And that turnover, despite the fact that futures trading requires more turnover, is still very high.
From the SAI: The [turnover] calculation does not include the turnover of other instruments in which the Fund more commonly invests, such as commodity futures instruments
Hence my statement that "any turnover calculation (even if I could decrypt all of this) wouldn't be meaningful."
With monthly expirations, it would not surprise me to see a 1200% turnover ratio, were futures included in the calculations. That's still a far cry from the very high 4,000-5,000% ratios of this fund, which might be describing the small amount of stocks and bonds that sometimes (and very fleetingly) show up in the portfolio.

I have a small position in FSPHX and have had it for a while. I've been taking a closer look at FSMEX and I can't come up with a reason to keep FSPHX over FSMEX. Using premium... PRHSX and SHSAX along with a newcomer I've been watching ETIHX comes up. But it just seems FSMEX is far and away the consistent performer - looking at APR vs. Peer, Ulcer, Martin and DD. It has been outperforming my current FSPHX which had a tough 2020 in the vs. peer category. That said, it's beaten the S&P 500 consistently since it's inception. But so has FSMEX.
Just wondering if anyone has an opinion.

updated:
https://www.sec.gov/Archives/edgar/data/915802/000139834421003133/fp0062314_497.htm
497 1 fp0062314_497.htm
FINANCIAL INVESTORS TRUST
Emerald Small Cap Value Fund
(the “Fund”)
Supplement dated February 12, 2021
to the Fund’s Prospectus and Statement of Additional Information
dated August 31, 2020, as supplemented
As previously disclosed, on December 8, 2020, the Board of Trustees (the “Board”) of Financial Investors Trust (the “Trust”), based upon the recommendation of Emerald Mutual Fund Advisers Trust (the “Adviser”), the investment adviser to the Fund, a series of the Trust, determined to close and liquidate the Fund on or about January 11, 2021. The date for such liquidation is now expected to be on or about February 26, 2021 (the “Liquidation Date”).
If the Fund has not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed, and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of the Liquidation Date, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

https://www.sec.gov/Archives/edgar/data/1545440/000139834421003163/fp0062350_497.htm
97 1 fp0062350_497.htm
February 12, 2021
KARNER BLUE BIODIVERSITY IMPACT FUND
Investor Class (KAIAX)
Institutional Class (KAIIX)
ButterflyTM Class (KAIBX)
Each A Series of Ultimus Managers Trust
Supplement to Summary Prospectus, Prospectus, and Statement of Additional Information
dated September 28, 2020
This supplement updates certain information in the Summary Prospectus (“Summary Prospectus”), the Prospectus (“Prospectus”) and the Statement of Additional Information (“SAI”) of the Karner Blue Biodiversity Impact Fund (the “Fund”), a series of the Ultimus Managers Trust. For more information or to obtain a copy of the Fund’s Summary Prospectus, Prospectus or SAI, free of charge, please visit the Fund’s website at www.biodiversityimpactfund.com or call the Fund toll free at 1-855-KBANIML (855-522-6465).
Closure and Conversion of Shares
Effective immediately, all sales and acceptance of purchase orders for shares of the Investor Class and Institutional Class of the Fund shall be discontinued.
On March 18, 2021, all existing shares of the Investor Class and Institutional Class of the Fund will be converted into shares of the ButterflyTM Class of the Fund (the “Conversion”). There will be no fees charged in connection with the Conversion. After the Conversion, the Fund will offer only a single class of shares – the ButterflyTM Class.
There are no tax consequences anticipated with the Conversion, and no action is necessary on your part to effect the Conversion. Shareholders should consult with their own tax advisors to ensure proper treatment on their income tax returns.
Shareholders may continue to redeem their Investor Class and Institutional Class shares of the Fund on each business day until the Conversion on March 18, 2021.
After the Conversion, all references to the Investor Class and Institutional Class of the Fund are hereby struck from the Fund’ Summary Prospectus, Prospectus, and SAI.
Changes to the ButterflyTM Class Shares
Effective on February March 18, 2021, the minimum initial investment amount for ButterflyTM Class shares of the Fund will be $2,000. References in the Fund’s Summary Prospectus and Prospectus to the ButterflyTM Class’ minimum investment amounts in the section titled “Purchase and Sale of Fund Shares” and in the section titled “How to Buy Shares” are hereby modified accordingly.
Also Effective on March 18, 2021, the ButterflyTM Class of the Fund will be subject to the Fund’s Administrative Service Plan, and may make service fee payments to financial intermediaries for certain administrative, recordkeeping, and other non-distribution related services at an annual rate of up to 0.10% of the Fund’s average daily net assets. The Administrative Service Plan and the accompanying fee, is identical to that which applied to the Institutional Class shares of the Fund, and the section in the Fund’s Prospectus and SAI titled “Administrative Services Plan” should now be read to apply to the ButterflyTM Class of the Fund, rather than to the Institutional Class.
Change to the Investment Adviser’s Address
Effective immediately, the address of the Fund’s investment adviser, Karner Blue Capital, LLC, is as follows:
Karner Blue Capital, LLC
7315 Wisconsin Avenue #650W
Bethesda, MD 20814
All references to the address of the Fund’s investment adviser in the Prospectus and SAI are hereby modified accordingly.
If you have any questions regarding the Fund, please call 1-855-KBANIML (855-522-6465).

https://www.sec.gov/Archives/edgar/data/915802/000139834421003172/fp0062329_497.htm
497 1 fp0062329_497.htm
FINANCIAL INVESTORS TRUST: GRANDEUR PEAK FUNDS
GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND
GRANDEUR PEAK GLOBAL MICRO CAP FUND
GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND
GRANDEUR PEAK INTERNATIONAL OPPORTUNITIES FUND
GRANDEUR PEAK INTERNATIONAL STALWARTS FUND
(Each, a “Fund,” and together, the “Funds”)
SUPPLEMENT DATED FEBRUARY 12, 2021 TO THE SUMMARY PROSPECTUS AND PROSPECTUS OF THE FUNDS DATED AUGUST 31, 2020, AS SUPPLEMENTED FROM TIME TO TIME
Effective as of the close of business on February 26, 2021, the Grandeur Peak Global Opportunities Fund, Grandeur Peak International Opportunities Fund, Grandeur Peak International Stalwarts Fund and Grandeur Peak Global Micro Cap will no longer accept purchases, from new or existing investors, through financial intermediaries unless the purchase is part of:
●a retirement plan which held the Fund prior to this closure,
●an automatic reinvestment of a distribution made by the Fund, or
●a de minimis annual rebalancing approved by a member of the Grandeur Peak client team.
Also, effective as of the close of business on February 26, 2021, the Grandeur Peak Emerging Markets Opportunities Fund will close to new investors seeking to purchase shares of the Fund through third party intermediaries subject to certain exceptions for financial advisors with an established position in the Fund and participants in certain qualified retirement plans with an existing position in the Fund.
The Funds remain open to purchases from existing investors, and to new investors who purchase directly from Grandeur Peak Funds.
The Funds retain the right to make exceptions to any Fund closure or limitation on purchases.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Hello
We did bought more VHT along with Qqq and bngo (another biotechnology data firm) recently....
Regarding vaccines
https://www.cdc.gov/coronavirus/2019-ncov/vaccines/expect/after.html
https://www.nejm.org/doi/full/10.1056/NEJMoa2034577
FYI
Imho vaccine is generally safe
Very small 0.3 - 0.6% side effects treatable vascular side effects like strokes or cardiac issues heart attacks
Expect 10-20s% have joints pain headaches fevers flu symptoms tireness especially after 2nd dose [3rd - 4th wks after first dose]
Think Brazile data has few deaths?? (Unclear if related to vaccine) After large numbers tested in late Summer fall initial studies.
Pls stay safe

#9
"Paying Too Much in Fees
Fees are the silent killer. As Dividend Growth Investor once tweeted:
If you invested $1,000 in Berkshire Hathaway in 1965, by 2009 your investment would have been worth $4.3 million.
If Buffett had set up Berkshire as a hedge fund, and charged a 2% annual fee plus 20% of any gains, the investor would have been left with only $300,000.
That’s a 10x difference because of fees!"
ARTICLE HERE

Good grief! SPCAX has a turnover ratio of 4,249% according to M*. Maybe @msf’s legion of fact checkers/researchers could compute the average holding period for a typical position given that number. IIRC, a 20% TOR results from holding a position for 5 years.

This is one of your more opaque funds, with derivatives, shorts, and 25% of assets in the management company's Cayman Islands subsidiary. And the turnover figure presented represents only a small portion of the portfolio (the few "vanilla" holdings). So I'm afraid that any turnover calculation (even if I could decrypt all of this) wouldn't be meaningful.
From the annual report: "The Commodity Strategies Global Macro Fund may invest up to 25% of its total assets in the subsidiary, a wholly-owned and controlled subsidiary formed under the laws of the Cayman Islands." M* reports 25.11% of the portfolio in "Cayman" as of June 30th.
From the SAI:

The Commodity Strategies Global Macro Fund's portfolio turnover rates for the fiscal years ended June 30, 2020, and June 30, 2019 were 4,249% and 5,463%, respectively. ... As defined, the portfolio turnover rate calculation may only include the turnover of "securities" within the Fund’s portfolio .... The calculation does not include the turnover of other instruments in which the Fund more commonly invests, such as commodity futures instruments and other derivatives. The portfolio turnover rate, therefore, only provides a turnover rate on a narrow portion of assets purchased and sold within the Fund’s overall portfolio. The Advisor estimates that if futures contracts and derivatives were included in the calculation, the portfolio turnover ratio for the fiscal year ended June 30, 2020 would have been lower

One would certainly hope that the turnover rate for the whole portfolio is lower!
A few numeric oddities that one doesn't need to be an accounting expert to see:

• the cheaper Institutional shares have underperformed the Advisor shares by 0.02% over the past one and three years;
• while the website says: "[the Advisor] share class includes an explicit 0.25% shareholder servicing fee", the prospectus reports a 0.20% fee; and
• the investor class shares have "other" fees that are 0.19% higher than the advisor class fees (per prospectus)

Thanks for doing that, @Old_Joe. I’ve been scouring my Gmail for his info, but could not find it. If you hear from him, please PM me his email. Be safe! My wife and I are 50% vaccinated.

This article is updated for January Lipper Data using MFO screens.
https://seekingalpha.com/article/4405656-best-funds-for-retirees-2021
Enjoy

Thank you, TheShadow.
This would be the ETF 'equivalent' of this [PRCOX]? [*]
https://www.troweprice.com/personal-investing/tools/fund-research/PCCOX#content-summary
[*] With a 34 bp ER, rather than the 37 bp ER of the "I Class" ($1 MM minimum), or the 50 bp ER of the "Investor Class" ($2,500 minimum).

Thanks for providing @Mark. Yes IYG scores well. I was chatting with @Charles yesterday and he had a very helpful suggestion to look at the last time when rates were rising and which financial funds performed well. This was 2016-2018 and you can run screens on this period on MFO premium. IAI was top performer. IAI also is the top performer over 3 and 5 year timeframes. This is a broker/dealer focused fund rather than banks. Im strongly considering it.

Hormel Goes Nuts for Mr Buffet's (Kraft Heinz) Mr Peanut...

For Kraft Heinz, which was formed through a 2015 merger orchestrated by Warren Buffett and 3G Capital, the sale will help simplify its operations as the company pursues a cost-cutting plan.

https://bloomberg.com/news/articles/2021-02-11/hormel-to-buy-planters-brand-from-kraft-heinz-for-3-35-billion?srnd=premium

Wrigley’s company now has 42 dispensaries across three states, with 39 in Florida and the rest in Massachusetts and Nevada, with new ones slated to open in Pennsylvania and Texas. To date, it has raised a total of $400 million largely from Wrigley and other high-net-worth individuals. The latest funding round, which closed in 2020, valued the $250 million company (2020 sales) at an estimated $2 billion.

billionaire-beau-wrigley-says-his-cannabis-company-will-be-bigger-than-the-family-candy-business

If you are open to the idea of Basic Material VMIAX has performed very well. It's top 10 positions make up 50% of the fund, but it covers 115 companies that are in the Small, MID, and Large Cap space. ER is .10%
VAW has no minimum.

If you are a trader like me and watch momentum you switch. I held PIMIX for about 7 years. I also watch very high risk and why I sold prior to the meltdown last March(link) and bought after it.
It's also pretty obvious from my table above that PIMIX is way behind the leaders for 1-3 months and what I use for my investments as a trader.

According to the most recent findings of AAII the best 3, 5, and 10 year annual return's lies with IYG - iShares US Financial Services and IYF - iShares US Financials.

Elsewhere I read that catalytic converters are disappearing from parked cars because of their rare metals content. Signs of a bubble or social commentary re: the new normal?

Prices for the precious metals used in catalytic converters have increased significantly.
"From about $500 an ounce five years ago, the price of palladium quintupled to hit a record of $2,875 an ounce last year, and is now hovering between $2,000 and $2,500 an ounce, above the price of gold. Rhodium prices have skyrocketed more than 3,000% from about $640 an ounce five years ago to a record $21,900 an ounce this year, roughly 12 times the price of gold." Link

@MikeW: when I was teaching I had a friend in Finance and we used to yack it up about equity CEFs. He actually knew something about international finance, while I was an amateur. After I retired I ran into him and I asked if he still was using CEFs; he said no because ETFs gave him all the exposure he wanted to given markets. I found it very hard work to take advantage of spikes or drops in discounts as it entailed frequent trading.
I did maintain a position in HQL, and then in BME, but I now believe that active management in those two healthcare funds added no alpha. I would not discourage an investor from exploring equity CEFs, especially if the goal is equity-income-like returns, especially as many CEFs have had to adopt minimum distribution plans, often in the range of 8% yearly. There is income to be had in those circumstances, but the learning curve could be steep for some. One drawback of equity CEFs is volatility, particularly on the downside. I have gotten more satisfaction and better returns from ETFs like MOAT and CAPE. Recently I added DSTL, DSTX, XBUY, CSB, NUEM, and of course ARKK. Best wishes to you from behind my KN 95.