John Rekenthaler articles makes a few important points:

while value and growth stocks might seem the unlikeliest rebalancing opportunity, as they are subsegments of the same investment universe, their fortunes have substantially diverged. In 2022, the Morningstar US Growth Index shed 36.7% of its value, while the US Value index lost less than 1.0%. That was the opportunity that rebalancing seized

At present, do we all have a favorite LCV Fund that we can reallocate LCG outsized gains?

in this universe, as opposed to the alternative world of hypothetical studies, assets don’t regularly record the same long-term returns. Which begs the question: Over that same 9.5-year period, using the same portfolio assumptions, what was the actual benefit of rebalancing?
Not much, as it turns out.

I try to discipline myself to "milk" the cow when I am blessed with a 20% + gain (YTD) in my portfolio...where to put it is the more difficult question.

Swapping between growth and value stocks remained helpful. Otherwise, though, rebalancing reduced the portfolios’ returns.

The rebalanced portfolio may forgo some gains, but it will not surrender its relative safety. Consequently, the risk/return trade-off remains intact. That said, there may, in fact, be a trade-off, rather than an unambiguous benefit. Rebalancing can provide a free lunch—but, as this column has shown, it does not always do so.

when-rebalancing-creates-higher-returns-and-when-it-doesnt?

I have the answer @hank. I just checked my Roth, 401k and T IRA accounts, which I try to manage as one portfolio, and the answer to your question is 15. 16 if you add cash that I group as treasuries, CDs and MM. No more, no less should be used!
I'm being facetious. That just happens to be where I'm at. As you know it is totally up to the individuals comfort level. I try to follow a rule though that says less than 5%, why bother... which I regularly break. But that's just me.

L-S lite, 130-30 L-S funds were popular at one time. Fido also had one too. When that fad passed, firms changed the names.
Something similar is going on for ESG now.

Thanks Dennis. My follow on question would be when this fund was started by VELA, was it called something else? Specifically large cap 130/30?
And if so why the name change? I do recall an article from JR at Morningstar in which the article didn't have overly positive things to say about the 130/30 style funds.
Also question for Vela, how does the fund differ from a 130/30 and is VELIX run in a similar fashion as the Long short fund Mr Dillon ran at the other place and if so all things being equal which they aren't could one read anything into that?
Best regards
Baseball fan

I turn 70 this month, but have heirs in mind. I suppose I'm more aggressive than others would be at my age. Wife is almost 20 years younger. One grown son.
I don't want to add any more positions. Including "cash," I'm already at 11. Market right now is overbought, so I'm growing cash.
I want my funds to give me diversification. More and more, dividends matter to me. I want at least a 3% yield. Some of my stuff offers quite a bit higher yield. My single stocks (there are 4) give me sector exposure:
1) Regional bank. 5.4% of total.
2) Telecom, media. 1.59% of total.
3) oil/gas midstream. 5.49% of total.
4) oil/gas pipe manufacturer. 1.06% of total.
...So, the single stocks are at about 13% of total.
"K.I.S.S." it. After transferring out of BRUFX, we put my wife's IRA $$$ into a conservative allocation fund: WBALX.
In my own IRA, there are 4 funds. Two are junk bonds. I do keep a sharp eye on how they behave, but they both are the most un-volatile holdings I own right now.
There is a tiny amount in the Fallen Angels ETF. FALN.
Cash 4
Domestic stocks 47
Foreign stocks 6
Bonds 40
"other" 3

I really simplified this year from many to three plus some T-bills and cash. I'm totally in as an indexer in equities holding VOO and VONG for a little kick. I started comparing every new idea I had to VOO and few beat it so I said what the heck. Bonds I'm all in on PIMIX. Had its heyday and not always the best the last few years but good enough for my bond side and it's doing much better recently. ~7%+ last 12months. Asset allocation is more important to me than jumping around looking for the best fund.

“To each his own, it’s all unknown.” Bob Dylan. 1970. Hank. You are an experienced investor and your allocation is what’s right for you at this stage of your life. I advise my affluent youngest daughter with her allocation and I always have to remind myself that asset allocation is so different for a 33 year old compared to a 75 year old. she has four funds and so do I but the mix is wildly different. Age matters.

This has been tossed around & debated before. But it’s Sunday and the board is a bit slow. We all learn / evolve as investors. In addition, aging may affect our approach. My approach today is different than 5, 10, 20 years ago. Yours probably is too. About a year ago I simplified things by moving to a 10 fund equally weighted portfolio (with regular rebalancing). I expect it to be diversified enough to experience down years no greater than 7-10% or bear market losses no greater than 20%. It hasn’t yet been tested. I add / reduce risk as desired by swapping out funds. When using individual stocks, 3 combined typically count as one 10% weighting. Right now I’m underweight equities at 37% of portfolio. A more normal weighting would be 40-45%.
- 10% Cash / cash alts
- 10% Balanced (domestic)
- 10% Balanced (global)
- 10% Long-short (fund A)
- 10% Long-short (fund B)
-10% Global infrastructure
- 10% Arbitrage income
- 10% Investment grade bond (5+ year duration)
- 10% Investment grade bond (1-3 year duration)
- 10% Risk premia (PRPFX)
That comes to 10 positions. I can add / reduce risk by exiting one position and substituting a more aggressive or conservative one. The advantage of 10 as I see it is simplicity. I’ve considered cutting back to 8 or even 5. If 8 positions, each would count 12.5%. If 5, each would equal 20%.
PS - Feel free to criticize this. It won’t deter me, but might be enlightening or even amusing. Has anyone tried something similar?

Yes, as a Long/Short Equity Product, VELIX is worth considering. It's a 3.8 year-old fund with only $67M in AUM. Its LT APR is 15.6%. It does well on the downside (202201-202209) beating the SP 500 by 10.4%; however, Immediately afterward (202210-202406), it lagged by -10.8. Versus the SP 500, its 3/yr. performance is -2.1%; its 1/yr is -7.8% ((Source MFO Premium). It's not a GO, which as you may know, has a high bar.) When I wrote the profile, the fund was 80% Long. I'm waiting for a response from the co-manager if that's still accurate. Typically it is long. Attached is the fund's 2Q commentary from Ric Dillon, CIO and CEO. Let me know if you have further questions or concerns.
https://funddocs.filepoint.com/vela/?file=VELA-LargeCap-Commentary.pdf

One important takeaway is that it’s still preferable to roll Roth 401k/403b into Roth IRA.
Levine’s interpretation of an obscure clause is that when beneficiaries are “Designated-Non-Eligible” (a common situation), and death occurred after the RMDs had started, the annual RMD requirement is avoided in Roth IRA (but not when participant held both 401k/403b and Roth 401k/403b); emptying within 10 year is still required.
This complication may be because of the different ways that plans can handle accounting for 401k/403b (distinct vs proportional by contributions).
https://ybbpersonalfinance.proboards.com/post/1559/thread

This just goes to show how slow I can be in catching up on changes.
T. Rowe Price launched its series of quantitative management (QM) funds about 8 years ago (April 2016) but changed them to use an "integrated" strategy (combining fundamental analysis and quant models) a year ago (April 2023).
April 2016 QM series announcement
My impression of the QM series is that they were respectable (often 4*) funds offered at a reasonable price, at least compared to actively managed funds. In the 16 months since this change (really too soon to judge) the funds seem to have continued their solid performance. PRDSX remains in the top quartile (barely); TQSMX has moved into top quintile, TQGEX is in top third (a little better than past years), TQMVX had somewhat poorer performance, though generally top third starting in 2021.
What T. Rowe Price is doing may be similar to how MFS's "blended research" funds work. MFS describes its process (in phrases as fuzzy as TRP's) as combining a fundamental research stock score and a quant score into a single score, then optimizing (read: reweighting) the overall portfolio to roughly track the reference index. Unlike MFS, T. Rowe Price seems to be giving the final portfolio a bit more slack and focusing more on individual issue selection.
(See, e.g. MUEAX summary prospectus)
Ultimately, figuring out what these funds are doing is like reading tea leaves. Given that TRP seemed to do okay with its QM funds and if anything a little better after adding back the "human touch", its "integrated" funds may be worth a closer look. Not as barn burners, but as solid and reasonably priced actively (or pseudo-actively) managed funds.

July 20th Episode Crypto Expert Matt Hougan:

BLNDX / REMIX name has "Multi-Asset". I checked that those include stock ETFs, long-short derivatives and cash-equivalents to support derivative positions - and that it!
This isn't what a typical multi-asset fund has - stocks, bonds and alternatives (that may include some derivatives).
It has certainly done well. The fund inception was 12/2019 and the AUM is $1 billion. Right out of the gate, it managed the pandemic well, and then avoided the 2022 selloff. That is handling 2 tough events well in its short life. But posters should be cautious with funds with unusual strategies - the hot hands may cool or Lady Luck could look the other way.
Here is @David_Snowball's feature on it in January 2024 MFO,
https://www.mutualfundobserver.com/2024/01/standpoint-multi-asset-fund-blndx-remix/

Here is a link to the current portfolio which is updated monthly - https://funddocs.filepoint.com/standpoint/?file=Standpoint-Portfolio-Holdings.pdf

19 July, 2024:
https://www.bloomberg.com/news/videos/2024-07-19/wall-street-week-07-19-2024-video
Moynihan. Tyson. Rattner is particularly lucid, smart.

Thanks, Dennis, and appreciate the update.
"The fund . . . doesn't have the tech high flyers in it ..of course I don't think you can also say the stocks it holds are low valuation either." On point!
I already assumed they are more likely to sell than to buy. Also, because of the high valuations of the stocks it holds, those holdings could easily see material price drops if the current risk off mood continues. Yesterday, the fund gave up 1.32%. At 25% cash, that is equivalent to a drop of 1.76% in its investments, reflecting the high valuations of its holdings. That is bigger than the drop in any holdings in my portfolio yesterday.
As a concentrated portfolio (18 stocks), I just hope they do not buy / hold anything going forward that can get into political cross hairs / pronouncements. That is the part that makes me nervous going forward and why I am reducing / eliminating individual stocks in my portfolio.

+1.
Interestingly, I too put it in my portfolio tracking under Allocation.
I do think YBB's caution to watch after buying this (unlike with PRWCX and FBALX) is good. The fund is expected to do well in a trending market and vice a versa.

It's been a very good fund for me. I bought in 2021-2022. It had a mediocre 2023, but over it's history, it has delivered as well or better than PRWCX and FBALX, 2 balanced/alternative funds I also own. It's doing better than these 2 funds YTD and, in fact, since inception it has blown these 2 away.
Thanks for the warning @BaluBalu, but I intend to stay a "long" :)

19 July, 2024:

...what do you mean “Energy Services” stocks? SLB and HAL (sorry for the ignorance), or pipelines/drilling stocks? Good point that increased supply will mean lower prices (good for consumer, arguably, but less good for energy stocks). Maybe energy transportation stocks, as the US would likely be exporting more energy (especially LNG). I have held in the past OKE (but sold about $20 lower price! *face palm*), ENB, WMB, KMI. Pipeline companies trade more correlated to oil than they probably should. But these are NOT K-1 issuing companies...
*********************************************
I own:
TS which actually MAKES the pipes suitable for deepwater drilling and other very specialized uses. SEAMLESS pipes, in particular. It's been running hot and cold for me.
ET is oil/gas midstream LP. So, K-1 tax form. It's been a winner for me, and is still undervalued.
https://www.tenaris.com/en
https://www.energytransfer.com/
https://www.bnnbloomberg.ca/investing/2024/07/14/kuwait-announces-huge-oil-and-gas-discovery-in-offshore-field/

https://www.sec.gov/Archives/edgar/data/1342947/000121390024062820/ea0209708-01_497.htm
497 1 ea0209708-01_497.htm 497
BBH TRUST
BBH PARTNER FUND – SMALL CAP EQUITY
(BBHSX)
SUPPLEMENT DATED JULY 19, 2024 TO THE
PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
DATED FEBRUARY 28, 2024
The following information supplements, and, to the extent inconsistent therewith, supersedes, certain information in the Prospectus and Statement of Additional Information. Unless otherwise noted, capitalized terms used in this supplement have the same meaning as defined in the Prospectus and Statement of Additional Information.
I. FUND LIQUIDATION
On July 19, 2024, the Board of Trustees of BBH Trust (the “Trust”) approved a Plan of Liquidation for the BBH Partner Fund – Small Cap Equity (the “Fund”) pursuant to which the Fund will be liquidated (the “Liquidation”) on or about the earlier of (i) September 30, 2024 and (ii) the date in which all shareholders have redeemed their respective shares in the Fund (the “Liquidation Date”). Shareholder approval of the Liquidation is not required.
Beginning on July 19, 2024 through the Liquidation Date, the Fund may depart from its stated investment objective and policies as it liquidates holdings in preparation for the distribution of assets to investors. During this time, the Fund may hold more cash or cash equivalents than normal, which may prevent the Fund from meeting its stated investment objective. Shareholders of record as of the close of business on the Liquidation Date will receive their proportionate interest in all of the net assets of the Fund in complete cancellation and redemption of all the outstanding shares of the Fund. Payment will be made in accordance with instructions from each shareholder. If a shareholder has not provided instructions by the time proceeds are distributed, that shareholder’s liquidation proceeds shall be distributed based on the payment instructions on file for such shareholder with the Fund’s Transfer Agent. For those accounts with no bank instructions on file with the Fund’s Transfer Agent, the Transfer Agent shall issue a check. If required by the Internal Revenue Code of 1986, the Fund will make an income distribution prior to the Liquidation Date.
Shareholders of the Fund may redeem their investments as described in the Fund’s Prospectus prior to the Liquidation Date.
If the Fund has not received your redemption request or other instruction by the Liquidation Date, your shares will be redeemed on the Liquidation Date, and you will receive your proceeds from the Fund, subject to any required withholding.
The Adviser will bear all expenses of the Liquidation to the extent such expenses are not part of the Fund’s normal and customary fees and operating expenses. However, the Fund and its shareholders will bear transaction costs and any potential tax consequences associated with turnover of the Fund’s portfolio.
The liquidation of the Fund, like any redemption of Fund shares, will constitute an event upon which a gain or loss may be recognized for state and federal income tax purposes, depending on the type of account and the adjusted cost basis of the investor’s shares. The tax year for the Fund will end on the Liquidation Date. Please contact your tax advisor to discuss the tax consequences to you of the liquidation.
II. CLOSURE OF THE FUND TO PURCHASES
Effective as of the close of business on July 19, 2024, the Fund will be closed to purchases of Fund shares, however, the Fund’s closure to purchases of Fund shares does not restrict any shareholders from redeeming shares of the Fund.
The Fund’s ability to enforce the closure of the Fund to purchases with respect to certain retirement plan accounts and accounts held by financial intermediaries may vary depending on systems capabilities, applicable contractual and legal restrictions and cooperation of those retirement plans and intermediaries.
Please contact the Fund at 1-800-575-1265 if you have any questions.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.