More info on Vanguard ETF reinvestments.
Now I have 5 ETFs in my VG Brokerage a/c. My default is to reinvest when this option is available. So, it is interesting that VG is handling them differently.
ETF, Reinvestment, When Done?
ICSH, ON, Pay Date
USFR, ON, Pay Date
CEFS, ON, Pay Date
PYLD, ON, Not done (too new?) (div stays in core VMFXX)
TCAF, option NA, NA (too new?) (div stays in core VMFXX)
When the VG reinvestment works as intended, the money doesn't flow through core VMFXX, but is directly aggregated and reinvested via a market-order on the Pay Date.

am interested in knowing why the new PRCFX would be appealing to existing long-tenured PRWCX holders.
A. most importantly, it does not seem giroux will be using this unique time to go into small-mid cap space, given the very low ~$25M AUM. everything indicates they will want to re-use research & tradedesk effort already being put into PRWCX, which means more of the same LC growth.
B. there does not seem to be the allocation to international which PRWCX has latitude\mandate. (PRCFX showing 100% domestic as of 20nov2023)
https://troweprice.com/personal-investing/tools/fund-research/PRCFX
C. the equity mix seems similar (both min. 50% aspiration).
d. slightly smaller expenses, which is more like the PRWCX institutional version.

International value funds I own, MOWNX, BISMX,COBYX (heavily invested in Latin America) have beaten the SP500 in last three years with lower drawdowns. CCISX also but with equal loss in 9/2022. Typical Emerging market funds ( SIGIX GQGPX) have not done as well, although it appears they have beaten their peers. I would look for funds that are well run, invest in areas off the beaten path and have lower correlations with the US.

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Saba Capital Reaches Agreement with Certain ClearBridge Funds
ClearBridge MLP and Midstream Fund, ClearBridge MLP and Midstream Total Return Fund, and ClearBridge Energy Midstream Opportunity Fund to Each Commence Cash Tender Offers for 50% of Their Shares at 100% of NAV"
YBB Note.
www.clearbridge.com/
Not to be confused with CrossingBridge www.crossingbridgefunds.com/

Thanks, @Sven.
EM can definitely be risky!
My top contender in the EM equity category is SIVLX.
As you mentioned, Seafarer has an experienced management team
and SIVLX provides a "smoother ride" than most EM equity funds.
You're fortunate to be invested in ARTKX.
The fund generated excellent long-term returns within Foreign Large Blend (10-Year: top 4%; 15-Year: top 2%).
I'm considering ARDBX which uses the same investment process as ARTKX applied to foreign small-caps.
David Samra is a Managing Director for ARDBX although he is not responsible for daily fund operations.

@MikwM, the institutional shares, RSIIX, is on NTF platform at Vanguard, whereas it is on Transaction Fee platform at Fidelity. The minimum investment was lowered to $5K, and I have been adding. YTD total return is over 9% with 30 days SEC yield 9.2%. If you wish to stay with Fidelity and you will pay $50 to get into RSIIX. Remember that you add more later for $5 each trade using their “automatic investment” feature. Fidelity requires you to do two consecutive buys, but you can cancel the second one before the buy date. Learn this from @msf awhile back.
https://investor.vanguard.com/investment-products/mutual-funds/profile/rsiix.
Each brokerage have their own policy on buying and selling OEFs, so it pays to check out their difference. Vanguard offers fewer number of funds than Schwab and Fidelity, sometimes you can get into institutional shares with less than $1 million. We invest with PIMIX that requires $25K.

The page yogi cited contains this image of a book:

That image says 2023 Edition. It also has a link embedded taking you to more information about the book including: "2023 edition published May 2023". So the cited page most likely dates from May 2023 or later.
Evidence supporting this thesis is that in March 2023 the page was different. So the page was changed no earlier than March 2023.

A popular misconception is that the stock market goes up most (~70%) of the time.
That's correct on an annual basis. And the odds get even better over longer periods of time.

Source: https://www.capitalgroup.com/individual/planning/investing-fundamentals/time-not-timing-is-what-matters.html
But on a day to day basis, the odds are barely better than break even that the market will go up:

Source: https://www.financialsamurai.com/average-daily-percent-move-of-the-stock-market/
This is why I am somewhat obsessive about doing same day exchanges. I invest for the long term and am willing to put my faith in the market going up over a period of years. I do not accept exposure to daily random fluctuations.

For 2024 I would go with RSIIX. The main reason: per M* TTM yield is 8.6% for RSIIX vs 5.5% for OSTIX. Yield is more of a "sure" thing, after all, if both only have the yield and not appreciation, RSIIX has 3% more yield.
If I want better performance based on stabilizing rates and lower volatility markets, I would use bond funds in securitized, HY Munis, and multi funds, such as RCTIX.
As usual, nothing is guaranteed.
See below the performance, SD, and correlation
https://www.portfoliovisualizer.com/asset-correlations?s=y&sl=3HwATkieIxH1e2mvss1TzF

@BaluBalu
“My” VHT Dividends reinvested @ $248.78 on 12/22/23.

That is a 0.15% worse price. Only one data point but I guess I am not transferring the shares to Vanguard!
If I were to go by Yogi’s post, Vanguard reinvests on the payment date. Does Vanguard deposit Div in your account on Day 1 and then take it out on Day 3 for settlement of reinvestment shares? If so, the cash balance at Vanguard between Day 1 and Day 3 can be misleading (overstated) and one can inadvertently overdraw their account. I like Fidelity’s process of reinvesting two days prior to the payment date which also gets one to participate two days early in the stock market that generally goes up overtime!

...will do well as we reallocate more from treasury...

Same here @Sven. Been building up an investment in RSIVX the past couple months. RSIVX is NTF at Schwab but has higher exp ratio than RSIIX, which does have a TF. I'll switch and pay the $50 TF one time when I reach my holding goal.

Thanks @msf. I consider Fairmark as a good source. In cases where some doubts remain, I keep notes in my personal tax records on what source I used for what I was doing.
By the way, IRS Publication 550 is also quite clear on Holding Periods.
IRS Publication 550, Investment Income & Expenses (Including Capital Gains & Losses),
https://www.irs.gov/pub/irs-pdf/p550.pdf
Pg 53 (Holding Periods): "Securities traded on an established market. For securities traded on an established securities market, your holding period begins the day after the trade date you bought the securities, and ends on the trade date you sold them.
Do not confuse the trade date with the settlement date, which is the date by which the stock must be delivered and payment must be made."
Pg 64, Installment sales. You cannot use the installment method to report a gain from the sale of stock or securities traded on an established securities market. You must report the entire gain in the year of sale (the year in which the trade date occurs).
See Pg 59 for more tricky rules on options straddles.

It's way worse than that. Is the NAV or the market price used? Is it a single price or an average of prices? Is it in a single day, and which day, or an average over multiple days?
From the SPDR S&P 400 ETF (MDY) prospectus:

The total returns in the bar chart, as well as the total and after-tax returns presented in the table, have been calculated assuming that the reinvestment price for the last income distribution made in the last calendar year shown below (i.e., 12/16/22) was the net asset value per Unit (“NAV”) on the last Business Day of such year (i.e., 12/30/22), rather than the actual reinvestment price for such distribution which was the NAV on the last Business Day of January of the following calendar year (e.g., 1/31/23). Therefore, the actual performance calculation for the last calendar year may be different from that shown [in the prospectus].

https://doc.morningstar.com/docdetail.aspx?key=84b36f1bf3830e07&cusip=78467Y107
This year, MDY went ex on Dec 15th, with a pay date of Jan 31, 2024. Reinvestment cannot come before dividend is paid. Talk about a cash drag! (MDY is a UIT).
From a M* ETF data definition page:

Morningstar's return figures may differ from those published by other rating firms or fund groups. This may be a result of time-period discrepancies, or because different firms employ different methods for calculating total return. For example, some services reinvest all dividends at month-end prices. Morningstar, however, uses the actual reinvestment price that a shareholder would have to pay.

https://awgmain.morningstar.com/webhelp/glossary_definitions/indexes/etfsnapshot.htm
But what is that actual reinvestment price? Here's a Bogleheads thread where a Fidelity customer rep is reported as having said:

Dividend reinvestments are priced at the average price that the security is purchased by Fidelity.
Fidelity identifies all customers that will be reinvesting their dividend, and then goes to the market to purchase shares three business days prior to the payable date. We purchase as many shares as possible on a best-efforts basis, determine the average share price, and reallocate these shares proportionately to the customers that are reinvesting their dividend. This process typically results in a different reinvestment price than the price that the security is currently trading.

https://www.bogleheads.org/forum/viewtopic.php?t=129006
As someone in that thread pointed out, the three days came from T+3 trading, which is now T+2. The cash needs to be available on the reinvestment settlement date.
Closed end funds are different. They may have legitimate DRIPs, where the funds themselves issue new shares for reinvested divs. They may even do this at a discount, just as some corporations do with their DRIPs.
For example, a Nuveen prospectus reads:

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date, Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment.

https://www.sec.gov/Archives/edgar/data/1608741/000119312520064802/d849460dncsr.htm#tx849460_15
Back when broker-simulated DRIPs were new (when only Schwab offered them), one might need to hold a CEF personally, not in street name, in order to participate. At least that's what it says in this NYTimes article. Interesting piece, though things may have changed.
https://www.nytimes.com/1995/01/14/archives/dividends-a-reinvesting-hitch-in-closedend-funds.html

Some funds do not reinvest capital gains (I think both short and long-term) but reinvest dividends.
Example? Perhaps you're thinking of ETFs structured as UITs (e.g. SPY, QQQ). What UITs cannot reinvest are dividends from underlying equities and interest from underlying debt securities.

Unlike an ETF structured as a UIT, an open-end fund ETF ... has greater flexibility to reinvest dividends from portfolio securities

https://www.federalregister.gov/d/2018-14370/p-145
In any case, this limitation refers to internal operation of the funds, not to how they can or cannot reinvest distributions.
So far, I've found no ETFs that reinvest distributions themselves. It seems that it is always the broker reinvesting dividends as a third party service, so that the investor doesn't have to do it manually. It's different " in Canada where some ETF sponsors offer DRIPs.
Even there, the ETF is not issuing new shares but always buying them on the open market. So the ETF is just playing the role of the third party broker and not really acting as the issuer of shares. For example, with Vanguard Canada ETF DRIPs,

your distributions will automatically be reinvested into units purchased on the open market in the five business days following the distribution payment date. ... The price of your new units will be the average price of all units purchased under the plan excluding commissions, fees and transaction costs incurred by the plan agent.

https://www.vanguard.ca/en/investor/products/resources-group/drip
If the brokerage has a deal with the ETF sponsor, then, you may get a small discount on reinvestments, and reinvestments may be earlier.:
This statement sounds like true stock DRIPs that may give small discounts on stocks acquired directly from a company. But that doesn't seem likely with ETFs, as they issue new shares only to authorized participants (APs) in large blocks (creation units). And I haven't been able (yet) to find an ETF DRIP (not involving the broker) in the US.
Getting back to UITs, I'm not sure I'd take the Vanguard page on dividend reinvestment too literally. It reads in part:

Unit investment trusts [footnote omitted], foreign equities, and certain domestic equities and certain American Depositary Receipts (ADRs) are not eligible for the reinvestment program.

That would seem to make SPY and QQQ ineligible for dividend reinvestment at VBS.

@PRESSmUP,
Thanks, I do have GQGPX on my list.
GQG Partners' rapid growth and high key-man risk (Rajiv Jain) are concerns.
What are your thoughts regarding these issues?

$15B for an EM fund is a bit heavy, but the holdings are not small companies, so the positions can accommodate the bulk. For now. Both this and the international fund I mentioned have attracted quite a bit of cash, perhaps due to the GS affiliation. Success draws money I suppose.
As for key man risk...Jain has a good team around him, but certainly needs to be careful crossing the street. In recent months, he has added portfolio managers to the funds he was managing directly to spread that burden. I'd be more concerned about the dilution of his attention. His firm has added quite a few funds under the GQG banner. It bears watching.
FYI...there are some international dividend focused funds in his family, newly launched, that I'm also eyeing.

Your portfolio of international holdings is far greater than mine. I scaled back a few years ago, when the US repeatedly outperformed. Now, with only a 10% allocation I realize I'm a bit under-capitalized in that area. I've found it harder to slice and dice the international funds into growth/value/small cap/large cap as compared to domestic, and wonder about the utility in that exercise.
What I ended up doing is to find a fund manager who has a good track record, and go there. I've invested with Rajiv Jain at Goldman Sachs GQG Partners for several years with GSIHX (International) and have been very pleased. I recently established a position in GQGIX (Emerging Markets). What I like about that specific EM fund is that it's about 55% in India and Brazil.
Since you appear to have a foothold in developed international markets, you may want to think about an EM position. Frankly, since I'm a bit adventurous, I'm even thinking about a focused India fund.

The exodus at Matthews Asia continues...
Sharat Schroff will leave Matthews Asia at the end of the month.
He joined the firm in 2005 and comanaged Matthews Pacific Tiger and Matthews India.
It was also disclosed that Taizo Ishida and John Paul Lech left Matthews Asia on December 19.
They joined the firm in 2006 and 2018 respectively.
"Speaking to Citywire Selector regarding these most recent changes, Cooper Abbott said:
‘Since my arrival at Matthews, we have made some changes, all with the goal of improving
investment results for our clients. A strong investment culture seeks to continually strengthen
investment focus and outcomes. That is what we are doing. Recent investment personnel
terminations are testament to Matthews’ dedication to investment results, making changes
where they are necessary to drive long-term alpha.'"
Article below may be paywalled.
https://citywire.com/selector/news/matthews-asia-s-pacific-equity-fund-under-review-as-veteran-exits/a2432941

https://seekingalpha.com/article/4505337-tax-loss-harvesting-definition-rules-examples
Maybe others, like e, did not know any trades for tax losses have to settle by 12/29 so Weds is deadline

The graphic is set for the 5 days ending December 22, Friday; for the best to worst % returns in select etf categories. One may then also select the one month column to align the one month return best to worst; or for the other listed time frame columns.
ADD an etf performance of your choosing, if you desire.
Remain curious,
Catch