AAII Sentiment Survey, 11/22/23
BULLISH remained the top sentiment (45.3%; above average) & bearish remained the bottom sentiment (23.6%, below average); neutral remained the middle sentiment (31.1%, average); Bull-Bear Spread was +21.7% (above average). Investor concerns: Budget; inflation; economy; the Fed; dollar; crypto regulations; market volatility (VIX, VXN, MOVE); Russia-Ukraine (91+ weeks, 2/24/22-now); Israel-Hamas (6+ weeks); geopolitical. For the Survey week (Th-Wed), stocks were up, bonds up, oil up, gold up, dollar down. SEC is talking to crypto filers about changes. Nonprofits controlling for-profits created a live thriller at OpenAI. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1262/thread

@Mark said, ”Small investors playing the FOMO game will be left w/o a chair when/if the music stops”
ISTM Mark feels big money has been selling equities and moving to cash while smaller retail investors are still throwing money into stocks due to FOMO (”fear of missing out”).
I’d agree that’s the way investor cycles typically work. Big money leads the way and than flees early. Smaller investors come late to the party and stay too long. Not sure that describes the entire picture now. If you look beyond the NASDAQ (+36% YTD) and the cap-weighted S&P (+18.7% YTD) some markets (notably small caps) haven’t participated in the rally. And the DJI is up only a modest 6.4% YTD. That’s well below its 37,000+ high reached roughly 2 years ago.

Which begs the question of who do you think is selling out and depositing their funds there? Bezos? Institutions? Small investors playing the FOMO game will be left w/o a chair when/if the music stops.

Huh? Who would not do this when spare cash can now earn 5.3% ??
And what does the last sentence even mean? What is FOMO and music-stopping with mm funds returning this new rate safely?
I myself am puzzled at how ML can offer the slightly higher-rate Fido MM funds (w significant ERs, no less) which are $1M min at Fido itself. Wild.

”The ICI release came in at $5.76 trillion in m-mkt funds on 11/21/23.”
Thanks @ yogibearbull for updating the money flow. Nov. 8 was the most recent I was able to dig up.
I agree with @Old_Joe. I’m waiting for “something to break.” Banks might be the weak link. Don’t know, Suspect this has a lot to do with some recent backing off of the strident central bank talk. Equity markets love it!

The ICI release came in at $5.76 trillion in m-mkt funds on 11/21/23.
Banks have lot of money just sitting at the Fed collecting 5.4% risk-free. Lending business is slow. So, most banks don't need deposits, although some do and are seeking deposits through the expensive brokered CD channel.
True, HTM vs AFS Treasuries on balance sheets remain a huge problem still.
https://www.ici.org/research/stats/mmf

The Week in Charts (11/20/23)
The most important charts and themes in markets, including...
00:00 Intro
00:15 The Road to Lower Inflation (CPI Report)
05:43 More Evidence of Cooling Inflation (PPI, Import Prices)
07:00 Will CPI Decline Again in November?
09:50 Market to Fed: No More Hikes!
13:09 Earnings at New Highs & Stocks Not Far Behind
14:58 The Tech Boom & Bust Cycle
18:14 Manufacturing/Industrial Slowdown
20:33 The Retail Sales Slowdown
25:01 Secular Shift to E-Commerce
26:37 When Debt Matters
30:15 Higher Rates, Lower Homebuilder Confidence
32:30 Thankful for Lower Food Prices
Video
Blog

Just purchased 1-yr treasury auction in IRA and Brokerage accounts at 5.2x. Still not comfortable buying Agencies or CDs. Was also looking to purchase 2-yr treasury auction, but when it dipped below 5% I said, “nope.” Rather stay for now in VG money mkt at 5.3% and .11% ER, for now.

CGDV Non US Equity 6%, Large Value, lower div, Equity holdings = 50. CGDG Non US Equity 45%, Large Blend, higher div, Equity holdings = 76 each. CGDV YTD M* shows percentile category performance 1 out of 1209. CGBL (balanced) added to watch list. Thanks for making me aware of new ETF's.

The beat goes on ….
From Reuters November 3 - https://www.reuters.com/markets/us/us-money-market-funds-draw-biggest-weekly-inflow-seven-months-2023-11-03/
From Bloomberg November 9: -
”About $16.9 billion flowed into US money-market funds in the week through Nov. 8, according to Investment Company Institute data. Total assets increased to $5.712 trillion from $5.695 trillion the week prior.”

@hank: "mutual fund. One conceived back in the ”dark ages” (1986)."
How about 8/31/1976, the inception date of the first publicly available VFINX? 1986 could be a typo too.
In some retirement accounts, similar indexed funds existed even earlier.
BTW, Dave Ramsey made a fool of himself recently when he said on his show that 8% w/COLA withdrawals from all-stock funds were safe and berated others for being alarmists with only 4% w/COLA. He was shown to be incorrect almost immediately in that if one started with 8% w/COLA withdrawals in 01/2000 and an all-stock fund, money would have run out by now.

It occurs to me that the most widely admired, favored, tracked and discussed fund on this forum (over the years) is a mutual fund. One conceived back in the ”dark ages” (1986).
Dave Ramsey voices some opinions on investors and ETFs.
Excerpt - ”Ramsey sometimes gets painted with the ‘anti-ETF’ brush. But to be clear, Ramsey’s all in favor of using ETFs when used properly. For investors who can use ETFs as part of a long-term, buy-and-hold investment program, rather than as trading vehicles, Ramsey has nothing bad to say about them.”

QLTY AUM is missing at most sites (M*, Yahoo Finance, Nasdaq, Fido), including at GMO. But I downloaded its holdings as of 11/22/23 from GMO site, added up the market values of all holdings, and that is $8.01 million. May be this is what they mean by "daily disclosure".

That is how I have been calculating & reporting the AUM.
That means it received about $5M net inflows on 11/21 (minus change in price which I think was very small). Some progress but am still stumped by the lukewarm institutional enthusiasm, given how much GMO brand is in the press and their mutual funds’ high minimums.

QLTY AUM is missing at most sites (M*, Yahoo Finance, Nasdaq, Fido), including at GMO. But I downloaded its holdings as of 11/22/23 from GMO site, added up the market values of all holdings, and that is $8.01 million. May be this is what they mean by "daily disclosure".

Resource needs are different for OEFs and ETFs.
When you buy OEF from a fund firm directly, the administration part (account opening, transactions tracking, yearly 1099, etc) is the responsibility of the fund firm.
3rd party brokerage platforms developed in 1980s, with TFs first, now lots of NTFs, that shift all that work to the 3rd party. Of course, they don't do this for free, but charge platform-fees of 25-50 bps to be on the platform (those are paid for CDs too). Big firms that have their own fund administration arms (Fidelity, Vanguard) don't offer their funds via these 3rd party platforms. Moreover, some Vanguard funds have lower ERs than what these platforms charge, so that is a nonstarter. But retail customers like the convenience of consolidation with these 3rd party platforms, and NTFs and commission-free trading were just gravy. It is also liked by fund boutique firms who can just start 1 or more funds with a handful of portfolio managers, and not much else.
12b-1 fees came into play to make these arrangements explicit, but not all funds use them.
Vanguard went through an interesting transformation recently when it forced all its retail customers to switch from mutual fund a/c to brokerage a/c (still at Vanguard), but it has to maintain the old mutual fund platform anyway for 401k/403b/457, 529, etc.
With ETFs, there is not even the option of in-house fund administration. Customers can only buy those from 3rd party brokers. Of course, brokers do that with stocks and bonds and do charge for their services somehow - explicitly, or hidden in quotes (e.g. for bonds), or make money by lending your securities (from margin a/c).
A recent development is the active equity ETFs. After lot of resistance and delays, the nontransparent-active came first (and were failures), then came semitransparent-active ETFs (those got traction), and now many are just going for transparent-active ETFs. The issue of frontrunning based on daily holdings disclosure looks like a dud. People may do that for Warren Buffett or Carl Icahn, but not for run-of-the-mill fund managers.

I feel increasingly every year we are living in the movie Elysium (2013) with Matt Damon.

+1.

Anybody care to opine on whether an ETF or conventional mutual fund run by the same company / team is a better long term bet? Of course fees are usually lower for an ETF. That’s a big deal. But a conventional mutual fund has a more stable investor base. Might make it easier to manage, providing more latittude for managers. Also, as an investor in a mutual fund with tighter trading restrictions you may feel more committed and less likely to bail out early forsaking bigger gains. Time is more on your side, so to speak, in a mutual fund.
And than I wonder if the institution administering the funds really applies the same level of resources to operating an ETF that might well be pulling in only half the fees that their longer running mutual funds do? Perhaps there are some good comparisons now that ETFs have been around a while, Some 5 / 10 year returns of “companion” mutual funds and ETFs? Indexing is one thing. I’d expect passively managed funds to have similar outcomes. It’s the actively managed ETFs vs mutual funds I’m wondering more about.

https://www.sec.gov/Archives/edgar/data/889284/000139834423020930/fp0086050-1_497.htm
497 1 fp0086050-1_497.htm
Filed pursuant to 497(e)
File Nos. 033-49098 and 811-06719
STERLING CAPITAL FUNDS
SUPPLEMENT DATED NOVEMBER 21, 2023
TO THE CLASS A, CLASS C, AND INSTITUTIONAL SHARES SUMMARY PROSPECTUS, THE CLASS A AND CLASS C SHARES PROSPECTUS, THE INSTITUTIONAL AND CLASS R6 SHARES PROSPECTUS, AND THE STATEMENT OF ADDITIONAL INFORMATION,
EACH DATED FEBRUARY 1, 2023, AS SUPPLEMENTED
This Supplement provides the following amended and supplemental information and supersedes any information to the contrary in the Class A, Class C, and Institutional Shares Summary Prospectus, the Class A and Class C Shares Prospectus, the Institutional and Class R6 Shares Prospectus (collectively, the “Prospectuses”), and the Statement of Additional Information (“SAI”) each dated February 1, 2023, with respect to Sterling Capital SMID Opportunities Fund:
Sterling Capital SMID Opportunities Fund
The Board of Trustees of Sterling Capital Funds has given approval to a proposal by Sterling Capital Management LLC (“Sterling Capital”), the investment adviser to Sterling Capital SMID Opportunities Fund (the “Acquired Fund”), to effect the merger of the Acquired Fund into the Sterling Capital Mid Value Fund (“Acquiring Fund”) (the “Merger”) on or about January 26, 2023 (the “Merger Date”).
The Merger is expected to be a tax-free reorganization for federal income tax purposes. On the Merger Date, any investment in the Acquired Fund will, in effect, be exchanged for an investment with an equal aggregate net asset value in the Acquiring Fund. Therefore, as a result of the Merger, shareholders of the Acquired Fund will become shareholders of the Acquiring Fund. Acquired Fund shareholders will not pay any sales charges, purchase premiums, or redemption fees as a result of the Merger. Prior to the consummation of the Merger, the Acquired Fund expects to reposition certain of its portfolio holdings and expects that it will dispose of approximately 50% of its investments and invest the proceeds of such dispositions in securities currently held by the Acquiring Fund, or in other securities, cash and/or cash equivalents. Accordingly, the Acquired Fund may no longer be implementing its investment strategy in the time period leading up to the Merger. The Acquired Fund will incur transaction costs in connection with this repositioning, and the repositioning is expected to result in the recognition of net capital gains and the distribution of net capital gains to Acquired Fund shareholders. These distributions would be taxable to shareholders. You can find information about the Acquiring Fund and its investment policies and risks, including a prospectus, summary prospectus and Statement of Additional Information, online at sterlingcapital.com/investments/mutual-funds/. You can also get this information at no cost by emailing a request to [email protected], by calling 1-800-228-1872 or by asking your financial representative.
Acquired Fund shareholders will receive shares of the Acquiring Fund’s corresponding share class as part of the Merger. Each Fund’s Class C Shares are subject to a Contingent Deferred Sales Charge (CDSC) of 1.00% on such shares held for less than two years. Each Fund’s Class A Shares purchased in the amount of $1 million or more for which a front-end sales load waiver was received at the time of purchase also are subject to a CDSC of 1.00% on such shares held for less than two years. Class A Shares and Class C Shares received as a result of the Merger will continue to be subject to the CDSC schedule of the shares of the Acquired Fund you originally purchased.
Shareholder approval of the Merger is not required. At any time before the close of the Merger, you may redeem your shares as described in the Prospectuses. Such redemptions may be taxable transactions.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE.
-1-
STAT-SUP-1123

...will be liquidated.
https://www.sec.gov/Archives/edgar/data/1618627/000139834423020960/fp0086061-1_497.htm
THE RBB FUND TRUST
The Energy & Minerals Group EV, Solar & Battery Materials (Lithium, Nickel, Copper, Cobalt)
Futures Strategy ETF (the “Fund”)
(NYSE Arca, Inc.: CHRG)
November 21, 2023
Supplement to the Prospectus and Statement of Additional Information, each dated December 31, 2022,
as supplemented (the “Registration Statement”)
The Board of Trustees (the “Board”) of The RBB Fund Trust (the “Trust”), based upon a recommendation from The Energy & Minerals Group Advisors, LLC, the investment adviser to the Fund, has determined to close and liquidate the Fund. The Board concluded that it would be in the best interest of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Trust effective as of the close of business on or about December 15, 2023 (the “Liquidation Date”). Accordingly, the Board approved a Plan of Liquidation and Termination (the “Plan”) that sets forth the manner in which the Fund will be liquidated. The Liquidation Date may be changed without notice at the discretion of the Trust’s officers. Shares of the Fund are listed on the NYSE Arca, Inc. (the “Exchange”).
Effective as of December 11, 2023, the Fund will cease following its investment objective and begin liquidating its portfolio assets. This will cause the Fund to increase its cash holdings and deviate from the policies and strategies stated in the Fund’s Registration Statement. The Fund is anticipated to be invested almost exclusively in cash and other liquid assets by December 13, 2023.
The Fund will no longer accept orders for new creation units after the close of business on December 11, 2023, and trading in shares of the Fund will be halted on the Exchange prior to market open on December 15, 2023. Until market close on December 14, 2023, the Fund’s shareholders may sell their shares of the Fund on the Exchange and may incur the usual and customary brokerage commissions associated with the sale of Fund shares. During the time between market close on December 14, 2022 and the Liquidation Date, the Fund’s shareholders may only be able to sell their Fund shares to certain broker-dealers, and there is no assurance that there will be a market for the Fund’s shares during that time period. Customary brokerage charges may apply to such transactions.
Pursuant to the Plan, as soon as practicable after the Liquidation Date, the Fund will distribute pro rata to all remaining shareholders of record as of the close of business on the Liquidation Date (“Shareholders”), all of the remaining assets of the Fund in complete cancellation and redemption of all of the outstanding shares of the Fund (“Liquidation Distributions”). These Liquidation Distributions are taxable events. Shareholders should contact their tax advisor to discuss the income tax consequences. In addition, these Liquidation Distributions to Shareholders will include accrued capital gains and dividends, if any. As calculated on the Liquidation Date, the Fund’s net asset value will reflect the costs of closing and liquidating the Fund, if any. Once the Liquidation Distributions are complete, the Fund will terminate. Proceeds from the Liquidation Distributions will be sent to Shareholders promptly after the Liquidation Date.
Please retain this Supplement for future reference.

Stillers said, ”Then, after upwards of 5 grueling hours of upper echelon chit-chat, and an uncountable number of lost balls, strokes and cigarettes, one of them stiffs me for the standard $1 tip, instead tossing me four bits. I head to the highway to hitch-hike home with my measly $7, while they toss back a few in the club bar before jumping in their Cadillacs and Jags.”
Too funny. When I caddied in the ’50s /’60s at a pretty exclusive club the standard fare for 9-holes was $1.50. So everyone, of course, gave us $2.00. Well, everyone that is except Ol’ Houston - who always paid just $1.75. Can still see him methodically counting those quarters out! We kids dreaded the assignment. Geez - drove a big white Chrysler Imperial - top of the line. And paid a 25-cent tip!