A couple of clarifications (perhaps):
- The termsheet that Shadow provided says that minimum additional investments are $5K, but doesn't say that these additional investments are required or that they can only be made on a monthly schedule.
- The 3 years before redemptions are allowed start when the initial offering is closed (as opposed to when operations begin). The Form D filing says that the initial offering is expected to remain open for more than a year. So it could be much longer than three years before one could get one's money out.
@sma3 - are you referring to the Tax Reform Act (TRA) of 1986?

ONCE TOUTED AS THE INVESTMENT vehicle of the future, limited partnerships are seldom pitched to investors today. Instead, clients and the CPAs who advise them are looking back at the tax and financial factors that contributed to the downfall of LPs in areas such as oil and gas, real estate and equipment leasing.
...
THE TAX REFORM ACT OF 1986, combined with increased Internal Revenue Service audit scrutiny spelled the beginning of the end for tax-oriented LPs. Extension of the at-risk limitations to real estate tax shelters and the passive loss provisions in the TRA [reducing the ability of individual taxpayers to offset income with losses from tax shelters] gave the IRS the weapons it needed.

Journal of Accountancy, What Happened to Limited Partnerships?
https://www.journalofaccountancy.com/issues/1997/jul/knight.html

@msf Yes, my 2021 taxes are in the same quagmire as your deceased mother's. Last month, I finally was told by the call center representative that it is not even assigned to a processor yet. The 2022, however, went smoothly through the system even though he died in 2022 and not in 2021. They told me they need to use manual processing for 2021 and issue a snail mail check. I told them if they had processed it timely, he would have been alive when they issued the refund; so, they, not his death, was the source of the problem. The requested direct deposit account for 2021 was the same one they deposited the 2022 refund into, no problem.
(Actually, I feel sorry for the people who work for the IRS right now.)

@LewisBraham: I agree, it’s not a core international fund. What I am using now is a combination of DIVI, MOTI and FNDF, as no one international fund seems to check all the boxes. I remember a discussion here about how long Artisan seemed to be taking to get the new fund introduced after the new team members were hired. Prudent planning may be paying off. DIVI, open since 2016, changed indexes fairly recently and now follows the Morningstar Developed Markets ex-North America Target Market Exposure Index-NR.

I saw that one
FYI for all the opponents of the increased IRS budget, please remember that the chaos the GOP IRS budget cuts have caused has direct and significant negative impacts on average Americans.
My sisters and I are waiting for my deceased mother's refund ( $20,000) from her 2020 and 2021 taxes. She died over two years ago and we were required to file on paper.
I have called the IRS several times and have gotten conflicting advice about what to do. During the last call ( which takes hours) a very competent man confirmed they had the returns but they have to be processed by hand. He cold not tell me how long it would take, but wanted to make sure that this was not causing us significant financial distress.
What if we needed the money? Of course when we get it, it will not be paid with interest.

Bloomberg has great article on chaos at IRS but behind their paywall.
The Washington Post has a great op-ed along with pictures about how archaic the IRS system is (dating back to the 1970s, though they do have a computer running Windows XP). I believe that one can read a limited number of WP articles for free.

As of July 29, the IRS had a backlog of 10.2 million unprocessed individual returns. Blame the pandemic, sure, but also the agency’s embarrassingly outdated, paper-based system, which leaves stacks and stacks of returns cluttering shelves, hallways and even the cafeteria.

https://www.washingtonpost.com/opinions/interactive/2022/irs-pipeline-tax-return-delays/

Just found this:
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/alt-new/pdf/core-real-estate-trust-fund-1-termsheet.pdf

I have owned VWIGX for 30 years and 2 months. Annual returns over that period work out to 6.91. Can't say I'm excited about it. But it does show what a small investment can turn into over 30 years. And someday it will be the kids' problem.
Within the past couple of years I purchased IHDG and FYLD for their yield. They held up better than VWIGX during the recent excitement. But neither has a long track record.
So far, I haven't had to tap either for yield. So far, I am happy with them.

I think if I were comparing and trying to value two houses to potentially purchase, one with an HOA and one without, I would subtract at least an extra 10% discount to my valuation estimate of the HOA one and call it the "BS Factor Discount."

I have decided the agony of paper filings is not worth the difference in possible performance for PHYS, vs other funds in taxable account. Since I have to file on paper anyway for 2023, and I have a gain I will wait until either gold drops a bit and sell for a loss, or sell higher late in the year.
The IRS regs say if you dont file 8621, they can claw back your entire gain and then some. If I have a loss, they probably dont care. It is small potatoes, and with the IRS in such shambles very unlikely to be an issue but why take the chance?
Bloomberg has great article on chaos at IRS but behind their paywall.

John Oliver has a good funny video piece on this HOA subject this week. I wonder if anyone has tried to handicap the value of houses with HOA fees and fines, given how 82% of new homes sold now are part of HOAs and how terrible and corrupt many of them are? What sort of discount should be applied to a home with an HOA versus one without? The thing is, this is low-road capitalism of the sort like hospital bills consumers can't anticipate before getting out of the hospital because costs aren't disclosed beforehand. It's the same with HOAs and their unique aggressive rules and the fines. You might know the standard HOA membership bill in advance of purchase, but not the fines for absurd infractions, which are really a money-making scheme for private HOA management companies. This again, has nothing to do with thinking houses should be government owned or "socialist," but just square dealing within our capitalist system, treating consumers, labor, communities and our environment with integrity and respect while still making a profit. Here's John Oliver's HOA video:

Great article. Just learned about “gift box”
Am I correct that each spouse can buy $10,000 for their individual account and gift $10,000 ,to each other in a gift box, but not deliver the gift until next year to stay under the $10,000 annual limit?

I used a wide range for fixed rate (0.40-1.00%). The current fixed rate of 0.40% should go up. But with 5-yr TIPS at 1.18%, 1.00% sounds generous. So, the range of 3.79-4.40% for the combined rate is solid.

Fixed rate 0.40-1.00%
Semiannual inflation 1.694% (Unadjusted CPI 6-mo change from Sep-Mar)
Composite rate = 3.79-4.40 %
(Current rate of 6.89% valid for purchases until 4/28/23)
https://ybbpersonalfinance.proboards.com/post/1006/thread

”Goldman Sachs Group Inc. agreed Monday to pay $15 million to settle regulatory claims that it obscured the cost of derivatives that clients purchased to bet on or against an index of overseas stocks. The Commodity Futures Trading Commission said Monday that Goldman in 2015 and 2016 didn’t tell clients that it priced swaps in a way that put them in a disadvantageous position. The swaps contracts were tied to an index of stocks from Japan, Europe, Hong Kong, Singapore, New Zealand and Australia, the CFTC said. Clients that traded with Goldman on those terms either bought the index at an above-market level or sold at a below-market level, which put them ‘underwater’ at the start of the trade …
“Swaps are financial contracts in which traders agree to exchange payments based on, say, changes in the price of a stock, index or other asset. Buyers can purchase them from a bank such as Goldman, typically paying a fee, expressed as an interest rate, when they enter the trade … Goldman traders set the initial price of the swap using the MSCI Europe Australasia and Far East Index’s value on the same day the parties agreed to the trade, regulators said. Such trades are typically priced on the following day’s value of the index, in order to reduce the risk that banks with more information about the underlying markets could gain an advantage in how the swaps are priced … Goldman benefited when it found a client that would agree to same-day swaps because it could enter into related trades that quickly netted a profit …
“Goldman tended to target the trade at clients who understood less about how the underlying markets of the swaps worked, the regulator said. ‘Communications show that Goldman personnel believed that the less the clients understood about the economics of the same-day swaps, the more profit Goldman could make,’ the settlement order said.”
Excerpted from The Wall Street Journal / April 11, 2023 (Attribution to Reuters ) Byline - Dave Michaels
Here’s a Link - You’ll probably need wsj subscription to access full story
“If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.”
― Warren Buffett

ARTBX’s YTD return is 14.6%, very impressive.
ER is 1.42%. Portfolio’s market capitalization is $600 M (small caps) and the benchmark the fund used is MSCI AC World Ex USA Small Cap Index. Additionally, the fund has 26% small cap emerging market exposure.
https://artisanpartners.com/individual-investors/investments/international-value-team/international-explorer-fund-ardbx.html

Received this email this morning concerning the GP reorganization:
April 10, 2023
Dear Fellow Shareholders,
You recently received a supplement to the prospectus of the Grandeur Peak Funds dated February 23, 2023, with information about an upcoming shareholder meeting. The purpose of the meeting, as outlined in the supplement, is a shareholder vote about a proposal to reorganize the funds from their existing trust (Financial Investors Trust or FIT) into a new trust in order to move the funds' back-office service provider from SS&C (formerly ALPS) to Ultimus Fund Solutions. The reorganizations are expected to be tax-free for federal income tax purposes. There will be no impact on the ownership of Grandeur Peak Global Advisors, or on our team or investment process.
Some of you have been asking about the shareholder meeting date, which was originally set for April 12. Due to unforeseen delays in the filing process, the mailing of meeting materials was postponed. As a result, the shareholder meeting date has been rescheduled to May 31, 2023.
You will soon receive a new prospectus supplement announcing the new date. You or your designee will also be receiving in the coming weeks a proxy statement and other materials with information about the reorganization, including voting instructions.
If you have additional questions after you receive the mailing, please feel free to contact any member of our client team.
Thank you for your help,
Todd Matheny, CAIA
Head of Client Relations

Yogi, I hear what you're saying but neither Price Capital Appreciation Fund was ever an option within the 401a options but rather a holding within the brokerage link account associated with the 401a that allows participants to invest in any mutual fund offered by the brokerage firm (Fidelity). Years ago, I had to beg and plead with Fidelity's mutual fund traders to let me do a share class exchange from PRWCX into TRAIX and then, I suspect, lost their sales agreement with Price to offer TRAIX. (If I had exchanged all but one share of the PRWCX, I could now invest additional money into PRWCX. And as I said, Price will not now allow a new share class exchange from TRAIX into PRWCX (because PRWCX is closed to new investors.) At least I can continue to reinvest TRAIX dividends each year into new shares. Lesson learned: If you ever do a share class exchange to get the lower fees associated with the Institutional class shares, hold back a few shares of the Investor class so that you'll be permitted to invest new money in the event the fund family changes their relationship with your broker.

https://www.cnbc.com/2023/04/11/walmart-to-close-four-underperforming-chicago-stores.html
And also, downtown Honolulu.

That may be the restriction of your specific 401a plan, not a general restriction by the brokerage firm. It seems that your 401k plan had a change and the old options are frozen - i.e. cannot add but can withdraw.

@Sven, thanks for pointing that out You used an important phrase: "out-performing their respective index". The WSJ didn't compare all 1,257 "qualified" (over $50M AUM, 3 year record) actively managed domestic equity funds to their respective indexes, but compared them all to the S&P 500.
Providing a quick bit of context, VFIAX returned -7.77% (April 2022 - March 2023), while its sibling VTSAX returned -8.78%. (Data from M*, 1 year performance as of last quarter.) Based on that figure it looks like active managers have acquitted themselves pretty well over the past 12 months.
Of course, I'm fudging figures too, because I'm not looking at how many large cap vs. small and medium cap funds there are. For example, if 99% of funds were large cap, then we should indeed be comparing the average fund return to the S&P 500.
The point is that the WSJ piece didn't look at any of this. It just went: oooh, look at how few funds made money last year. That would sound a lot different if it had been expressed as: isn't it a shame that only 27 actively managed funds managed to beat the S&P 500 by more than 7.7%?