As with fintechs, there's a window between the time cash goes into the account and it is swept into an insured bank when it is not insured.
For example, here's a long piece from DepositAccounts.com quoting WealthFront:

While funds are at Wealthfront, before they are swept to the program banks, they are subject to SIPC’s protection limit of $250,000 for cash

https://www.depositaccounts.com/blog/banking-fintechs-safety-money.html
The risk of assets being stolen from a brokerage are quite remote. Would you use a brokerage without SIPC insurance? The other risks in the article are entirely under your control; the risk of assets being stolen out of an account are not.

The SEC has rules for diversified vs nondiversified funds. BPTRX is nondiversified.
In the 1940 Act, Congress defined a nondiversified fund simply as one that didn't meet the requirements to be called diversified. Just a basic partitioning of the fund universe into two parts.
https://www.law.cornell.edu/uscode/text/15/80a-5
What @sma3 might be thinking of is not a section of the 1940 Act (under which investment companies are registered), but rather 26 U.S. Code § 851 that defines regulated investment companies. That's a more expansive category that includes 1940 Act registered investment companies and also some common trusts that do not fit the definition of an investment company.
In any case, this statute requires that with respect to half (50%) of the fund's assets, the fund cannot invest more than 5% in a single security (other than government bonds). That leaves the other 50% to play with.
However, a second part of the statute prohibits the fund from investing more than 25% of its assets in a single company. That is the part that I've wondered about with funds like FAIRX. There is an exception if the increased percentage is due to market fluctuations. See Example 6 in the examples below.
Here are some examples of how this statute plays out.
https://www.law.cornell.edu/cfr/text/26/1.851-5

TSUMX. I typed it in here as a courtesy to anyone who's interested. It's certainly not the customary fare. Big $2.5M to get in. I took a look at the coupons on the bigger bond holdings. I dunno how those will do anything right now except to put a drag on results.

Thx Derf. My bad. 1.3-1.5B.

@bee you are welcome and yes about 1 yr. The widespread red is a relatively short term event so far. I find it useful to click through the timeframes of this simple chart periodically. About energy, yes, over 5 years it is still in the red. For a few years, energy was considered a poor investment due to the surge in alternative energy investments and the thinking the transition timeframe to alternatives would likely be fairly short. Now, there seems to be some serious thinking that the transition to renewables will likely occur over an extended enough time frame that the traditional energy sector will remain worthy of investment for at least "several" more years. (I know I still own gas powered cars and my primary house still uses natural gas for heat. Also, I still plan to to take some trips via air once my covid concerns have abated and lots of stuff in my house contains "plastic".) I am presently comfortable having about 10% of my investments in that sector.

@Dennis Baran : Are you talking 1.3-1.5 million or billion ?

Spoke with Ali Motamed, one of the two PMs on the fund. Their strategy has three different products, and as an all-cap fund, it will hard close at 1.3-1.5 AUM, allowing it to invest in smaller companies when they see opportunities there. This was also mentioned in their December commentary and will be repeated in their January commentary when it's published.

@sma3 Thank you for catching my misstep. I’ll (cheerfully) edit earlier post to delete comment.
Here’s the name of DFND - Clearly not a Simplicity offering: Siren DIVCON Dividend Defender ETF
I don’t have any opinion on PFIX as long as folks understand the potentially very high volatility and that it can move both ways. I own a few like that myself. :(
In hindsight, perhaps a 30 year fixed rate mortgage at 2.75% or 3% would constitute an interest rate hedge? In that case, the bank, government or financial institution is the lender / investor.

It’s an interesting snippet. Sorta what my humble non-expert view might be. But one who tends to view worst case scenarios. Off and on there’s been talk of “liquidity problems” in the media. Most recently on Bloomberg’s last Wall Street Week show - and addressed to some length by Blackrock’s Rick Rieder. This liquidity talk always makes me nervous as can cause markets to seize up.
Yes - the long duration assets would be a lot of ARKK holdings. I’ve heard that argument - that rising rates will strangle them. However, they’ve already been choked to death ISTM. So not too sure how much farther down they can go. Wish I were 25 years younger (don’t we all?). Would probably buy some.
@Old_Joe used to subscribe to the Economist. Not sure if he still does. FWIW - most periodicals can be purchased single issue at Amazon and downloaded to most any device having the app. Subscribing to a free trial period and than cancelling is another way to obtain latest issue.

Anybody subscribe and can read the entire article? I just got this snippet, although the argument is familiar
"The Economist offers an insightful big picture overview this week in What would happen if financial markets crashed?:
Today America’s financial system looks nothing like it did before the crashes of 2001 and 2008, yet lately there have been some familiar signs of froth and fear on Wall Street: wild trading days on no real news, sudden price swings and a queasy feeling among many investors that they have overdosed on techno-optimism. Having soared in 2021, shares on Wall Street had their worst January since 2009, falling by 5.3%. The prices of assets favoured by retail investors, like tech stocks, cryptocurrencies and shares in electric-car makers, have plunged. The once-giddy mood on r/wallstreetbets, a forum for digital day-traders, is now mournful.
It is tempting to think that the January sell-off was exactly what was needed, purging the stock market of its speculative excesses. But America’s new-look financial system is still loaded with risks. Asset prices are high: the last time shares were so pricey relative to long-run profits was before the slumps of 1929 and 2001, and the extra return for owning risky bonds is near its lowest level for a quarter of a century. Many portfolios have loaded up on “long-duration” assets that yield profits only in the distant future. And central banks are raising interest rates to tame inflation."

For a contrary and apocalyptic view Lacy Hunt is always worth listening to. He has believed that the debt burden of the US and the world is so huge that it will strangle the economy and create a massive depression.
This is a pretty technical interview, although it is not really a debate between him and Harvey Bassman about what will happen to interest rates in that scenario.
https://www.simplify.us/news-media/keeping-it-simple-ep10-inflation-and-rates-lacy-hunt?utm_medium=email&_hsmi=203561693&_hsenc=p2ANqtz-_hy0mKttax8Lt0RU223QWBcMW4ljj2Xx3VNdImJKr9ZCZT9GaN69IMwvpH1M7P4EPhSvC98uCw10-FCieU-sOMTW5Gxw&utm_content=203561693&utm_source=hs_automation

@hank
I don't see DFND on Simplify website and M* says is from SRN advisors.
Simplify has many hedged ETFs but their descriptions of what they are designed to do is rather vague unless you understand options better than I do.
Bassman is quite specific about PFIX as insurance against interest rates rising and has a fair amount of data on predicting what it will do in various scenarios. He also recommends only small positions, say less than 5 % of a total bond portfolio.
I am not sure that an inverse treasury ETF would not do the same thing, but there you could loose a lot more than 50%

Feb. 11 https://www.invenomic.com/_files/ugd/8592d8_a1ac66bac0af4f1fa27aa3aa0577f808.pdf

@davfor,
Interesting:
1 yr - Still lot of green
5 yr - Energy still negative
Thanks for the link.

Something that pops out when one looks at these funds is that they all had management overhauls within the past couple of years. M* lists each fund's average manager tenure as just one year. The former managers of these three funds, Christopher Vincent and Paul Sularz (all but BIFIX) appear to have retired in 2020 and 2021 respectively.
William Blair rebooted its fixed income program. It hired Ruta Ziverte in 2019 to "develop[] and execute[] [its] fixed-income growth strategy (in conjunction with other members of the team), team leadership, and select portfolio management." (From M*). One might surmise that the company wasn't thrilled with the short term progress and decided to pull the plug on this relatively small corner of the company (no fund with over $300M AUM).
Until it was shut down in Nov. 2015 the company did have a MMF - Ready Reserves Fund (RRFXX / WBRXX). Kathleen M. Lynch, the new lead manager of WBLIX co-managed Ready Reserves from 2010 until its demise in 2015; the aforementioned Vincent was the lead manager since 2003. The fund's inception was June 22, 1988.
The Macro Allocation Fund (WMCIX / WMCNX) has been co-managed by the same two people, Singer and Clarke, since its inception in 2011. The fund does not have a manager dedicated to fixed income. Between 2011 and 2016, Singer and Clarke co-managed PMFIX (as part of a team with more senior managers).

@hank, treasury yield-curve continued to flatten. As easy read is from 2Y-10Y spread,
https://stockcharts.com/h-sc/ui?s=$UST10Y-$UST2Y&p=D&yr=1&mn=0&dy=0&id=p66195125656
@Observant1, when faster MA (50-dMA) crosses slower 200-dMA (200-dMA), that may point to trend reversal. Death-cross is likely to happen for Nasdaq Comp first and there WILL be lot of news on this when it happens - I am just pointing to it earlier. Weeks is long time for the markets, so one will have to check back on Nasdaq-100/QQQ later.

I knew that Ron Baron was really fond of Tesla.
However, I didn't realize that Tesla comprised 50% of a Baron fund.
Yikes, that's a bit too risky for me!

@yogibearbull,
I'm not very familiar with technical analysis.
How reliable of an indicator is the 50-Day / 200-Day SMA death cross?
Do you know if there were death cross patterns for the S&P 500 prior to sell-offs in 2000 - 2002, 2008, 2018 Q4, and 2020 Q1?
Thank you!

Monday was a bit curious in that most of the defensive funds I track (about a half dozen) failed to hold water in the face of a rather broad based market selloff. HSGFX managed to loose .44%.
CCOR lost 1,50%. SWAN down .88% And DRSK off about .30%.
Gold and miners have been hot for 2-3 days. The futures tonight have gold approaching $1900, which would be close to a 1 year high.
Don’t know what happened to the yield curve today, but it looks like the shorter duration stuff got hit harder than farther out.