"Markets will fluctuate."
You can take that prognostication 100% to the bank, folks! :)

@WABAC
>> Pretty sure NICSX has beat the 500 since David took over after his father passed.
I don't know when that was exactly, but this is not at all the case since midsummer 2016 (AN died that August): SP500 up 7% over Nicholas.

Thanks, bee. I often stop to listen to Consuelo Mack and her guests. Grantham is a perma-bull. And small-caps are to volatile for me. I'll be 69 in 19 days.
*Edited: oops. Grantham is a perma-bear.

FAFRX (bank loan) continues to do well YTD. Other good ones are GIFIX, then FFRHX. The first two funds...YTD>7%...one year>10-11%...3 year>19-21%. All 3 funds SD is about 4.2.
But that's not all, compare this to PRCPX+TUHYX and you can see that HY has a much higher volatility. You want to achieve higher performance with lower volatility.
YTD Chart(https://schrts.co/CuXmBygK)
To see the volatility use only two funds: BL=FAFRX vs HY=TUHYX. See (https://schrts.co/vsTRCtXv) For YTD from Peaks and troughs, FAFRX was down only 1.5%, but TUHYX lost over 5%

(This Article First Appeared in Bloomberg)
“UP AND down Wall Street, forecasters were caught flat-footed by how the first half of 2023 unfolded in financial markets. That seems to have rattled their faith in what the winning playbook for the rest of it should be. Heading into the year, a handful of predictions dominated strategists’ annual outlooks. A global recession was imminent. Bonds would trounce stocks as equities re-tested bear-market lows. Central banks would soon be able to stop the aggressive rate hikes that made 2022 such a year of market misery. As growth stumbled, there’d be more pain for risky assets.
“However, that bearish outlook was shattered as stocks rallied even as the Federal Reserve continued to ratchet up interest rates in the face of stubbornly elevated inflation. And what was supposed to be the year of the bond fizzled: US Treasuries have nearly wiped out their tiny gain for the year as yields test new highs and the economy remains surprisingly resilient in the face of the Fed’s monetary policy onslaught. As a result, financial soothsayers have rarely disagreed more about where markets are headed next.
“There’s a 50 per cent difference between the most bullish one from Fundstrat (which sees it rising nearly 10 per cent more to 4,825), and the most bearish call from Piper Sandler (down some 27 per cent to 3,225), according to those compiled by Bloomberg. The mid-year gulf hasn’t been that wide in two decades. “
https://www.businesstimes.com.sg/wealth/wall-street-soothsayers-have-rarely-been-so-bewildered-about-whats-next

@hank,
You may want to check if your local library system offers online access to Proquest.
Library patrons should be able to access Barron's via Proquest.

Thanks. Will check when can no longer receive Kindle editions.

@dtconroe- Could you advise time to maturity on those? Can't find anything on Schwab better than 5% going out to 2025.
Thanks- OJ

I just checked CD rates at Schwab. They do offer a 18 month CD, that matures in January 2025, that pays 5.2%. It is offered by Leader Bank, which is an A+rated bank, paying semi-annually. That seems pretty attractive to me for anyone wanting something maturing in 2025. 2 year CDs pay 5% from several banks.

Starting THIS year, Q ratings designation was removed (or, merged into regular ratings) because M* felt that those were almost as good as live analyst report. However, some flags for Q remain and I can sense a Q report just from the gobbledygook.
M* has left the individual investors behind. It wants to be a mini-Bloomberg by targeting professional investors. Some of its professional software now cost $10,000/seat/yr, and one sale there may cover lots of old Premium subscriptions. Much of that software was developed and refined with free and low-cost individual subscribers.
It's no use complaining. I have moved on to Stock Rover (SR).

M* used to have some great tools:
- Charts with rolling returns (customizable)
- Returns of entire asset classes / categories over various time frames (1 month to 5 years)
- Brokerage availability of mutual funds / share classes showing TF / NTF
and many more. All gone.
Of course, M* Discuss was destroyed. Largely during the tenure of Chief IT Office Gregg Goff, who drew a salary of $1.4 million. Go figure.

The Week in Charts (07/08/23)
A special edition of The Week in Charts.
10 surprises from the first half of 2023...
Video
Blog

[snip]
”The automated essays "analyzing" those funds where the "Q" is used is utterly comical.”
Yes - They sound computer written. There’s an uncomfortable “sameness” to the composition. They seem to rely a lot on total years of experience of a fund’s management team. And, their overall assessment of the firm seems to weigh heavily in their individual fund appraisal.

Morningstar launched their Quantitative Rating for funds in 2017
and later (2021?) added complementary written reports.
Their objective was to greatly expand the number of funds under coverage.
Machine learning is utilized to mimic how a M* analyst would rate a fund.
I haven't investigated the efficacy of the Quantitative Rating.
However, the corresponding written reports are often nonsensical.
Consequently, I pay scant attention to the "Q" rating.
The quality of the original M* Analyst Ratings varies
and largely depends on which analyst scrutinized the fund.
Link

Few star managers can make the transition to a team much less assume it will be your kid.
Michael Price is another example of a one man show that became problematic after he left.
Another example is Albert Nicholas who ran the Nicholas Fund.
According to Bloomberg Markets in 2015, "The Nicholas Fund, which he has run since 1969, has topped the Standard & Poor's 500 Index by an average of 2 percentage points a year for the past 40 years and [beat] it every year since 2008 [through 2014]."
His son David was in and out of the family company and finally back in, but a quick look shows that he hasn't done nearly as well as Pops.

Uh. Pretty sure NICSX has beat the 500 since David took over after his father passed. He has been on NICSX since 2011. Their stated thesis hasn't changed:

Growth rate of 10% or better
Consistent earnings
Return on equity (ROE) of 15% or an improving ROE
Debt to total capitalization of less than 50%
A price to earnings ratio lower than two times the growth rate
An enduring franchise or brand
Honest, capable management
Significant management ownership of stock
Long-term and short-term business momentum

I sold it out of the my IRA after Ab died. And I wish I hadn't. They have added two new managers to the fund. And David is ten years younger than me. So it's back on my watch list for consolidating the IRA.
David has been running small cap funds at Nicholas since 1993. They don't look so good. But few small caps do these days.

+1
Interesting @Bitzer. It might pay someone to open a small account at Fido just to have access to that tool. AFAIK $1 gets you in the door. Fido doesn’t have any minimum investment amount that I know of. :)

Old_Joe, 2 of them were 6 month CDs, and 1 of them was a 9 month CD. CDs maturing in 2025 were paying less than 5.3%. If the FEDs do raise rates 2 more times this year, there may be an opportunity to pick up longer term CDs with a little higher rates, but I am not counting on it.

https://www.bogleheads.org/forum/viewtopic.php?t=261718
Bogleheads debate on forever stamps humorously fluctuates between replacement to TIPS vs quality of glue on those stamps.

LOL LOL LOL .

+1 Nice summary @Yogibearbull.
Their emphasis on intermediate duration bonds seems to be pretty much limited to investment grade. I haven’t read much of this issue yet. But find the following title bemusing …..
”The S&P 500 Is Now A Tech Fund” (Barron’s Article by Lauren Foster)
Just adding a bit re: above article - As folks know, a handful of large cap tech stocks comprise something like 30% of the S&P 500. Apple and Microsoft at the top. The article recommends several specific indexes and mutual funds to help investors diversify away from this large cap dominance. In particular international & domestic small cap represent better long term value. Well worth a read if you can link to the article.
My Kindle subscription to Barron’s ends in September when Amazon pulls the plug on its Kindle subscriptions. Questionable if I’ll subscribe elsewhere right away. Prices are higher than the Kindle edition was. Albeit, the Kindle only includes the articles - not access to all the the data. Already subscribe to NYT, FT & Bloomberg online. Too much to handle really. Will surely miss Barron’s.

Sold 1 stock Friday that constituted a bit under 5% of portfolio. Took equity exposure down from around 45% to closer to 40%. Most of that’s thru funds (but still own 2 stocks). The $$ went into a new position in a CEF that can invest in virtually any type of fixed income / related hybrid product + use leverage. So may have leapt from kettle into flame.
PS - The only rationale I can give is that fixed income has begun to look interesting with the 10-year above 4%. In addition, equities have had a nice run since mid 2022.

Barron’s Funds Quarterly (2023/Q2–July 10, 2023)
https://www.barrons.com/topics/mutual-funds-quarterly
(Performance data quoted in this Supplement are for 2023/Q2 and YTD to 6/30/23)
Pg L2: Growth is outperforming value/cyclicals as techs have led on AI-hype. But rates are still rising, and growth valuations are stretched; recession may be out there. Stick with high-quality growth; there are also several large-cap growth ETFs. Small-cap growth may be attractive. Funds mentioned include FBGRX, IVV, QGRO, XLK, VUG, QQQ, SLYG. (By @LewisBraham at MFO)
Pg L7: It may be time to go beyond T-Bills, money-market funds and short-term bonds. The Fed is almost done raising rates and they should remain high for a while. Funds mentioned include MWTRX, VBTLX, PONAX, SLQD, BIV, IBMN.
Pg 9: The SP500 has become a mega-cap tech growth fund with big 7 accounting for 30%. But there are many alternatives – small-cap value AVUV; value IVE, SPYV, VOOV; foreign IXUS, VXUS, VEU, DFAI; glide-path hybrids target-date funds (TDFs).
Fund news from elsewhere in Barron’s (Part 2).
Pg 20, INCOME. Don’t stay in T-Bills and money-market funds for too long. Use a barbell to mix short-term and intermediate/long-term bond funds including the MBS. Eventually, when the rates fall, these would have capital gains. Mentioned are preferreds PFLD, PSK, PFF.
Pg L33: In 2023/Q2 (SP500 +8.30%): Among general equity funds, best were LC-growth +12.34%, and worst were SC/MC 3.xx%; ALL general equity categories were positive AGAIN. Among other equity funds, the best were Lat Am +15.85%. sc & tech +12.14%, and worst were China -10.36%, precious metals -7.75%. Among fixed-income funds, domestic long-term FI +0.14%, world income +0.83%; ALL FI categories were positive too AGAIN (FI isn’t very refined in Lipper mutual fund categories listed in Barron’s).
LINK

https://www.bogleheads.org/forum/viewtopic.php?t=261718
Bogleheads debate on forever stamps humorously fluctuates between replacement to TIPS vs quality of glue on those stamps.

https://www.sec.gov/Archives/edgar/data/1593547/000139834423012759/fp0084056-1_497.htm
497 1 fp0084056-1_497.htm
THE ADVISORS’ INNER CIRCLE FUND III
(the “Trust”)
FS Chiron SMid Opportunities Fund
(the “Fund”)
Supplement dated July 7, 2023 to the Fund’s Prospectus (the “Prospectus”), Summary Prospectus
(the “Summary Prospectus”) and Statement of Additional Information (“SAI”), each dated
March 1, 2023, as supplemented
This supplement provides new and additional information beyond that contained in the Prospectus, Summary Prospectus and SAI, and should be read in conjunction with the Prospectus, Summary Prospectus and SAI.
The Board of Trustees of the Trust, at the recommendation of Chiron Investment Management, LLC (the “Adviser”), the investment adviser of the Fund, has approved a plan of liquidation providing for the liquidation of the Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund is closed to investments from new and existing shareholders effective immediately. The Fund is expected to cease operations and liquidate on or about July 31, 2023 (the “Liquidation Date”). The Liquidation Date may be changed without notice at the discretion of the Trust’s officers.
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in the manner described in the “How to Sell Your Fund Shares” section of the Prospectus. For those Fund shareholders that do not redeem (sell) their shares prior to the Liquidation Date, the Fund will distribute to each such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal in value to the shareholder’s interest in the net assets of the Fund as of the Liquidation Date.
In anticipation of the liquidation of the Fund, the Adviser may manage the Fund in a manner intended to facilitate the Fund’s orderly liquidation, such as by holding cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
The liquidation distribution amount will include any accrued income and capital gains, will be treated as a payment in exchange for shares and will generally be a taxable event for shareholders investing through taxable accounts. You should consult your personal tax advisor concerning your particular tax situation. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. However, the net asset value of the Fund on the Liquidation Date will reflect costs of liquidating the Fund. Shareholders will receive liquidation proceeds as soon as practicable after the Liquidation Date.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CHI-SK-042-0100