Neuberger Berman - I found their 2024 Equity Fund estimates as a downloadable spreadsheet at https://www.nb.com/handlers/documents.ashx?id=484f5e9f-eca5-4b7f-ba54-359c84e1a5bc&name=2024 Distribution Estimates - Equity Funds

I think there are people here who would be interested in this.
https://www.cms.gov/newsroom/fact-sheets/2025-medicare-parts-b-premiums-and-deductibles#:~:text=The standard monthly premium for,$10.30 from $174.70 in 2024.

Ad-hoc feature returns this week.
LINK1 LINK2 BarronsLINK
TRADER. Wall Street exhaled as the control of White House and Senate had clarity, but that for House is still in limbo (Republicans need to pick up only 7 more, but Democrats need 19 more). Stocks rose sharply, while the volatility index VIX fell sharply. Investors are reviewing Trumponomics 1.0 to figure out Trumponomics 2.0 and are betting on value/cyclicals (IVE), financials (XLF, KRE), energy (XLE), industrials, defense and small caps. In healthcare, Medicare Advantage (Part C) may get a boost, and ACA/Obamacare the boot.
But the economic and market conditions now are different. It’s unclear how much of the tax cuts, tariffs (on friends and foes) and deregulations will go through. Watch tech and retail for first adverse impacts of new tariffs-counter-tariffs. Inflation may remain above the Fed’s +2% average target and that target may be in question (e.g. why not +3%?). The budget deficit is already double that in 2016, and the bond market may not like a big growth in deficits. That has been the message of the bond market already, but 5%+ 10-yr may pose real problems for both stocks and bonds. Earnings growth estimate remain strong in double-digits.
The elections are over and Trumponomics 2.0 will be here soon. Consider financials (XLF, KBE, KRE; play on lower rates and deregulation), value/cyclicals (IVE; catchup play), small caps (IJR, SPSM; play on domestic companies), bonds (SHY, LQD, HYG; play on lower rates, even if rates may move up later due to inflation, deficits, debt). All these had strong post-election bounces, but there is more to come.
INTERVIEW/Q&A/FUNDS. Meb FABER, Cambria (Cofounder, CEO, CIO; SYLD, etc). Value manager Faber has an active eTF SYLD that focuses on SHAREHOLDER YIELD (dividend yield + buyback yield); the eTF also takes into account valuation, quality, momentum, and has caps on sectors and countries. Since 2009, the SP500 has been a 10-bagger, beating most other things – unprecedented, comparable to the Roaring 1920s, the Nifty Fifty of early-1970s, the Dot. com bubble of late-1990s, or whatever. Both earnings growth and P/E expansion contributed to this fantastic move. But where to now? If you put value and trend (momentum) in 4 boxes, the best box has low valuation and uptrend, but the 2nd best box is expensive valuation and uptrend (meaning trend trumps valuation). The ways to diversify away from market-cap indexes include dividend stocks (obviously, Faber prefers shareholder yield), foreign markets, EMs, etc. The firm also has an active global asset allocation eTF GAA, an eTF of eTFs.
FUNDS. Indexing has benefited large caps. Many startups and early-stage companies remain private longer, and there are several unicorns among the private companies. The M&A and bankruptcy have eliminated many weak public small caps. So, the universe of public small caps has shrunk. The total market Wilshire 5000 index now has only 3,370 stocks. Small cap R2000 has many unprofitable companies (a better small-cap index is SP SC 600). People are thinking that the old Fama-French studies about outperformance of small caps don’t apply anymore. Mentioned are OEFs AVALX, NEAGX; eTFs DFAS, IJR, IWM, SPSM. (By @lewisbraham at MFO)
FUNDS. Post-election, Tesla/TSLA has run up sharply, but the new CEF DXYZ (3/26/24- ) has done twice better; its premium is an astounding +329%. It has high exposure to TSLA and SpaceX. The fund buys private unicorns through their venture-capital financing and pre-IPO stages. But its recent rise may be as fleeting as its moonshot in April. (Retail investors don’t have easy access to the private-equity market, so the premium is so high. The private-equity market is quite illiquid and volatile.)
INCOME. Small caps with good dividends include CWH (retail), CRGY (energy), KGS (energy); eTFs DES, OUSM. Small caps are seen among the beneficiaries of Trumponomics 2.0.
OTHER VOICES. Allan SLOAN. There aren’t many companies that now offer traditional/DB PENSION plans. Those that still offer them to current employees or retirees are offloading the DB pension plans for ANNUITIES from insurers. The characterization and evaluation of liabilities are different for pension plans and insurers. So, companies typically have large one-time gains on these conversions. An obvious loss for beneficiaries is the loss of PBGC guarantee for the pension plans (and they don’t have a say on what insurer was chosen for conversion).
RETIREMENT. Just when investors thought that bond yields were head lower, they rose instead. The bond market is getting nervous about annual deficits and total debt. Bond volatility index MOVE is high (it has eased some post-election). But the bond market is more than the rate-sensitive Treasuries. Consider shorter maturities with more credit risks – VMBS, IGSB, USHY, FRA (CEF).

A one time special reflection for Veterans Day, Monday, November 11: I self-salute and to those who served.
The bond markets will be closed for normal trading on Monday.
NOTE:

My intention, at this time; is to present the data for the selected bond sectors, as listed; through the end of the year (2024). This 'end date' will take us through the U.S. elections period, pending actions/legislation dependent upon the election results, pending Federal Reserve actions and market movers trying to 'guess' future directions of the U.S. economy. As important during this period, are any number of global circumstances that may take a path that is not expected; and/or 'new' circumstances. In the 'cooking pot' we currently have the big ingredients of the middle east and also, how much damage Ukraine may inflict upon Russia and the response.

FIRST: The ELECTIONS are mostly finished. What comes next for the investing world of bonds is not yet known or understood, except for those have a better guessing system than I. I can only watch and listen a little bit and let the numbers try to bring forth meaningful directions.
W/E November 8 , 2024..... Can the bond NAVs butchers block be put away ???
--- 'Course, all the bond sectors in the list find their reasons for price movements, and we find 'UP' for this weeks pricing. Many bond sectors where 'every which way' for most of the week, with price recovery for a few sessions. So, depending on where you're 'hanging' your bond market monies, the positive pricing this week, was erratic . The MINT etf, to the best of my recall, has maintained a positive price for the year, each and every week; and this remains for this week.
A few numbers for your viewing pleasure.
NEXT:
*** UST yields chart, 6 month - 30 year. This chart is active and will display a 6 month time frame going forward to a future date. Place/hover the mouse pointer anywhere on a line to display the date and yield for that date. The percent to the right side is the percentage change in the yield from the chart beginning date for a particular item. You may also 'right click' on the 126 days at the chart bottom to change a 'time frame' from a drop down menu. Hopefully, the line graph also lets you view the 'yield curve' in a different fashion, for the longer duration issues, at this time. Save the page to your own device for future reference. NOTE: take a peek at the right side of this graph to find the yield swings of the past week, and for the current yields for the last business day.
For the WEEK/YTD, NAV price changes, November 4 - November 8, 2024
***** This week (Friday), FZDXX, MM yield continues to move with Fed funds/repo/SOFR rates; and ended the week at 4.59% yield. Fidelity's MM's continue to maintain decent yields, as is presumed with other vendors similar MM's. Theoretically, a new yield bottom is in place, until the next FED action. SO, one is still obtaining a decent MM yield. MOST MM's found a few hundreds basis drop in yield for the week. MM's yields were down .03 - .06 for the week.................
--- AGG = +.80% / +2.32% (I-Shares Core bond), a benchmark, (AAA-BBB holdings)
--- MINT = +.13% / +5.15% (PIMCO Enhanced short maturity, AAA-BBB rated)
--- SHY = +.02% / +3.34% (UST 1-3 yr bills)
--- IEI = +.20% / +1.95% (UST 3-7 yr notes/bonds)
--- IEF = +.57% / +.60% (UST 7-10 yr bonds)
--- TIP = +.75% / +3.24% (UST Tips, 3-10 yrs duration, some 20+ yr duration)
--- VTIP = +.35% / +4.61% (Vanguard Short-Term Infl-Prot Secs ETF)
--- STPZ = +.38% / +4.36% (UST, short duration TIPs bonds, PIMCO)
--- LTPZ = +1.87% / +.89 % (UST, long duration TIPs bonds, PIMCO)
--- TLT = +1.82% / -3.34% (I Shares 20+ Yr UST Bond
--- EDV = +2.61% / -6.29% (UST Vanguard extended duration bonds)
--- ZROZ = +2.88% / -8.47% (UST., AAA, long duration zero coupon bonds, PIMCO
--- TBT = -3.67% / +14.69% (ProShares UltraShort 20+ Year Treasury (about 23 holdings)
--- TMF = +4.70 % / -23.79% (Direxion Daily 20+ Yr Trsy Bull 3X ETF (about a 2x version of EDV etf)
*** Additional important bond sectors, for reference:
--- BAGIX = +.72% / +2.85% Baird Aggregate Bond Fund (active managed, plain vanilla, high quality bond fund)
--- USFR = +.12% / +4.69% (WisdomTree Floating Rate Treasury)
--- LQD = +1.70% / +2.97% (I Shares IG, corp. bonds)
--- MBB = +1.05% / +2.21% (I-Shares Mortgage Backed Bonds)
--- BKLN = +.67% / +7.32% (Invesco Senior Loan, Corp. rated BB & lower)
--- HYG = +1.33% / +8.48 % (High Yield bonds, proxy ETF)
--- HYD = +.35%/+4.85% (VanEck HY Muni)
--- MUB = +.65% /+1.60% (I Shares, National Muni Bond)
--- EMB = +1.80%/+7.48% (I Shares, USD, Emerging Markets Bond)
--- CWB = +2.85% / +10.92% (SPDR Bloomberg Convertible Securities)
--- PFF = +2.32% / +12.37% (I Shares, Preferred & Income Securities)
--- FZDXX = 4.59% yield (7 day), Fidelity Premium MM fund
*** FZDXX yield was .11%, April,2022. (For reference to current date)
Comments and corrections, please.
Remain curious,
Catch

https://www.sec.gov/Archives/edgar/data/1898391/000189839124000241/filing8301.htm
497 1 filing8301.htm PRIMARY DOCUMENT
Supplement to the
Fidelity® Macro Opportunities Fund and Fidelity® Risk Parity Fund
Class A, Class M, Class C, Class I, and Class Z
March 30, 2024
Prospectus
On November 6, 2024, the Board of Trustees approved a plan of liquidation for Fidelity® Macro Opportunities Fund ("the fund"). Following Board approval, the fund will no longer pursue its stated investment objective and fund assets will be managed to provide for sufficient liquidity prior to liquidation. The fund is expected to liquidate on or about January 24, 2025. Effective after the close of business on November 8, 2024, new positions in the fund may no longer be opened. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the fund's liquidation.
AGMO-PSTK-1124-101
1.9910260.101
November 8, 2024
Supplement to the
Fidelity® Macro Opportunities Fund and Fidelity® Risk Parity Fund
March 30, 2024
Prospectus
On November 6, 2024, the Board of Trustees approved a plan of liquidation for Fidelity® Macro Opportunities Fund ("the fund"). Following Board approval, the fund will no longer pursue its stated investment objective and fund assets will be managed to provide for sufficient liquidity prior to liquidation. The fund is expected to liquidate on or about January 24, 2025. Effective after the close of business on November 8, 2024, new positions in the fund may no longer be opened. Existing shareholders may continue to hold their shares and purchase additional shares through the reinvestment of dividend and capital gain distributions until the fund's liquidation.
GMO-PSTK-1124-101
1.9910261.101
November 8, 2024

Market is at an alltime superhigh and a good friend (not good enough!) tells me he is coming into a mil (+/-) in Jan if not before, and what should he considering doing with by way of investing.
He has no short-term need (I may advise him to just splurge and spend a little) and is in his 50s.
As he is with ML I am tempted just to tell him, on any dip next year, just go 50-50 PWRCX and FPACX, or maybe a nontrivial chunk in, you know, QQQ, and call it a day and not watch it. Other thoughts?

In another thread, @Charles confirmed that the NAVs (not prices) are used risk and return metrics at MFOP.
"Yeah, all risk and return metrics in MFOP are based on NAV not Price, unfortunately. So, for mutual funds, insurance funds, NAV and Price are same, by definition, as I understand it. But not so for ETFs and CEFs, especially when lots of market volatility exists (March 2020) or with low volume trades."
https://www.mutualfundobserver.com/discuss/discussion/comment/183150/#Comment_183150

@yugo. Yeah, all risk and return metrics in MFOP are based on NAV not Price, unfortunately. So, for mutual funds, insurance funds, NAV and Price are same, by definition, as I understand it. But not so for ETFs and CEFs, especially when lots of market volatility exists (March 2020) or with low volume trades.
There are no funds in the database that have returned 10% or more annualized for 20 years with a MAXDD about -10% or less, except one: MPV. But again, that's NAV based. Here's chart from M* showing difference between NAV and Price for MPV. Clearly, a lot more volatility in Price.
I believe someone on board once quoted: "All NAVs are opinions." In the case of MPV, it's kind of like getting an appraisal on your house. Stays steady until next appraisal or until you go to sell. Taking the long view will help.
BTW. The NAVs for MPV and MCI are only updated every three months.
Here are a dozen Great Owl US funds with the lowest MAXDD over last 20 years that have also returned 10% annualized. There are actually about 450 funds that have returned that well, but typically with more pain.
The dozen listed in table above are: Barings Participation Investors (MPV), Barings Corporate Investors (MCI), GMO Quality III (GQETX), Natixis Vaughan Nelson Select A Small Cap Value A (NEFJX), Alger Growth & Income A (ALBAX), Needham Aggressive Growth Retail (NEAGX), Amundi Pioneer Fundamental Growth A (PIGFX), FMI Common Stock Inv (FMIMX), Victory Sycamore Established Value R (GETGX), Williamsburg Government Street Opportunities (GVMCX), Fidelity Select Leisure Portfolio (FDLSX), and State Street Elfun Trusts (ELFNX).
I suspect if MPV and MCI were open-ended funds, they would not be on the list.
Hope this helps.
c

Until today, I had not read this thread after the first two posts.
When I discovered my mother does not receive the higher spousal benefit, I took my parents to my local SS office (when they retired, they moved States to live with me) and apply for the higher benefit. My parents said they had originally applied for the spousal benefit and they presumed to be getting that. They came out of the office and said the SS office employee said the benefits can not be changed after they started and sent them away. That was 15 years ago. So, for past 20 years, my mother has been cheated out of some of her benefit, I am not sure for whose benefit.
I know people who did not receive unemployment benefits when they lost jobs while they paid unemployment insurance when employed.
If you are a Govt employee, there are no consequences for screwing citizens.
@Crash’s subsequent posts makes me nervous about my benefits when I apply because I was self employed 1/3rd of my working life.
Laws are man made stuff. I do not quibble about their fairness or unfairness but I quibble about their implementation. If we do not have a rules based society, what do we have? Politicians make laws and if you do not like their behavior, you can fire them (vote them out) but you can not vote out a Govt employee.

A reporter asked about rising breakeven inflation rate, but Powell said that he isn't worried yet. Here are 5-yr and 10-yr breakeven inflation rates - they are approaching the levels seen in 04/2024.
https://fred.stlouisfed.org/graph/?g=1zzGy

Is it worth the bit of extra work? Personal decision, I guess.
That applies to any mechanism or platform. If you're willing to use Firstrade, CBLDX is available ($5K min, $100 additional) without a fee. Or you could invest directly with CrossingBridge.
Is it worth the effort? Up to you.

I've been purchasing RSIIX for our IRA and Joint accounts through our TRP Brokerage accounts without a fee, but TRP, at least for now, is charging a $35 fee to purchase NRDCX. Any ideas on whether the fee eventually goes away? Is this normal when a new fund is introduced on a brokerage platform?

Just to set the record straight, the initial minimum for Crossingbridge's I share class is $5K. It used to be $50K.
https://www.sec.gov/Archives/edgar/data/1141819/000089418923005489/crossingbridgefunds497e810.htm

Over the course of a year the extra .25 ER amounts to an additional $125 in fees.
Buy the $50,000 in institutional shares and smaller amounts in the retail shares and then down the road look to convert the money in the retail shares to the institutional shares. Is it worth the bit of extra work? Personal decision, I guess.

FOMC Statement, 11/7/24
https://www.federalreserve.gov/newsevents/pressreleases/monetary20241107a.htm
Video - Powell's presser starts at 59:00

Notes by YBB
Rates were cut 25 bps - fed funds 4.50-4.75%, bank reserves rate 4.65%, discount rate 4.75%. Treasury QT continues at the reduced level of -$25 billion/mo, but MBS QT remains at -$35 billion/mo.
Rates are on a declining path to a lower but unknown "neutral" rate, but rate cuts cannot be projected beyond that, nor could rate increases be ruled out. The current rates are restrictive - the labor market has cooled down, but inflation remains problematic when looking at 3m, 6m, 12m PCE changes (i.e. don't just focus on 12m changes). There are catchups in prices in housing services, insurance premiums, some wages, etc, so those are affecting some inflation readings. The Fed wants to avoid stagflation (slow growth, high inflation, high unemployment); it will also not persistently undershoot its +2% average inflation target.
Higher bond and mortgage yields after the last Fed rate cut may be due to strong economy and/or investors' concerns about high annual deficits and total debt. He said that those may be manageable now, but their rising trend is unsustainable.
The US economy is in a good shape now. But many people are not happy with their financial situations. It may take some time to adjust to higher prices and to realize that lower inflation doesn't mean lower prices.
Powell didn't want to comment on elections. But he said that elections don't affect the Fed policy in the near-term. The administration and congressional policies may affect Fed's actions in the long-term. The Fed has a large economic model and many inputs go into it including fiscal and tax policies. He said that he won't resign if asked and said further that any such efforts would not be permitted under the law. He also declined to address the issue of Fed independence.
Geopolitical risks remain although those haven't impacted the US economy so far.
Note - Due to a prior commitment, these notes were prepared by watching the tape of Powell's presser after the event, so they weren't posted as timely as is typical.

What makes more sense? $50,000 (plus $49.95 fee) into CBLDX (ER of 0.91%), or $50,000 (no fee) into CBLVX (ER of 1.16%). Probably would be a long holding time. The advantage of CBLVX would allow additional investments without a fee. The bottom line is, does the extra .25 expense mean that much?

According to Morningstar data, two funds now report owning: Fidelity Nasdaq Composite ETF and Unusual Whales Subversive Republican Trading ETF (KRUZ). The Fidelity fund is boring and predictable. Unusual Whales is sort of intriguing.
"Unusual Whales is an affordable options and equity data platform . . . they have started a reinvigorated effort on how lobbying, committee conflicts and finance changes Congress." With the Unusual Whales Subversive Republican Trading ETF, which tracks the stock trading disclosures of Republican members of Congress, you can invest right alongside the folks with the indefensible conflicts of interest! The ticker for the Democratic version is NANC. As in Ted Cruz and Nancy Pelosi as our inspirations.
The site reports "Unusual Whales has reported on political trading and worked on this ETF with the hope of getting the practice banned all together."
Since launch, by the way, the Democrats are kicking red butt: up 41.73% since inception (February 2023) versus up 22.53% for the Republicans. Top Republican holding: Comfort Systems USA, a provider of mechanical contracting services. (Why?) The Dems are a big Mag 7 crowd.

I think it's time this thread was moved to the off-topic forum.
YMMV.

@BaluBalu: thanks for the idea. I had not thought of contacting a company about offering a new fund. The outperformance of the Composite Index may very well due to the Mag 7 and other high-fliers being well represented. History tells us that these stocks can’t stay on a tear forever. I wish I understood better how various weighting schemes work and how (hypothetically) one could recommend one or the other method to employ for a new fund. Unfortunately, I’m a humanités guy, weak in math.
MOAT had only one stumble shortly after it began trading, the methodology and reconstitution rules got tweaked, and success followed. It then outperformed the S&P 500 for many years and I was really pleased. I thought recent travails were temporary, but I’ve lost faith. Sounds as though you have substantial gains. I try to tell myself that gains are a good thing and that some of them will be offset by the sales of my bone-headed choices.

..how stupid did they think Americans are?
Biden/Harris has left this country in rough shape...and world in rough shape...Trump and his excellent team has their work cut out for them.

Parroting the con man's rhetoric.
Roughly 50% of Americans are stupid. They fell for the con. He will not help the common man - but he will help the rich. He lies and lies and lies some more.....and you just picked the ones you wanted to believe.
There is a reason why he dominates the heartland of America. You have to be gullible to fall for his BS.

Can you imagine heading up a household with a wife and a couple kids...trying to put food on the table, raising your kids in safe neighborhood with decent schools..price of everything from groceries, insurance, mortgages going thru the roof due to the Biden/Harris policies, layoffs going on at work...and here comes Krugman and Biden/Harris and other smug elites telling you everything is great, never mind your lying eyes...sheet...Biden/Harris telling you the job market is great..never mind it is all DEI govt hires and Uber drivers...
And here is comrade Harris picking arguably the biggest communist fruit she could have picked for a VP...and trying to tell you she is more of a centrist...ya right....never telling you her views and wanting you to believe she has changed...how stupid did they think Americans are?
And ya, let's hand out more monies/freebies...$25k for a house, more student debt cancellation, give black men monies to start a cannabis shop..like they aren't smart enough to start another type of business ..lawfare...suppression of free speech and expression...did you see how Google tried to suppress the Joe Rogan/Trump Interview...oy vey so obvious...Biden/Harris trying to enforce a mandatory experimental jab on everyone..taxing unrealized capital gains...are you shitting me? On and on.
Trump not only smoked Harris, he beat the uber liberal university prof's brainwashing our children, the media, the likes of the NY Times, Google, etc...except for Twitter X, thank god for Elon...he beat all the musicians...actors...
Biden/Harris has left this country in rough shape...and world in rough shape...Trump and his excellent team has their work cut out for them.
I'll sum up like when I picked up my car at the garage yesterday evening...the mechanics and the shop owner were winding up their day...and a clip of Harris came on...one of the mechanics said out loud afterwards..."Get the FUCK out of my White House and take the Marshmallow with you..as quickly as possible."