Range-bound. That's where my portfolio is. 54 stocks, 37 bonds 7 cash.
Just thought I'd mention it. Getting impatient. Tonight, I'm sitting just off my OLD high-point, at the start of '22, before the interest rate hikes. Financials, Energy, Tech and Healthcare are where I'm most concentrated. In that order. Bonds have come up, yes. But not "so'z you'd notice."
I really don't want to pile into a horrifically crowded tech-trade right now. Arm, A.I., Facebook, Google, Amazon. And some of my stuff is holding WFC as a top holding. Makes me want to gag. Criminal suck-bag banksters. All of the huge banks are that way.
Interest rate cuts will help. Earnings have pretty much been coming in hot for 4Q '23. Still not much of a difference in MY portfolio. Stinky poopy. Meanwhile, tempus fugit.
---End---

@Derf - Thanks for your question. My wife and I are invested in a similar ratio as you; much larger allocation to VWIAX than this new, very modest investment in PRCFX (just a toe hold). VWIAX holds a 35% position in an IRA requiring RMDs, and now that the market has recovered somewhat, I thought it was time to begin diversifying beyond the value stocks and intermed-term bonds.

@Level5 : Any reason why you're making the move at this time ? Thanks for posting as I'll begin to keep an eye on both for a comparison. I hold a small piece of PRCFX & about 7 times that amount in VWIAX.

(This dude won’t be one of them.)
ESPN
The total is staggering. Hopefully they’re not gambling with their 401Ks or IRAs the way they are on sports.
For comparison, mid-cap companies are defined as having a market capitalization between $2 and $10 billion.
Large cap stocks in that range - LIST
WBD / $23.9 Bil
RJF / $23.5 Bil
STT / $23.3 Bil
EBAY / $21.8 Bil
According to one commentator, there will be more than 10,000 different things folks will be able to bet on during the game. One supposes issues like what color Taylor Swift will be wearing, wind speed at kickoff and whether any rain falls are among them.

@BaluBalu
See my link on this thread from Feb 3rd on page 8 for historical returns for Marshfield equity composite vs SP500
Best regards
Baseball fan

Thanks. That link just spools and does not load on my iPad.

@WABAC
Doing a quick look-see, I get these respective allocations for you based on your data.
I invite you or anyone to proof these calcs.
AAPL 0.05%
AMZN 0.00%
GOOGL 0.40%
META 0.00%
MSFT 1.02%
NVDA 0.00%
TSLA 0.00%
Total 1.47%
If you are OK with my calc's, I'll use them in the next summary.

@rforno, that would be an interval-fund, a special type of CEF.
OEFs can only suspend redemption temporarily, but may impose redemption fees (like class B loads that have almost gone away now due to paperwork problems).
Nontraded/non-listed funds can do that too. We see that for once popular nontraded REITs such as Blackstone BReit and Starwood SReit - these have been under max redemption (2% per month or 5% per quarter) for over a year now.

Yeah, @Crash. Sectors like Natural Resources are more of a momentum play, I think, than a buy and hold core investment. NR has been a poor investment for over 10 years. It's not PRNEX, it's the sector it invests in.
Growth of $10,000 over 10 years (Schwab data):
PRNEX $13,528
NR category: $13,264
Compared to the broader US market S&P 500: $32,807
That's pretty much the equivalent of making about 2.5% a year on your NR investment.
Anything that isn't broad and diversified will have really good stretches along with really lean years.

@BaluBalu
See my link on this thread from Feb 3rd on page 8 for historical returns for Marshfield equity composite vs SP500
Best regards
Baseball fan

I generally agree w/their investing strategy, but I'm not overly impressed with their holdings -- 25% of the portfolio is in coal stocks?!?

Alternatively, you could buy it directly on the London Exchange (PSH:GB). But not in a retirement account.
Fidelity charges £9 for the London Exchange transaction. At the current exchange rate of $1.26, that's around $11.35 - a lot cheaper than $50. Though I don't know what sort of stock price you'd get through each mechanism.
https://www.fidelity.com/stock-trading/faqs-international
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/Brokerage_Commissions_Fee_Schedule.pdf
https://www.reddit.com/r/fidelityinvestments/comments/pjvwvg/why_fidelity_charges_5000_foreign_settlement_fee/

Pershing Square PSHZF is a foreign-listed CEF that will have $50 exchange fee at most brokers, even if commission-free otherwise (Fido, etc).

During the downturn in 2021-22, I bought a small amount of NVDA. After trimming around $350 to take out initial purchase amount, it grew up a lot since then. M* portfolio is showing I am up 480%. However, it is still relatively small %age my overall portfolio, which consists of 80% mutual funds and 20% stocks. All the stocks were accumulated since 2021, and most of them growth stocks including speculative ones like SOFI and PLTR. I have been thinking of selling some of them completely or trimming these high flyers including NVDA, but not yet done it. (NVDA, NFLX, CRWD, DDOG, ASML to name a few).
One of my mantras for buying so many of them when they were irrationally punished during 2021-22 period. My average price for NVDA is $122. I was lucky to buy NFLX around $170. I was not bold enough to buy Meta below $100, but average price is not bad at $175.

Why would anyone own PSHZF (you have to pay $50 to buy at fidelity each time and it has a performance fee) if the above is true? Bill would be managing two closed end funds. Something doesn't add up

It depends on what one is paying for? If I am ok with PRWCX is because I must believe the fund manager has "some edge" which is greater than participating in Passive Vanguard fund. Does every one of the 6700 Mutual funds and ETFs have edge. Most certainly not. Maybe 50 do. If its not one of those 50, most likely the adage, "Financial products are sold, not bought" applies.

MRFOX strategy appears to be around for 20 years, based on this letter -
https://www.marshfieldinc.com/wp-content/uploads/2023/11/Marshfield-Associates-Newsletter-December-2023-The-Ghost-in-the-Machine-4.pdf
They manage about $5b through separate accounts.

@sma3 ....that fund is available at Schwab, although with a difference share class and symbol (GQJIX)...$49.95 transaction fee however.

@MikeM, is this what you were trying to post?
Image ADDRESS (should have .jpg or .png ending) https://images.inc.com/uploaded_files/image/1920x1080/getty_133970892_157811.jpg

https://www.sec.gov/Archives/edgar/data/1587982/000139834424002210/fp0087097-1_497.htm
497 1 fp0087097-1_497.htm
AXS Cannabis ETF
Ticker: THCX
A series of Investment Managers Series Trust II (the “Trust”)
Supplement dated February 7, 2024 to the currently effective
Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”).
The Board of Trustees of the Trust has approved a Plan of Liquidation for the AXS Cannabis ETF (the “Fund”). The Plan of Liquidation authorizes the termination, liquidation and dissolution of the respective Fund.
The Fund will create and redeem creation units through February 21, 2024 (the “Closing Date”), which will also be the last day of trading on NYSE Arca, Inc. (the “Exchange”), the Fund’s principal U.S. listing exchange. On or about February 28, 2024 (the “Liquidation Date”), the Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record as of the Liquidation Date. Shareholders of record on the Liquidation Date will receive cash at the net asset value of their shares as of such date. While Fund shareholders remaining on the Liquidation Date will not incur transaction fees, any liquidation proceeds paid to a shareholder should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on the shareholder’s tax basis. Shareholders (including but not limited to shareholders holding shares through tax-deferred accounts) should contact their tax advisers to discuss the income tax consequences of the liquidation. Under certain circumstances, liquidation proceeds may be subject to withholding taxes.
In anticipation of the liquidation of the Fund, AXS Investments LLC, the Funds’ advisor, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective. Shareholders of the Fund may sell their holdings on the Exchange on or prior to the Closing Date. Customary brokerage charges may apply to such transactions. After the Closing Date, we cannot assure you that there will be a market for your shares.
Please contact the Fund at 1-303-623-2577 if you have any questions or need assistance.
Please file this Supplement with your records.

You might look at FPACX. You can buy it as Schwab and Fido for $50. About the same 50/50 but with a lot of cash that they will deploy down to may 30% bonds. Probably a little more equity heavy than WBALX
There are other conservative funds that hold cash when things are so pricy and then can jump back in like MRFOX . It cam up on another thread and I dug into it and was impressed enough to buy some.