@Sven , yes...actively managed funds should continue to outperform I think. I would love to have Parametric design a compact yet diversified bond ladder for me, but with Schwab that includes a pair of fees which might be cumbersome.
Pundits suggest perhaps a bump in rates December/January, then a wait to see what may break. Outside of a black swan event, 1Q might be a good entry point.

Check out the M* HSA article that YBB referenced.
M* has published annual evaluations of HSA providers since 2017.
ISTR that the Fidelity HSA was always rated high as an investment vehicle.
FWIW...

Stepped in with an intial 6 figure starter position in CBLDX, bought heavy 2 year T note, buying heavy 1 year Tbill, added smaller amounts to PVCMX and ramping up buys of PHYS.
Have to say, I learned a great deal and enjoyed listening to David Sherman / CrossingBridge on the recent quarterly call. I like to invest with folks who are articulate, experienced in their industry, have focus and great command of their craft and have shown they can execute on their strategies and produce results better than I could on my own. Also with folks who seem to have balance in their lives and have a personality, I don't want eccentric, edgy, screwball types flying the plane I am on or investing my monies for me.
Best Regards,
Baseball Fan

COVER STORY “It’s Time to Stop Crying About BONDs and Buy Them Instead”. 2023 may (hopefully) end the worst-ever 3-yr stretch for TREASURIES. Other investment-grade bonds have also suffered. But the RATES are peaking, and focus should be on what comes next (rather than crying over the spilled milk). Hedge-fund manager Bill ACKMAN has covered his Treasury shorts. Yields are much higher now, and much of the bond return is from their starting yields. Bond prices are related to DURATION and longer-term bonds have more kick (up/down). Taxable bonds are oversold and are more attractive than comparable munis. INFLATION-expectations are moderate around +2.5%. Investment-grade bonds may resume their traditional BALLAST role and 60-40 portfolios also look attractive. RISKS include higher persistent inflation, the FED losing control to BOND VIGILANTES, reduced global DEMAND for Treasuries and DOLLAR. The high short-term yields won’t last and it’s time to extend duration/maturity through intermediate-term bonds and/or bond ladders. Mentioned are funds representing a broad spectrum: VMFXX, PFIAX, AGG/BND, OSTIX, BASIX, BINC (new).
Long-Treasury etf TLT is having a lousy year again (3rd), but investors continue to pour money into it (#3 etf inflows YTD) in the hopes of a turnaround soon (2024?). The better performing HY JNK may do the opposite.
(At MFO, ETF incorrectly hyperlinks to something. So, using etf to avoid that. @Charles)
INCOME. Attractive consumer-staples include CLX, HLN, KVUE (JNJ spinoff), LW, PG; etf XLP.
FUNDS. Ouch! If you own bond index funds, then you are suffering from a 3rd bad year. Indexing is difficult for bonds. Many issues are illiquid and may not trade often. Active bond funds may be desirable in specialized FI areas.
Core – Indexed AGG, BND
Core – Active VCORX
Multisector PONAX (these combine sovereigns, corporates, HYs, EMs)
HY – Indexed HYG
HY – Active BHYAX, RSIVX, VWEHX
Munis – Indexed MUB
Munis – Active HMOP, MDNLX, VWAHX
(by @LewisBraham at MFO)
FUNDS. BERKOWITZ’ LC value FAIRX is doing well YTD due to its 82% of assets in FL real estate developer St Joe/JOE (extreme concentration). Almost 33% of the $340 million AUM fund is held by Berkowitz’s family members and they don’t mind paying 1% ER. The AUM peaked after Berkowitz was named Manager of the Decade by M* in 2010, but there have been persistent outflows since then. Institutional holders may redeem the fund for JOE stock. Investor/personal returns (M* statistic on asset-weighted returns) have been poor. (by @LewisBraham at MFO)
Byron WIEN passed away at 90 (1933-2023). He was well-known for his annual lists of 10 Surprises, 20 Life Lessons, Summer Lunches in Hamptons, etc. His philosophy on predictions (and he made many) was that they were meant to be thought-provoking contemporaneously and it didn’t matter whether they turned out to be right or wrong (and he didn’t keep score himself, but others did). A world traveler, his mobility recently was limited by a hip injury, and he relied on Zoom. A nerdy Chicago kid, he was lucky to get into Harvard. His long career was at Morgan Stanley/MS (retired in 2001), Pequot, Blackstone/BX (2009- ). He was quoted often in the media and in Barron’s which did a Cover on him in 2016. He noted that sleep is more critical than diet or exercise. A multimillionaire, he lived modestly – he flew commercial; brought leftover restaurant food home; didn’t move from NYC to FL “because” he wasn’t a billionaire to avoid taxes. His philanthropy was for people who needed help and support rather than for arts and museums. He did endow 2 professorships at Harvard and also funded several scholarships there. He was married twice but didn’t have children and had many godchildren.
RETIREMENT. According to a study by MetLife/MET, 75% of employees could benefit from high-deductible health plans (that is poor naming/framing) and HSAs. But only 45% of employers offer HSAs and only 29% of employees use HSAs. The employee benefits are from lower plan premiums and because the HSA funds can be used tax-free for qualified medical expenses and in retirement (so, it’s like a super-401k/403b). HSAs are also portable. But HSA contribution must stop when Medicare begins; however, the HSA-funds can still be used for medical expenses. (Incorrect MFO hyperlink for HSA)
https://ybbpersonalfinance.proboards.com/board/12/market-insights

I thoroughly enjoyed reading that column every year. If nothing else it got one thinking "what if."
Article

Outflows were significant for many funds with the largest estimated capital gains distributions.
"Diamond Hill Small Cap Fund DHSCX will likely make a whopping 23% distribution. In the 12 months ending in September, the fund’s assets have shrunk by nearly 25% owing to outflows."
"Delaware Ivy Value IYVAX has suffered outflows of almost 50% this year, which has contributed to almost a 30% estimated distribution."
"Two Federated Hermes strategies, Federated Hermes Kaufmann Large Cap KLCKX and Federated Hermes Max Cap Index FMXKX, will likely distribute roughly 25% in capital gains. Federated Hermes Kaufmann large Cap has seen an estimated 22% of its assets leave as outflows so far in 2023."
"Ironically, J.P. Morgan Tax Aware Equity JPDEX will likely distribute at least 20%; the $828 million in assets fund has seen more than $240 million in outflows in 2023."

@yogibearbull ...no doubt you've seen this article:
"It’s Time to Stop Crying About Bonds and Buy Them Instead"
https://www.barrons.com/articles/should-you-buy-bonds-now-3f5c6efa?mod=djem_b_preview_20231027

This filing shows a new address for DGIFX:
https://www.sec.gov/Archives/edgar/data/915802/000139834423019814/fp0085783-1_497.htm
FINANCIAL INVESTORS TRUST
Disciplined Growth Investors Fund
(the “Fund”)
SUPPLEMENT DATED OCTOBER 27, 2023 TO THE PROSPECTUS
DATED AUGUST 31, 2023
Effective immediately the following change is made to the cover of the Prospectus:
The Disciplined Growth Investors Fund,
PO Box 219554
Kansas City, MO 64121-9554
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

@Old_Joe Agreed...so your out, as is larryB, Observant1, Crash, davidmoran, Baseball_Fan, and myself. You started it, so stick to your guns & disappear, loser!

@Old_Joe...like a typical lefty, TDS infected loon, you fail to see the facts. You attack me for " injecting scurrilous & vile political comments" when I was just adding additional FACTS to the initial post of this thread that mentioned "the nomination of a 4 time indicted grifter" yet once again failed to mention the underlying cause of the nations many issues, 99.9% brought on by this total failure of mound of skin & bones that occupies the White House 1 or 2 days a week.
And yes, MFO has become a den of leftist hatred for anything common sense because of folks like you that can't keep you lefty nonsense to yourself and stick to discussing investments. You really need to see someone for your condition, TDS has infected your entire life.
And I do enjoy soooo ruffling the snowflakes here...it's actually quite hilarious to read what utter buffonery they come up with to try & blame everything on the Orange Manace. You have no idea how hard I am laughing as I write this.

+1

@Old_Joe The biggest issue facing America in 2023 may be that almost half the country supports the “crime lord” who lost the election in 2020. That is THE ISSUE of our time.

I tend to agree. No soul. No ethics. Empty shell. And they flock to him.
Orwell: "With enough beer and football, they were easy enough to control."
Uncle Adolf, to Lord Halifax, 1937: "Shoot Gandhi, and if that does not suffice to reduce them to submission, shoot a dozen leading members of Congress; and if that does not suffice, shoot 200 and so on until order is established. You will see how quickly they will collapse as soon as you make it clear that you mean business."
Trumpster: "I could go out on 5th Avenue and shoot someone and get away with it."
(Let us hope the Orange Disgrace cannot wiggle out of all of the charges against him currently!)

https://www.sec.gov/Archives/edgar/data/1545440/000158064223005741/blueprint_497e.htm
October 26, 2023
BLUEPRINT ADAPTIVE GROWTH ALLOCATION FUND
Investor Class (BLUPX)
Institutional Class (BLUIX)
A Series of Ultimus Managers Trust
Supplement to Summary Prospectus, Prospectus, and Statement of Additional Information
dated June 28, 2023
This supplement updates certain information in the Summary Prospectus (“Summary Prospectus”), the Prospectus (“Prospectus”) and the Statement of Additional Information (“SAI”) of the Blueprint Adaptative Growth Allocation Fund (the “Fund”), a series of the Ultimus Managers Trust. For more information or to obtain a copy of the Fund’s Summary Prospectus, Prospectus or SAI, free of charge, please visit the Fund’s website at www.blueprintmutualfunds.com or call the Fund toll free at 1-866-983-4525.
Closure and Conversion of Shares
On December 8, 2023, all existing shares of the Investor Class of the Fund will be converted into shares of the Institutional Class of the Fund (the “Conversion”). There will be no fees charged in connection with the Conversion. After the Conversion, the Fund will offer only a single class of shares – the Institutional Class.
The Conversion is not considered a taxable event for federal income tax purposes, and no action is necessary on your part to effect the Conversion. Shareholders should consult with their own tax advisors to ensure proper treatment on their income tax returns.
Shareholders may continue to purchase and redeem Investor Class shares of the Fund on each business day until the Conversion on December 8, 2023.
After the Conversion, all references to the Investor Class of the Fund are hereby struck from the Fund’s Summary Prospectus, Prospectus and SAI.
Change in Minimum Initial Investment Amount of Institutional Class
Also, effective on December 8, 2023, the following replaces, in its entirely, the sub-section entitled “Minimum Initial Investment”, in the section entitled “Purchase and Sale of Fund Shares”, on page 6 of the Summary Prospectus and on page 11 of the Prospectus:
The minimum investment amount is $5,000 for all accounts.
The following replaces, in its entirely, the sub-section entitled “Minimum Initial Investment”, in the section entitled “How To Buy Shares”, on page 32 of the Prospectus:
The minimum initial investment amount for all accounts in the Fund is $5,000. This minimum initial investment requirement may be waived or reduced for any reason at the discretion of the Fund.
If you have any questions regarding the Fund, please call 1-866-983-4525.
Investors Should Retain this Supplement for Future Reference.

Wonderful thread linked by Catch from 2018 and remembrance of Flack. Thank’s @Catch22. Lots of laughs there. And I did remember there was a bit of “tension” between him and @MJG … :)

@David_Snowball,
Thanks for the post. Any reason you did not want to post this as an update to your Oct 12 thread OP?
Also, have you looked into CRDBX, another tactical fund shop? Would love to get your thoughts on this shop and the fund. Interesting that these guys continue to find their signals in the long side - one can see that from the fund’s price action. Not for the faint of heart for sure.
Thanks.

Some may not have wanted to open an account elsewhere for a cheaper S&P 500 fund. And until recently (2021) one couldn't invest in an S&P 500 ETF commission free using TRP's brokerage.

Not until 2021? Sheesh, that's incredible. But then again, they make their $$$ from fees, so it's understandable, if not necessarily helpful.
I wonder if that Rydex S&P500 passive index mutual fund is still available -- the one with like a 1.5% ER. *shakes head* Wouldn't surprise me to see it is, and that there are people likely still being put into it by advisors or managers.

All three OEFs mentioned in the OP are likely in a lot of 401(k) plans. Assuming that is true, contributing factors to net inflows could be -
Many participants do not change their allocation of contributions more than once or twice a year, if that.
Many participants tend to be less averse to short to medium term losses in their 401(k) accounts relative to their taxable accounts.
Many 401(k) plans are strict about frequent trading.

Not too surprising. Given its relatively high ER (currently 0.20%), the only raison d'être I could ever see for this fund was as a convenience for T. Rowe Price investors.
Some may not have wanted to open an account elsewhere for a cheaper S&P 500 fund. And until recently (2021) one couldn't invest in an S&P 500 ETF commission free using TRP's brokerage.

@rsorden: The incompetent buffoon crime lord lost the election in 2020 and is now facing 91 counts of criminal activity.

https://www.sec.gov/Archives/edgar/data/918294/000174177323003563/c497.htm
497 1 c497.htm
FOR EXP STAT AND SUMMARY STICKER 10-26-23
T. Rowe Price Equity Index 500 Portfolio
Supplement to Prospectus and Summary Prospectus dated May 1, 2023
At a Board meeting held on October 23, 2023, the fund’s Board of Directors approved the liquidation and termination of the fund. The liquidation is expected to occur on April 26, 2024 (“Liquidation Date”). Prior to the Liquidation Date, the assets of the fund will be liquidated at the discretion of the fund’s portfolio management and the fund will cease to pursue its investment objective. In anticipation of the liquidation, effective April 12, 2024, the fund will be closed to new insurance providers or existing shareholders to purchase fund shares. After the fund is liquidated, the fund will no longer be offered to shareholders for purchase.
The date of this supplement is October 26, 2023.
E308-041 10/26/23