https://www.sec.gov/Archives/edgar/data/1199046/000139834421004672/fp0062798_497.htm
(SLCSX)
497 1 fp0062798_497.htm
SELECTIVE OPPORTUNITY FUND
Supplement to the Prospectus
and Statement of Additional Information
dated
April 29, 2020
Supplement dated February 26, 2021
The Board of Trustees has determined that it is in the best interest of shareholders to liquidate the Selective Opportunity Fund (the “Fund”).
As of the date of this supplement, the Fund is no longer accepting purchase orders for its shares and it will close effective June 21, 2021 (the “Closing Date”). Shareholders may redeem Fund shares at any time prior to the Closing Date. Procedures for redeeming your account, including reinvested distributions, are contained in the section “How to Redeem Shares” of the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to the Closing Date will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer and are held in a brokerage account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer for deposit into your brokerage account.
The Fund will continue to pursue its investment objective through the Closing Date. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 60 days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodian account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.
* * * * * *
This supplement and the Prospectus provide the information a prospective investor should know about the Fund and should be retained for future reference. A Statement of Additional Information dated April 29, 2020 has been filed with the Securities and Exchange Commission and is incorporated herein by reference. You may obtain the Prospectus or Statement of Additional Information without charge by calling the Fund at (434) 515-1517 or visiting www.selectivewealthmanagement.com.

@Mark I got rid of all bonds except a very small position in FXNAX. My FNBGX was up quite a bit in 2020 (not sure why and it still trailed S&P index), thankfully I sold before 2021. Why? It’s down 10% YTD. I’m having a very hard time justifying any bond exposure right now. Actually, when I look back at the last 10-15 years, I held too many bonds (in case of?) and at the expense of many years of equity superiority. The crash(s) where bonds outperformed and helped me were few and far between. But I’m still learning and don’t know what I don’t know.

Wonder why? Between the two funds they've got $3 billion in assets and 10 stars. With a management fee of 0.5%, that's $15 million a year.

Thank you MikeW! If David takes the time to write a launch alert, pay attention.
Just went live with several other new features in MultiSearch, including: Jump Scroll, Hover Symbol, and Plus Searches, described here.

Momentum Indicates Stock Price Strength:
investopedia.com/articles/technical
The relation between value and momentum strategies:

Simple value and momentum strategies often end up with opposite market positions. One strategy succeeds when the other fails. There are two plausible reasons for this. First, value investors regularly bet against market trends that appear to ‘have gone too far’ by standard valuation metrics. Second, value stocks carry particularly high market risk or ‘bad beta’ and thus fare well when market risk premia are high and the market turns for the better. This typically coincides with ‘momentum crashes’ in oversold markets. As a consequence, value and momentum signals may be complementary. In particular, value strategies are not very profitable in normal times or bull markets but have produced extraordinary profits when being set up in the mature state of a bear market. Similarly, momentum signals can be adjusted by extreme valuation metrics alongside signs of trend exhaustion.

https://sr-sv.com/the-relation-between-value-and-momentum-strategies/

Back to the OP...Bitcoin...Gates vs Musk (on Bitcoin):
/it-s-gates-versus-musk-as-world-s-richest-spar-over-bitcoin

Podcast interview with Jeremy Grantham (Invest Like the Best):
jeremy-grantham-a-historic-market-bubble

You’ve probably noticed that value investing has been the opposite of dead for a while now. In fact, small value stocks have more than doubled since the low last year. Yes, I’m cherry-picking. Sue me. More interesting is the fact that they’re breaking out relative to growth stocks. We see this in large stocks too, but the effect is more pronounced here.

Article:
when-value-turns-into-momentum
Managed small value funds vs the small value index?
https://money.usnews.com/funds/mutual-funds/rankings/small-value

5G is the next generation of wireless service, which is expected to increase network speeds and make networks more responsive. The technology could help make applications like autonomous vehicles a reality and will deliver new AR and VR experiences to smartphones.
Mid-band spectrum, such as the C-band, is considered important for 5G deployments because it offers both geographic coverage and the capacity to transmit large amounts of data. This combination is especially appealing to wireless giants who have been trying to fill out their spectrum portfolios.

Concentrated Mutual funds of VZ:
PRBLX holds the largest concentration of VZ (about 20% of VZ shares)
Article:
verizon-at-t-t-mobile-dominate-81-billion-5g-spectrum-auction

@WABAC - have you sold all of your bond funds on the expectation of a rise in rates? I'm just trying to understand why anyone would do this while those who control the rates indicate no interest or reason for doing so at this time. I read the articles and I've listened to all the chatter and I just don't see what indications are pointing to a need for disposing bond funds.

Rates can go up even if the Fed isn't actively raising them. Rates will go up if the bonds don't sell.
I found this article this morning.

The 10-year U.S. Treasury yield topped the 1.49% level on Thursday morning, its highest level in more than a year. . .
. . . The move higher in rates is unnerving investors fearing inflation could be driving it instead of just the economy recovering. The 10-year yield ended January at 1.09%. It closed 2020 well under 1%. So it’s moved more than a half percentage point in under two months, quite rapid for the bond market and relative to rates at these historically low levels.

I don't particularly like bond funds. So rather than watch some remarkable gains -- for bonds -- evaporate, I decided to sell. When I'm ahead 8% on a TIPs index fund it's no fun for me to watch the drip, drip, drip. And so on with the other funds, even if the returns were smaller.
I still have assets that will do well if inflation explodes. FFRHX has been going up while my other bond funds have been going down. MERKX has shown signs of life. But so far, there aren't any wins to lock in.
I might move into ultra-short bond funds if they offer any improvement over Vanguard's money-market settlement fund.
I'm late on reexamining, and re-balancing, my portfolio for the year. For the past 14-15 months I have been as completely invested as I have been for a while. So this season I have been taking some profits, closing positions I no longer have faith in, and generally raising cash.

Follow-up articles on the etf:
https://www.etftrends.com/humankind-investments-launches-first-sustainable-etf-hknd/
https://finance.yahoo.com/finance/news/humankind-investments-launches-first-sustainable-143000573.html

As of 10:45 this morning Bloomberg is displaying a 1.49% yield on the 10-Year treasury bond. (Story from CNBC) The equity market doesn’t appear to like it very much. If you own intermediate term bonds (5 year duration) you’ll loose a bit, but equity investors may take a much larger hit if rates continue to rise. (conjecture, of course).
Running into equities to avoid the bond risk might amount to burning down the house to get rid of the mice. Keep in mind that as your bond / bond fund loses paper “value”, the rate of interest you are being paid increases. So it’s a 2-way street for those on the short-intermediate end of the curve.
Good thread from @Sven re Munger’s take on bitcoin. I tend to agree with Charlie. https://www.mutualfundobserver.com/discuss/discussion/57794/munger-on-bitcoin
Yesterday GameStop’s stock price rose over 100% in a single day. That kind of speculative erotism amounts to gambling. I also fear it points to a lot of “froth” in other areas / asset classes. Which ones? That’s the puzzle.

Hard pass for me.
Half of these positions are in < 50 lots, and many are in the single digits. There is no reason for a fund to hold 2 ... TWO ... shares of something unless it's to show what companies they like. IMO their holdings list is far too long & embarrassing for a fund at launch time. This reads like someone's SeekingAlpha watchlist.
It seems woefully underpowered in terms of initial overall AUM, too.

One might expect that this etf will obtain investment flows. Will the etf find the "Robinhood" run? Fidelity indicates at this time, that options are not available. I consider this a positive for a somewhat more normal (whatever normal is today for the traders) flow of investment monies.
Humankind, home page overview including prospectus.

Having a large cash allows him to be tactical when opportunities present themselves. He talked about the stressful time in March when the team vetted through new companies in shorter timeframe and to build positions quickly. When one can buy companies with solid balance sheets at depressed prices, downside risk is greatly reduced. Utility stocks and GE are such examples. His mindfulness on risk management is under appreciated. Kinda like what Buffet did with BOA in 2008 and paid out nicely years later. In a 10 years period the fund was able to out-performed S&P500 while having lower drawdown. What more can you ask for?

https://www.sec.gov/Archives/edgar/data/1821080/000158064221000749/humankind497.htm
Registration filing:
https://www.sec.gov/Archives/edgar/data/1821080/000114036121004727/brhc10020262_n1aa.htm

Very disturbing news.
I'm invested in the fund through Schwab and several weeks ago received at least 15 statement letters in the mail notating adjustments to the closing nav
Thought that kind of strange and that with the vaccine development sold off 90% of my holdings in iqdax but still hold approx $25k. Maybe I should say what my account says I hold
I'm sure by the time the class action law suits are settled and the sell down of the fund it will be notably less. Hard to believe the fund manager would play make believe with the valuations of the holdings
Always knew it was kinda black boxey and I could deal with a large drawdown due to black swan bad investment but not fraud bullspit
I know it's a reach but have to say I'm concerned about tmsrx as they are big into derivatives and swaps etc. Of course t rowe is very reputable but so was Lehman and aig and bear stearns etc
Someone said keep it simple. Probably right
Best
Baseball Fan

Great quote from Charlie Munger

Another shareholder asked Munger whether the Daily Journal would follow Tesla’s lead and put bitcoin on the balance sheet. “We will not be following Tesla into bitcoin,” Munger replied flatly.
In the meeting Munger delivered plenty of more burns and digs at cryptocurrency, investment bankers (“they’ll sell shit as long as shit can be sold”) as well as brokers like Robinhood (“dirty way to make money”).

https://finance.yahoo.com/news/munger-recommends-not-buying-bitcoin-by-quoting-oscar-wilde-195247281.html

From the Institutional Investor:
https://institutionalinvestor.com/article/b1qphp8ytrkv20/Months-Before-SEC-Investigation-Infinity-Q-s-CIO-Touted-Strong-Performance
"In September 2019, the Texas Municipal Retirement System allocated $125 million to the firm’s volatility alpha fund, meeting minutes show. The State Teachers Retirement System of Ohio also lists Infinity Q among its investment managers, a 2020 annual report shows."

Just ran across another article:
https://finance.yahoo.com/news/infinity-q-seeks-halt-redemptions-232858497.html