Doesn't seem like there's much of a case for that fund right now: distribution yield is right at 2%, with capital risk and bonds still under pressure, when you can get that or more in a money market fund (e.g., FZDXX at 2.21%) or T-bill held to maturity, without capital risk (just bought a 13-wk. bill at 2.965%).

Price website shows Top 10 monthly. I suppose after admitting that he was frustrated and not happy with GE, he decided to sell - it is gone from Top 10 but he may be holding a small position. Here is the monthly status of GE (scroll to Holdings/Top 10 Holdings),
https://www.troweprice.com/financial-intermediary/us/en/investments/mutual-funds/us-products/capital-appreciation-fund.html
Date, %, #
12/31/21, 4.41%, 4
1/31/22, 4.59%, 4
2/28/22, 4.67%, 3
3/31/22, 3.79%, 3
4/30/22, 3.22%, 2
5/31/22, 3.38%, 3
6/30/22, 3.05%, 4
7/31/22, 3.01%, 4
8/31/22, Gone from Top 10

I noticed on the TRP website for the portfolio of PRWCX dated 8/31/22 that GE is no longer listed as a top 10 holding. Don't know if this is due to trimming the position a bit or total elimination of it.

Yes, and TRP is clunky when it comes to looking at a fund's portfolio beyond the top 10. In fact, I found it IMPOSSIBLE to find. Geniuses at work there, on their website. Clicking on the link labeled "See complete holdings" takes you around in circles---to nowhere.
Dated 30th June, '22, from Giroux:
"So why do we continue to hold GE? First, we have a large catalyst over the next 18 months as GE will be split into three companies. The health care business will be spun off in early 2023 and we believe this security will receive an attractive valuation given its mid-single-digit organic growth rate, margin expansion opportunity, double-digit earnings growth, and strong free cash flow. Second, the power and renewables businesses will be spun off in 2024. The leader who turned around the power business is now leading the renewables business and we have high hopes that it will be a mid-single-digit operating margin business by 2025–2026 under his leadership. Today, the market is effectively capitalizing the losses in renewables forever. The renewables business does not deserve to have an 11-figure negative value just because it is currently losing money. Third, aviation is a great business that should be poised for a decade-plus of excellent growth given how young its fleet of engines is (many have yet to go through their first or second overhaul). The sooner this business is freed from the renewables business, the better. Fourth, and maybe most importantly, even using conservative assumptions we believe the upside in GE is still substantial. When I look back over the last four years of GE, the company has had some incredibly bad luck between COVID, the supply chain, Russia, and a sudden decline in wind turbines due to a lack of renewal of the wind tax credit. But these haven’t been the only problems with our investment in GE; I have also made some process errors along the way. The range of outcomes and degree of predictability of GE has always been larger than many of our other large holdings, and as such it should have been a much smaller holding. While I continued adding to GE during periods of weakness, I was less aggressive reducing the position during periods of strength..."

Just viewed Bloomberg’s Wall Street Week. Won’t link to it because there’s a running thread that someone updates weekly. And, also, wasn’t too impressed with the main guests - although Rick Rieder (Blackrock) is always fun and informative to listen to.
E-Gads the overall tone in all the media is so bearish - even with the S&P off more than 15% YTD and the NASDAQ down more than 20%. I won’t state an opinion on market direction remainder of the year. Will say I’m more optimist longer term than 90% of the “experts.” I always find it odd that folks prefer to buy equities when they’ve been red hot rather than after they’ve cooled down and gotten cheaper. There may well be a recession out there somewhere. But this baby’s been the most over-predicted recession I can ever remember. Likely, stock and bond valuations have already experienced some heavy “discounting” in the eyes of the storm watchers.
Psychology seems to go something like this: Dow falls 500 points from near 37,000 to 36,500 and a fella races in to “buy the dip.” A year later, Dow has fallen 5,000 points to 31,000 - 32,000 and now it’s something those (now reformed) dippers won’t lay a hand on. :)
Interesting Observation: “With bullish sentiment having averaged a reading of only 24.22% in 2022, it is below the previous runner-up and record low of 27.29% and 27.08% in 1988 and 1990, respectively. That low average is thanks to twenty weeks so far this year where bullish sentiment has been below 25%.”
SOURCE

I was looking for a way to understand the risk characteristics of my total portfolio and well as sub-sets within the whole.
This free app does all that. But it’s a “royal pain” to understand & use at first. I’ve spent close to 2 hours playing with it and inputting various portfolios. Handles funds and stocks. Easy to register. Use a nickname if you prefer and your choice of email for a confirmation code. Nothing else required.
What I’ve been able to do so far:
- Save 3 portfolios (the main one plus 2 sub-sets)
- Compare multiple years’ performance / volatility (including current) on a variety of formats (bar, graph, etc.) to a chosen benchmark (changeable when desired)
- By clicking “metrics” pull up a wide range of metrics applicable to a given portfolio. The benchmark selected defaults to a “beta” of 1. I found, for example, that my overall beta is about .95% of one of TRP’s conservative 40/ 60 funds. For those concerned about “drawdown” it calculates those numbers as well.
- It’s possible ro run some tests before registering. I used my “Alternative Assets” sub-portfolio with just 7 holdings for that purpose.
- Would be interested to know if anyone else finds this thing useful and in what ways.
https://www.portfoliovisualizer.com/

just looked at new issue auctions for Treasuries at Fidelity. the official schedule shows many bills 4 week, 8 week, 26 week etc for Tuesday, but the FIDO trading platform only shows 5 Bills earliest maturing Dec 2022.
Can you access the full auction at FIDO or do they limit it?

September 9, 2022

This weekend’s guest who recently reopened his fund to new investors because of the “improved opportunity set.” He is Tom Atteberry, now Senior Advisor to FPA New Income Fund having just retired, as planned, from his portfolio manager duties in July of this year. He had been Portfolio Manager of the fund since 2004.
Atteberry will discuss why they have reopened the fund and where they are investing now. He will also share his current preference for asset-backed bonds over Treasuries and corporates.

"Since 1999, Enbridge's Line 5 has transported nearly 80 million barrels of Michigan-produced crude oil. That works out to an average of approximately 14,000 barrels each day."
But, then I found this:
"The Enbridge terminal at Superior conveys western Canadian crude oil from various incoming pipelines (including lines 1–4) to Line 5 and Line 6, which go around the northern and southern shores of Lake Michigan respectively." (Wiki.) ...So, I expect the MICHIGAN oil is only part of the total.

Anyone know how “product” is sourced into this pipeline? I assume in Duluth/Superior but that’s not clear. Edit - I think Wikipedia answers my questions.
https://www.enbridge.com/projects-and-infrastructure/public-awareness/line-5-michigan/about-line-5
“Line 5 supplies 65% of propane demand in the Upper Peninsula, and 55% of Michigan's statewide propane needs. Overall, Line 5 transports up to 540,000 barrels per day (bpd) of light crude oil, light synthetic crude, and natural gas liquids (NGLs), which are refined into propane”

@MrRuffles,
My Insurance plan is a government subsidized (due to my low income) HDHP ($6500 deduction) plan and is an HSA qualified Plan. Not all HSA owners are upper income.
My question is pertinent to low income, young, healthy individuals who have an HSA as an option. The Saver's Credit is directed at the low income.

But the ability to invest an HSA for the long-term as an investment vehicle for retirement only works if either: (1) you have little need for healthcare throughout your adult life or (2) you have enough disposable income to pay for your healthcare expenses out-of-pocket and don’t need to tap your HSA.
HSA’s were sold as a means to lower the cost of health insurance through HDHP’s but give a tax break for medical expenses for people who couldn’t afford higher premiums. Of course, like everything else in our assbackwards US healthcare system, it turned into a case of the tail wagging the dog.

Thanks @Catch22,
Not wanting to give the wrong impression, I did the math and ARKK currently accounts for 1.75% of portfolio. As stated earlier, a counterbalancing / parallel consumer staples stock is of roughly equal weight (3.5% combined). Per Mark Antony, “Bravery should be made of sturner stuff.” :)
The best way to view my current take on risk (in a widely diverse portfolio) is to look at the % allocated to all forms of fixed income, including cash. My normal fixed income allocation is 20-25%. It is currently at 19%, putting me at a slightly higher than normal risk exposure. Should markets experience a prolonged uptick, I’ll increase fixed income / reduce risk.
-
The stated fixed income allocation is a “raw” number and does not include additional amounts that may be held inside allocation & alternative type funds.

We’ve now entered Fed Blackout, a period when members are forbidden from making public comment leading up to their next scheduled FOMC meeting September 20-21. Their “wide open” mouths the past few weeks have moved markets both at home and also abroad as the dollar soared to record highs against most other currencies.
Sitting on my hands now, having spent the past 10-15 days making relatively minor adjustments in a rapidly changing investment environment. I’ve sold 100% of TAIL - held since early in the year as a hedge. While it softened daily volatility it didn’t make me any money. Poor job reading / analyzing that one. A very small hold on 1X inverse SPDN is now even smaller - about 1% of holdings. I’m a lot less bearish than 8-10 months ago.
Added CCOR (after tracking it more than 6 months) in part to fill the void left by selling TAIL. It’s seen primarily as a hedge with the added potential to make a small profit over time. Added a bit to GNMA (etf) as the 10-year approached 3.25-3.50%. Not looking to make much, if any, on that one. It’s seen as a hedge (speed brake) in the event of an equity rout. A small chunk went into ARKK along with an equally weighted “counter-balancing” hold in a consumer staples (bakery) stock. Will rebalance between those two as necessary. While technically part of my “spec” portfolio, I intend to hold both for the long term.

I often refer questions to Ed Slott's discussion board for IRA questions.
https://irahelp.com/phpBB
A login is required to ask questions. They are very responsive and helpful.
Received this from their forum today:

No. HSAs are not defined as retirement savings. HSAs are established under section 223 of the tax code which is not one of the sections included in the section 25B definition of a qualified retirement savings contribution.
HSAs and IRAs are never treated as one. An HSA is not an IRA despite some of the rules for HSAs referencing IRA rules.

I have a primer on HSA. I will update it once we have a firm confirmation of this.
https://ybbpersonalfinance.proboards.com/thread/258/hsa-health-savings-accounts

#SGML lithium etf 4x 5x by 2030

@MrRuffles,
My Insurance plan is a government subsidized (due to my low income) HDHP ($6500 deduction) plan and is an HSA qualified Plan. Not all HSA owners are upper income.
My question is pertinent to low income, young, healthy individuals who have an HSA as an option. The Saver's Credit is directed at the low income.

"The Bank of Canada hiked the key overnight rate by 75 basis points to 3.25 per cent on Wednesday, as it continued to aggressively raise rates to combat inflation."
https://financialpost.com/fp-finance/osfi-mortgage-stress-test

bee , here's what I'm looking at. After high sentiment in '90 & '08 the next two years were up as / S&P500. Will that hold this time around ? As you stated , probably more pain to come.
Guess I'll be upping my CD's after next rate hike.
Trying to enjoy the ride, Derf

@Orage
-Contributions are tax deductible much like a IRA,
-Has yearly contribution limits much like an IRA,
-Non-HSA withdrawals are treated like tax deferred withdrawal after age 65 much like a TIRA
-Oftened mentioned together with other retirement accounts:

Health Savings Accounts (HSAs) are very interesting from a tax perspective. Compared to well-known retirement account types (for example – 401k, IRA, Roth IRA, etc.)

can-hsa-retirement-account
Quacks like a duck..walks like a duck...