5/26/2023 filing
https://www.sec.gov/ix?doc=/Archives/edgar/data/799127/000168386323004868/f25639d1.htm
From Vanguard:
https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/pressroom/press-release-vanguard-announces-advisory-changes-for-two-equity-funds-052623.html

The Vanguard Quantitative Equity Group will still manage (partially or entirely) 5 active funds.
Link
I agree with @Sven that sometimes there are "too many cooks in the kitchen."
Vanguard had 10 active funds with 3 or more subadvisors as of 03/31/2023.
Link
Excluding Vanguard (Fixed Income Group and Quantitative Equity Group),
these are the only firms which manage 100% of any active Vanguard funds:
Wellington Management, Primecap Management, Baillie Gifford Overseas,
and Ninety One North America (newer ESG fund).

I am a long term investor with TRowe Price, and they have maintained large stakes in foreign stocks and bonds in their allocation funds for many, many years. Over the past decade or so, this has been a huge drag on the returns for their balanced, allocation and target date funds. TRPs best performing funds are PRWCX and other funds that primarily invest in domestic stocks.
For comparison, I have had large holdings in TRPBX (TRP Spectrum Moderate Allocation) and FBALX (Fidelity Balanced) for 20+ years. Two decades ago, their performances were pretty comparable, but FBALX has greatly outperformed TRPBX over the past 10 years or so. Ironically, FBALX has continued to outshine TRPBX in 2023, despite the recent awakening of foreign stock markets.

I don't know why Vanguard's quant team was removed from Vanguard US Growth.
I assume their absolute returns were subpar and/or their strategy didn't gel
with the other subadvisor's strategies.
Jackson Square Partners was dropped from Vanguard US Growth in 2021.
Here's what Dan Newhall had to say at the time:
"'We employ a rigorous evaluation process in overseeing our funds and advisors to ensure we provide sound, enduring offerings that meet the long-term needs of our clients,’ said Dan Newhall, head of global oversight and manager search for Vanguard’s portfolio review department. After careful review, we have concluded that the new advisory arrangements have the best prospects of delivering valuable outcomes to the funds’ shareholders."
Vanguard will never publicly state that a subadvisor was removed for performance reasons.
So, is the subadvisor lineup for US Growth stable now or should we expect additional changes in the future?

@BenWP,
IHDG has performed well since inception.
I used Portfolio Visualizer and compared IHDG to three other international funds.
The WisdomTree fund had the highest return, lowest volatility,
and lowest max. drawdown for the period from June 2014 - April 2023.
Link

Very helpful numbers, @Observant1, on the two versions of the FMI fund. I don’t know IHDG, either, but it is called WisdomTree International Hedged Quality Dividend Growth Fund, so I made an assumption.

@WABAC: can one assume IHDG has outperformed this year due to currency hedging? Foreign exchange adds another layer of risk to international investing, as @davidrmoran pointed out not long ago in a link that supported the view that a domestic portfolio may be adequate. I dabble in overseas funds, but I doubt I add much alpha to my returns.

I'm not familiar with IHDG and don't know why it has outperformed.
From a US investor perspective, the strong US dollar has decreased returns
for international funds which don't hedge currencies (many funds are unhedged).
The FMI International Fund (FMIJX) is an international fund which hedges currencies.
FMI introduced an unhedged version of this fund (FMIFX) on 12/31/2019.
Trailing returns for both funds are listed below.
Ticker____12 mo.____3yr.
FMIJX____11.68%___14.00
FMIFX_____7.80%___11.06%

I bought PRISX and TUHYX at just the wrong time. I dumped the former but am keeping the latter. They are two different animals. My Fund Managers will have to worry about the diversification in the funds I own, including geographical. (But I'm just 8% foreign, and that won't change dramatically, going forward. Every time I "go foreign," I get burned.) In my single-stock sleeve, I'm diversified across industries. The stock-sleeve is still just 12% of my total. I do own ONE foreign outfit. I'm "geographically happy" these days.

"The S&P 500 has posted an annualized 12.2% return through April, a figure that includes last year’s 18.11% selloff, while the Agg returned an annualized 1.32% for the period, again, including 2022’s 13.01% swoon."
"Many an active manager has struggled to match these returns and investors have voted with their wallets, pulling trillions of dollars out of active funds and pouring them into passively run funds and ETFs. From 2013 through 2022, active mutual funds and ETFs had outflows of $1.5tn, while passive vehicles took in $5.1tn."
Hopefully, the article linked below is accessible without a CityWire account...
Link

Good one; getting four voices into the mix sure seems like a winner, better nearly every week.
BB loans - that was a surprise.
P.S. I'm watching the 1y and 2y Treasury yields and hoping they last till the next auctions.

https://www.sec.gov/Archives/edgar/data/844779/000119312523155494/d496198d497.htm
497 1 d496198d497.htm BLACKROCK TOTAL FACTOR FUND
BLACKROCK FUNDSSM
BlackRock Total Factor Fund
Supplement dated May 26, 2023 to the
Summary Prospectuses, Prospectuses and Statement of Additional Information of the Fund,
each dated November 28, 2022
On May 23, 2023, the Board of Trustees of BlackRock FundsSM (the “Trust”), on behalf of its series, BlackRock Total Factor Fund (the “Fund”), approved a proposal to close the Fund to new and subsequent investments and thereafter to liquidate the Fund. Accordingly, effective 4:00 p.m. (Eastern time) on September 22, 2023, the Fund will no longer accept orders from new investors or existing shareholders to purchase Fund shares. On or about September 29, 2023 (the “Liquidation Date”), all of the assets of the Fund will have been liquidated completely, the shares of any shareholders holding shares on the Liquidation Date will be redeemed at the net asset value per share and the Fund will then be terminated as a series of the Trust. Shareholders may redeem their Fund shares or exchange their shares into shares of another mutual fund advised by BlackRock Advisors, LLC or its affiliates at any time prior to the Liquidation Date. In preparation for the liquidation, the Fund may deviate from its investment objective and principal investment strategies.
Shareholders should consult their personal tax advisers concerning their tax situation and the impact of the liquidation and/or exchanging to a different fund on their tax situation.
Shareholders should retain this Supplement for future reference.
PR2SAI-TFF-0523SUP

https://www.sec.gov/Archives/edgar/data/844779/000119312523155496/d511521d497.htm
97 1 d511521d497.htm BLACKROCK U.S. IMPACT & INTERNATIONAL IMPACT FUNDS
BLACKROCK FUNDSSM
BlackRock U.S. Impact Fund
BlackRock International Impact Fund
Supplement dated May 26, 2023 to the Summary Prospectuses,
Prospectuses and Statement of Additional Information of the Funds,
each dated August 26, 2022
On May 23, 2023, the Board of Trustees of BlackRock FundsSM (the “Trust”), on behalf of its series, BlackRock U.S. Impact Fund and BlackRock International Impact Fund (each, a “Fund”), approved a proposal to close each Fund to new and subsequent investments and thereafter to liquidate each Fund. Accordingly, effective 4:00 p.m. (Eastern time) on August 24, 2023, the Funds will no longer accept orders from new investors or existing shareholders to purchase Fund shares. On or about August 31, 2023 (the “Liquidation Date”), all of the assets of each Fund will have been liquidated completely, the shares of any shareholders holding shares on the Liquidation Date will be redeemed at the net asset value per share and each Fund will then be terminated as a series of the Trust. Shareholders may redeem their Fund shares or exchange their shares into shares of another mutual fund advised by BlackRock Advisors, LLC or its affiliates at any time prior to the Liquidation Date. In preparation for the liquidation, a Fund may deviate from its investment objective and principal investment strategies.
Shareholders should consult their personal tax advisers concerning their tax situation and the impact of the liquidation and/or exchanging to a different fund on their tax situation.
Shareholders should retain this Supplement for future reference.
PR2SAI-IMPF-0523SUP

https://www.sec.gov/Archives/edgar/data/1484018/000148401823000029/r497e0523.htm
497 1 r497e0523.htm UVA DIVIDEND VALUE ETF
SPINNAKER ETF SERIES
UVA Dividend Value ETF
Supplement dated May 26, 2023
to the Summary Prospectus, Prospectus, and Statement of Additional Information
each dated November 1, 2022, as amended
The information in this Supplement should be read in conjunction with the Summary Prospectus, Prospectus, and Statement of Additional Information for the UVA Dividend Value ETF.
NOTICE OF LIQUIDATION OF THE UVA DIVIDEND VALUE ETF. The Board of Trustees (the “Board”) of the UVA Dividend Value ETF (the “Fund”) approved the liquidation and dissolution of the Fund on or about June 26, 2023 (the “Liquidation Date”). In connection with the liquidation and dissolution, the Fund may depart from its stated investment objective as it increases its cash holdings in preparation for liquidation. On the Liquidation Date (for settlement the date after the Liquidation Date), the Fund shall distribute pro rata to its shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Fund deem appropriate subject to ratification by the Board. Capital gain distributions, if any, may be paid on or prior to the Liquidation Date.
After the close of business on June 20, 2023, the Fund will no longer accept creation orders or redemption orders. This is also expected to be the last day of trading of shares of on the Fund on NYSE Arca, Inc. (“NYSE Arca”). Shareholders should be aware that as of and after the close of business on June 20, 2023, the Fund will no longer pursue its stated investment objective or engage in any business activities except for the purpose of selling and converting into cash all of the assets of the Fund, paying its liabilities and distributing its remaining proceeds or assets to shareholders (the “Liquidating Distribution”). During the time between market close on June 20, 2023 and the Liquidation Date, shareholders will be unable to dispose of their shares on NYSE Arca.
Shareholders may sell their holdings of the Fund, incurring typical transaction fees from their broker-dealer, on NYSE Arca until market close on June 20, 2023, at which point the Fund’s shares will no longer trade on NYSE Arca and the shares will be subsequently delisted. Shareholders who continue to hold shares of the Fund on the Liquidation Date will receive a Liquidating Distribution (if any) with a value equal to their proportionate ownership interest in the Fund on that date. Such Liquidating Distribution received by a shareholder, if any, may be in an amount that is greater or less than the amount a shareholder might receive if they dispose of their shares on NYSE Arca prior to the market close on June 20, 2023. The Fund’s liquidation and payment of a Liquidating Distribution may occur prior to or later than the dates listed above.
Shareholders who receive a Liquidating Distribution generally will recognize a capital gain or loss equal to the amount received for their shares over their adjusted basis in such shares. Please consult your personal tax advisor about the potential tax consequences.
For further information, please contact the Fund toll-free at 1-800-773-3863. You may obtain copies of the Prospectus, Summary Prospectus, and Statement of Additional Information, free of charge, by writing to the Fund at Post Office Box 4365, Rocky Mount, North Carolina 27803 or calling the Fund toll-free at the number above.
Investors Should Retain This Supplement for Future Reference

https://www.sec.gov/Archives/edgar/data/1587982/000139834423010827/fp0083662-1_497.htm
497 1 fp0083662-1_497.htm
AXS 2X NKE Bear Daily ETF
Ticker: NKEQ
AXS 2X NKE Bull Daily ETF
Ticker: NKEL
AXS 2X PFE Bear Daily ETF
Ticker: PFES
AXS 2X PFE Bull Daily ETF
Ticker: PFEL
AXS 1.5X PYPL Bear Daily ETF
Ticker: PYPS
AXS Short China Internet ETF
Ticker: SWEB
AXS Short De-SPAC Daily ETF
Ticker: SOGU
Each a series of Investment Managers Series Trust II (the “Trust”)
Supplement dated May 26, 2023 to each currently effective
Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”).
The Board of Trustees of the Trust has approved a Plan of Liquidation for each of the AXS 2X NKE Bear Daily ETF, AXS 2X NKE Bull Daily ETF, AXS 2X PFE Bear Daily ETF, AXS 2X PFE Bull Daily ETF, AXS 1.5X PYPL Bear Daily ETF, AXS Short China Internet ETF, and AXS Short De-SPAC Daily ETF, (each a “Fund”). Each Plan of Liquidation authorizes the termination, liquidation and dissolution of the respective Fund.
Each Fund will create and redeem creation units through June 16, 2023 (the “Closing Date”), which will also be the last day of trading on The NASDAQ Stock Market LLC, each Fund’s principal U.S. listing exchange. On or about June 26, 2023 (the “Liquidation Date”), each Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record as of the Liquidation Date. Shareholders of record on the Liquidation Date will receive cash at the net asset value of their shares as of such date. While Fund shareholders remaining on the Liquidation Date will not incur transaction fees, any liquidation proceeds paid to a shareholder should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on the shareholder’s tax basis. Shareholders (including but not limited to shareholders holding shares through tax-deferred accounts) should contact their tax advisers to discuss the income tax consequences of the liquidation. Under certain circumstances, liquidation proceeds may be subject to withholding taxes.
In anticipation of the liquidation of each Fund, AXS Investments LLC, the Funds’ advisor, may manage each Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of each Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent each Fund from achieving its investment objective. Shareholders of each Fund may sell their holdings on The NASDAQ Stock Market LLC on or prior to the Closing Date. Customary brokerage charges may apply to such transactions. After the Closing Date, we cannot assure you that there will be a market for your shares.
Please contact the Funds at 1-303-623-2577 if you have any questions or need assistance.
Please file this Supplement with your records.

@stayCalm. Thank you for your comments. I am certain we agree that perhaps a third of the country are 100% behind these facists. That is THE problem. If anyone else here remembers being in the movement in the sixties, we were quick to call those who were not are our team facists. But now we have the real thing in our midst.

Barron's has a tribute to late Sam ZELL by Oscar SCHAFER, Rivulet Capital (2012- ). Sam passed away at 81 on 5/18/23. He was fun loving, fiercely independent, generous, loyal, courageous, and a mentor. In investing, he liked distressed situations and complex structures; he could take control of bad businesses, restructure and grow them and then sell them. He didn’t take himself too seriously, dressed nonconformally, sometimes even writing email poems during business negotiations. (He was a real estate tycoon and was a tough business negotiator – he was called “the grave-dancer” for good reasons) He threw big parties and could talk dirty too. He loved motorcycles (because they were fun, fast, dangerous) and had annual bike tours with friends who called themselves Zell’s Angels.
Schafer provides the personal side in Barron’s Op-Ed. More formal information can be found on the Wiki.
https://www.barrons.com/articles/sam-zell-markets-real-estate-life-lessons-8b6fa7d6?mod=past_editions
https://en.wikipedia.org/wiki/Sam_Zell