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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Calling EDGAR experts at MFO
    Reiterating what I did:
    - Starting with mcq's search result, obtained by searching for VFINX on the mutual fund search page and following the CIK 0000036405 link on the results page for the Vanguard Index Funds trust ...
    - Follow the "Classic version" link in the upper right corner to the classic result page.
    Another search for the trust or fund is not needed. One has already navigated to the classic version of the results page. The only search remaining to do (for convenience) is to limit the results to the particular forms desired. One could instead scroll through all the results, all the way back to 1994.
    For annual (N-CSR) and semi-annual (N-CSRS) reports from 2003 and later, one can click the "Shareholder reports" button. This autofills the "Filing type" to be N-CSR (which matches both forms), and submits the query.
    For annual and semi-annual reports reports prior to 2004, the SEC required investment companies to use form N-30D. Manually fill the form box with N-30D. A search returns the reports between 1994 and 2003.
    Once you [RIC] begin filing Form N-CSR, you will no longer submit shareholder reports on EDGAR as N-30D submissions. Instead, you will include your shareholder report as part of your N-CSR submission.
    Frequently Asked Questions: EDGAR Filing of Certified Shareholder Reports by Registered Management Investment Companies
    the annual reports from the 1990s. (N-30D is the code for AR)
    Exactly.
  • Calling EDGAR experts at MFO
    As a further update, and in the spirit of leaving bread crumbs behind for anyone else who wants to attempt such a search, on some other mutual fund:
    -Even classic EDGAR stops about 2001, limited to trailing 20 years at a guess. Even entering the old name ("Vanguard Index Trust") doesn't pull up anything earlier.
    -Casting around, I found this page: https://www.sec.gov/edgar/search-and-access. At the very bottom of the page is a link to EDGAR archives. That sounded promising. It took me to this page: https://www.sec.gov/cgi-bin/srch-edgar. Bingo: searching here for Vanguard 1994 to 2000 brought up the annual reports from the 1990s. (N-30D is the code for AR)
    -"Financial highlights" has the prior five years of expense ratios. Another tidbit: in the 1990s the norm, at least for Vanguard, was to present twenty years of trailing returns; so in the 1996 report one can see the 500 Index fund annual returns back to its inception in 1976. Will be interesting to see if other fund firms did the same. (The 500 returns are on the Simba backtesting spreadsheet at Bogleheads.org, so no treasure hunt in its case).
  • Pelosi bought lots chips techs last few days
    Let's apply the law for all.
    Okay. Let's apply the disclosure requirements to all, not just to "US congress rep[s]". Would you care to start by disclosing your trades (and ranges of dollar amounts) on a monthly basis?
    The violations identified in the business insider article were failures to disclose.
    Insider and several other news organizations have identified 65 members of Congress who've recently failed to properly report their financial trades as mandated by the Stop Trading on Congressional Knowledge Act of 2012, also known as the STOCK Act.
  • Large unplanned LT cap. gain 2022. Should a 1040-ES be filed; to pay taxes now?
    One way to "income average" is to literally sell over time. Say 10% each year. If it is income-generating land, then you could get 90% of the revenue when you retained 90% of the ownership and so on.
    That's a little messy. A way to effect something similar is to make the transaction a seller-financed sale and collect installment payments. I would have thought that such a sale would be treated as two separate transactions - a competed sale now, and a mortgage where you are the lender.
    But Congress (IRC § 453) long ago decided that for installment sales, capital gains would not be recognized until payments were made. Since the payments are made over several years, this becomes another way to spread the recognized capital gains over time.
    IRS Topic 705 - Installment Sales
    Form 6252 - Installment Sale Income
    Pub 537 - Installment Sales
  • Barron's Midyear Roundtable
    I just got a new truck with Sirius XM for three months. Then they send me an offer for an additional two months free if I sign up for a subscription
    Subscription costs $75 for three months! I like classic rock and roll 60's, classical music and opera.
    There are only a couple of "classic" rock stations, neither of which beats my free FM station. Their classical music is a joke. While opera is great on TV with subtitles, I doubt anyone but real buffs will listen on radio constantly
    This seems an overpriced poor quality product where there is a free alternative. Maybe if you have to have sports on all the time, but not for me
  • Calling EDGAR experts at MFO
    There is a "classic" version of EDGAR? Who knew?
    Love the dig at New Coke. A staple of branding lectures for years when I started teaching in the 1980s.
    Thanks again, msf! And thanks to everyone who keeps this board going, it has already proved quite the resource.
    I think this is the result you got.
    https://www.sec.gov/edgar/browse/?CIK=0000036405
    Try switching to the "classic" version. As M* and Coke have demonstrated, "new" is not necessarily improved.

    This "SEC classic" page links to filings all the way back to 1994.
    https://www.sec.gov/cgi-bin/browse-edgar?CIK=0000036405&owner=exclude
    Until 1998 the fund was known as Vanguard Index Trust 500 Portfolio.
    https://www.wsj.com/articles/SB852585751767090500
  • Calling EDGAR experts at MFO
    I think this is the result you got.
    https://www.sec.gov/edgar/browse/?CIK=0000036405
    Try switching to the "classic" version. As M* and Coke have demonstrated, "new" is not necessarily improved.

    This "SEC classic" page links to filings all the way back to 1994.
    https://www.sec.gov/cgi-bin/browse-edgar?CIK=0000036405&owner=exclude
    Until 1998 the fund was known as Vanguard Index Trust 500 Portfolio.
    https://www.wsj.com/articles/SB852585751767090500
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    Thanks@BenWP. I can breath easier.
    I do own NSGRY (Nestle ADR) at Fido. No big deal. The check-off for auto reinvest seemed to take. But time will tell. Haven’t had it long enough yet.
    It was nice to see a decent dividend paid / reinvested this morning from BAMBX. It’s my largest single holding. Replaced TMSRX around end of last year. Both are off for 2022. But TMSRX continues to lag significantly, being more than 2.5% behind BAMBX at this point in the year. Apologies for straying off-topic. But I believe @BenWP has a special place “in his heart” for TMSRX. :)
  • Calling EDGAR experts at MFO
    Suppose I want to find the year by year expense ratio for some mutual fund of interest--in this example, the Vanguard 500 Index fund, originally VFINX. Easy enough to get its performance from M* etc. back to its beginning in 1976, and easy enough to get the S&P index performance over that period from the SBBI. Subtracting the two gives an estimate of expenses, but only an estimate; strictly speaking, the subtraction gives tracking error, not expenses incurred.
    Like all funds, it files at the SEC and these filings go into the EDGAR database. Naively, since EDGAR goes back to 1994 (I am told), I hoped to get those expense ratios from EDGAR, and maybe, in my dreams, find a 10-year trailing table back to 1984 from the 1994 filing. Add seven years of Wiesenberger yearbooks and I'd be done.
    But when I enter the ticker at the EDGAR search engine, 2013 is the oldest report listed. However, that search was entered at the "front page" and I am a naïve EDGAR user.
    Some members here will not be naïve EDGAR users. Do you know how to get a pre-2013 filing on VFINX online? Or where else might you send me for that year by year data on expense ratios? (I have John Bogle's data on expense ratios for Vanguard as a whole, but that doesn't answer my question)
    Why do I care? Tracking error can be positive, due to security lending etc. Only with a separate calculation of expense can one vet how well fund management did given the expenses they were dealt. Not so important with an index fund, maybe; more so with the ordinary sort of fund.
    PS: were this data to be available in MFO Premium, please tell me!
  • Barron's Midyear Roundtable
    Barron’s looks fascinating this week.
    “Estée Lauder is in the beauty business—and its stock is starting to look like a beautiful buy … Estée Lauder stock (ticker: EL) has fallen 34%, to a recent $245, in 2022, worse than the S&P 500 index's 19% drop.”
    Hmm … “Once More Unto the Breach” ?
    Article: “Este Launder’s Not So Secret Ingredient” - by Jacob Sonenshine
    -
    Another must-read: “Levering Japanese Inflation” - by Lewis Braham
  • Stocks fall as Wall Street braces for huge hike in rates
    I'm going to stay with 75bps. They're trying to keep their credibility in place.
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    @msf, I used the Yahoo Finance page as my source of the distributions I posted. Guess I need to look around more. Thanks for the update.
    Pull up the quote for NRDBY at Yahoo. Select Historical Data. Choose "Monthly" and "5Yr" and select "Apply".
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    I have held issues in a Roth account where the foreign tax is not withheld.
    While I haven't held foreign stocks directly or "semi-directly" (via ADRs or GDRs), ISTM that the withholding of foreign taxes on stocks mirrors that of foreign taxes on mutual funds. That is, the foreign taxes are withheld before you or your IRA ever sees the div. You just get the net.
    Morningstar (Christine Benz) writes:
    Things start to get really wonky when you hold a foreign stock or foreign stock fund in an IRA or other tax-sheltered account. If a foreign stock that you own--either directly or indirectly via a foreign stock fund or exchange-traded fund--pays you a dividend, your taxes due on that payout will be withheld by the foreign government, reducing your payout accordingly, as discussed [in the paragraph discussing foreign stock in a taxable account].
    https://www.morningstar.com/articles/914550/should-you-keep-foreign-stocks-out-of-your-ira
    There's a lot more detail here:
    https://www.dividend.com/portfolio-management-channel/how-does-taxation-of-adr-stocks-affect-investors/
    That page reiterates what Ms. Benz wrote:
    Typically, tax-deferred accounts are great strategies for investors who do not have to worry about the tax implications of dividends. However, ADRs still require withholding, regardless of the type of account it is held in.
    Regarding the divs from NRDBY, Crash gave a source for divs. That shows a div every year, and two in 2021 including one with an ex-div date of Oct 4, 2021. See also:
    https://www.dividend.com/stocks/financials/banking/banks/nrdby-nordea-bank-abp-adr/ (click on "view all payout history")
    If your source is showing no div for 2019 perhaps that is due to the reverse merger (and relocation from Sweden to Finland) that took place in late 2018. I don't know; I'm just pointing out a nearly coincident singularity that could have affected the source's tracking of divs through the transition.
    https://www.globenewswire.com/news-release/2018/10/01/1587511/0/en/Nordea-Bank-AB-Completion-of-Merger.html
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    @Mark. Glad to hear from you. I appreciate the homework you did. From the get-go, it all seemed too good to be true, anyhow. On the other hand, I don't want to MARRY it, but I'm rather pleased with the way regional bank BHB has held up, and it has a history of regular dividends which grow steadily. And just lately, a share buy-back program was announced: but it's only 5% of the total shares outstanding.
  • NRDBY Nordea Bank ADR div. (Helsinki HQ)
    My experience with distributions (dividends) from European ADR holdings is that they tend to be quite erratic in amount and timing unlike the even sum quarterly distributions US stocks deliver.
    For example here is the 5-yr history of dividends from NRDBY:
    Mar 16, 2018 0.845 Dividend
    2019 - none
    Mar 26, 2020 0.446 Dividend
    Feb 19, 2021 0.084 Dividend
    Mar 25, 2022 0.781 Dividend
    Bottom line is that dividends (if any) are what the company says they are if and when they feel like distributing one. Also, if you hold them in a taxable account they can be a nightmare come tax return filing time. You may or may not receive what you think you should because of foreign tax withholdings. I have held issues in a Roth account where the foreign tax is not withheld.
  • Pelosi bought lots chips techs last few days
    Toe be clear the chips bill has been in the works for quite some time now.
    Also for the record it was her husband Paul who is making the trades "Paul Pelosi trades tens of millions of dollars worth of stock and stock options each year, federal records indicate."
    From the Insider report:
    "Speaker of the House Nancy Pelosi's husband, Paul Pelosi, exercised millions of dollars in NVIDIA call options and sold large quantities of Apple and Visa options and shares in late June, according to a new congressional financial disclosure.
    Paul Pelosi exercised 200 call options, or 20,000 shares, of NVIDIA worth between $1 million and $5 million, according to the disclosure, which Nancy Pelosi filed Thursday with the House of Representatives.
    Paul Pelosi also sold 10,000 shares of Visa worth between $1 million and $5 million and sold 50 call options in Apple valued between $100,000 and $250,000."
    There is still no guarantee that the bill will be passed.
  • Pelosi bought lots chips techs last few days
    https://www.google.com/amp/s/www.businessinsider.com/nancy-pelosi-stock-trades-paul-pelosi-nvidia-visa-apple-2022-7?amp
    https://www.zerohedge.com/markets/nancy-pelosi-throws-her-support-behind-50-billion-semiconductor-bill-hours-after-disclosing
    Congress prob pass chips bills soon
    Friends ***all in chips sectors****
    Friends bought lots chips and more buys monday...heard lots folks in House representative doing same both sides
    Will add more tqqq soxl or qqqm monday
  • Wealthtrack - Weekly Investment Show
    On this week’s program, we will be joined by Robert Horrocks, Ph.D. and Chief Investment Officer of Matthews Asia, one of the first American mutual funds to focus solely on the region.
    Horrocks will bring us up to speed on China’s economy and markets and the other Asian markets he deems worthy of our attention. Of particular interest to me is how to invest in this fast-growing region while minimizing China’s powerful political risks.


  • Barron's Midyear Roundtable
    Barron's Midyear Roundtable has several fund ideas. LINK
    COVER STORY, “What to Buy Right Now: 42 Picks from Barron’s (Midyear) ROUNDTABLE Pros”. A report card of prior hits/misses is also included.
    Tod AHLSTEN/Parnassus CIO & PRBLX: VRSK, MMC, ICE, AMAT. Opportunities in the downturn.
    William PRIEST/Epoch Inv Partners: TMUS, DTEGY, TSM, LSXMA, DE
    Rupal BHANSALI/Ariel CIO: DIISY, BAP, BBSEY, BIDU, ELEZY, SNMRY, PM. Likes Lat Am & Europe over US; prefers dividend payors.
    Henry ELLENBOGEN/Durable Capital: INTU, TEAM, DUOL. Likes quality-growth.
    Abby Joseph COHEN/Columbia U: LG Chem, FANUY, BKNG, JWN. No recession in 2022 or 2023.
    Scott BLACK/Delphi: CACI, CB. Shallow recession is already here (notable early projection). Avoid story stocks with low/no earnings. His SP500 earnings est $219 only.
    Sonal DESAI/Franklin Templeton FI CIO: CPREX, FHYVX, GLFOX, EAPCX, FRIAX; ETF SRLN. No recession in 2022/H1 or 2023/H1, may be in 2023/H2.
    Mario GABELLI/Gamco: CNHI, AJRD, HRI, BATRA, PARA, SBGI, DRQ, HAL. Mild recession. Despite volatility now, 2023/H1 looks promising for US, Europe, China.
    Meryl WITMER/Eagle Capital: SLVM, DFIN, EEFT
    David GIROUX/Price CIO & PRWCX: FTV, NXPI, GE, TEL. Mild recession. Overweight – IT, industrials; underweight – consumer-staples, utilities; leveraged-loans still OK.
    Part 2 will mention some Japanese funds (feature by @LewisBraham). Edit/Add LINK2
    FUNDS. After years of deflation, JAPAN is seeing some inflation due to high oil prices and supply-chain disruptions. The BOJ is continuing its easy monetary policy until the inflation target of +2% is met, and yen has collapsed. Japanese funds are attractive: GMAHX, HJPNX, MJFOX, PRJPX; ETFs EWJ, EWJV, DFJ.