@Observant1 mentioned this high CG distribution earlier - JPEAX, JPECX, JPDEX, JPELX (AUM $853 million)
How can things go so wrong in a "Tax Aware" fund? Of course, heavy redemptions and/or manager incompetence.
JPM is also mad and is just shutting down the fund, TwitterLINK
https://www.sec.gov/Archives/edgar/data/1217286/000119312523277672/d372772d497.htm
Edit/Add. Looking at fund data for JPDEX from Fido and M*, this Fund has been in redemption for years, and has distributed large CGs before. So, the question is, what took JPM so long to kill it?
https://fundresearch.fidelity.com/mutual-funds/view-all/4812A1654
https://www.morningstar.com/funds/xnas/jpdex/performance

AAII Sentiment Survey, 11/15/23
BULLISH remained the top sentiment (43.8%; above average) & bearish remained the bottom sentiment (28.1%, tie; below average); neutral remained the middle sentiment (28.1%, tie; below average); Bull-Bear Spread was +15.7% (above average). Investor concerns: Budget; inflation; economy; the Fed; dollar; crypto regulations; market volatility (VIX, VXN, MOVE); Russia-Ukraine (90+ weeks, 2/24/22-now); Israel-Hamas (5+ weeks); geopolitical. For the Survey week (Th-Wed), stocks were up, bonds flat, oil up, gold up, dollar down. The US budget extended to January/February. Presidents Biden & Xi (China) met at APEC in SF. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1256/thread

@yogibearbull,
Thank you for checking. That is transparent.
M* shows portfolio turnover for GQETX - 15%; JQUA - 18%; QUAL - 58%. The as of dates are different and as you all know because of how M* calculates turnover, fund flows can impact the turnover percentage. When I look at outflows, they are very small for all three funds. @rsorden can perhaps clue us in about the actual portfolio turnover for GQETX.
Folks might complain even more about the ER if the turnover is truly so low but I guess GMO can not undercut its own mutual fund with a lower ER for the ETF, though the products are not identical. I checked a few active ETFs I know and their ER varies from 0.3% (TRP) to 0.6% (Fidelity). JPM is in between.
I only talked about ER in my earlier post only as one of the measures of the fund's appeal for investors (e.g., liquidity) because a lot of investors are sensitive to ER, which M* and Vanguard have drilled into investors' psyche. Per M*, MOAT ER is 0.46%.
To me the 0.5% ER is acceptable if the fund outperforms the indexed quality ETFs and I hope (for my sake) that is acceptable to other investors as well.

Looking at the 10 year performance of the mutual fund it is in the top 1%.

https://www.sec.gov/Archives/edgar/data/809593/000113322823006031/abfeacfrif-html6974_497.htm
497 1 abfeacfrif-html6974_497.htm AMERICAN BEACON FEAC FLOATING RATE INCOME FUND - 497
American Beacon FEAC Floating Rate Income Fund
Supplement dated November 15, 2023 to the
Prospectus, Summary Prospectus, and Statement of Additional Information (“SAI”)
each dated December 29, 2022, as previously amended or supplemented
The Board of Trustees of American Beacon Funds has approved (i) the automatic conversion of the SP Class shares of the American Beacon FEAC Floating Rate Income Fund (the “Fund”) into A Class shares, and (ii) the termination of the SP Class shares of the Fund, effective as of the close of business on December 29, 2023 (the “Conversion Date"), based upon the recommendation of American Beacon Advisors, Inc., the Fund’s investment manager. Effective immediately, the Fund will no longer accept purchases of SP Class shares.
No action is needed on your part. Each SP Class shareholder will receive A Class shares in an amount equal to the value of the shareholder’s SP Class shares as of the Conversion Date. Please be advised that the net annual fund operating expenses of the A Class shares will be the same as the net annual fund operating expenses of the SP Class shares as of the Conversion Date. No sales loads, commissions or other transactional fees will be imposed on shareholders in connection with the automatic conversion of their shares. Prior to the Conversion Date, shareholders of SP Class shares may redeem their investments as described in the Fund’s Prospectus. No sales charges, redemption fees or termination fees will be imposed in connection with such redemptions. In general, redemptions are taxable events for shareholders. For federal income tax purposes, the conversion of shares of one share class of the Fund to shares of a different share class of the Fund is not expected to result in the realization of a capital gain or loss. You should consult your tax adviser to discuss the conversion and determine its tax consequences.
For more information, please contact us at 1-800-658-5811, Option 1. If you purchased shares of the Fund through your financial intermediary, please contact your broker-dealer or other financial intermediary for further details.
***********************************************************
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

It started with 35 investments. I am calling it focused to semi-focused - there may be an industry definition but I have not checked. I think the 35 is consistent with @rsorden earlier post.
Its ER is 0.5%, the same as the ER of GQETX - their Global Quality mutual fund. The two popular US Quality ETFs, QUAL and JQUA, sport an ER of 0.15% or less - but both follow their respective indices; while QLTY is active.
QLTY disclosed its holdings; perhaps, they are not worried about others trying to mimic GQETX, assuming the US holdings of GQETX and QLTY are always the same. May be someone can check the prospectus if QLTY is designed to be a transparent ETF.

I took an initial position as today's volume was decent and B-A spread was the acceptable 1 penny. I tried to figure out its starting AUM and the two sites I use for ETFs do not even recognize the ticker yet. Neither did M*.
Looking at the holdings spreadsheet at their site, its launch AUM was $3.1M. That is very, very low relative to the trade volume today and unless the AUM bulks up soon, trade volume could drop drastically and exiting the position could become a problem, with wider B-A spreads. I normally do not buy into any ETF until it reaches close to $100M in AUM and never bought one, if ever, with less than $50M in AUM. I am surprised GMO did not seed their first ETF! Not enough commitment to the first born! If I had known about the low AUM, I would not have bought it. Now I will wait and watch.

Thanks for that @BaluBalu. Sorry it didn’t work. The FT (to which I subscribe) indicated it would be acceptable (and workable) to share this story.
Below, I have summarized most (but not all) of the article’s key points. And, I’ve quoted near the end, one especially telling sentence.
- Berkshire Hathaway cut positions in a number of blue-chip US companies in the third quarter.
- Buffett used the proceeds to boost cash.
- The company sold its remaining position in General Motors during the quarter.
- It closed out a small investment in UPS.
- It kept HP but reduced the holding by 15 percent.
- It sold off (completely) small positions in Johnson & Johnson and Procter & Gamble,
- It reduced holdings in Amazon, Mondelez International, Markel and Globe Life (the last two both insurers).
- The Financial Times estimates that over the past year, Berkshire has divested itself of $40bn in public equity shares.
- The paper asserts (without direct substantiation) that Buffett found “5%” T-Bills more attractive.
- The paper puts Berkshire's cash position at $157bn at the end of September (a record high).
Here’s one interesting sentence quoted directly from the referenced FT Article:
“As part of its disclosure, Berkshire noted it had omitted at least one holding from the closely followed report, writing that it had requested confidential treatment from the Securities and Exchange Commission.”
The article asserts that these types of secrecy arrangements are used occasionally by Buffett to mask especially large purchases. I’d assume that’s to prevent front running or other “unsavory” attempts by investors to profit indirectly from Buffett’s trades (although the article did not so state).
Referenced Article: ”Warren Buffett's Berkshire Hathaway cashes in on blue-chip US stocks”
Published in The Financial Times, November 14, 2023 / Byline: Eric Platt

Sold some big names like Amazon, HP, GM. Boosted cash in most recent report. Received permission from SEC not to disclose one recent purchase.
Link copied from FT on 11/15/23 with consent
https://on.ft.com/40HhJ3q

Gotcha. But as I always say: be prepared for tomorrow's snap-back. And if Adam Parker was being interviewed at the end of the day, he could see what the Russell was doing, too. .... I hope and expect BRUFX jumped upward today. It's full of midcaps. More than I realized, when we got in....

Not sure about a snap-back today given the primary driver of yesterday's POP and today's soft PPI data. Today looks to be more like backfilling, follow through and maybe even a little FOMO.
Not sure what you mean about Vitale - he made those comments at close of market last Friday, not yesterday.
BRUFX, a MCV fund, was only UP 1.66% yesterday.

https://messaging-custom-newsletters.nytimes.com/dynamic/render?campaign_id=116&emc=edit_pk_20231114&first_send=0&instance_id=107722&nl=paul-krugman&paid_regi=1&productCode=PK&regi_id=22268089&segment_id=150044&te=1&uri=nyt://newsletter/d56e99b4-00fb-5ccf-b9f7-952a0778146f&user_id=83d45440ead1d14c2a89a1e7221337d1
Someone smarter than most of us just posited that polling more and more is used for venting, and only venting.
ah, shorter and perhaps more accessible url
https://www.nytimes.com/2023/11/14/opinion/partisanship-economy-polling.html

OK, just got info thru 9/30 (all vs S&P 500):
YTD 22.2 vs 16.9
1Yr 25.0 vs 19.6
3Yr 18.5 vs 14.6
5Yr 15.5 vs 12.3
10Yr 14.8 vs 12.9

That is impressive.
Just to make sure I understood the above returns.
They are GMO's SMA portfolio returns using the US-only (Quality) strategy for one of their clients. Right? Why returns for only one client. If they have the strategy already implemented, I would have thought multiple clients would have already had SMA under this strategy. I am a bit confused. Please clarify / expand on your returns post.

What would be covered under "Equity"?
I don't pretend to know what IBKR has in mind. However, generally speaking equity means an ownership interest regardless of the form of ownership. It is broader than stock ownership, i.e. owning shares of a stock-issuing corporation.
Perhaps the most obvious example here is owning shares of a mutual fund. Funds are typically structured as trusts, not as corporations (though they can be). Nevertheless, "Mutual funds are equity investments, as individual stocks are. When you buy shares of a fund, you become a part owner of the fund, and you share in its profits."
https://www.finra.org/investors/investing/investment-products/mutual-funds
I simply searched the IBKR website
A good way to search IBKR for answers is to use the FAQ search box.
https://www.interactivebrokers.com/lib/cstools/faq/#/
I tried to figure out if I can wire funds from IBKR to other brokerages and banks and how much IBKR would charge.
Searching FAQs for "wire fees" comes up with the following questions:
Why was I charged a fee for a wire deposit?
Neither IBKR or its agent bank charges for electronic deposits of any currency other than MXN
https://www.ibkr.com/faq?id=27284795
Why was I charged a fee for a cash withdrawal?
IBKR allows one free withdrawal request per calendar month. Subsequent withdrawals, regardless of method, are charged a fee. The fee charged depends upon the denomination of the currency withdrawn and the withdrawal method. Please see the Interactive Brokers website for details.
https://www.ibkr.com/faq?id=46314916
That embedded link to "the Interactive Brokers website" brings you to the same page I gave above for withdrawal fees.

Just spectated today. Lotsa fun. I'm still buying. I like my stable of ponies, currently. Finally out of the red with BHB!!! I knew it would come. A couple hours from now, I'll check up on the funds. Even the junk bonds ought to have done well.
...Now... Watch for Wednesday's snap-back.

I hadn’t heard

spectate(ed) before. But according to Miriam-Webster it is a verb. I agree today was spectacular in that almost everything jumped - bonds included. And I’d expect some follow through tomorrow. But I don’t invest based on predictions. Tis the season for a Santa Claus rally. Maybe. Just maybe.

+1. hank.

There are a few Medigap plans that offer additional benefits, like dental, vision, and hearing. I think I read somewhere that these amount to 5% of Medigap plans, but the fraction may not be even that high and I don't know how to find such plans easily.
The added benefits may be included automatically or may be available via optional riders (as opposed to separate policies). Medicare Advantage plans likewise may bundle benefits in either of these ways.

Some Medigap plans may also offer dental or vision benefits as a rider or “add-on” to the standard Medigap policy. These benefits may provide coverage for routine dental and vision care, such as dental cleanings, eye exams, and eyeglasses. With add-on coverage, you can turn it down but you usually cannot purchase without buying a Medigap plan at the same time.
...
[Another variant] is the dental, hearing, and vision Medigap insurance bundles. In this case, when you purchase the Medigap policy, you get added dental, vision, or hearing whether you want it or not.

https://www.senior65.com/medicare/article/what-medigap-plan-covers-dental-vision-and-hearing
The term of art is "innovative benefits" or "innovative plan". See, e.g.
https://www.medicarefaq.com/medicare-supplements/innovative-plan-f/
The number of innovative plans seems to be trending downward.
https://www.commonwealthfund.org/blog/2021/small-share-medicare-supplement-plans-offer-access-dental-vision-and-other-benefits-not
Note that a Medigap plan, no matter how innovative, cannot include Part D coverage, unless it was grandfathered before 2005:

Medigap plans sold after 2005 don’t include prescription drug coverage. So, if you enroll in Medigap for the first time, it won’t include drug coverage.

https://www.medicare.gov/health-drug-plans/medigap/basics/how-medigap-works

WellCare Value Script PDP. That's mine. It bites. It truly bites. I don't yet need anything more expensive. My doctor helps a LOT with samples. The time may come when I bail out on this Part D Plan. It sucks year-old goose-eggs that have spent the winter in the snow.
Something I bumped into: if I understand correctly, the HUGE, MONSTROUS, GARGANTUAN co-pay for the Tier 3,4 and 5 drugs is a one-time thing, each year. Thereafter, it's not so egregiously awful, but still big-time expensive to buy those drugs. I just won't do it.
(Trulicity = $450 co-pay. That's not a typo. Doesn't matter if it's for 1 month or 3 months. Either way, it ought to be f*****g ILLEGAL.)

Shave every day? Hell, I gave that junk up a long time ago. Grew up Irish and Catholic. Poured into a stiff, unbending, inflexible mold while growing up. Stuck with it for too long. Then I made a marriage mistake, but it opened up a whole new world. And I also have a son. :)
Symbolism is powerful and runs deep. Lots of folks throw it over their shoulder and don't see the sense it makes. That's anti-intellectualism. That's a damnable sin.
https://www.amazon.com/Power-Myth-Joseph-Campbell/dp/0385418868
Now, what did Jeff Gundlach have to say about anything today? Gotta stay on-topic.

Sold pretty much across the board, as everything is up today. Cash / cash equivalents now above 10% for 1st time in over a year. (10% = nominal weighting)

https://www.sec.gov/Archives/edgar/data/1156906/000119312523276837/d548770d497.htm
497 1 d548770d497.htm CAUSEWAY CAPITAL MANAGEMENT TRUST
CAUSEWAY CAPITAL MANAGEMENT TRUST
(the “Trust”)
Causeway Concentrated Equity Fund
(the “Fund”)
SUPPLEMENT DATED NOVEMBER 14, 2023
TO THE SUMMARY PROSPECTUS AND PROSPECTUS,
DATED JANUARY 27, 2023
AND STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 27, 2023
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE FUND’S SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION AND SHOULD BE READ IN CONJUNCTION WITH THE FUND’S SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION. CAPITALIZED TERMS NOT DEFINED HEREIN ARE AS DEFINED IN THE FUND’S SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION.
The Board of Trustees of the Trust has approved a Plan of Liquidation for the Fund, pursuant to which the Fund will be liquidated (the “Liquidation”) on or about December 14, 2023 (the “Liquidation Date”). The Trust may change the Liquidation Date without notice at the discretion of the Trust’s officers.
Suspension of Purchases. In connection with the Liquidation, effective as of the close of business on November 14, 2023, the Fund will close to new purchases of shares. Prior to the Liquidation Date, shareholders may continue to redeem their shares in the manner described in the “How to Sell Fund Shares” section of the Prospectus.
Once the Fund begins to liquidate its portfolio in preparation for Liquidation, the Fund will not pursue its investment objective or engage in normal business activities, except for the purposes of winding up its business and affairs, preserving the value of its assets, paying its liabilities, and distributing its remaining assets to shareholders.
Mechanics. Prior to the Liquidation Date, the Fund may make a distribution of any net investment income, net realized capital gains and/or any additional amounts necessary to avoid any excise tax obligations for the Fund. The Trust will automatically redeem any shares of the Fund outstanding on the Liquidation Date as of the close of business on that date. The proceeds of any such redemption will be the net asset value of such shares after the Fund has paid or provided for all charges, taxes, expenses and liabilities of the Fund. The Fund’s investment adviser will bear all of the expenses (other than brokerage or other portfolio transaction expenses) associated with the liquidation of the Fund to the extent such expenses exceed the amount of the Fund’s normal and customary fees and expenses accrued by the Fund through the Liquidation Date. It is expected that the Fund will pay to shareholders the proceeds of Liquidation in cash to all shareholders of record of the Fund on the Liquidation Date.
U.S. Federal Income Tax Matters. For shares held in taxable accounts, whether you sell your shares or are automatically redeemed as described above, you will generally recognize a capital gain (or loss) equal to the amount you receive for your shares above (or below) your adjusted cost basis in such shares. See the section titled “Taxes” in the Prospectus. Please consult your personal tax adviser about the potential tax consequences.
If you have any questions regarding the Liquidation, you may contact the Fund at 1-866-947-7000.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

OK, just got info thru 6/30 (all vs S&P 500):
YTD 22.2 vs 16.9
1Yr 25.0 vs 19.6
3Yr 18.5 vs 14.6
5Yr 15.5 vs 12.3
10Yr 14.8 vs 12.9