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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Dead Cat Bounce
    +1 hank I invested in ITB and XHB on 4/4/2022, out of curiosity, after that first Barron's article came out. The two etfs are down between 11.5% and 13% after my purchase, but I invested only $100 in each.
    carew388 carew388 in Other Investing
  • Dead Cat Bounce
    Not sure if the market has reached the bottom. Certainly don't want confirmations biases from pundits. Several things to think about:
    1. What will the earnings look like in the upcoming reporting season? Better or not?
    2. Has inflation peaked and the CPI starts to decline?
    3. Will unemployment stay low indicating tight labor market?
    4. Have supply chain issues gradually improved so to improve the inflation pressure?
    For now I am staying largely on the sideline with high % cash.
    Sven in Other Investing
  • Neuberger Berman Commodity Strategy Fund to be converted into an ETF
    Here is NB mutual fund, presumably with front-load waived and being available in major brokerages.
    https://morningstar.com/funds/xnas/nrbax/portfolio
    It would be interesting to see how much lower the ER will be. This OEF is at 1.10%.
    Sven in Fund Discussions
  • Dead Cat Bounce
    “Stay dry” and “invest in a beaten-up fund” would appear to be an oxymoron.
    Barron’s this week is pounding the dumb for home builders - again. Wouldn’t be my choice. ARKK is up 18+% past two weeks or I might have suggested that.
    No suggestions. Sorry. Enjoyed reading Ben’s comment.
    @Derf - Minor suggestion here. Whenever I feel inclined to go dumpster diving (I don’t currently) I Google “T Rowe Price Historical Performance” (Unfortunately it doesn't link very well). Should pull up 100+ TRP funds with performance numbers. Many stink real good this year. Of course, there are equally good or better sites. But that’s the one I look at.
    hank in Other Investing
  • Oldest mutual funds: name changes
    Here are a couple of threads that may help:
    Oldest Mutual Funds Still in Existence (2019 thread)
    Second Oldest Stock Fund Is As Nimble As A Teenager (2014 thread)
    ...
    Much obliged, msf. I had seen the 2019 thread but needed to reread it (e.g., your history of the Scudder funds). The 2014 thread was also illuminating, this post follows up on it.
    I am starting from the list of 36 open-ended companies in the 1939 SEC report (https://catalog.hathitrust.org/Record/010424070), Part 2, p. 877, Table 264 (if anyone is curious about this "survivorship bias free" list; it shows all open-ended companies with greater than $500,000 under management as of 1935. For reference, MITTX already had $81 million under management by that year, so many of these were tiny even for then).
    The 2014 thread mentions the CGM, Pioneer and Seligman funds as among the oldest ten. But none of these names appears in the SEC list. Nor do any of these names appear in the 1946 Wiesenberger. So, sometime after 1945, three funds that were on the SEC list had a name change or were merged into another, per your discussion of Century Shares Trust. Or the way 'First Investment Counsel' (on the SEC list) became Scudder, Stevens & Clark, which I wouldn't have known without your post (Wiesenberger doesn't mention the older name).
    Anyone know what the original names of the CGM, Pioneer and Seligman funds were?
    mcq in Fund Discussions
  • Neuberger Berman Commodity Strategy Fund to be converted into an ETF
    https://www.sec.gov/Archives/edgar/data/1317474/000089843222000416/a497.htm
    497 1 a497.htm
    Neuberger Berman Alternative Funds® (“Alternative Funds”)
    Supplement to the Prospectus and Statement of Additional Information of the Neuberger Berman Commodity Strategy Fund, dated February 28, 2022, as amended and supplemented.
    On June 23, 2022, the Board of Trustees of the Alternative Funds approved the conversion of the Neuberger Berman Commodity Strategy Fund (the “Commodity Mutual Fund”) to a newly organized series of Neuberger Berman ETF Trust (the “Commodity Strategy ETF”). The Conversion will be effected through the reorganization of the Commodity Mutual Fund into the Commodity Strategy ETF (the “Conversion”).
    The Commodity Strategy ETF will have the same portfolio managers and be managed in a substantially similar manner as the Commodity Mutual Fund. The Commodity Strategy ETF will not commence investment operations prior to the Conversion and its shares are not currently being offered to the public, nor have they been approved for listing on any exchange. It is anticipated that the Conversion will occur during the fourth quarter of 2022.
    Prior to the Conversion, existing shareholders of the Commodity Mutual Fund will receive a combined information statement/prospectus describing in detail both the Conversion and the Commodity Strategy ETF. It is anticipated the Conversion will not require shareholder approval. After the Conversion, it is anticipated that the Commodity Strategy ETF’s shares will be offered to the public and traded on an exchange.
    It is anticipated that the Conversion will qualify as a tax-free reorganization for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the Conversion, except to the extent that they receive cash in connection with the liquidation of any fractional shares received in the Conversion.
    The date of this supplement is June 24, 2022.
    Please retain this supplement for future reference.
    Neuberger Berman Investment Advisers LLC
    1290 Avenue of the Americas
    New York, NY 10104
    Shareholder Services
    800.877.9700
    Institutional Services
    800.366.6264
    www.nb.com
    TheShadow TheShadow in Fund Discussions
  • Wealthtrack - Weekly Investment Show
    Crypto advocates point out that Bitcoin has fallen by more than 50% eight times since its 2009 launch, and three times since 2018, and it’s recovered every time. And it’s been a top-performing asset class with better than 35% annualized returns over the last three and five-year periods and 80% annualized returns over ten years. In addition, an entire crypto industry has developed, which is expanding rapidly and being widely accepted by Wall Street, businesses, and some governments.
    This week’s guest is a believer. He is Matt Hougan, Chief Investment Officer and former Global Head of Research at Bitwise Asset Management, a cryptocurrency asset manager founded in 2017.
    I began the interview by asking Hougan about the role crypto assets play in a portfolio, considering they act like stocks.

    bee bee in Fund Discussions
  • Crypto firms say thousands of digital currencies will collapse, compare market to early dotcom days
    Pertinent

    bee bee in Other Investing
  • M* screwing everything up again
    I am not familiar with MFO coding and the URL format change may be trivial or very tedious. My guess is former as there are already so many other changes that the MFO site has to handle -names/tickers, fund family changes, new fund launches, old funds disappearing.
    Many user complaints now are related to new M* Investor pages, not to current M* Homepages. So, using VWICX as example, we have,
    M* Homepage Quote (OK; general public access) https://www.morningstar.com/funds/xnas/vwicx/quote
    M* Investor Quote (Problematic; subscription access) https://investor.morningstar.com/quotes/0P0001I30E
    Of course, the current MFO link to it is dead http://quotes.morningstar.com/fund/f?t=VWICX
    So, something needs to be done by MFO.
    yogibearbull yogibearbull in Other Investing
  • Dead Cat Bounce
    I know we're closer to the bottom that we were at the start of the year. Other than that, it depends on whether things are really broken or in only in need of a major tune up. I am currently doing a little tax loss trading and dribbling a few new dollars into stocks. But, not too many. The stock % in my portfolio is about what it was at the start of the year due to non-stock losses that have accompanied stock losses. This quote describes some of reasons for the current market uncertainties....
    “The disinflationary forces of the last quarter-century have been replaced, at least temporarily, by a whole different set of forces,” Jerome H. Powell, the Fed chair, said during Senate testimony on Wednesday. “The real question is: How long will this new set of forces be sustained? We can’t know that. But in the meantime, our job is to find maximum employment and price stability in this new economy."
    I'm hanging on to my junk bonds TUHYX. And the bonds held elsewhere, like PRWCX and BRUFX. I'm heavier in stocks now, lighter in bonds. I exited PRFRX today and dumped all that into TRP Equity Income. PRFDX. It's full of the stocks I LOVE to HATE. But hell, you can't fight city hall. My single-stocks went on a rampage today. RGR. ET. BHB. And BHB just approved a stock buy-back plan: 5% of outstanding shares. At the moment: 73 stocks, 20 bonds.
    Of course, because this is ME, I made this change on just exactly the WRONG day. ORK!
    Crash Crash in Other Investing
  • Oldest mutual funds: name changes
    Here are a couple of threads that may help:
    Oldest Mutual Funds Still in Existence (2019 thread)
    Second Oldest Stock Fund Is As Nimble As A Teenager (2014 thread)
    As to the merger of Quarterly Income Shares into American Business Shares in 1944, you can find the NYTimes story reporting it here. This was a case of the minnow ($5M company) swallowing the whale ($21M).
    According to a 1942 NYTimes article, American Business Shares was sponsored by Lord, Abbett Co., Inc.
    According to the SEC, American Business Shares changed its name on April 4, 1976 to Lord Abbett Income Fund, Inc., and from that to Lord Abbett US Government Securities Fund, Inc. on January 27, 1986.
    Again according to the SEC, that first change involved a "change from Delaware to Maryland corporation accompanied by change in name, fundamental investment objective and institution of policy requiring automatic redemption of small accounts"
    In 1997, the SEC announced the fund's impending demise:
    A notice has been issued giving interested persons until May 13 [1997] to request a hearing on an application filed by Lord Abbett U. S. Government Securities Fund, Inc. (formerly American Business Shares, Inc.) for an order under Section 8(f) of the Investment Company Act declaring that applicant has ceased to be an investment company.
    https://www.sec.gov/news/digest/1997/dig042297.pdf
    As to Affiliated Fund, Inc. that's easy. Do a search on the name, you'll come up with Lord Abbett Affiliated Fund. That fund's webpage gives its inception date as 5/14/34, noting that the fund changed its investment strategy on 1/1/50.
    https://www.lordabbett.com/en/strategies/mutual-funds/affiliated-fund.class-a.html
    msf in Fund Discussions
  • Mechanics of Buying & Selling 5-Yr TIPS
    @Observant1, yes, and the trade confirmation also indicated that (YTM +0.362%).
    Thanks, Yogi!
    Observant1 in Other Investing
  • Dead Cat Bounce
    I know we're closer to the bottom that we were at the start of the year. Other than that, it depends on whether things are really broken or in only in need of a major tune up. I am currently doing a little tax loss trading and dribbling a few new dollars into stocks. But, not too many. The stock % in my portfolio is about what it was at the start of the year due to non-stock losses that have accompanied stock losses. This quote describes some of reasons for the current market uncertainties....
    “The disinflationary forces of the last quarter-century have been replaced, at least temporarily, by a whole different set of forces,” Jerome H. Powell, the Fed chair, said during Senate testimony on Wednesday. “The real question is: How long will this new set of forces be sustained? We can’t know that. But in the meantime, our job is to find maximum employment and price stability in this new economy."
    davfor davfor in Other Investing
  • Dead Cat Bounce
    Hard to say
    Very close bottom but it bounces past 4 days
    Maybe another leg down to sp500 3540 or lowered before everything finished ...next cycle could be next wk.
    Good that inflation easing/natural gas down /UST also slowly easing/ oil demand likely ceased w recession and USA travel hopefully slow after july....maybe good for stocks because lessen demands
    Feds force us to buy stocks and shy away from energy UST/ commodities. Oil rsi and sp500 rsi almost equal. Look like sp500 bullheads held above Bonifacio level last 8 hrs/lots support
    Maybe good to nibble..we don't now if 15% from bottom or more but prices so cheap, we been nibbling, prob hold rest of 24 36 months
    Amazon, tsla, fedex, lcid, sp500 qqq - are the vehicles we bought earlier this wk...
    We will see next few wks
    -19% portfolio down now compared 28% 3 wks ago
    On side note we were suppose down 600 800 points Tues after uncle Powell give speech but only down little, could be bottom formation. Few more rate raise and stocks keep uptrends in 4 8 wks we think it maybe bottom...lots speculations.
    ****nobody knows nothing*** Buffett
    johnN johnN in Other Investing
  • Oldest mutual funds: name changes
    Vanguard Wellington is reputed to be one of the oldest surviving funds, with an inception date of 7/1/1929 .
    But those are the easy cases: Wellington and Mass Investors Trust, still around, still the same name, performance record from the beginning on Morningstar. But what happened to American Business Shares, or Affiliated funds, or any of the other once large funds no longer apparently operating under the same name, and perhaps "disappeared" by new management to obscure poor long term returns?
    That's where I struggle.
    mcq in Fund Discussions
  • Oldest mutual funds: name changes
    Vanguard Wellington is reputed to be one of the oldest surviving funds, with an inception date of 7/1/1929 .
    carew388 carew388 in Fund Discussions
  • Mechanics of Buying & Selling 5-Yr TIPS
    Sorry for a naive question. I never bought Treasury bonds, and I missed this auction. Does it make sense to buy the same TIPS now at Fidelity without auction, or their price will be significantly higher?
    Next 5-yr TIPS auction will be on 10/20/22.
    You can buy TIPS at Fido in the secondary market. Commissions are low and note the YTM on "ask" (retail customers buy at "ask" and sell at "bid").
    https://www.fidelity.com/trading/commissions-margin-rates
    yogibearbull yogibearbull in Other Investing
  • Dead Cat Bounce
    A missing piece is the rate environment and here is a chart from FRED for 10-yr Treasury yields since 1/2/1962. The P/Es are related to interest rates but there is no precise formula.
    https://fred.stlouisfed.org/graph/?g=QUFr
    yogibearbull yogibearbull in Other Investing
  • Dead Cat Bounce
    Some interesting ideas from one of my advisors
    20% declines not caused by electronic trading (1987) or Pandemic ( 2020)
    1970 down 35% Recovered 20 months later
    1973 down 48% rec 2114 days later !!!
    1982 down 26% rec 68 days
    2001 down 42% rec 1842
    2008 down 56% rec 1435 days
    1970 Recession driven with high inflation
    1973 high inflation but "misguided fiscal policies" prolonged decline
    1980s inflation surge ppt bear market Fed hiked rates
    2001 Tech bubble little inflation
    2008 housing bubble little inflation
    So if 1970 and 1982 are most applicable comparisons, we might be close to bottom, based on the decline, but neither started at 2022 valuations
    1/1/2022 23
    PE 16 at 1/1/1969 at start of the decline in 70s ( 30% cheaper to start than now)
    and 7 to 9 1/1/1981 to 1/1/1982
    sma3 in Other Investing
  • Oldest mutual funds: name changes
    Hello: newbie here. I know this topic of "oldest funds" has been covered before; it was an internet search for it that first led me to Mutual Fund Observer. Feel free to answer with a simple link to posts that pre-date my joining.
    Typical Internet search hits for this topic (e.g., investopedia) focus on the oldest funds "still active today." That's not very helpful for my purposes.[survivorship bias etc.] I have the 1939 SEC report (Part 2) which shows all the largest mutual funds in existence as of 1936 *under their names at the time.* And older copies of the Wiesenberger yearbook can sometimes track what happened to items on the SEC fund list (e.g., Quarterly Income Shares, 4th largest as of 1936, was merged into American Business Shares, a Calvin Bullock fund).
    But it is hit and miss. Just by chance did my eyes fall on a note that "Incorporated Investors" (2nd largest) became Putnam Investors in 1966.
    I'm still trying to track down the current name of "State Street Investment." (3rd largest, under that name through 1965).
    That's one specific query. Anyone have some tips? A database (in my dreams) that tracks defunct mutual fund names, or would surface the fact that Putnam Investors used to be called Incorporated Investors"?
    mcq in Fund Discussions