See related cautionary articles. Much of the distribution is ROC and these have finite but uncertain termination dates.
https://www.simplysafedividends.com/world-of-dividends/posts/1368-royalty-trusts-why-most-dividend-investors-should-avoid-them
https://stockmarketmba.com/listofroyaltytrusts.php

ORK! Thanks for that, @yogibearbull. No way.
@JohnN. AMLP. 2 stars and a "Negative" opinion at Morningstar. But there are other sources of information to compare...

While many bond funds use some derivatives, here were some flags for RPIEX:
High cash
Low genuine bonds/FI
Low duration M* 2.05, YF -0.04
SD OK at 4.4
Top 10 holdings showing several derivative positions. Normally, one has to scroll to the end of portfolio list to find derivatives mentioned.
All these indicated to me rather heavy use of derivatives for exposure (small $s needed for full nominal exposure) and duration control. Some derivatives were for currencies.
Nothing wrong with such funds so long the holders understand the strategy, risks and atypical price movements.
I have mentioned this elsewhere that when there are large moves in the markets (credit market here), derivative losses tend to be permanent - it isn't possible to just hang on to them hoping for some recovery as one may hope for genuine stocks and bonds holdings.

Not long ago, I purchased a toe-hold in RPIEX. As I’ve watched this global bond fund, it has consistently zagged when the market zigged. Case in point, yesterday, while short term BSV dipped .18% and intermediate-term BIV dropped .49%, RPIEX gained .62%. This is not a complaint; just don’t know why, especially given the generous cash holding. Thoughts?

See related cautionary articles. Much of the distribution is ROC and these have finite but uncertain termination dates.
https://www.simplysafedividends.com/world-of-dividends/posts/1368-royalty-trusts-why-most-dividend-investors-should-avoid-them
https://stockmarketmba.com/listofroyaltytrusts.php

Links to the Summary Prospectus are below. Page 1 has hyperlinks to full Prospectus and SAI.
https://gqgpartners.com/sites/default/files/gqg-us-select-quality-equity-fund-summary.pdf
https://gqgpartners.com/sites/default/files/gqg-us-quality-dividend-income-fund-summary.pdf
These showed up in my inbox but I have not read them to see what changes may have been made from the previous versions.

It’s tempting to resume travel to Europe, but doing so on the basis of a weak Euro would be to overlook many drawbacks: understaffed airports and erratic flight schedules, the historically high temperatures, COVID, and the war. I have benefited twice during extended stays from a weak French Franc, and got hammered in another year. When the Franc underwent the equivalent of a reverse stock split (5 Francs became 1 Euro), prices were « rounded up » , a subtle way to make the cost of living go up. Currency manipulation has many faces. @LewisBraham: I don’t think European goods have been a bargain for a long time, so even a 10-15% discount wouldn’t make a great difference.

Natural gas futures (NG) were up. Futures-based ETF UNG was up too. Natural gas in Europe is about 10x the price here, so companies can sell as much natural gas as they can make into LNG and ship.
https://www.cmegroup.com/markets/energy/natural-gas/natural-gas.quotes.html
https://finance.yahoo.com/quote/UNG?p=UNG&.tsrc=fin-srch

Global power production, Twitter LINK.

Yeppers sit wait if have dry powders wait storms pass....too many potholes out there not safe driving
If have little more risks buy little dca slowly
If buy probably bag holders- 12 36 months

Yes, massive, tall piles of giant stinky doggy poopies on Monday, 22 Aug, '22. My only holding that's above the zero-line for the day was ET (oil and natgas midstream.). And THAT was by a single penny. My newly-bought REIT PSTL got hit but good. In ice hockey terminology, it was "driven into the boards." No panic, though. I've not even come anywhere close to putting enough $$$ into PSTL for it to be at my planned-for proportion of the entire portfolio. Gonna do more buying, while it's down. PRISX (Financials) got clobbered again. Did someone say that higher rates are GOOD for banks??????? I see @stayCalm's remark, above. Yes, you're making perfect sense. I like a very low cost-basis, though. Then there's not much regret if the shares take ages to recover in price. TUHYX is my only bond fund these days. ELEVEN percent of total. I reinvest the monthly payouts.
This shitstorm we are in the midst of is nowhere near done. Volatility will continue. The bear market rally was fun, and a nice distraction. Jax Hole feels pretty much irrelevant, anymore. Europe will soon be catching a cold, and it will morph into the flu. COLD winters. They have Norway and Qatar to turn to. Can those two sources fill the gap for Natgas for winter heating?
The new Cold War is well underway, in tandem with the hot war in Ukraine. Cheers for the Ukraine military. The world is bifurcated again. De-globalization. There are not so many severe economic restrictions upon Communist China as there are upon Russia. But the Chinese are behaving like an enemy and ought to be seen as such.
All of this plays hell with the world's economy. Most of Africa is a perpetual hot mess. The defacing of the continent at the Oil Sands projects in Alberta will continue unabated, as elsewhere. Green-goals have to be postponed. Sad, discouraging. Yet:
Hydro’s primary aluminum production capacity in Norway is 100 percent supplied with renewable power. World-wide, Hydro’s corresponding renewable power share is above 70 percent. By the end of 2018, Hydro was the fourth largest buyer of renewable power in the world, and the largest in Europe.
The low carbon footprint of Hydro’s aluminium is a unique competitive advantage, and it is in large part enabled by efficient technology and emission-free power in the aluminium production process.
---From Norsk Hydro's website. ADR = NHYDY.

+1.

update:
https://www.sec.gov/Archives/edgar/data/890540/000139834422016134/fp0078918_497.htm
497 1 fp0078918_497.htm
THE ADVISORS’ INNER CIRCLE FUND II
(the “Trust”)
Champlain Emerging Markets Fund
(the “Fund”)
Supplement dated August 22, 2022 to the Fund’s Prospectus (the “Prospectus”), Summary
Prospectus (the “Summary Prospectus”) and Statement of Additional Information (“SAI”), each
dated May 1, 2022, 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 Champlain Investment Partners, 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, including investments made by current shareholders via systematic investment programs. The Fund is expected to cease operations and liquidate on or about September 23, 2022 (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. Redemptions made on or after the date of this supplement will not be subject to the 2.00% redemption fee, which ordinarily would be imposed on redemptions of shares made within 30 days of purchase. 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.
CSC-SK-022-0100

Here is the Allspring registration filing for the comparable funds identified above:
https://www.sec.gov/Archives/edgar/data/1081400/000108140022000662/allspringfundstrustwrapper.htm

@hank /
Hi Sirs:
Almost impossible to beat indexes
Long term portfolio- Compared late fri -although only down 8% so far but 10 yrs performance dismal at less 10% where as sp500 >=12%
Did not loose much but bulk portfolio in bonds
401k returns similar returns to sp500
Prob may need place more into indexes for future distribution, watch long terms but you may loose more if catch many downturns
Voo spy qqq or vti could be best vehicles for long terms
Bought Leap covercalls spxl this morning

@hank, you probably meant gold-mining GDX, not gold bullion GLD.
https://stockcharts.com/h-perf/ui?s=GDX&compare=GDXJ,GLD&id=p28896619951

I’d never criticize somebody else’s investment approach. Being down double-digit (meaning 10% or more) wouldn’t be bad for some investors depending on their age and risk tolerance. By comparison the S&P is down nearly 13% YTD and the NASDAQ off more than 20%. So, somebody off 10 or 11% would be beating both of those indexes.
Out of curiosity I checked GLD GDX, a good proxy for gold miners. A lot of folks, including me, maintain a small exposure to miners. It, too, is off around 20% YTD. Yes, if you are sitting on a big wad of cash this year you’ve outsmarted the markets. Congratulations! But for long term focused investors cash, ISTM, is not a viable option. Inflation will eat you alive over longer time spans.
FWIW - I lost almost 22% in 2008. That was followed in 2009 with a gain of over 28%. I mention that only because if you’re down a lot, not all is lost. Markets will do what they will do.

Well. I paid $1.51 for a euro in 2009. And the yen is back over 137/dollar. CAD = $1.30 again.

@JohnN’s OP is a combination of wishful thinking and weak / incomplete technical analysis.

Awhile back he mentioned that he is down double digits as he continues to pursue the elusive bottom. It will be a long road to climb back to breakeven point this year and beyond.
Monday, August 22nd the broader market is down by over 1% as the Fed meets to decide next round of rate hike in September, regardless whether US is entering a recession or not. Europe is experiencing a slow down as well.

Markets also cooperated by being mostly in bullish trend leading to fund inflows. Remember, VG has been the king of fund inflows.
Flipside of the connection between VG OEFs and ETFs is that when there were large redemptions/outflows in 2020 (and in any other years), both the VG OEF and the related VG ETF had similar CG distributions. See the short table below.
Self-standing non-VG bond ETFs didn't have this issue. Much of the benefit from the ETF structure is from the combination of indexing and nontaxable in-kind trading. There are some additional benefits from the VG patented structure of having OEF and ETF classes. VG didn't license its patent to anybody else and others didn't really beg VG for that license. But things may change in/after 2023.
2020 CGs for several VG bond funds
VEDTX /EDV 3.16%
VBLAX /BLV 2.69%
VBILX /BIV 0.71%
VSIGX /VGIT 0.71%
VSBSX /VGSH 0.60%

So how does this help me? Do I want to own the ETF or OEF?