@catch22,

Relative to bonds and no market support in 2022; a 50/50 mix of a broad based U.S. equity index and a broad based U.S. bond index had a combined total return of -16.32 % for 2022. The indexes I used are VITPX and VBMPX ,which are inside a 529 college account.

Does Vanguard really think 2023 will be vastly better than 2022 ? If you look at the chart carefully, the breakdown is global allocation and not US only. Nevertheless the risk profile may be somewhat different, but not a significant improvement as the MarketWatch article implied. In addition, many details were left out from Vanguard.
Do 529 funds have oversea exposure too? VITPX and VBMPX are US stock and bond index funds, respectively.

There are 200 million Muslims living in India, a nation of 1.4 billion people. Hinduism under Modi’s nationalist regime is increasingly being seen as the state religion. The unsettling reality is you can still have an authoritarian nationalist ruler who oppresses a minority but who is also democratically elected by the majority and that leader can be very popular with the majority. You end up with situations like this:
https://hrw.org/news/2022/10/07/india-surge-summary-punishments-muslims
https://amp.cnn.com/cnn/2022/05/19/opinions/indian-muslims-violence-hindu-nationalism-singh-abbas/index.html

https://www.sec.gov/Archives/edgar/data/1014913/000110465923001643/tm231469d1_497.htm
497 1 tm231469d1_497.htm 497
Registration No. 333-07305
1940 Act File No. 811-07685
Filed Pursuant to Rule 497(e)
Frontier MFG Global Equity Fund
Institutional Class Shares (FMGEX)
Service Class Shares (FMGSX)
Supplement dated January 6, 2023
to the Prospectus dated October 31, 2022
Effective as of the opening of business on January 9, 2023, the Frontier MFG Global Equity Fund (the “Fund”) will reopen to new investors. Accordingly, all references to the Fund being closed to new investors are hereby removed from the prospectus effective January 9, 2023.
Please retain this Supplement for future reference.

I posted a preview of the call here, which includes today's chart deck (a good reference and background summary of all tools and data offered on the site) and snapshot of State State Sector ETFs 2022 Performance.

Direct link https://www.sec.gov/Archives/edgar/data/923184/000119312523002397/d416122d497.htm
M* had mentioned that co-lead-manager Yu Zhang was responsible for the recent (5+ years) shift in MAPIX from old current-dividend emphasis to also include dividend-growth emphasis. As a result, MAPIX started behaving similar to other growth-oriented Matthews Asia funds. IMO, this change may restore MAPIX to its original current-dividend emphasis.

https://www.sec.gov/Archives/edgar/data/923184/000119312523002397/0001193125-23-002397-index.htm
Matthews Asia Dividend Fund
Matthews China Dividend Fund

NOTE: Relative to bonds and no market support in 2022; a 50/50 mix of a broad based U.S. equity index and a broad based U.S. bond index had a combined total return of -16.32 % for 2022. The indexes I used are VITPX and VBMPX ,which are inside a 529 college account.

Market fell over 1% today due to fear of more rate hikes in coming months.

SI ( down 48% today ) and COIN both crashed today as it turns out SI was unloading assets at fire sale prices to raise cash to pay withdrawals, that I would think was to avoid going bankrupt. WSJ reports that SI unloaded massive amount of debt it owned, loosing over $700 million ( far more than total profits since 2013)
If this can happen to an FDIC insured bank, imagine what is in store for all other Crypto exchanges etc.
Makes AOL and PETS.COM look like Widows and Orphans choices

ROC(250) = Rate of Change over 250 trading days, so that is close to 12-mo. If you prefer 252 or some other number, you can adjust.
https://school.stockcharts.com/doku.php?id=technical_indicators:rate_of_change_roc_and_momentum

Thanks for reminding me of As you sow and fossilfreefunds and Climateaction100.org
The latter’s report on NEE is rather unclear. I also think that you have to avoid being too much of a purist. While NEE may still have a significant carbon footprint, it is apparently better than almost all other utilities.

https://www.sec.gov/Archives/edgar/data/1518042/000158064223000061/northstarsmcapvalue485a.htm
Check out the website with the North Star name now on it:
https://www.walthausenfunds.com/

As with star ratings or any other magic numbers, one needs look behind the numbers to better understand what they represent.
Somewhat like SRI funds that set very stringent de minimis thresholds on investing in "bad" companies, the sites I suggested grade on severe curves. Invest more than a little in "bad" companies, and your score goes down rapidly. It's still monotonic - the more a fund invests in "bad" companies, the worse its score. But it's a nonlinear scale.
To take ICLN as an example - fully 1/8 (12.49%) of its portfolio is invested in utilities selling or using fossil fuels. Half of that alone (6.22%) is invested in ConEd. Seriously?
Sure, ConEd has a "clean energy" subsidiary, ConEd Solutions. They used to offer me clean electricity as an ESCO, but that ended years ago. Now, all I can buy from ConEd as an electricity supplier is this mix (as of Dec 2020 - the latest info provided):
Biomass <1%
Coal 2%
Hydro 9%
Natural Gas 47%
Nuclear 36%
Oil <1%
Renewable Biogas <1%
Solar <1%
Solid Waste 3%
Wind 3%
Emissions relative to NYS average
SO2 113% of average
NOx 112% of average
CO2 113% of average
Needless to say, I buy electricity from a third party, not ConEd.
Carbon footprint? ICLN is off the charts, as measured by direct and indirect carbon emissions per dollar invested. You may disagree with FossilFreeFund's figure, but even MSCI's figure for the fund (also direct and indirect emissions), is still very high (nearly double that of the S&P 500 (IVV), per MSCI).
https://www.blackrock.com/us/individual/products/239738/ishares-global-clean-energy-etf

StockCharts ROC(250) is close to 12-mo rolling returns.
For RPHIX,

If 2023 still face interest rate hikes (at least several smaller ones), 50/50 allocation will not improve much from the 60/40. 60/40 in S&P500/cash would have done better, but that is hindsight.
It is really a reward-risk trade off between two asset classes that have opposing correlation but that broke down last year as they approached 1.0. Thus no protection from bond allocation. You have to ask yourself whether this continues in 2023?

You should execute your investment strategy as you determine appropriate. You are also correct that RPHIX has not historically generated a 4% calendar year ending Dec 31st return of 4%. However, RPHIX has generated total returns in excess of 4% on a rolling 12 month basis in the past (few but has). Below is a chart comparing the 12 month trailing 12 month return of RPHIX to the 1 year UST yield at the beginning of the measured period (T+0). The only underperformance was as a consequence of COVID volatility.
If you compare 12 month rolling total return of RPHIX since inception to the beginning 1 year UST, there are 136 measurable periods. Below is the max, min and average excess return:
Max 5.09%
Min -1.71%
Avg 2.13%
On a distribution basis for 136 measured periods, the first column represents the 1 year excess total return (RPHIX Total Return - I Yr UST Yield) and the second column shows the % of times of the occurance
Negative 7%
0-1% 11%
1%-2% 29%
2%-3% 23%
3%-4% 22%
>4% 7%
That said, RPHIX is not a substitute for a 3, 6, 10 month UST or CD.

https://www.marketwatch.com/story/vanguard-says-the-outlook-for-the-60-40-model-is-looking-rosier-but-heres-the-asset-allocation-it-prefers-the-most-11672918734?
Does Vanguard offer a 50/50 allocation fund?
I found the plot chart of S&P 500/10 Yr US Treasury interesting. 2022 was a true outlier.

Bloomberg is behind a paywall. Get to read few news on Apple News.

US companies added more jobs than expected in December, driven by small- and medium-sized businesses, and highlighting the resilience of labor demand that’s underpinning wage growth. Private payrolls increased 235,000 last month after an upwardly revised 182,000 in November, according to data from ADP Research Institute in collaboration with Stanford Digital Economy Lab. The figure exceeded all but one forecast in a Bloomberg survey of economists.
Treasury yields spiked and US stock futures declined after the release.

https://bloomberg.com/news/articles/2023-01-04/us-job-openings-remain-highly-elevated-at-10-46-million

Bad news for Celsius Earn Program (cryptos) customers. Bankruptcy judge cites fine print in his ruling that customer assets under the Program belonged to Celsius, not customers. This will put a new focus on brokerage TOS (terms of service) in cryptos and elsewhere as this is the domain of contract law.
https://www.axios.com/2023/01/04/celsius-bankruptcy-earn-accounts
https://techcrunch.com/2023/01/04/bankruptcy-judge-rules-celsius-network-owns-users-interest-bearing-crypto-accounts/

For the week ending on 1/4/23, bearish remained the top sentiment (42.0%; high) & bullish became the bottom sentiment (20.5%; very low); neutral became the middle sentiment (37.5%; above average); Bull-Bear Spread was -21.5% (very low). Investor concerns: Inflation (moderating but high); supply-chain disruptions; recession (2023?); the Fed (slower pace but higher rates longer); dollar; crypto ice-age; market volatility (VIX, VXN, MOVE); Russia-Ukraine war (45+ weeks); geopolitical. For the Survey week (Thursday-Wednesday), stocks were up, bonds up, oil down sharply, gold up, dollar flat. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/thread/141/aaii-sentiment-survey-weekly?page=8&scrollTo=890