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  • Oldest mutual funds: name changes
    Pioneer Fund was founded in 1928 by Philip Carret as the Fidelity Mutual Trust (not on any list in the SEC study).
    https://www.corporateknights.com/responsible-investing/a-short-history-of-responsible-investing/

    On p. 735, both Loomis-Sayles Mutual Fund, Inc. and Loomis-Sayles Second Fund, Inc. appear. Only the "second" fund appears on p. 877's short list.
    "Prior to establishing CGM, Mr. Heebner was at Loomis, Sayles & Company where he managed [CGM Mutual Fund], then known as Loomis Sayles Mutual Fund."
    https://cgmfunds.com/cgm-docs/2021-12-31-mutual-annual.pdf
    Likewise, on p. 738 is listed "Second Investment Fund of Security Management Co. (predecessor of Broad Street Investing Co., Inc., The)". Broad Street Investing Corp. was the name of Seligman Common Stock Fund prior to April 26, 1982.
    https://www.sec.gov/Archives/edgar/data/14358/000001435800000002/0000014358-00-000002.txt
    https://www.referenceforbusiness.com/history2/65/J-W-Seligman-Co-Inc.html
    The Security Management Company has presented to shareholders in its First and Second Investment Funds a plan for the combining of the two funds into a single corporation to be called the Broad Street Investing Company. It will be organized in Maryland with 500,000 shares of common stocks of no-par value. ...
    NYTimes, October 14, 1929, p. 44
    https://www.nytimes.com/1929/10/14/archives/investment-fund-merger-security-management-plans-to-unite-two-in.html
    There's a much more complete list of investment trusts and investment companies in Appendix A of Part 1 of the SEC study, starting on p. 114.
    https://play.google.com/store/books/details?id=1CoWAQAAMAAJ
    I really appreciate it, mfs. I had not looked at Part I of the SEC report. Glad I found mutualfundobserver.com!
  • Oldest mutual funds: name changes
    Pioneer Fund was founded in 1928 by Philip Carret as the Fidelity Mutual Trust (not on any list in the SEC study).
    https://www.corporateknights.com/responsible-investing/a-short-history-of-responsible-investing/

    On p. 735, both Loomis-Sayles Mutual Fund, Inc. and Loomis-Sayles Second Fund, Inc. appear. Only the "second" fund appears on p. 877's short list.
    "Prior to establishing CGM, Mr. Heebner was at Loomis, Sayles & Company where he managed [CGM Mutual Fund], then known as Loomis Sayles Mutual Fund."
    https://cgmfunds.com/cgm-docs/2021-12-31-mutual-annual.pdf
    Likewise, on p. 738 is listed "Second Investment Fund of Security Management Co. (predecessor of Broad Street Investing Co., Inc., The)". Broad Street Investing Corp. was the name of Seligman Common Stock Fund prior to April 26, 1982.
    https://www.sec.gov/Archives/edgar/data/14358/000001435800000002/0000014358-00-000002.txt
    https://www.referenceforbusiness.com/history2/65/J-W-Seligman-Co-Inc.html
    The Security Management Company has presented to shareholders in its First and Second Investment Funds a plan for the combining of the two funds into a single corporation to be called the Broad Street Investing Company. It will be organized in Maryland with 500,000 shares of common stocks of no-par value. ...
    NYTimes, October 14, 1929, p. 44
    https://www.nytimes.com/1929/10/14/archives/investment-fund-merger-security-management-plans-to-unite-two-in.html
    There's a much more complete list of investment trusts and investment companies in Appendix A of Part 1 of the SEC study, starting on p. 114.
    https://play.google.com/store/books/details?id=1CoWAQAAMAAJ
  • Dead Cat Bounce
    +1 hank I invested in ITB and XHB on 4/4/2022, out of curiosity, after that first Barron's article came out. The two etfs are down between 11.5% and 13% after my purchase, but I invested only $100 in each.
  • Oldest mutual funds: name changes
    Here are a couple of threads that may help:
    Oldest Mutual Funds Still in Existence (2019 thread)
    Second Oldest Stock Fund Is As Nimble As A Teenager (2014 thread)
    ...
    Much obliged, msf. I had seen the 2019 thread but needed to reread it (e.g., your history of the Scudder funds). The 2014 thread was also illuminating, this post follows up on it.
    I am starting from the list of 36 open-ended companies in the 1939 SEC report (https://catalog.hathitrust.org/Record/010424070), Part 2, p. 877, Table 264 (if anyone is curious about this "survivorship bias free" list; it shows all open-ended companies with greater than $500,000 under management as of 1935. For reference, MITTX already had $81 million under management by that year, so many of these were tiny even for then).
    The 2014 thread mentions the CGM, Pioneer and Seligman funds as among the oldest ten. But none of these names appears in the SEC list. Nor do any of these names appear in the 1946 Wiesenberger. So, sometime after 1945, three funds that were on the SEC list had a name change or were merged into another, per your discussion of Century Shares Trust. Or the way 'First Investment Counsel' (on the SEC list) became Scudder, Stevens & Clark, which I wouldn't have known without your post (Wiesenberger doesn't mention the older name).
    Anyone know what the original names of the CGM, Pioneer and Seligman funds were?
  • Dead Cat Bounce
    Lowest sentiment since '58 ! Time to add some $$ to accounts I'm thinking. Where to put it is the net question. Commodities took a hit last week, but YTD a high riser I'm guessing ?
    Think I'll see if I can find a good beaten-up MF (-20%) & get a starter position.
    Anyone care to throw out an idea , you won't be held responsible if it's a dumper.
    Have a dry weekend, Derf
  • Wealthtrack - Weekly Investment Show
    Crypto advocates point out that Bitcoin has fallen by more than 50% eight times since its 2009 launch, and three times since 2018, and it’s recovered every time. And it’s been a top-performing asset class with better than 35% annualized returns over the last three and five-year periods and 80% annualized returns over ten years. In addition, an entire crypto industry has developed, which is expanding rapidly and being widely accepted by Wall Street, businesses, and some governments.
    This week’s guest is a believer. He is Matt Hougan, Chief Investment Officer and former Global Head of Research at Bitwise Asset Management, a cryptocurrency asset manager founded in 2017.
    I began the interview by asking Hougan about the role crypto assets play in a portfolio, considering they act like stocks.

  • Dead Cat Bounce
    I know we're closer to the bottom that we were at the start of the year. Other than that, it depends on whether things are really broken or in only in need of a major tune up. I am currently doing a little tax loss trading and dribbling a few new dollars into stocks. But, not too many. The stock % in my portfolio is about what it was at the start of the year due to non-stock losses that have accompanied stock losses. This quote describes some of reasons for the current market uncertainties....
    “The disinflationary forces of the last quarter-century have been replaced, at least temporarily, by a whole different set of forces,” Jerome H. Powell, the Fed chair, said during Senate testimony on Wednesday. “The real question is: How long will this new set of forces be sustained? We can’t know that. But in the meantime, our job is to find maximum employment and price stability in this new economy."
    I'm hanging on to my junk bonds TUHYX. And the bonds held elsewhere, like PRWCX and BRUFX. I'm heavier in stocks now, lighter in bonds. I exited PRFRX today and dumped all that into TRP Equity Income. PRFDX. It's full of the stocks I LOVE to HATE. But hell, you can't fight city hall. My single-stocks went on a rampage today. RGR. ET. BHB. And BHB just approved a stock buy-back plan: 5% of outstanding shares. At the moment: 73 stocks, 20 bonds.
    Of course, because this is ME, I made this change on just exactly the WRONG day. ORK!
  • Oldest mutual funds: name changes
    Here are a couple of threads that may help:
    Oldest Mutual Funds Still in Existence (2019 thread)
    Second Oldest Stock Fund Is As Nimble As A Teenager (2014 thread)
    As to the merger of Quarterly Income Shares into American Business Shares in 1944, you can find the NYTimes story reporting it here. This was a case of the minnow ($5M company) swallowing the whale ($21M).
    According to a 1942 NYTimes article, American Business Shares was sponsored by Lord, Abbett Co., Inc.
    According to the SEC, American Business Shares changed its name on April 4, 1976 to Lord Abbett Income Fund, Inc., and from that to Lord Abbett US Government Securities Fund, Inc. on January 27, 1986.
    Again according to the SEC, that first change involved a "change from Delaware to Maryland corporation accompanied by change in name, fundamental investment objective and institution of policy requiring automatic redemption of small accounts"
    In 1997, the SEC announced the fund's impending demise:
    A notice has been issued giving interested persons until May 13 [1997] to request a hearing on an application filed by Lord Abbett U. S. Government Securities Fund, Inc. (formerly American Business Shares, Inc.) for an order under Section 8(f) of the Investment Company Act declaring that applicant has ceased to be an investment company.
    https://www.sec.gov/news/digest/1997/dig042297.pdf
    As to Affiliated Fund, Inc. that's easy. Do a search on the name, you'll come up with Lord Abbett Affiliated Fund. That fund's webpage gives its inception date as 5/14/34, noting that the fund changed its investment strategy on 1/1/50.
    https://www.lordabbett.com/en/strategies/mutual-funds/affiliated-fund.class-a.html
  • Dead Cat Bounce
    I know we're closer to the bottom that we were at the start of the year. Other than that, it depends on whether things are really broken or in only in need of a major tune up. I am currently doing a little tax loss trading and dribbling a few new dollars into stocks. But, not too many. The stock % in my portfolio is about what it was at the start of the year due to non-stock losses that have accompanied stock losses. This quote describes some of reasons for the current market uncertainties....
    “The disinflationary forces of the last quarter-century have been replaced, at least temporarily, by a whole different set of forces,” Jerome H. Powell, the Fed chair, said during Senate testimony on Wednesday. “The real question is: How long will this new set of forces be sustained? We can’t know that. But in the meantime, our job is to find maximum employment and price stability in this new economy."
  • Dead Cat Bounce
    Hard to say
    Very close bottom but it bounces past 4 days
    Maybe another leg down to sp500 3540 or lowered before everything finished ...next cycle could be next wk.
    Good that inflation easing/natural gas down /UST also slowly easing/ oil demand likely ceased w recession and USA travel hopefully slow after july....maybe good for stocks because lessen demands
    Feds force us to buy stocks and shy away from energy UST/ commodities. Oil rsi and sp500 rsi almost equal. Look like sp500 bullheads held above Bonifacio level last 8 hrs/lots support
    Maybe good to nibble..we don't now if 15% from bottom or more but prices so cheap, we been nibbling, prob hold rest of 24 36 months
    Amazon, tsla, fedex, lcid, sp500 qqq - are the vehicles we bought earlier this wk...
    We will see next few wks
    -19% portfolio down now compared 28% 3 wks ago
    On side note we were suppose down 600 800 points Tues after uncle Powell give speech but only down little, could be bottom formation. Few more rate raise and stocks keep uptrends in 4 8 wks we think it maybe bottom...lots speculations.
    ****nobody knows nothing*** Buffett
  • Mechanics of Buying & Selling 5-Yr TIPS
    Sorry for a naive question. I never bought Treasury bonds, and I missed this auction. Does it make sense to buy the same TIPS now at Fidelity without auction, or their price will be significantly higher?
    Next 5-yr TIPS auction will be on 10/20/22.
    You can buy TIPS at Fido in the secondary market. Commissions are low and note the YTM on "ask" (retail customers buy at "ask" and sell at "bid").
    https://www.fidelity.com/trading/commissions-margin-rates
  • M* screwing everything up again
    I wonder if M* will still provide Quicken portfolio Instant Xray ( not quite as comprehensive as the one online at M* but quick and easy).
    I just use Quicken on my laptop, so I don't know Quicken App will also track investments
    Hopefully M* will not cut Quicken off.
    If I had to chose between spending $250 on M* or Quicken premier ( $ 8 a month on sale for newbies for $5) I would chose Quicken hands down for portfolio management.
    The sad decline in the information and usefulness of the M* articles and fund reports makes it less and less useful. I get far better fund ideas here
    While I can afford $250, why continue to reward M* for ignoring individual investors?
  • Dead Cat Bounce
    Some interesting ideas from one of my advisors
    20% declines not caused by electronic trading (1987) or Pandemic ( 2020)
    1970 down 35% Recovered 20 months later
    1973 down 48% rec 2114 days later !!!
    1982 down 26% rec 68 days
    2001 down 42% rec 1842
    2008 down 56% rec 1435 days
    1970 Recession driven with high inflation
    1973 high inflation but "misguided fiscal policies" prolonged decline
    1980s inflation surge ppt bear market Fed hiked rates
    2001 Tech bubble little inflation
    2008 housing bubble little inflation
    So if 1970 and 1982 are most applicable comparisons, we might be close to bottom, based on the decline, but neither started at 2022 valuations
    1/1/2022 23
    PE 16 at 1/1/1969 at start of the decline in 70s ( 30% cheaper to start than now)
    and 7 to 9 1/1/1981 to 1/1/1982
  • Oldest mutual funds: name changes
    Hello: newbie here. I know this topic of "oldest funds" has been covered before; it was an internet search for it that first led me to Mutual Fund Observer. Feel free to answer with a simple link to posts that pre-date my joining.
    Typical Internet search hits for this topic (e.g., investopedia) focus on the oldest funds "still active today." That's not very helpful for my purposes.[survivorship bias etc.] I have the 1939 SEC report (Part 2) which shows all the largest mutual funds in existence as of 1936 *under their names at the time.* And older copies of the Wiesenberger yearbook can sometimes track what happened to items on the SEC fund list (e.g., Quarterly Income Shares, 4th largest as of 1936, was merged into American Business Shares, a Calvin Bullock fund).
    But it is hit and miss. Just by chance did my eyes fall on a note that "Incorporated Investors" (2nd largest) became Putnam Investors in 1966.
    I'm still trying to track down the current name of "State Street Investment." (3rd largest, under that name through 1965).
    That's one specific query. Anyone have some tips? A database (in my dreams) that tracks defunct mutual fund names, or would surface the fact that Putnam Investors used to be called Incorporated Investors"?
  • Dead Cat Bounce
    Just a friendly reminder that getting back to break-even requires a greater degree of portfolio change than on the way down. Someone who’s down 20% YTD would need a 25% increase in portfolio value just to get back where they were. And if you’re unfortunate enough to be down 30%, it would require a greater than 40% increase to get back to break-even.
    To @Derf’s question. I think markets will meander lower in time. But who knows how long that will take? Things don’t normally move in straight lines. And I don’t invest based on predictions - mine or anyone else’s - although I listen to many points of view.
  • Pimco Inflation Hedges
    This M* article explains more on commodity strategy funds. TIPS are often used as collateral for investing in future contracts (derivatives).
    Strategy design heavily influences performance, too. Most commodity strategies aim to closely track a specific index--usually the Bloomberg Commodity Index--and add value by making small tactical tilts or actively managing the collateral that backs the futures contracts.
    https://morningstar.com/articles/1083759/why-are-so-many-commodity-funds-underperforming
    Beware that commodity funds are volatile and they can swing both directions quickly, particularly in today's market condition.
  • International: Thnking about switching
    Sometime doing ok is good enough for me in this environment. This year many international funds are down 20+ % and VWILX is down over 30%. The 2008's drawdown has taught me that it is much easier to stay invested in conservative funds and they tend to recover in shorter time. YTD VWICX is slightly ahead of VTIAX (its benchmark), -15.7% vs -18.9%, respectively. VGWAX is the least volatile of the funds discussed here. Having 35% bond exposure is not a bad way to reduce risk.
    Same approach also works for emerging market funds.
  • M* screwing everything up again
    I was about to post the same thing. This was happening sporadically yesterday. Today the "transition" is complete. Legacy pages have apparently, to borrow from Monty Python, ceased to be! Are expired and gone to meet their maker!