REVIEW. After doing well in FY 2021 (07/2020-06/2021), university ENDOWMENTS did poorly in FY 2022 (07/2021-06/2022) (but now is 02/2023! It takes that much tome to collect data from 678 institutions). Average allocations of 30% alternatives (some not marked to market, a concern) and 28% US equity meant that they outperformed the SP500. Gifts/donations remained strong.
FUNDS. Best Fund Families are ranked based on performance in 8 fund categories and are asset-weighted.
For 2022: 1-DFA, 2-Victory, 3-Neuberger Berman, 4-Capital Group/AF, 5-JPM,…, 18-Franklin Templeton,…, 21-Vanguard,…, 23-Pimco,…, 30-Fidelity, 31-Nuveen/TIAA,…, 36-Price.
For 5 Years: 1-Fidelity, 2-MFS, 3-Putnam, 4-Mainstay, 5-Amundi US, 6-Pimco,…, 10-Neuberger Berman,…, 13-Capital Group/AF,. 14-JPM,…, 17-DFA, 18-Vanguard,…, 21-Price,…, 26-Victory, 30-Nuveen/TIAA,…, 41-Franklin Templeton.
10-year rankings and rankings within the fund categories are also provided. (Too much detail to be included here, so access Barron’s online, at newsstand, or at local library)
INCOME INVESTING. Be wary of higher-yielding EM debt, whether dollar-denominated (EMB) or in local currencies (EBND, LEMB). Many EM countries are at different stages of the rate cycle, and dollar can also have a significant impact.
FUNDS. Gibson Smith, Smith Capital (core-plus SMTRX, etc); formerly, Janus Hendersen FI-CIO (JABAX, etc). After a disastrous 2022, BONDS in 2023 are the most attractive in a decade and may remain so for 12-24 months. Money is flowing into bond funds. The FED is near the tail end of its monetary tightening (rate hikes, QT). Remember that slowing economy or recessions are good for the bond market (true for investment-grade bonds, but not for spread products, HY, EMs, etc). He doesn’t like short-term bonds – yes, yields are attractive, but for how long? He likes IT/LT bonds and a BARBELL approach. Bond volatility will remain (Treasury MOVE 110.11). For corporates, he looks at company fundamentals first, and then invest in its bonds, investment-grade or HY. He also likes MBS and CMOs.
(EXTRA) FUNDS. ETFs that are benefiting from higher rates include DIVO, DGRW, GCOW, LVHI, ROUS, TBF (short Treasuries).
https://www.barrons.com/magazine?mod=BOL_TOPNAV
https://ybbpersonalfinance.proboards.com/thread/403/barron-february-20-2023-2

Legendary Fed Chairman Paul Volcker was highly critical of the Fed’s policy of targeting 2% inflation, saying he saw “no theoretical justification” for it and that if successful, it “would mean the price level doubles in little more than a generation.” In this EXTRA exclusive, Former Fed Vice Chair Richard Clarida defends the 2% solution.

17 Feb, 2023.

International stocks and U.S. stocks generally move in multi-year cycles.
U.S. stocks have significantly outperformed foreign stocks for an extended period through 2021.
Relative performance of S&P 500 vs. international developed markets based on five-year rolling returns*

Above zero, the U.S. market outperformed;
below zero, international markets outperformed
*Relative performance represents the S&P 500 Index’s returns minus
international developed markets’ returns (MSCI World ex-U.S.).
Source - RBC Wealth Management, Bloomberg; monthly data from 1/31/75 – 12/31/21

https://www.sec.gov/ix?doc=/Archives/edgar/data/1175813/000139834423003751/fp0082374-1_497ixbrl.htm
CONESTOGA FUNDS (the “Trust”)
CONESTOGA MICRO CAP FUND
Supplement dated February 17, 2023
To the Prospectus, Summary Prospectus and
Statement of Additional Information (“SAI”),
each dated January 31, 2023
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE PROSPECTUS, SUMMARY PROSPECTUS AND SAI. THIS SUPPLEMENT SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS, SUMMARY PROSPECTUS AND SAI, AS APPLICABLE.
On February 16, 2023, the Trust’s Board of Trustees approved a change to the name of the Conestoga Micro Cap Fund (the “Fund”) to the “Conestoga Discovery Fund.” The name change for the Fund will be effective on or about April 18, 2023. There will be no change to the Fund’s investment objective, principal investment strategies or investment limitations as a result of the name change.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/826732/000110465923023265/a23-7211_1497.htm
497 1 a23-7211_1497.htm 497
CALAMOS INVESTMENT TRUST
Calamos Global Sustainable Equities Fund (the "Fund")
Supplement dated February 17, 2023 to the
CALAMOS® FAMILY OF FUNDS
Summary Prospectus, Prospectus and Statement of Additional Information dated March 1, 2022, as Supplemented
As previously disclosed in the prospectus supplement dated November 2, 2022, the Fund's Board of Trustees approved a proposal to liquidate the Fund at a meeting held on October 31, 2022.
It is expected that the Fund will liquidate on or about March 27, 2023 (the "Liquidation Date"). All dates noted in this announcement are effective as of the close of business on the respective date.
Effective February 21, 2023, the Fund will stop accepting purchases from new investors and existing shareholders, except that existing investors that hold Fund shares through defined contribution retirement plans as of February 17, 2023, may continue to purchase Fund shares through March 20, 2023. If a final distribution is required, it will be paid no later than Wednesday, March 22, 2023. The Fund reserves the right to modify the extent to which sales of shares are limited prior to the Fund's liquidation.
Any contingent deferred sales charge that would be applicable on a redemption of the Fund's shares shall be waived from February 21, 2023, to the Liquidation Date.
Calamos expects to begin to reduce the remaining assets of the Fund to distributable form in cash on or around March 20, 2023, to facilitate the Fund's liquidation. Beginning on that date, the Fund may no longer be invested in accordance with its principal investment strategies. The last date to place redemptions via the NSCC is Friday, March 24, 2023. After the close of business on the Liquidation Date, the Fund will liquidate any remaining shareholder accounts and will send shareholders the proceeds of the liquidation.
PLEASE RETAIN SUPPLEMENT FOR FUTURE REFERENCE

I saw this interview last week on Bloomberg Surveillance, and thought that Ms. Reinhard discussed several key points as to the balance of 2023 and 2024. She appears to have been a guest on this network several times since.
Her appearance starts at the 55:00 mark.
https://www.bloomberg.com/news/videos/2023-02-10/-bloomberg-surveillance-simulcast-02-10-2023

NHYDY refuses to fall far enough to make me happy with my Limit Order. Just canceled. Bought a few shares in PSTL, instead. Then where did it go, after the order was executed? Down further, of course! Growl.
down -1.12% on the day. Market just closed for the long week-end.
down -2.77% over 5 days.
down -1.67% over 3 months.
YTD: +5.57%
1 year: down -12.04%
5 years: down -6.76%
Why own this booger? It's the P.O. I think the divs are in the bag. I've been looking to find all the stoopid statistics and analysts' opinions on the stock, lately. Positive outlook, even if the target-price isn't much higher than where it is at the moment. Good market reaction to recent Earnings Report.

@derf. @hank
Hello! Am I batting .500?
I first put some money into single stocks back in the '90s. It was PG&E. Biggest utility in the country. Utilities are safe, right? Boom. The whole Erin Brokovitch stuff blew up in my face, and it was discovered that all those people down in Kern County (?) had been poisoned and were suffering from cancer because PG&E is a suck-hole company. There were also other incidents. A manhole cover blew out of its position from an explosion under the street in S.F. Someone else was injured seriously. And more.
Crud. So, that outfit is on my shit-list.
Only in 2021 did I begin again to dabble in single-stocks. Got my ass handed to me, via RGR and ENIC. No more of THAT.
At last, I have made up the loss, plus a bit more, by now. I've learned to do better homework, make better decisions, I hope. I've held the same five (5) single-stocks in my new stable for the duration, since I once again started over.
TRP lists them this way for me, in terms of "Personal Rate Of Return:" as of 17 Feb, '23:
In the black:
NHYDY
ET
JRSH (on fire lately. But a tiny investment.)
BHB
*******
In the red:
PSTL
HYDB (ETF)
SCHP (ETF)
Diversified by industry as far as my budget will let me, too. That's deliberate.
Hang in there! I'm happy today, despite the cruddy weather and the puke-ish Markets. I have opera tix for tonight!
Best mutual fund for me, still: PRWCX.

It seems to me about 70% of the time when I sell something it comes back to life.

Frustrating, isn’t it? I’ve had 2 or 3 like that the past 3 or 4 months. One stock I bought on a Barron’s recommendation in the fall only to watch it decline more than 6% a couple days later (all in 1 day). “Who needs this?” I asked - and ditched the *#!##. Well now it’s gained 10-15% above the initial purchase price and tends to rise on days when the market goes down. Of course I regret the knee-jerk reaction to sell it.
There’s a couple things at work, here, however. First, who would have foreseen in November the impressive jump in the equity markets over the past 2-3 months? I sure didn’t. So just about anything you ditched 2-3 months ago is now much higher. But, those kinds of bets might just as easily have gone the other way - unless you have a very good crystal ball. The second factor is that those kinds of spec plays command a relatively small dollar investment. Who’s going to bet the farm (or even a sizable amount) all at once on what amounts to a speculative investment? Why is that important? Because even after an impressive % gain, the actual dollar gain from such a small investment months out is likely to be relatively small. What all this argues for, I think, is mostly larger investments in a limited stable of proven reliable holdings. Less exciting, but a lot more predictable. (Less stressful as well).

https://www.sec.gov/Archives/edgar/data/831114/000139834423003678/fp0082357-1_497.htm
THE RBB FUND, INC.
Boston Partners Investment Funds
WPG Partners Small/Micro Cap Value Fund (the “Fund”)
Institutional Class (WPGTX)
______________________________________________________________________
Supplement dated February 17, 2023
to the Prospectus and Statement of Additional Information, each dated December 31, 2022
______________________________________________________________________
This supplement serves as notification of the following change:
At a recent meeting of the Board of Directors (“Board”) of The RBB Fund, Inc., the Board approved certain changes as described below:
1. Change in the Name of the Fund
Effective as of February 17, 2023, the name of the Fund is being changed to the “WPG Partners Small Cap Value Diversified Fund”. The investment objective and the investment strategies of the Fund are not being changed in connection with the name change for the Fund and the current portfolio managers will continue to manage the Fund subject to the current investment objective and investment strategies that they employ with respect to their management of the Fund.
* * * * *
Please retain this supplement for your reference.

update:
JPMorgan Equity Focus Fund
https://www.sec.gov/Archives/edgar/data/1217286/000119312523041853/d449488d497.htm
or
https://www.sec.gov/Archives/edgar/data/1217286/000119312523041847/d449450d497.htm

https://www.sec.gov/Archives/edgar/data/1217286/000119312523041854/d449622d497.htm
J.P. MORGAN U.S. EQUITY FUNDS
JPMorgan Hedged Equity Fund
(the “Fund”)
(a series of JPMorgan Trust I)
(All Share Classes)
Supplement dated February 17, 2023
to the current Prospectuses, as supplemented
As previously supplemented on February 9, 2023, effective February 17, 2023, the Fund will no longer be subject to a limited offering, and all limited offering disclosure relating to the Fund will be deleted.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
PROSPECTUSES FOR FUTURE REFERENCE
SUP-HE-223-2
The fund was last closed March 12, 2021.
https://www.sec.gov/Archives/edgar/data/1217286/000119312521045281/d119465d497.htm

Why model portfolios won’t help you to succeed in the stock market.

February 14, 2016|by Pat McKeough
1978, 1998, 2007, 2016 or 2023...............a model is a model. Everyone has a 'model' in their head, dependent upon one's financial goals and means to arrive at that goal. The assumption of an 'investing model' of being only the stock market is 'strange'. Market investments are models of some form.
VWINX operated by Vanguard/Wellesley is a model for a conservative investment.
Not including taxes and inflation since its inception in 1970, the fund has a 15 year return of 6.30% and a lifetime return of 9.30%.
@Alban Maintain reading and studying, remain curious to help with learning. All of us here are 'still' learning. As with your post, continue to ask the proper question in hopes of finding a proper answer.
--- Strictly my opinions, of course.

Thanks all for the above insights!
Kolanivak isn’t just another market pundit. As a spokesman for the investment arm of JPMorgan Chase he commands a very high stature. If size and financial influence of company or institution is considered, the advice might be seen to carry more weight and be of superior quality. One would expect advice from such a giant to move markets. Their advice feels incrementally different from that of smaller money managers like Charles Schwab, T. Rowe Price or Invesco.
From Wikipedia: ”JPMorgan Chase & Co. is an American multinational financial services company … the largest bank in the United States and the world's largest bank by market capitalization. The firm is considered systemically important by the Financial Stability Board (which) has led to enhanced regulatory oversight …” (Wikipedia)
Here’s an indication of the relative sizes of some financial institutions by market cap:
J.P. Morgan Chase $418 Billion
Bank of America $283 Billion
Charles Schwab $150.77 Billion
T Rowe Price $26.4 Billion
Invesco $8.4 Billion

@Crash : Are you batting 500 ? It seems to me about 70% of the time when I sell something it comes back to life.
Just wondering, Derf

“We think that one should be using the ytd gains to cut equity allocations, and to reduce portfolio beta,” Kolanovic wrote. “We believe international equities (China/EM, Japan and Europe) offer better risk-reward than US equities.”
https://finance.yahoo.com/news/jpmorgan-kolanovic-urges-investors-ditch-202155191.html

”Watch out for the mutual funds, though."

Depends which funds I suppose. Some of the miners (p/m and industrial) were flat or up slightly. But some of the p/m miners got hit pretty hard today. Gold actually gained a tad. A few funds I track (but don’t necessarily own): VWINX -.56% / PRWCX -.89% / HSGFX +.74% While not technically a fund, BRK.B held up pretty well, loosing just -47%. Bonds and bond funds generally fell today, adding to the losses a balanced portfolio might otherwise sustain on such a down day. As mentioned previously, I no longer share information re my own investments.

The 1-year at 5% is tempting.