How often do they re-appraise - maybe annually? Interesting that they supposedly calculate a DAILY NAV.
Only $2.5K/1K minimum to invest. Fund size has grown to over $6B. Since inception at end of 2012, looks like only 3 (slightly) negative quarters! Impressive.
Too bad its an interval fund. Not sure how many brokers offer it, but apparently you can submit an application directly to Bluerock.

See yogi's thread (citing also WSJ and IBD)
https://mutualfundobserver.com/discuss/discussion/59772/vanguard-settles-on-tdfs-with-ma-regulators
The reporting on this has left me rather confused. As near as I can tell, Massachusetts was focused on the marketing of the funds, not how Vanguard disrupted them. The WSJ writes:

Vanguard hadn’t explicitly warned investors that the funds could generate gigantic tax bills, the Journal reported. ... In January, following the Journal’s report, Massachusetts regulators launched an investigation into how Vanguard had marketed the funds.

And an earlier Wealth Management.com piece talks about Mass.' concerns with "'potential tax disclosure issues' with b/d's target date funds" and that Mass. sent letters to "Vanguard, Fidelity Brokerage Services [not FMR as manager of its target date funds], ...".
All of which leads me to think that this settlement has got nothing to do with how Vanguard generated the cap gains distribution and everything to do with how the funds were sold.
Assuming that's correct, wouldn't any broker/dealer who sold these funds be a target of Mass.' ire? Admittedly most sales of Vanguard fund shares to retail investors are direct through Vanguard.
I'm troubled by Mass.' complaint (if I'm reading this correctly), that investors didn't have adequate warning. The ultimate marketing material for funds is their prospectus. By law it must precede or accompany any sale of a fund. The prospectus tax disclosures for the Vanguard target date funds is nearly identical, line for line, with the prospectus disclosure for VHCOX (Capital Opportunities), a higher risk fund. One finds the same bullet item:
    • Capital gains distributions may vary considerably from year to year as a result of the Funds' normal investment activities and cash flows.
If the target date funds failed to give adequate disclosure about potential risks (viz. that a large exodus could generate ginormous tax bills), then likewise VHCOX has failed to give adequate warning. The only difference is that the VHCOX investors haven't gotten burned yet.
An additional source of confusion is that none of the reporting indicates what effect, if any, this will have on investors' suit against Vanguard - for creating the tax liability, not for failing to warn. Does the settlement preempt this suit? Does the settlement permit investors to opt out so that they can continue their suit. What is the status of the investor suit?
https://www.financialadvisoriq.com/c/3536934/449764/vanguard_sued_over_taxable_distributions_tdfs
Class Action Complaint

CME Fedwatch is a better tool for rate hike probabilities (95.1% for 75-bps hike at July FOMC) than the LV odd-makers,
https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html

For the week ending on 7/6/22, Sentiment became extremely negative again: Bearish remained the top sentiment (52.8%; very high) & bullish remained the bottom sentiment (19.4%; very low); neutral remained the middle sentiment (27.8%; below average); Bull-Bear Spread was -33.4% (very low). Investor concerns included recession; inflation & supply-chain disruptions; the Fed; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (19+ weeks). For the Survey week (Thursday-Wednesday), stocks were flat-up, bonds up, oil collapsed, gold tanked, dollar up. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/thread/141/aaii-sentiment-survey-weekly?page=6&scrollTo=696

Ty
Think the July raise and next one two months maybe already priced in w market sentiments,
Powell already stated this past few meetings/ few months. Cpi data coming this wk and we should expect little cool off (not 8.6%) .
Vegas have 83% likelihood 0.75% rates raised July 2022
Regardless i think we maybe very close/near turning points. Hard to predict bottoms, but best maybe pick select stocks or funds etf you love and stick w them Long terms/ 5 yrs from today you maybe very happy if picked stocks/funds/etf at good prices. Market sentiments also start reversal slowly over past few weeks

Energy situation is evolving quickly. Less than 2 months ago crude oil was priced near $120-130. Also there was concern about food shortage due to the Ukraine war. Commodities and their futures are the few brighter spots in 2022. Now it is the reverse.
https://aljazeera.com/economy/2022/7/6/oil-steadies-after-plunging-on-recession-fears
Wonder if Powell will raise another 75 bps in July? In addition, China’s demand on oil is considerable smaller due to their zero-tolerance COVID policy. Some lockdowns are beginning to lift in several large cities.

Energy commodities etf funds got killed slaughterd past 3 wks
How much do you suggest portfolio in commodity energy?? 5%??

C'mon. You know that the only one who can answer a question like that is yourself.
Since I can afford NOT to tap my portfolio at all, I'm not doing it. My time-horizon gives me leeway to suffer through these awful days. There is still more pain to come. I heard a talking head on Bloomberg say the SP500 would go to 3,100.
I'm still overweight in PRWCX. I just added a bit at the end of last month. Now it's 36.8% of total. Ya, that's a big bet.
I'm personally holding 6.27% of my total in Materials at the moment. That compares to 2.47% in the SP500.
Energy: 10.24% vs 4.8% in the SP500.
PRNEX PRFDX ET
(And PRWCX holds ZERO in Energy! And only 1.3% of its portfolio in Materials.)
I don't know how, and don't care to learn how, to play the game of shorting stocks. My only bond fund right now is HY TRP TUHYX. Yield is now up to 6.84%. Bonds are down to 20% of total portfolio. I bought my stock funds at the highs, early in the year. I've rearranged and added a bit since then. But it still feels like sitting in a big giant pile of doggie poopies. From time to time, I continue to buy, bringing down my cost-basis.
Also own TRAMX. PRISX. BRUFX. RGR. BHB.

As I said before, I read many articles that claimed you can't do it. I have been using my system over 20 years. Well, if you don't care, you don't. Over the years, I have learned a few techniques on several boards + my own interpretation.
As I said before, in order to swim, you got to be in the water. My system is explained (here) + actual results that were copied directly from my brokerage.
BTW, my portfolio (think 10/90) as of 7/5/2020, beat VWENX(about 64% stocks) for 1-3-5 years with SD for 1-3-5 year at 1.96-2.57-2.31.

“Traders and analysts say that some of the decline in commodity prices can be traced to the retreat of investors who piled into markets for fuel, metals and crops to hedge against inflation. JPMorgan Chase & Co. commodity strategist Tracey Allen said about $15 billion moved out of commodity futures markets during the week ended June 24. It was the fourth straight week of outflows and brought to about $125 billion the total that has been pulled from commodities this year, a seasonal record that tops even the exodus in 2020 as economies closed.”
From: The Wall Street Journal July 5, 2022
Article: “Falling Commodities Prices Raise Hopes That Inflation Has Peaked “ - by Ryan Dezember

Big Stupid Deal?

Naw …
The “B.S.” part should be obvious. :) I’m not sure what the “D” means. What was the name of that guy who used to post under 4 or 5 different identities? Dilbert? Dennis?

First, getting out isn't momentum.
Second, I have heard so many times, you can't time the market. When I was an accumulator, I didn't care. When I got older, and had a lot more, I learned how to do it. Since 2018, retirement, I was out to MM with a max loss of less than 1%, while the SP500 lost 3 times 20% minimum.
Third, I got back on time, not the bottom, but at much lower prices.
If you want to swim, you can't learn it from a book, you actually, have to do it live.

First, you previously described yourself as a "momo" trader.
Second, frequent trading significantly impairs returns for many investors.
There have been numerous studies which confirm this finding.
The Barber/Odean study may be the best-known.
Third, get over yourself.
Most people don't care about your "special" trading system or that
you supposedly averted losses and got back in at much lower prices.

First, getting out isn't momentum.
Second, I have heard so many times, you can't time the market. When I was an accumulator, I didn't care. When I got older, and had a lot more, I learned how to do it. Since 2018, retirement, I was out to MM with a max loss of less than 1%, while the SP500 lost 3 times 20% minimum.
Third, I got back on time, not the bottom, but at much lower prices.
If you want to swim, you can't learn it from a book, you actually, have to do it live.

Energy commodities etf funds got killed slaughterd past 3 wks
How much do you suggest portfolio in commodity energy?? 5%??

Interval-funds don't trade on exchanges. From brokers/agents, you can buy them ANYTIME, but redemptions are LIMITED to small % (5%?) at QUARTERLY windows, if that (and at the option/whim of the sponsor)-- like Roach-Motels. That is why quote info on them is sparse. Weekend Barron's has a list on them as "Continuously-Offered" under the CEFs and they are sort of in the no-man land between OEFs and CEFs.

A bit too late to the game and priced too high. Their China ETF will be 20 bps higher than CNYA and underperforms it by a wide margin in 1, 3, 5 year trailing periods.
Numbers aside, the more alarming issue at Matthews is the exodus of portfolio manager talent that has occured over the past 2-3 years. For a small team, they've lost 10+ really important portfolio managers to competitors in a very short amount of time, including Tiffany Hsiao, Juanyuan Ji and Beini Zhao (all left for Artisan). This has been discussed ad nauseam in other threads. Never seen anything like it in all my years.
Sometimes the real story is not in the performance numbers!

Oaktree also manages several funds which have lower minimum investment requirements.
Oaktree Emerging Markets Equity Fund
OEQIX - $1M min.
OEQAX - $2.5K min with 4.75% load at Fidelity
Oaktree Diversified Income Fund (Interval Fund)
ODIDX - $25K min.
Vanguard Emerging Markets Select Stock Fund
VMMSX - $3K min.
Oaktree manages 25% of the assets (one of four managers).

Think this posting was posted below.
https://mutualfundobserver.com/discuss/discussion/59761/everything-we-deal-with-is-significantly-cheaper-than-it-was-six-12-months-ago-howard-marks#latest

Anyhow, here it is.
https://www.wsj.com/articles/ben-jerrys-sues-unilever-over-sale-of-ice-cream-business-in-israel-11657061064?mod=hp_featst_pos3

...Facing a pilots' strike. Chickenshit move?
https://www.wsj.com/articles/scandinavian-airline-sas-files-for-bankruptcy-protection-amid-pilot-strike-11657021214?mod=hp_lead_pos11