 2% position doing for you? Or is that where you intend to send most of your periodic out-performance in the stock funds, and slowly build that holding into a major holding over 5,10,15 yrs, while reinvesting the biannual distribution (of course)?

Can I assume this is a long term buy and hold strategy? At first glance, most funds are good. Most funds are large (more than 10B AUM) Do you invest in VDGIX or VDIGX?
I'd only keep 2 out of these four funds (maybe VDIGX and FPACX):
Vanguard Dividend Growth Inv 13.57
FPA Crescent 10.37
Vanguard Capital Opportunity Inv 6.38
Vanguard Selected Value Inv 5.68
I'd split VHGEX into GGPOX, ARTGX, and MACSX
I'd consider adding a domestic small cap fund.

Taking a cursory glance at this fund's basic profile numbers on the M* quote page, I see several things:
(1) once again, M* has placed FAINX in the wrong category, an exercise that should be so straightforward in this case that it would be considered a simpler work problem on a Cave Man IQ test;
(2) even against this relaxed performance measure, the fund doesn't measure up;
(3) its 2.32 e.r. "seems a bit high," and total assets of 10m after 8 yrs would suggest the fund is "lightly followed;"
(4) when I close my eyes, a creature comes into view; too dark to speciate but pretty sure it is a member of one of the annelid families.
FAINX has that beyond redemption kinda look about it. Perhaps a 2nd Amendment remedy would be appropriate. Hope this helps.

Hi VF,
VHGEX is an old fund in the retirement account, held it since 2005, when Marathon Asset Management was the only sub-advisor. I bought it based on the advice by Dan Wiener in the trial subscription I tried out then. Vanguard messed up this fund by making it multi sub-advisor fund. I am holding it as one of the core holding along with VDGIX. If V'rd has a good International Lcap fund, I would have easily opted for it instead of VHGEX but both V'rd ILcap funds are mediocre.
TRF is speculative play on Russia, as its market being cheap realtively. I have progressively become aggressive in investing style over the last 10 years. I can't imagine holding some of these funds 5-10 years ago. :-).
Thanks,
Mrc

To move this thread in a slightly different direction I have invested in healthcare funds but not bio tech funds because I wanted the manger to make the decision on whether at any given time Big Pharma or medical equipment was better value than biotech. It just seemed to me the manger would be more knowledgeable than me about what areas to emphasize. I have vague idea bio tech underperformed healthcare for most of the 90s after 1991 but I have not confirmed this.
Bottom line is whether the extra risk of bio tech appropriate compared to healthcare and I certainly don't know the answer.

No, but funds like these I want heavy manager investment. Like at least $500K. One trustee and one manager does own in $100K range.
One manager has last name Wisdom and has written a book. Hmmm...
Here...
http://www.amminvest.com/files/Communications/Archive.html
No mention of fund on the website but maybe one can get some insight into the management. The way I look at it right now, this fund was around during the financial crisis, its name suggest they know value investing, it has "income" in its name and drops close to 30% in 2008 and then does not recover better than its category. In short, I'm not seeing a single plus point and lack of any literature on the AMM website tells me they don't even want you investing.

"There is a potential mismatch between the liquidity of the funds and the liquidity of the assets they own. A stampede out of ETFs might cause a fire sale of assets that would ripple through the financial system."
"Imagine that one big investor in an ETF with, say, a 10% stake, wanted to sell its holding in a single day. There might not be ready buyers for such a large holding, causing the ETF to fall to a price below the value of the assets it owns."

⇒ This way to the article...

Brown Advisory Funds
http://www.brownadvisoryfunds.com/media/pdfs/DistributionCalendar2014.pdf

I think the spike has been written about...and debated. (eg, Montier). Some say it was an anomaly and should be ignored. I vote to ignore it...along with the entire 51% drawdown =).

Am I reading this right? The P/E ratio during financial crisis reached 150? How come we never heard about this when it did?
what happens when a company actually does not have a P/E ratio. Do they just ignore it in calculation or what???

John, I'm too lazy to look it up- what's the time difference between you and San Francisco?
Thanks- OJ
Disregard- I found it... 7:15 PM there = 4:15 AM here
4:15AM?? What the hell am I doing up? Back to bed for me! Later...

I missed the private equity part. Still, this sector has been performing very well and there are a number of funds that one could invest in to participate. I hold ARYVX as one example.

I also own BPY (another MLP, so it does result in a K-1), which would be a pure play on real estate. It's Brookfield's spin-off of its real estate holdings. It is basically a go-anywhere global vehicle that can invest public (stake in GGP) or private (and an increasing amount of private, opportunistic transactions, such as the purchase of the Revel in Atlantic City the other day for 110M vs the 2.4B original cost) and has holdings in offices, retail, apartments, hotels and industrial.
Blackstone (BX), Ted's KKR (KKR) and others are fine choices for general private equity exposure, but you have to be willing to deal with the volatility. The yields are often good/very good but not consistent.

A very good day everywhere. Asia closed almost a solid green with Australia being the only down market and just slightly so. Europe is green across the board. Worries of QE ending seem to be non-existent. A story ran today that Abe's program may not be working but that didn't stop the Nikkei from posting a solid gain. Most markets had better than 1% gains.
All the best in your investing ventures today.

Due to the huge success of its first in this sector, Blackstone wants to open another fund. Global real estate has been a hot sector this year.
https://www.pehub.com/2014/10/blackstone-to-seek-13-billion-for-global-real-estate-fund-say-sources-reuters/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+pehub/blog+(PE+HUB+Blog)&utm_content=FeedBurner

FYI:
Regards,
Ted
http://www.chartoftheday.com/20141029.htm?T

Friends,
Here is my portfolio. Please let me know your review comments.
Some of the funds like VGSTX is there because I have no other choice. I recently sold SFGIX to put more money into ARTKX. I prefer SFGIX over MACSX due to its diversity, and would buy it to replace MACSX at some point in future.
Fund Name % Weight
************ *********
Vanguard Dividend Growth Inv 13.57
FPA Crescent 10.37
Vanguard Global Equity Inv 10.16
Akre Focus Retail 9.23
Whitebox Tactical Opportunities Investor 7.96
Grandeur Peak Global Opportunities Inv 6.92
Grandeur Peak Emerg Mkts Opps Inv 6.7
Vanguard Capital Opportunity Inv 6.38
Artisan Global Value Investor 6.26
Vanguard Selected Value Inv 5.68
Artisan International Value Investor 3.5
Wasatch Frontier Emerg Sm Countrs Inv 3.32
Matthews Asian Growth & Inc Investor 3.31
T. Rowe Price Health Sciences 2.98
Vanguard STAR Inv 2.28
Templeton Russia & East Europe Common 1.38
Total 100

Hope, it is not already posted. I know it is a favorite EM fund for many here.
http://www.seafarerfunds.com/fund/portfolio-review

>>
Not quite a sophisticated reading of the history or the events or the reasons.
This is sort of a start, and droll as well:

Taxing Growth:
"Taxes drive a wedge between the market value of an activity and the amount received by the producers of it. When taxes are imposed on the returns from work, the risk is that less labour will be supplied. At the margin, as and when they can, people will choose untaxed leisure over taxed work. Some may even choose a life on benefits."
Encouraging Growth