A very old thread!
But I will ask a question here.
Ulcer Index (UI by Martin) is prominently featured and often discussed at MFO; there was even a feature on it in the monthly MFO by @David_Snowball in May 2023. The typical definition of UI is over 14 days [e.g. StockCharts UI(14), Yahoo Finance Ulcer(14)]. Although MFO Definitions don't indicate the time period, I assume that it's also 14 days. So, it just indicates the most recent drawdown behavior and shouldn't really be compared with other longer period parameters SD, Sharpe Ratio, etc (typically over 3, 5, 10, 15 years).
There is a related UPI that is a variation of Sharpe Ratio but its definitions vary - from just 14-days to averaging UI over longer periods.

AAII Sentiment Survey, 5/22/24
BULLISH remained the top sentiment (47.0%, high) & bearish remained the bottom sentiment (26.3%, below average); neutral remained the middle sentiment (26.6%, below average); Bull-Bear Spread was +20.7% (above average). Investor concerns: Elections, budget, inflation, economy, the Fed, dollar, Russia-Ukraine (117+ weeks), Israel-Hamas (32+ weeks), geopolitical. For the Survey week (Th-Wed), stocks mixed (growth up, cyclicals down), bonds down, oil down, gold flat, dollar up. FOMC Minutes indicated higher rates for longer. Pending crypto FIT21 will make the CFTC the lead agency, not the SEC; Gensler is in near-panic. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1484/thread

Price!
M* wanted twice as much, despite our non-profit status.
But Lipper now Refinitiv now LSEG has raised the price of LGDF (Lipper Global Data Feed) by about 3-5% every year since circa 2018.
If it continues, we will need to seek an alternative.
c

Thanks for the replies. I have a BoA card that pays 5.25% for all online purchases and 3.5% for groceries. Costco Citi membership card which I also use for travel pays back 5% on gas and travel. For everything else (tax payment, health insurance, P&C insurance, etc.) have another BoA card that pays 2.62%. They all are Visa. I will not be getting another card (or an Apple card) unless it is better benefits than the 2.62% BoA card and potentially a master card. I do not have a mental bandwidth for more than 3 cards!

Ok. That answers the question on comparison. It did alright on 3 and 5 yr comparisons but the difficulty is how does one know when the recent periods' underperformance is going to end. Same questions apply to all lagging active funds (e.g., MRFOX), which is why I am a fan of passive funds. If I look at the amount of time I spend on active funds and zero time on passive funds, to me active funds are not worth it, unless they fill a niche. Even then I question the merit.
Having said that I would be OK with well established funds from well established shops like Fidelity, TRP, JPM, etc. Preferably stay within large / mid cap. I own a few and do not worry about them too much.
Active, small shop, and small cap - that is too many layers of risk I would not advise for the anticipated marginal alpha and it does not move the needle unless you take the risk in size.
If you want to trade funds, that is a different matter, and you can make money if trading is your thing and you may not have to worry about who the fund is from and what it has in it - all you care is disclosed price trend and hopefully, you will not be defrauded before you close your sleep OK size.

Investing in SC or anywhere else is your choice.
When someone lags the most famous index in the world, the SP500, they pull out the DIVERSIFICATION card.
Buffett said the following: "Diversification is a protection against ignorance". His second best idea is using the SP500.
But, as you know, it does not always work, during 2000-10 the SP500 lost money for 10 years...and this is when you should when to hold them and when to fold them (https://www.youtube.com/watch?v=7hx4gdlfamo)
Mr C. is not alone, in 2008-9 Arnott with PAUIX looked like a hero and was interviewed everywhere claiming he got the secret formula for VALUATION. I bought PAUIX + the Intrepid fund managed by C.
I sold both within months because valuation isn't an accurate indicator, never was, never will be...and markets can be irrational for a lot longer than you think. A fund manager is good as his last 6-12 months of performance.
Many great experts made the same mistake, read (https://fd1000.freeforums.net/thread/13/wall-shame-worse-experts-predictions).

As a frequent Amazoner, the 5% is great. Its statement credit more than paid for a high-end Bosch dishwasher that I purchased locally a few years ago. I only use it for Amazon/Whole Foods but it serves as a 'backup' in my wallet since I'm mostly an Amex guy.
Otherwise I just rack up points and double-points on my 2 AMEX cards.

Palm Valley lists the following:
Inception 4/30/2019
INVESTMENT PERFORMANCE (%) as of March 31, 2024
___________________ Quarter YTD 1 Year 3 Year Inception
Palm Valley Capital Fund 1.04% 1.04% 7.38% 4.55% 7.55%
S&P SmallCap 600 Index 2.46% 2.46% 15.93% 2.29% 8.47%
Morningstar Small Cap Index 5.69% 5.69% 21.51% 2.68% 8.31%

Nibbled on a 500s starter position in PBA, a Canadian pipeline. Will add lower as appropriate.

You know what else puts this fund into perspective? The fact that it is more than 5 years old and has only attracted $273 million in assets. Maybe most people, like me, see the folly in paying a 1.26 expense ratio for a fund that routinely holds so much cash.

MikeM " @FD1000, you seem to have an incredulous dislike for this manager and his fund."
FD: There is no dislike here. I used to like PIMIX and had over 50% in it for years, but 0% since 01/2018.
FAIRX: I owned it for about 8 years during 2000-10, and left it behind since then.
I only like funds that make money. If they don't I switch I don't care how M* defines it.
Remember, if Cinnamond is a great star why he hasn't managed the same fund for decades and increased the AUM to billions? Millions of investors have been looking for an edge and all missed it?
The above is just an opinion, you can do what you like, it's your money.
I already posted the goals from https://www.palmvalleycapital.com/goal
Investing for Risk defined as losing money.
Flexible mandate allows for patience (FD: that means, if we lag, don't blame us :-)
No sector constraints
Elevated career risk
Independent; unique
Fiduciary duty uninhibited

:) @FD1000, you seem to have an incredulous dislike for this manager and his fund.
I think others in this thread have said they see this fund as a sleep-easy investment in small caps. If that is important to the investor, what's wrong with that? Why are you harping on it not beating the S&P 500?
If PVCMX was called a conservative small-cap balanced fund, would that work better? That is more accurate for what the portfolio represents (13% equity, 37% bonds, 45% cash). When thought of as a balanced fund, maybe it's a category beater. It is doing better than the heralded new TRP/Giroux conservative balanced fund PRCFX (41% equity, 53% bonds, 6% cash)
I think @WABAC said it earlier. This should not be labeled a SC fund. It has a different mandate. The manager doesn't categorize the fund. M* does -> incorrectly it appears.
FWIW, I do not own the fund. I do own PRCFX, significantly.

Saba filed today against NBH - Neuberger Berman Municipal Income. They have a big appetite. Are closed end funds obsolete in the era of ETF's. How do Blackrock or Eaton Vance option income funds compete with JEPI at 35 basis expense ratio.
Note Fidelity just started trading in option income funds - FYEE & FHEQ with low expense ratios. Trading volume is low but will grow.
We could see a large amount of closed end funds disappear.

I get ads/mail from Duke energy monthly to get insurance to cover from the house to the street. I ignore them, house is 23yrs old. I never heard of many problems. How common is it to have problems from the house to the street. Crap, I have a river birch right above my water meter but the lines (water/sewer) run pretty deep in the ground. 5-10' deep.

I added to NAD and EVT in my taxable account...adding about 5% to each. Given their FI holdings, they will likely bump up when rates eventually recede along with 4.63% and 7.49% distribution respectively. In my IRA rollover I cashed out of RPMGX. 20 years ago I jumped through hoops to maintain this fund as I changed employer plans. I sold in order to gain additional fixed income exposure, currently sitting in SNVXX. I'm waiting for a pullback and then will initiate a new position in most likely an allocation fund...FMSDX and FPURX are in the mix at present.

another review of the methodologies
https://www.nytimes.com/2024/05/21/opinion/inflation-data-economy.html

"Getting 5% ain't so bad". No, it's not. Going to move about 10% from Schwab SUTXX MMKT into two Treasuries- one for 2025 and one for 2026.

https://www.sec.gov/Archives/edgar/data/1014913/000110465924063686/tm2414610d1_497.htm
497 1 tm2414610d1_497.htm 497
Filed pursuant to Rule 497(e)
Registration No. 333-07305
1940 Act File No. 811-07685
FRONTIER FUNDS, INC.
Supplement to Prospectus Dated October 31, 2023
Frontier HyperiUS Global Equity Fund
Institutional Class Shares (FHYPX)
Service Class Shares (FHGSX)
The Board of Directors (the “Board”) of Frontier Funds, Inc. (the “Company”), based upon the recommendation of Frontegra Asset Management, Inc. (“Frontegra”), has determined to liquidate the Frontier HyperiUS Global Equity Fund (the “Fund”). Frontegra is the Fund’s investment adviser and Hyperion Asset Management Limited doing business as H.A.M.L. is the Fund’s subadviser. After considering a variety of factors, the Board concluded that it would be advisable and in the best interest of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Company, effective as of the close of business on the liquidation date, June 10, 2024.
The Board approved a Plan of Liquidation that determines the manner in which the Fund will be liquidated. Pursuant to the Plan of Liquidation and in anticipation of the Fund’s liquidation, the Fund will be closed to new purchases, additional investments and incoming exchanges, except for purchases made through an automatic investment program or the reinvestment of any distributions or a purchase exception that is approved by the officers of the Company, effective after market close on May 22, 2024. After the Fund is closed to new investments, shareholders will be permitted to exchange their shares of the Fund for shares of the other available Frontier Funds or to redeem their shares of the Fund, as provided in the Fund’s prospectus, until the liquidation date. No redemption fees will be imposed by the Fund in connection with redemptions or exchanges; however, please note that your financial intermediary may charge fees in connection with redemptions or exchanges.
Prior to the June 10, 2024, liquidation date, the Fund will no longer actively pursue its stated investment objective, and H.A.M.L. will begin to liquidate the Fund’s portfolio. The Fund’s portfolio managers will likely increase the Fund’s assets held in cash and cash equivalents in order to prepare for an orderly liquidation and to meet anticipated redemption requests. As a result, the Fund is expected to deviate from its stated investment objective, policies and strategies.
Pursuant to the Plan of Liquidation, any shareholder who has not exchanged or redeemed their shares of the Fund prior to the liquidation date of June 10, 2024, will have their shares redeemed and will receive one or more payments representing the shareholder’s proportionate interest in the net assets of the Fund as of the liquidation date, after the Fund has paid or provided for all taxes, expenses and any other liabilities, subject to any required withholdings. The automatic redemption of Fund shares on the liquidation date will generally be treated the same as any other redemption of Fund shares for tax purposes, so that shareholders (other than tax-exempt accounts) will recognize gain or loss for income tax purposes on the redemption of their Fund shares in the liquidation. In addition, the Fund and its shareholders will bear transaction costs and tax consequences associated with the disposition of the Fund’s portfolio holdings prior to the liquidation date. The Fund expects to have declared and paid a distribution or distributions, which, together with all previous such distributions, will have the effect of distributing to the Fund’s shareholders all of the Fund’s investment company taxable income and net capital gain (after reductions for any available capital loss carryforward), if any, realized in the taxable periods ending on or prior to the liquidation date. The distribution or distributions will include any additional amounts necessary to avoid federal income or excise tax. Shareholders should consult their tax adviser for further information about federal, state and local tax consequences relative to their specific situation.
This supplement should be retained with your Prospectus for future reference.
The date of this Supplement to the Prospectus is May 21, 2024.

If the press would just continue to beat the drum on "AI" and "Rate cuts", equities can easily move up another 10% this year. The market is bogging down a bit here. Just a pause?
Seems all boats have been lifted. Like Blondie sang, the tide is high.
Getting 5% ain't so bad. Reaching for >10% is more fun....as long as the party lasts. Talk of rate cuts might carry us through 2024 in nice shape.
I keep adding small amounts to PHEFX, while mainly earning ~5% from cash (CDs).

Relentlessly scouring the investible world for something. Bell Canada BCE is way-undervalued, per M* at -24% disc. HQ in Verdun-Montreal. Of course the geniuses at Schwab will not allow div. reinvestment. But the share price has dropped to the point where the yield is 8.5%. The analysis was actually thoughtful and intelligent. Limit order is in.

I'm with you Crash ... following the April swoon (which I missed) there's not much 'on sale' at the moment or that I necessarily want to pay up for. At the moment I'm debating between moving cash into an ETF paying 5% or starting to DCA into positions I want to own in the coming weeks.