Interesting read that may have big impact on Tesla stock, a big component in S&P 500 index.
https://businessinsider.com/elon-musk-problems-twitter-x-tesla-gamble-luck-run-out-2023-12

Anticipating PRWCX year-end payout. Already tucked away: PRNEX, PRFDX. And the monthlies from the bond funds. My biggest yield among my 5 single stock picks is ET, oil/gas midstream. I'd be glad to see management reduce debt, but in the meantime, they are making good on the promise to elevate divvies back to where they were, pre-pandemic. Time to take a breather from all of the acquisitions. Some folks own enough of ET to almost pay for their mortgage. Jayzuz. BHB paid on the 15th, too. Tasty. Stinky start to 2023. Truly not bad, at this point, with 2 weeks to go until the New Year.

Just posted all ratings to MFO Premium site through November using Refinitiv's data drop dated 15 December.

15 Dec., '23. Rick Rieder, BlackRock.
https://www.bloomberg.com/news/videos/2023-12-16/wall-street-week-12-15-2023

Hate to say it, but mostly a plug for his new ETF.
OK - Some insights into the trend away from mutual funds into ETFs and how the investment processes differ somewhat, but you had to listen hard to catch it.

Thank you @bee. I actually don't view these too often, but I had to listen to Giroux.
Some interesting relevance to recent posts here at MFO around, AI, AI used in Health Care, high quality junk, a 5 yr outlook on their stock picks (GE for an example finally paying off after 3 years), maybe time for HC, industrials and utilities in 2024 (I've noticed some here mentioned selling their HC holdings and disparaging utilities after 2023 underperformance).
But the biggest thing I learned, his name is pronounced Gir-ooh, not Gir-O, which I've always called him :)

Rieder was interviewed Friday on Bloomberg WSW. Folks are probably already familiar with BINC which opened in May. Here’s a short excerpt from this week’s Barron’s:
”On Thursday, BlackRock became the latest to launch an actively managed bond ETF with the debut of an ETF version of its popular total return mutual fund. The BlackRock Total Return ETF is the second active ETF (BRTR) managed by Rick Rieder, CIO of global fixed income. In May, BlackRock unveiled the Flexible Income ETF, which now has $413.4 million in assets.The investor share class of the $18 billion BlackRock Total Return mutual fund—a Morningstar three-star gold-medal fund—has delivered annualized total returns of 3.97% over 15 years, beating 63% of its intermediate core-plus bond peers, according to Morningstar.”
Rieder indicated the newer ETF is very similar to the above mentioned mutual fund, What I don’t understand is the difference in risk (credit quality / duration / hedging) between the two new ETFs (BINC vs BRTR)? Which is more conservative? Which is expected to outperrform?
Your insights appreciated.

From
LINK
https://www.barrons.com/magazine?mod=BOL_TOPNAV
FUNDS. In the ETF performance race YTD, #1-ARKK, #2-FBCG, but they got there in very different ways. Also, FBCG is a long-term winner.
FUNDS. HEDGE-funds are suing the SEC over new reporting and disclosure rules for short-selling, swaps and securities-lending. They are arguing that the interrelated nature of these activities makes these rules problematic. Some fund firms (Price/TROW, etc) and university endowments (Harvard, etc) are also complaining about the new rules. New rules may affect how the activists operate – they make the news, but their long-term influence on valuations has been mixed.
FUNDS. Forget cheap small-caps (R2000), the micro-caps are super-cheap. The economy avoiding recession and the Fed cutting rates in 2024 will provide the needed spark as these companies live and breathe in debt. Mentioned are several micro-caps with P/B in the range 0.8-1.9 – AVALX, BRSIX, BRSVX, FRMCX, OBMCX, PVIVX, WAMVX; ETF IWC; included for comparison are R2000 IWM (P/B 1.6), SP500 SPY (P/B 3.6). (P/B is fine for newer companies and most financials; but even Warren Buffett has given up talking about P/B for BRK, although others continue to do so.) (By @LewisBraham at MFO)
EXTRA1, FUNDS. Now BlackRock/BLK has core-plus active ETF BRTR (earlier, multisector BINC). It will be a cousin of its OEF MDHQX / MAHQX (NTF/no-load at Fidelity and Schwab). Vanguard also introduced core VCRB and core-plus VPLS. (Of course, active bond ETFs have been around for years – BOND, FBND, TOTL, etc, so these late entrants are just catching up, but making noises about a new ETF revolution that is in the active equity ETFs, not active bond ETFs.)
EXTRA2, FUNDS. There is always hope that stock-pickers will do better. Several active large-cap OEFs are mentioned – CGWRX, DODGX, HHDVX, HWAAX, LGVAX, MRFOX, OAKLX, OAKMX, SVFAX.
EXTRA3, FUNDS. BREAKING News – Allocation 60-40 has been found alive again, this time by Vanguard. (of course, Vanguard also has a very comprehensive and solid lineup of allocation funds).
RETIREMENT. Fidelity says that 20% of retirees haven’t yet taken their RMDs. Deadline is 12/31/23 (really, 12/29/23 this year) and there are stiff penalties for missing RMDs. They are based on prior yearend balances and some consolidation rules apply. Several firms offer RMD services. Those who don’t need RMDs for expenses may consider QCDs that don’t flow through income.
(EXTRAS from online Friday that didn’t make the weekend paper version)

@catch22, but the most wonderful sector for the week was banking, KRE (regional) +8.1%, KBE +7.51%. Not found in your LONG list.

The graphic is set for the 5 days ending December 15, 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.
Remain curious,
Catch

15 Dec. '23. Vonnie Quinn is almost understandable. She's in for Sonali Basak.
https://www.bloomberg.com/news/videos/2023-12-15/bloomberg-real-yield-12-15-2023-video

15 Dec., '23. Rick Rieder, BlackRock.
https://www.bloomberg.com/news/videos/2023-12-16/wall-street-week-12-15-2023

https://www.sec.gov/Archives/edgar/data/1018170/000119312523296634/d596119d497.htm
497 1 d596119d497.htm HARDING, LOEVNER FUNDS, INC.
Harding, Loevner Funds, Inc. (the “Fund”)
Supplement Dated December 15, 2023 to the
Summary Prospectuses for Global Equity Research Portfolio, International Equity Research Portfolio and the Emerging Markets Research Portfolio (“Summary Prospectuses”), each dated February 28, 2023
and Prospectus for Institutional Investors (“Prospectus”) and Statement of Additional Information (“SAI”), each dated February 28, 2023, as supplemented
Global Equity Research Portfolio
Institutional Class HLRGX
International Equity Research Portfolio
Institutional Class HLIRX
Emerging Markets Research Portfolio
Institutional Class HLREX
IMPORTANT NOTICE
The Board of Directors (the “Board”) of Harding, Loevner Funds, Inc. (the “Fund”) has approved a Plan of Liquidation (the “Plan”) with respect to the Global Equity Research Portfolio, International Equity Research Portfolio and Emerging Markets Research Portfolio (herein, the “Portfolios”), each a series of the Fund.
Pursuant to the Plan, each Portfolio will liquidate substantially all of its assets, satisfy known or reasonably ascertainable liabilities, and distribute the remaining liquidation proceeds to its shareholders in redemption of all of the issued and outstanding shares of the Portfolio, as further detailed below. This process is expected to conclude on or about January 31, 2024 or such other date as an officer of the Fund, in his or her discretion, may determine (the “Liquidation Date”).
After the close of business on December 18, 2023, the Portfolios will be closed to investments from new investors (a “soft” close). Investments from existing investors will be permitted until the close of business on December 29, 2023. Thereafter, no further investment may be made in the Portfolios (a “hard close”). Prior to the Liquidation Date, shareholders of each Portfolio may (i) exchange their shares of the Portfolio for shares of the appropriate class of any other portfolio of the Fund that is open to investment, subject to the requirements and limitations in that portfolio’s prospectus; (ii) remain invested in the Portfolio; or (iii) redeem their shares at any time in the manner described in the Prospectus.
Prior to the Liquidation Date, each of the Portfolios will engage in business activities for the purpose of winding up its business and affairs and transitioning its assets to cash and cash equivalents, in preparation for the orderly liquidation and subsequent distribution of proceeds to remaining shareholders. Depending on a Portfolio’s holdings, market conditions and other factors, a Portfolio, as a result of a faster transition of its assets to cash and cash equivalents, may not be fully invested in portfolio securities for a period of time until the Liquidation Date. During this transition period, a Portfolio may no longer be pursuing its investment objective or be managed consistent with its stated investment strategies. This is likely to impact a Portfolio’s performance. Shareholders who remain invested in the Portfolios may bear increased brokerage and other transaction expenses relating to the sale of portfolio investments prior to the Liquidation Date.
If a shareholder of the Portfolios takes no action in respect of his or her investment prior to the Liquidation Date, the applicable Portfolio will distribute to the shareholder, on or promptly after the Liquidation Date, a cash distribution equal to the shareholder’s proportionate interest in the net assets of the Portfolio as of the Liquidation Date (a “liquidating distribution”)...

So sorry, @Gary1952. Thanks for the warning. Criminal pig lickers, everywhere.

https://www.sec.gov/Archives/edgar/data/825063/000174177323004048/c497.htm
497 1 c497.htm MS P5 1222
MS P5 12/23
FRANKLIN MUTUAL SERIES FUNDS
SUPPLEMENT DATED DECEMBER 15, 2023
TO THE PROSPECTUS DATED MAY 1, 2023, OF
FRANKLIN MUTUAL FINANCIAL SERVICES FUND (A SERIES OF FRANKLIN MUTUAL SERIES FUNDS)
The Board of Trustees of Franklin Mutual Series Funds recently approved a proposal to reorganize the Franklin Mutual Financial Services Fund (the “Fund”) with and into the Franklin Mutual Global Discovery Fund, each a series of Franklin Mutual Series Funds.
It is anticipated that in the first quarter of 2024, shareholders of the Fund will receive a proxy card and a Combined Prospectus/Proxy Statement requesting their votes on the reorganization. If approved by the Fund’s shareholders, the transaction is currently expected to be completed on or about April 26, 2024, but may be delayed if unforeseen circumstances arise.
Effective at the close of market (1:00 p.m. Pacific time or close of the New York Stock Exchange, whichever is earlier) on or about January 29, 2024, the Fund will be closed to all new investors except as noted below. Existing investors who had an open and funded account on January 29, 2024 can continue to invest in the Fund through exchanges and additional purchases after such date. The following categories of investors may continue to open new accounts in the Fund after the close of market on January 29, 2024: (1) clients of discretionary investment allocation programs where such programs had investments in the Fund prior to the close of market on January 29, 2024; and (2) Employer Sponsored Retirement Plans or benefit plans and their participants where the Fund was available to participants prior to the close of market on January 29, 2024. The Fund will not accept any additional purchases or exchanges after the close of market on or about April 24, 2024. The Fund reserves the right to change this policy at any time.
Please retain this supplement for future reference

https://www.sec.gov/Archives/edgar/data/34273/000093041323002620/c107435_497.htm
497 1 c107435_497.htm
Virtus KAR Small-Cap Growth Fund,
a series of Virtus Equity Trust
Supplement dated December 15, 2023 to the Summary Prospectus and the Virtus Equity Trust
Statutory Prospectus and Statement of Additional Information (“SAI”),
each dated January 27, 2023, as supplemented
Important Notice to Investors
Effective January 29, 2024, Virtus KAR Small-Cap Growth Fund (the “Fund”) will be open to new investors. Accordingly, on that date all references to the Fund not being available for purchase by new investors will be removed in the subsections “IMPORTANT INFORMATION FOR INVESTORS” under the heading “How to Buy Shares” in the Fund’s statutory prospectus, and under the heading “PURCHASE, REDEMPTION AND PRICING OF SHARES” in the SAI.
Investors should retain this supplement with the Prospectuses and SAI for future reference.
VET 8019/Open KAR Small-Cap Growth Fund (12/2023)
****** The fund was closed to new investors on September 28, 2018.
https://www.virtus.com/products/kar-small-cap-growth#shareclass.I/period.quarterly

I tried to buy XMHQ today and the B/A spread is 0.15%. It is a $2B fund but the volume is only 150K, with average volume a bit higher but not large relative to its size. Put in a limit order at the current Bid and waited. Eventually it triggered. I expect it will be the same delayed process when it is time to sell.
I had not previously owned a small or mid cap ETF before.

There were a LOT of posts this year about CDs for a LOT of reasons. Here’s my 2 cents on all that.
As background: I’ve been a brokerage, CD (all references here are to brokerage, Call Protected CDs) ladder owner for ~15 years, owned individual CDs many times in the 25 years prior to that, have been active for years in BUYing Secondary Issues, and set up a Revocable Trust, CD portfolio many years ago for HNW relative.
I found the posts to be everything from enlightening to alarming. I was surprised at how little many posters know about CDs and how widespread an overall bias is against them.
The recent, and to some, LONG awaited, months of unusual opportunities in CDs is winding down. For much of 2023, investors had the opportunity to build CD ladders out 5+ years with 5+% or better average annual rates. It was a godsend period for investors who highly regard guaranteed, call protected fixed income.
Some, like me, love to not have to think or worry about the FI sleeve of their portfolio. Some, like me, think that 4%-5+% is a level that is equal to or better than whatever they might get from bond funds over the next 5 years. And even if it’s not, it’s a hurdle at which they say, “Screw worrying about bonds. Gimme the CD X% and lemme worry about/spend more quality time with the higher risk, higher reward part of my portfolio.
Me? I dumped every dedicated bond fund I owned (mostly at EOY 2022) and pared back the number and value of allocation funds with bonds, ending with only about 5% in bonds, down significantly from my levels of the past 5-10 years. The proceeds replaced the lost stock exposure from sale of allocation funds, bought a 5-yr CD ladder paying 5+%, and added the residual (~$50K) to a Total Stock Market Index fund, the latter of which is UP ~24% YTD.
Meanwhile, I was free to spend WAY MORE time on my now 11-fund stock/bond portfolio. The 11 funds are UP between 11% to 76% YTD, yielding a weighted average of UP ~29%.
The main reason CD posts are WAY DOWN has little to do with anyone who bought them NOT being interested in them or happy/satisfied in their BUYs. It has WAY MORE to do with the fact that the opportunities that graciously peaked twice this year are now dwindling-to-gone. I would also guess there are some posters who didn’t quite get the whole CD opportunity thing, passed on it, and ain’t real interested in posting about it now.
The rates that will be available in the coming 6 months, when several rungs fall off my ladder, will still be over MY hurdle. So I’ll be able to have a 5-yr CD ladder in place starting July 2024 at the age of 68. Could NOT be happier with the way all that shakes out. I will be interested, without any hesitation or rear-view remorse, to see how the TRs of the dedicated bond funds I dumped compare to what I replaced them with. Either way, it’s a W for me as I’ve virtually and happily removed bonds from my portfolio, and can spend WAY MORE quality time on the part of my portfolio that makes me real money.
Also, on the posted notion that there have been issues with CD interest payments...
Ugh.
There have been three known issues noted by MFO posters on CD interest payments.
All occurred within about the past year.
All were caused by unique issues that slightly delayed the interest payment (e.g., power outage, bank merger with systems communications issues).
All were resolved and all interest payments were posted to investor a/c's within a reasonable delay period.
So that's three minor issues related to hundreds of MFO posters who have received thousands of interest payments over the past X number of years (in my case, 15 years!).
To me, that is all worthy of a minor footnote, but definitely not worthy of a broad stroke, negative comment about issues with interest payments.
That’s me and my 2 cents, and that's all it is. Take it or leave it.
YMMV.

I am surprised that a fund like USBOX can mimic GQETX so closely ( even with double the ER) and have only $250 million in assets. I am also a little surprised they can get away with such mimicry but I guess 13Fs are public information. It is also interesting that with almost identical portfolios, GQTEX is a M* Gold fund and USBOX only bronze, presumably because of the ER. But does M* believe someone with $5,000,000 to invest is going to be reading their analysis?

Thank you @Gary1952

@Sven - TRP still hasn’t posted details of PRFCX’s holdings, other than the overall asset allocation. According to their website, it’s about 40% domestic stocks, 50% domestic bonds, 5% foreign bonds and 5% cash