FYI: Morgan Stanley’s stocks guru, Adam Parker, argues that part of the trouble active managers have had beating index funds in recent years is that benchmarks themselves are moving targets.
Take the S&P 500: While turnover of the large-cap stock benchmark is low, there certainly is turnover. For the S&P 500, an average of 22 companies, about 4.4% of the index, are added or removed each year. That number tends to rise during big rallies and busts, like 1995-2001 and 2005-2009, when mergers and bankruptcies tend to peak.
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2015/06/15/should-active-managers-blame-the-benchmark/tab/print/

FYI: U.S. stocks fell for the second day in a row, but perhaps most importantly, major benchmarks rallied back from their lows. Greece, and it’s potential to be jettisoned from Europe’s common monetary union, remain at the fore. So does the Federal Reserve, which will update investors with a policy statement and press conference on Wednesday. Gold rallied, with some watching for the metal to hold allure in turbulent times.
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2015/06/15/etf-market-vital-signs-june-15-stocks-drop-two-in-a-row/tab/print/

Me too :)
Kevindow, you have set a new very low threshold for 'bloated, end of story', but more important you seem not to be making wise comparisons, really. Good ETFs, yours, but not good comparisons. And to revisit the tired active-passive arg, just graph your RPV vs either Yackt since Labor Day 08.
Sometimes I wonder if many readers here have gotten keen on the game just since like 2010 or something.

Opening up bloated funds (YAFFX $8.7B AUM, YACKX $12.1B AUM) to new investors represents poor fund stewardship, period, end of the story. Sorry, I would not invest in a fund company not aligned with the best interest of current investors.
Instead, I would consider USMV (0.15% ER) and/or RPV (0.35% ER).
Kevin

@davidmoran, I believe this is the link. https://fortune.com/2012/12/13/don-yacktman-a-fund-managers-faith-produces-results/

http://www.marketwatch.com/story/us-manufacturing-sector-said-to-be-technical-recession-2015-06-15
If other indicators turn negative, I doubt the FED moves on rates.

http://www.sec.gov/Archives/edgar/data/315774/000143510915000518/merk_497e.htm
497 1 merk_497e.htm MERK CEUSE SUPPLEMENT
MERK CURRENCY ENHANCED U.S. EQUITY FUND (the “Fund”)
Supplement dated June 15, 2015 to the Prospectus dated August 1, 2014
On June 12, 2015, the Board of Trustees (“Board”) of Forum Funds (the “Trust”) approved a Plan of Liquidation and Dissolution (the “Plan”) pursuant to which the assets of the Fund will be liquidated and the proceeds remaining after payment of or provision for liabilities and obligations of the Fund will be distributed to shareholders. The Fund’s investment adviser (the “Adviser”) has recommended that the Board approve the Plan based on market conditions and economic factors adversely affecting the ability of the Fund to conduct its business operations in an economically efficient manner, and the Board concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund pursuant to the Plan.
In anticipation of the liquidation, the Fund will stop accepting purchases into the Fund on June 15, 2015. Thereafter, the Fund will begin its process of winding up and liquidating its portfolio assets as soon as reasonably practicable. As a result, the Fund will not be pursuing its investment objective after June 15, 2015. Reinvestment of dividends on existing shares in accounts which have selected that option will continue until the liquidation.
The Fund anticipates that it will complete the liquidation on or around the close of business on July 15, 2015 (the “Liquidation Date”). On the Liquidation Date, the Fund will make liquidating distributions to each remaining shareholder, equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by the shareholder, and thereafter the Fund will be terminated and dissolved.
If you own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, you should consult your tax adviser to discuss the Fund’s liquidation and determine its tax consequences.
* * *
For more information, please contact a Fund customer service representative toll free at
(866) MERK FUND or (866) 637-5386
PLEASE RETAIN FOR FUTURE REFERENCE.
208-PSA-0614
MERK CURRENCY ENHANCED U.S. EQUITY FUND (the “Fund”)
Supplement dated June 15, 2015 to the Statement of Additional Information (“SAI”) dated August 1, 2014, as supplemented on April 15, 2015
On June 12, 2015, the Board of Trustees (“Board”) of Forum Funds (the “Trust”) approved a Plan of Liquidation and Dissolution (the “Plan”) pursuant to which the assets of the Fund will be liquidated and the proceeds remaining after payment of or provision for liabilities and obligations of the Fund will be distributed to shareholders. The Fund’s investment adviser (the “Adviser”) has recommended that the Board approve the Plan based on market conditions and economic factors adversely affecting the ability of the Fund to conduct its business operations in an economically efficient manner, and the Board concluded that it is in the best interest of the Fund’s shareholders to liquidate the Fund pursuant to the Plan.
In anticipation of the liquidation, the Fund will stop accepting purchases into the Fund on or around June 15, 2015. Thereafter, the Fund will then begin its process of winding up and liquidating its portfolio assets as soon as reasonably practicable. As a result, the Fund will not be pursuing its investment objective on or around June 15, 2015. Reinvestment of dividends on existing shares in accounts which have selected that option will continue until the liquidation.
The Fund anticipates that it will complete the liquidation on or around the close of business on July 15, 2015 (the “Liquidation Date”). On the Liquidation Date, the Fund will make liquidating distributions to each remaining shareholder, equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by the shareholder, and thereafter the Fund will be terminated and dissolved.
If you own Fund shares in a tax deferred account, such as an individual retirement account, 401(k) or 403(b) account, you should consult your tax adviser to discuss the Fund’s liquidation and determine its tax consequences.
* * *
For more information, please contact a Fund customer service representative toll free at
(866) MERK FUND or (866) 637-5386
PLEASE RETAIN FOR FUTURE REFERENCE.

17% CASH, buying/holding depressed/declining companys.. I'mLooking for a spot to get my original investment out, will hold (their) profits to see what they can do with it in the furture,
Real shame, we'll see if sonny can drive this (good) one into the Dumpster...

I believe the Yacktman funds are still good funds but there have been a couple changes from the pre-great recession days to now. The first I think is that the son now runs the fund, not the father. The other is assets under management. The 2 very similar funds now have over 21 billion. I don't know for sure, but I'm guessing it was less than a third of that back in 2007-8.
I like the idea of a good value stock picker willing to go to cash in the large cap space. I owned YAFFX for years. But when I moved my 401k to and ira last year I went with a smaller fund with similar style, SEEDX. Haven't bothered to compare the 2 but I like smaller, focused funds with capital preservation as it's main goal. SEEDX to me was a smaller version of Yacktman.
edit to add: and of course a third change is it is not owned by the Yacktmans anymore.

Hi puddenhead. Seems more like you are trying to time investments in the short term and over the next 10 years rather than establish a true bucket system. A bucket system goes from very conservative investments to aggressive investments and the aggressive bucket replenishes the conservative bucket every few years when needed. In my thinking it is a method used when you are drawing down investments, ala retirement. Maybe you are just using the "bucket" terminology incorrectly(?). Google 'Bucket System Investments' and take a look.

I, basically, used option number two except I studied the funds I wanted to add through Morningstar’s Instant Xray Analysis tool to make my fund selections and to also know when I had reached the desired alternative allocation by analysis of the portfolio as a whole. Some of the funds I selected were not alternative funds themselves but held a good allocation of alternative assets or employeed special strategies. For me alternative assets are those assets other than traditional assets such as stocks, bonds and cash and would also include special strategies.
Currently, my portfolio’s asset allocation Xrays at about 20% cash, 20% bonds, 50% equity and 10% other assets (alternatives). Within stocks I am about 60% domestic and 40% foreign; and, among styles split about 70% to large caps and about 30% to mid & smalls caps.

FYI: Adviser suggests three approaches, from including alternatives at the edges of a portfolio to going all-in.
Regatrds,
Ted
http://www.wsj.com/articles/three-ways-to-add-alternative-investment-funds-to-a-portfolio-1433952256

Career: 3 HR, .219 BA, 29 RB
Does anyone besides me think this initial paragraph sucks? Even a mediocre phenom exceeds theses stats.
If you have a moderate amount of savings, buy a retirement fund dated 10 years after you plan to retire to achieve an adequate stock percentage; if not, buy a date close to actual retirement.
If you have quite a lot of money, get professional advice, hopefully from someone who understands "Moneyball" as an investment approach.

Basically, has the smart money left or the dumb money left? If the former, you're a timer, and a relatively poor one at that; if the latter, what's your goal?
YACKX, in which I have a modest amount, bounced very well after 1208. If I think a significant decline will occur, I should sit on my hands (and not type this irritating drivel.) Obviously, I hit the keys, but not the "Sell" one.

>> bonafide Three Alarm Fund month ending May 2015
More sore limitations of the methods here, and the historical timescales.
What do we pay for, or want to pay for, intend to pay for, in paying a manager? It is unlikely that Charles et alia are simply too young to fully realize the value of time. But to see the answer, or one answer, just compare the performance of YAFFX with just about anything roughly similar for the last six years (good but arguably meh and not superior) and then the last seven and eight years.
Striking, those last two .
MFO, the place to go for advice on the shorter term, six years and since.

It seems to be a hybrid bucket/sleeve style portfolio but the funds are misapplied. It should be set according to years, like 1-3 years out, 4-7 years out etc.

Sooooo, let's see what you would do with your portfolio if you had to put things into 1-3-5-10-year buckets......and the one where, after death, your heirs will deal with it?!!
Year 1: The What's Hot Now stuff as overseas mine DODFX, RERFX, FMIJX.
Year 3: Say what might be -- FMEIX, FSCRX, FSENX, GLFOX, MAPIX.
Year 5: The Who Knows Zone --- healthcare --- GLRBX, PRBLX, YAFFX --- things that will be there.
Year 10: The core -- index funds -- health, again -- bonds.
Til Death --- insurance --- house --- toys you have, i.e., cars, boats, coins, guns -- and the forever stocks, bonds & funds land.
Just some ideas......what I would like to see is what a Board of Many thinks.....because of the ranges in ages, wealth, upbringing, etc., where you live as well as many other things.....how you think about the rest of your life. Something to give pause to and sip a longneck over....at a slow point in time, maybe.....
God bless.
the Pudd

FYI: Markets across the country have hit new all-time highs. The Nasdaq composite index, Dow Jones industrial average and Standard and Poor’s 500 stock index all hit prices in May that they never attained before. Markets in Japan, Europe and China have also reached multi-year highs.
The contrarian in me looks at all of these new highs and thinks, “Now is the time to start planning for when markets are less accommodating, more volatile — and for when something eventually goes wrong.”
Regards,
Ted
http://www.ritholtz.com/blog/2015/06/time-for-a-fire-drill/print/

FYI: After retiring from active play, he became manager of the Oakland A’s. His story was immortalized in Michael Lewis’s excellent book, Moneyball. In many ways, Billy Beane was like a stock market index. Investors have a tough time handling them. In fact, most people could make more money by taking less risk.
Regards,
Ted
http://assetbuilder.com/andrew_hallam/how_to_take_less_risk_and_earn_better_investment_returns
Billy Beane's Record As GM 1998-Present: 12 Winning & 6 Losing Seasons
2015 Oakland Athletics American League 25 38 .397
2014 Oakland Athletics American League 88 74 .543
2013 Oakland Athletics American League 96 66 .593
2012 Oakland Athletics American League 94 68 .580
2011 Oakland Athletics American League 74 88 .457
2010 Oakland Athletics American League 81 81 .500
2009 Oakland Athletics American League 75 87 .463
2008 Oakland Athletics American League 75 86 .466
2007 Oakland Athletics American League 76 86 .469
2006 Oakland Athletics American League 93 69 .574
2005 Oakland Athletics American League 88 74 .543
2004 Oakland Athletics American League 91 71 .562
2003 Oakland Athletics American League 96 66 .593
2002 Oakland Athletics American League 103 59 .636
2001 Oakland Athletics American League 102 60 .630
2000 Oakland Athletics American League 91 70 .565
1999 Oakland Athletics American League 87 75 .537
1998 Oakland Athletics American League 74 88 .457

India @ Eight Month Low/China Valuation Fueled Higher
The 30-share gauge, Sensex...closed at an 8-month low of 26,425.30 -- a level not seen since October 17, 2014 .Similarly, the 50-share Nifty has stumbled by 476.05 points or 5.63 per cent in the past three weeks
Concerns that the US Fed will increase rates as early as September on better-than -expected jobs data, drought fears and RBI's cautious stance on economic recovery continued to hit the sentiments.
Foreign investors turned cautious in anticipation of a inclusion of Chinese A shares in the MSCI Emerging Markets Index, which could see them move to Chinese markets, traders said Such an inclusion would have resulted in a sharp increase in China's weightage in the index, coming at an expense of other emerging markets including India.
http://profit.ndtv.com/news/market/article-sensex-ends-week-with-loss-of-343-points-771318
Against grain ,I took profits here MCSMX and added here MINDX
China’s Stock Market Value Tops $10 Trillion for First Time
by Richard Frost Updated on June 14, 2015 — 5:15 AM CDT Bloomberg
Companies with a primary listing in China are valued at $10.05 trillion, an increase of $6.7 trillion in 12 months, according to data compiled by Bloomberg. The gain alone is more than the $5 trillion size of Japan’s entire stock market. The U.S. is the biggest globally, at almost $25 trillion.
No other stock market has grown as much in dollar terms over a 12-month period, as Chinese individuals piled into the nation’s equities using borrowed funds to bet gains will continue. Valuations are now the highest in five years
http://www.bloomberg.com/news/articles/2015-06-14/china-s-stock-market-value-exceeds-10-trillion-for-first-time
China's stock market value tops $10T
Jun 14 2015, 10:20 ET | By: Yoel Minkoff, SA News Editor
http://seekingalpha.com/news/2578975-chinas-stock-market-value-tops-10t?uprof=46