Much of the Morningstar fee data are up to 12/31/24.
Additional fee data to 12/31/24 can also be found in ICI Fact Book, 2025, Ch 6.
https://www.icifactbook.org/pdf/2025-factbook-ch6.pdf

• Investors plowed money into cheap index ETFs amid recent market turbulence.
If sturdy inflows continue, the average fee fund investors pay should decline further in 2025.
• Vanguard, already the low-cost leader, slashed fees on 168 share classes in February 2025,
saving its investors an estimated $350 million just this year.
• ETFs remain far cheaper than mutual funds, on average, but the gap is narrowing.
• New ETFs are more expensive than they used to be.
This is due to the emergence of higher-cost investment strategies relatively new to the ETf wrapper.
"Given the intense competition among this low-margin cohort, there’s been a subtle, or not-so-subtle,
push from firms into more complicated, and more expensive, investment strategies.
Investors are slowly catching on, too."
"These strategies, which include options-based ETFs, public/private vehicles like interval funds,
and other new developments, charge high fees compared with the cheap index funds investors
have historically preferred. Assets in these emerging products are growing but they still represent
a small piece of the pie. Some firms are trying to expedite that growth."
https://www.morningstar.com/funds/4-fund-fee-trends-watch-2025

That + CEO quits & company withdraws guidance,
https://finance.yahoo.com/news/unitedhealth-group-stock-sinks-as-ceo-steps-down-company-suspends-guidance-135257453.html

Bladex and the Panama Canal: An Alliance Transforming Plastic Waste into Progress for Communities
06:00:00 AM ET, 05/05/2025 - PR Newswire
In Latin America, where social, environmental, and economic challenges are so diverse, strategic partnerships have become a key tool for advancing towards truly sustainable development. An 81-meter pedestrian bridge reconstructed with recycled materials exemplifies the power of alliances to protect our environment and transform lives in our region.
PANAMA CITY, May 5, 2025 /PRNewswire/ -- What was once considered waste is now a symbol of hope. Thanks to the joint efforts of Banco Latinoamericano de Comercio Exterior, S.A. (Bladex), the Panama Canal, and the Botellas de Amor Foundation, a new pedestrian bridge has been inaugurated in the Watershed of the Panama Canal, built from over 3 tons of recycled plastic.
This initiative prevented this plastic waste from ending up in landfills, rivers, or oceans, transforming an environmental problem into a concrete solution that enhances the quality of life for communities and protects the natural environment.
The structure, measuring 81 meters in length, connects four communities, significantly improving the mobility and safety of over 300 people. Beyond its functionality, this bridge symbolizes the power of collaboration to promote sustainable solutions and generate tangible social impact.
Jessica Janson, Senior Vice President of Corporate Communications and Social Investment at Bladex, stated: "With every step taken on this bridge, we reaffirm that waste can become a solution, and that a true commitment to sustainability has the power to transform lives."
This initiative is part of Bladex's ESG (Environmental, Social, and Governance) strategy and reflects its commitment to sustainable development in Panama and the region. It is the second bridge of this type delivered by the institution; the first was inaugurated in 2023 in the Kosovo community of Puerto Caimito, Panama, as part of its vision to convert environmental challenges into opportunities for Latin American communities.
"The purpose of Bladex is to build bridges between Latin America and the world to support the development of our clients and the region. Projects like this are an extension of that purpose brought to life within communities and form part of our contribution toward a more sustainable, inclusive, and human future for our region," said Jorge Salas, CEO of Bladex.
The project was built using plastic profiles manufactured by Fundación Botellas de Amor from recycled materials and benefited from the operational and logistical support of the Panama Canal. The collaboration also included collection campaigns, environmental awareness initiatives, and volunteer activities led by Bladex and the Panama Canal.
"For the Panama Canal, being part of this project is a source of pride. It reflects our commitment to the environment and to the communities within the Panama Canal Watershed," said Ilya Espino de Marotta, Deputy Administrator of the Panama Canal.
The Watershed of the Panama Canal is crucial at an international level as it is the source of water for the operation of the Canal. It is vital for global maritime navigation, facilitating the transit of ships between the Atlantic and Pacific Oceans and connecting 170 countries through 180 maritime routes. It is also key for the supply of drinking water for the Panamanian population. The watershed also hosts communities that are conscious of protecting their environment and a rich biodiversity, with significant protected areas.
This bridge not only connects communities; it connects purposes. It confirms that when Latin America works in partnership, the results become stories that inspire. Therefore, Bladex will continue to promote initiatives with tangible impact that can progressively expand throughout the region.
About Bladex
Bladex is a multinational bank originally established by the central banks of Latin American and Caribbean countries. It began operations in 1979 with the mission of promoting foreign trade financing and regional economic integration. Headquartered in Panama, the Bank also has offices in Argentina, Brazil, Colombia, Mexico, and the United States, and a representative license in Peru, supporting regional development and serving a client base that includes financial institutions and corporations.
Bladex has been listed on the New York Stock Exchange (NYSE: BLX) since 1992. Its shareholders include central banks and state-owned entities from 23 Latin American countries, commercial banks and financial institutions, as well as institutional and retail investors through its public listing.
Contact:
Jessica Janson - VPS, Comunicaciones Corporativas e Inversión Social
Correo: [email protected]@bladex.com> / Tel.: (+507) 210-8500
Dirección Casa Matriz: Edificio Business Park, Torre V, Avenida La Rotonda, Urb. Costa del Este,
Panamá, República de Panamá
Spanish:

And remember "MBS."
https://thehill.com/homenews/house/5296446-trump-executive-order-pharmaceutical-costs/
https://en.wikipedia.org/wiki/Assassination_of_Jamal_Khashoggi

Fidelity brokerage suffered a temporary outage due to heavy volume on their website.

Article
My trades Monday between 9:30 and 10:00 AM (sell 2 stocks / buy 2 CEFs) had been planned over the weekend. Had little to do with the ”unliberation” event. Fido’s site seemed a bit slow but worked. After the trades successfully executed and I attempted to rearrange some deck chairs inside their optional $4.99 basket, that feature seemed to grind to a halt for 5 or 10 minutes. Window dressing only. Did not involve any trades.
I always wonder what prompts retail investors to engage in heavier trading on these big market days? Best guess for yesterday is many were cashing in after getting back to break-even - but don’t know.

When I see your question @dily the first thing I take a look at (for better or worse) is the portfolio composition. The top 10 and sector composition at Fidelity and M* match pretty closely and didn't provide any pokes in the eye with a sharp stick BUT, BUT, BUT they differ from that shown on the GQG website for what that's worth. All 3 show an effective date of March 31, 2025.

The portfolios I see at Fidelity and at M* are dated Dec 31, 2024. The factsheet with top ten holdings at the fund's website is dated March 31, 2025.
M* reports a 148% turnover rate, rendering the 2024 reports dubious at best. What jumps out at me is the most recently reported top holding, Philip Morris Int'l (PM). In three months it jumped from #5 (6.08% of portfolio) to #1 (6.51%). By itself, that might not say much, but then one sees Altria (MO) at #4 (4.17%), a completely new holding for 2025. Who knows how much more tobacco the fund bought since March 31.
Yesterday, they went up in smoke. PM dropped 2.87% and MO dropped 4.17%.
Some of the PM drop could be because of the dollar's surge, but MO's decline suggests an industry wide dip. Hard to separate the dollar and individual company effects from an industry-wide dip since other major players are foreign. JAPAY (Japan Tobacco ADR) dropped 2.18%, BTI (BAT ADR) dropped 1.58%.

Fidelity brokerage suffered a temporary outage due to heavy volume on their website. S&P 500 nearly made it back positive territory since Libration day.

As a publicly traded security, it has to comply to SEC reporting regulations. What are the outstanding risks to the market and investors of having Coinbase/COIN in S&P500 in the future?

Discover/DFS is a financial with $50+ billion market cap. Looks like DJ/S&P Committee decided that a modern financial replacement with a similar market-cap is Coinbase/COIN.
At 0.10% weight, the nature of SP500 won't change. But this is great news in the crypto world. First, Bitcoin ETP, then Ether ETP, and now admission into SP500.
Dubai/UAE may be the crypto capital now. But the US is catching up fast.

Interesting article from Bloomberg on this trade de-escalation, and China got what they wanted.
https://finance.yahoo.com/news/xi-defiance-pays-off-trump-212056893.html

"Huge washouts hit the $29 trillion Treasury market in recent days,
as investors looking to exploit small price differences in the bedrock of financial markets
were overcome by volatility resulting from President Trump’s tariff fight."
"It hinges on moves in the swaps market, a cornerstone of global trading activity.
Specifically, it relates to the swaps spread, or difference, between the 30-year
floating Secured Overnight Financing Rate, or “SOFR,” and Treasury yields."
"The trade counted on the spread to widen, but that hasn’t been playing out.
Instead, the world got the biggest global trade fight in a century in the form of tariffs,
and extreme volatility in bonds that has forced a sudden washout of some leveraged players."
https://www.marketwatch.com/story/how-the-trade-of-the-year-became-a-nightmare-for-investors-after-trumps-tariffs-adead217
Edit/Add: Previously, it was widely reported that hedge funds' bets on discrepencies between Treasury prices
and futures contacts (known as the 'basis trade') were unwound which caused widespread selling in Treasuries.
https://www.mutualfundobserver.com/discuss/discussion/comment/190558/#Comment_190558

Excellent & comprehensive look at many different investments. Need to wade through considerable “small talk” early on. Substance later. Every moderator has his / her own style.
Enjoyed his take on high yield spreads as both “predictive” and also “self-fulfilling.” I didn’t listen. Instead I clicked the ”transcript” link and did a quick 5-10 minute read. If his book, The Humble Investor, is on Audible I’ll buy it for late night listening. (Got it.)

When I see your question @dily the first thing I take a look at (for better or worse) is the portfolio composition. The top 10 and sector composition at Fidelity and M* match pretty closely and didn't provide any pokes in the eye with a sharp stick BUT, BUT, BUT they differ from that shown on the GQG website for what that's worth. All 3 show an effective date of March 31, 2025.
I did not read through the prospectus to see if they can short or not but there is this:
"Portfolio holdings are subject to change without notice. Top ten holdings do not represent all securities purchased, sold, or recommended for inclusion in the Fund and no assumption should be made that such securities or future investments were or will be profitable in the future. Country allocations reflect the country of risk of the securities in the portfolio as assigned by Northern Trust, though GQG’s portfolios are constructed based upon GQG’s assessment of each issuer’s country of risk exposure, which may not be the same as Northern Trust’s country assignment. Sector, country, and holdings calculations include cash and may not sum precisely due to rounding. Unless otherwise indicated, data and calculations are sourced from GQG Partners, Northern Trust, MSCI, Standard and Poor's (S&P), Morningstar, and certain fund rating agencies." I added the bolding.)
GQEPX Fact sheet
GQG website
(Edit to add: Given that it is an institutional fund maybe a large institution or 2-3-4-5 wanted out. Just a wild guess.)

deleted
If I understand SEC regs correctly, the fund is only required to report holdings quarterly. Possibly there’s some new position not yet reported.
(Thanks for posting a new topic.)

Don’t know. The fund has 55% in its top 10 holdings. So one bad actor could ruin the day.
Safe havens like utilities got hit pretty hard today. And bonds fell as rates climbed.
Gold took a thumping. GDX (gold etf) lost 2.82%. Miners got hit extra hard as is normal. GDX (gold miners etf) lost 7.44%. However, I can’t detect any gold or metals exposure in this fund. M* does not show any short positions. FWIW.

Pete seems to have nine lives. Trump must think he is just as good as 5 stars generals.

Lost at Sea - ”In the extraordinary mishap, the $70 million jet was being towed out of the hanger bay of the USS Harry S. Truman when the crew lost control.”

Pete seems to have nine lives. Trump must think he is just as good as 5 stars generals.

U.S. tariffs of 145% on Chinese goods and Chinese tariffs of 125% on U.S. goods were nonsensical.
In essence, a de facto trade embargo between the two largest economies in the world was in place.
Temporarily dropping U.S. levies on Chinese goods to 30% while dropping Chinese levies to 10%
on U.S. goods is a welcome development.
However, much hard work remains.
We will need to see what transpires over the next 90 days and beyond...
Derek Scissors of the American Enterprise Institute discusses the U.S./China tariff pause
and provides an unbiased analysis of the situation.
https://www.pbs.org/newshour/show/whats-next-for-trumps-trade-war-after-pausing-tariffs-with-china

Coinbase/COIN is replacing Discover Financial (ticker DFS will become inactive) in SP500 on 5/19/25. Change is necessitated by the acquisition of Discover Financial by Capital One/COF.
So, come next Monday, if you have a SP500 index fund (SPY, IVV, VOO, etc), you will also have some exposure to cryptos. Coinbase is a combo crypto exchange, broker-dealer and custodian.
https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20250512-1478052/1478052_dfs5.pdf
https://www.cnbc.com/2025/05/12/coinbase-joining-sp-500-replacing-discover-financial.html