RPSIX +0.85% YTD // 10 year average + 4.28%
We could delve into numerous issues confronting this once fine fund, notably its exposure to a value-leaning equity fund, as noted by msf.
I’m inclined to think it has more to do with the extremely low rate environment. Which leads me to comments by Ed in the November Commentary regarding his old fund, OAKBX. ISTM - Ed exculpates (or attempts to) Clyde McGregor for the fund’s loss of more than half its AUM in recent years and related sub-par performance. To oversimplify Ed’s well reasoned arguments - the issue traces back not to management but to the prevailing historically low rate environment and the way
balanced funds seek to operate. The downside protection once offered by bonds simply doesn’t exist in this environment.
I think to an extent the same argument can be applied to RPSIX - thought it isn’t a balanced fund in the traditional sense. The fund has always sought to balance risk (from equity, EM debt, junk bonds) with higher quality paper, including longer dated treasury bonds. But that hedge has largely been lost now in a period of such low rates. Is Price’s new “darling” TMSRX the answer? At just 2 years of age, I’m inclined to withhold judgment. But that won’t stop torrents of $$ from pouring in (including some of mine).
@TheShadow / Sorry for the thread drift here. Afraid my brain doesn’t always run in a straight line. :)

https://www.sec.gov/Archives/edgar/data/1418191/000141304220000637/walth497pros110420.htm
497 1 walth497pros110420.htm
WALTHAUSEN FUNDS
Walthausen Small Cap Value Fund (WSCVX and WFICX)
Supplement dated November 4, 2020
to the Prospectus dated June 1, 2020
Effective immediately the second paragraph under the heading Management on page 4 of Prospectus is deleted in its entirety and replaced with the following:
Portfolio Managers
John B. Walthausen has managed the Fund since its inception in February 2008. Mr. Walthausen is the Chief Investment Officer of the Advisor. Gerard S.E. Heffernan has co-managed the Fund since March 2018. Mr. Heffernan is a portfolio manager for the Advisor. DeForest R. Hinman has co-managed the Fund since November 2020. Mr. Hinman is a portfolio manager for the Advisor.
Additionally, first paragraph under the heading The Investment Advisor on page 7 of Prospectus is deleted in its entirety and replaced with the following:
Walthausen & Co., LLC, 2691 Route 9, Suite 102, Malta, NY 12020, is the investment advisor of the Fund and has responsibility for the management of the Fund's affairs, under the supervision of the Fund's Board of Trustees. The Fund's investment portfolio is co-managed on a day-to-day basis by John B. Walthausen, CFA Gerard S.E. Heffernan CFA and DeForest R. Hinman. Mr. Walthausen founded the Advisor in 2007 and is a managing director of the Advisor. Mr. Walthausen is the Chief Investment Officer of the Advisor. Mr. Walthausen has managed the Fund since its inception. Mr. Walthausen's formal education includes a BA from Kenyon College and a MBA from New York University. Mr. Heffernan joined the Advisor in February 2018. His involvement in the investment industry spans over 25 years, including 15 years at Lord Abbett & Co., where he was a partner and portfolio manager specializing in small cap value equities. From June 2013 until February 2018, he was self-employed managing his own portfolio. Mr. Heffernan received a B.S. in Business Administration from Villanova University. DeForest R. Hinman has been a principal of Walthausen & Co. since the firm’s inception in September, 2007. Before his appointment as a co-portfolio manager, he served previously as a co-portfolio manager of the Walthausen Small Cap Value Fund and Walthausen Select Value Fund in 2017, and retains his position as Director of Research for Walthausen & Co. DeForest’s formal education includes a B.S. in Business Administration (Summa Cum Laude) from State University of NY at Albany and a M.B.A. in Finance from the State University at Albany.
This supplement and the Prospectus dated June 1, 2020 provide the information a prospective investor ought to know before investing and should be retained for future reference. The prospectus has been filed with the Securities and Exchange Commission and can be obtained without charge by calling the Fund at 1-888-925-8428 or by visiting the Fund’s website at www.walthausenfunds.com.

What, no name change for this fund like the other Spectrum funds, perhaps to Spectrum Flexible Income Fund since it can hold up to 25% in the Equity Income (stock) fund?
The more important change, common to Spectrum Income, Growth, and International is that the ER will be calculated differently. Instead of TRP making money by charging nothing while investing in underlying T. Rowe Price funds with their own ERs, these funds will impose their own ER and invest in a share class (Z) of underlying T. Rowe Price funds that charges no fees (0% ER).
This adds slightly to the certainty of these Spectrum funds' ERs, since the expenses won't be dependent on what underlying funds charge. Otherwise, one hopes this has no effect (i.e. the fees will be about the same as before). A minor plus is that these funds will no longer appear to have 0% ERs. This currently causes problems with some screeners (notably M*).

https://www.sec.gov/Archives/edgar/data/808303/000174177320003154/c497.htm
(see link for table also)
497 1 c497.htm SPI STAT STICKER 11-4-20
T. Rowe Price Spectrum Income Fund
Supplement to Prospectus Dated May 1, 2020
At a meeting held on October 26, 2020, the fund’s Board of Directors approved an amended and restated investment management agreement, which will result in changes to the fund’s overall expense structure, as described below.
The changes to the fund’s expense structure are subject to shareholders approving the fund’s amended and restated investment management agreement. Shareholders of the fund at the close of business on the record date, November 30, 2020, will have the opportunity to vote on a proposal to approve the amended and restated investment management agreement. It is anticipated that proxy materials and voting instructions will be mailed to shareholders of record beginning on January 4, 2021, and a special shareholder meeting will be held on February 10, 2021. If the proposal is approved by a majority of the fund’s shareholders, the changes to the fund’s expense structure are expected to take place in mid- to late March 2021.
The fund does not currently charge a management fee. However, the fund incurs acquired fund fees and expenses, which represent the fund’s proportionate share of the expenses of the underlying T. Rowe Price Funds in which it invests (Underlying Funds). In addition, the fund passes through its direct operating expenses to its Underlying Funds and the fund effectively does not directly pay any operating expenses.
If shareholders approve the proposal, it is anticipated that in mid- to late March 2021, the fund will begin charging an all-inclusive management fee of 0.62% based on the fund’s average daily net assets. The all-inclusive management fee will cover investment management and all of the fund’s operating expenses except for interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and any acquired fund fees and expenses.
The fund currently invests in the Investor Class of its Underlying Funds. Effective on the date that the fund begins charging an all-inclusive management fee, the fund will end the pass-through of its direct operating expenses to its Underlying Funds and will convert its Investor Class shares of each Underlying Fund to Z Class shares. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, other than interest; expenses related to borrowings, taxes, and brokerage; and nonrecurring, extraordinary expenses. As a result, the fund’s total acquired fund fees and expenses associated with investing in the Underlying Funds’ Z Classes are expected to be less than 0.01%.
If shareholders approve the proposal, the prospectus will be further supplemented with more details regarding the changes to the expense structure prior to its implementation. However, the following changes to the prospectus are effective immediately:
Under “Principal Investment Strategies” in section 1, there are no changes to the investment ranges set forth in the “Asset Allocation Ranges for Underlying Funds” table. However, the T. Rowe Price U.S. Treasury Intermediate Fund has changed its name to the T. Rowe Price U.S. Treasury Intermediate Index Fund and the T. Rowe Price U.S. Treasury Long-Term Fund has changed its name to the T. Rowe Price U.S. Treasury Long-Term Index Fund.

Why does this sound like teenager saying they don't believe in Santa Claus?

He’s obviously made money for his investors. Comes across to me as a bit “smug” however. He’s currently 46. Likely BD - 1974.
For some perspective .....
- I was already investing with Sir John Templeton and reading the financial press when this kid was born.
- Schmehl would have been 5 when Paul Volker became Chairman of the Fed with ramifications that investors are still feeling today. He has only known falling interest rates. Never witnessed high inflation and 15-20% interest rates on money market funds.
- Buffett’s been investing at least 40 years longer.
Not to be misunderstood: I posted this for assorted reasons - one being it’s valuable to learn about as many different investing styles as possible. It’s easier to chart your own course if you understand the playing field you’re standing on (apologies for the mixed metaphor).

Whatever this is, I’ll take it. Second hot day in a row. What’s interesting is that the oil and metal sectors are coming along for the ride, both having fallen off a cliff last week.
Enjoy ..... The Dead Cat Bounce :)

Morgan Stanley funds currently managed by Kristian Heugh:

Actually, these are all the share classes that he manages. I've grouped the list by funds so that this is clearer. Also, the H share class is defunct, as is an entire fund (Opportunity Portfolio).

Morgan Stanley Institutional Advantage Fund
http://financials.morningstar.com/fund/purchase-info.html?t=MAPPX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class A (since 12/28/2010) MAPPX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class C (since 12/28/2010) MSPRX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class I (since 12/28/2010) MPAIX
Morgan Stanley Inst Intl Advtg IS (since 12/28/2010) MADSX
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class L (since 12/28/2010) MAPLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement.
Morgan Stanley Institutional International Advantage Portfolio Class H (since 12/28/2010)
Morgan Stanley Europe Opportunity Fund
http://financials.morningstar.com/fund/purchase-info.html?t=EUGAX
Morgan Stanley Europe Opportunity Fund Inc. Class A (since 4/14/2020) EUGAX
Morgan Stanley Europe Opportunity Fund Inc. Class C (since 4/14/2020) MSEEX
Morgan Stanley Europe Opportunity Fund Inc. Class I (since 4/14/2020) EUGDX
Morgan Stanley Europe Opportunity Fund Inc. Class L (since 4/14/2020) EUGCX
Morgan Stanley Institutional International Opportunity Portfolio
http://financials.morningstar.com/fund/purchase-info.html?t=MIOPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class A (since 5/31/2010) MIOPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class C (since 5/31/2010) MSOCX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class I (since 5/31/2010) MIOIX
Morgan Stanley Inst International Opp IR (since 5/31/2010) MRNPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class IS (since 5/31/2010) MNOPX
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class L (since 5/31/2010) MIOLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement.
Morgan Stanley Institutional International Opportunity Fund Class H (since 3/31/2010)
Morgan Stanley Institutional Fund Global Opportunity Portfolio
http://financials.morningstar.com/fund/purchase-info.html?t=MGGPX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class A (since 5/30/2008) MGGPX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class C (since 5/30/2008) MSOPX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class I (since 5/30/2008) MGGIX
Morgan Stanley Inst Global Opp IR (since 5/30/2008) MGORX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class IS (since 5/30/2008) MGTSX
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class L (since 5/30/2008) MGGLX
The following share class has not existed since 2013. It was reclassified into P shares which were simultaneously converted into A shares; see 2013 prospectus supplement.
Morgan Stanley Institutional Global Opportunity H (since 5/30/2008)
Morgan Stanley Institutional Asia Opportunity Portfolio
http://financials.morningstar.com/fund/purchase-info.html?t=MSAUX
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class A (since 12/29/2015) MSAUX
Morgan Stanley Inst Asia Opp C (since 12/29/2015) MSAWX
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class I (since 12/29/2015) MSAQX
Morgan Stanley Inst Asia Opp IS (since 12/29/2015) MSAYX

Morgan Stanley Cntrpnt Global
http://financials.morningstar.com/fund/purchase-info.html?t=GLCAX
Morgan Stanley Cntrpnt Global A (since 6/29/2018) GLCAX
Morgan Stanley Cntrpnt Global C (since 6/29/2018) GLCDX
Morgan Stanley Cntrpnt Global I (since 6/29/2018) GLCIX
Morgan Stanley Cntrpnt Global IS (since 6/29/2018) GLCSX
Morgan Stanley Institutional Opportunity
In 2015 this fund was reorganized into the Global Opportunity Fund (see 2015 prospectus, p. 18)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class A (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class I (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class IS (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class L (since 6/30/2006)
Morgan Stanley Institutional Opportunity H (since 6/30/2006)
Morgan Stanley Developing Opportunity
http://financials.morningstar.com/fund/purchase-info.html?t=MDOAX
Morgan Stanley Developing Opportunity Portfolio Class A (since 2/14/2020) MDOAX
Morgan Stanley Developing Opportunity C (since 2/14/2020) MDOBX
Morgan Stanley Developing Opportunity Portfolio Class I (since 2/14/2020) MDOEX
Morgan Stanley Developing Opportunity IS (since 2/14/2020) MDODX
VALIC Company I International Growth (since 3/8/2018) VCINX

In the NOV commentary David wrote that investors should not be anxious that Mr. Akre is leaving AKREX. I hope that he is right. In 2009 Mr. Akre left a mutual fund to start AKREX. His analysts stayed to run the old fund which has consistently underperformed AKREX. Its current symbol is HFCSX and it has a 2 star Morningstar rating. Investors will need to closely monitor AKREX. It has a high expense ratio (1.32) and a high PPE (38.42). Performance has already slowed: 1YR (91 percentile rank), 3YR (50 PR), 5YR (29 PR), 10YR (15 PR). There have been many mutual funds that were never the same after the star manager left. Will that happen to AKREX? Only time will tell.

Sold GDX Gold Miners ETF. >50% return in less than 6 months, pigs get slaughtered. I'm also unclear has to how much more upside might be pulled from this holding.

Spiders (SPDRs) and VIPERs (Vanguard)
CATS, TGRS, and LIONS (proprietary versions of STRIPS)
According to M*, there were also RATS, COUGARs, GATORs, EAGLEs, and DOGS (Dibs on Government Securities, not to be confused with the aforementioned dogs of the Dow)

Dunno if it's a dead cat bounce or not. I sold my gold miners into the bounce today though.

I've got a long way to go before I do much better than break even with USAGX. Initiated my first position at 41.63 per share on 8/12/2011.
Bought again at 26.84 per share on 12/14/2012.
And finally, at 13.62 per share on 6/7/2017.
Sigh.
It's a small slice at .0145 portfolio weight. I throw nickles around like manhole covers.

Morgan Stanley funds currently managed by Kristian Heugh:
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class A (since 12/28/2010)
Morgan Stanley Europe Opportunity Fund Inc. Class L (since 4/14/2020)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class A (since 5/31/2010)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class L (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class I (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class I (since 12/29/2015)
Morgan Stanley Inst Asia Opp IS (since 12/29/2015)
Morgan Stanley Cntrpnt Global A (since 6/29/2018)
Morgan Stanley Developing Opportunity IS (since 2/14/2020)
Morgan Stanley Developing Opportunity C (since 2/14/2020)
Morgan Stanley Europe Opportunity Fund Inc. Class A (since 4/14/2020)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class I (since 5/31/2010)
Morgan Stanley Institutional Opportunity H (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class I (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class C (since 12/28/2010)
Morgan Stanley Institutional Fund, Inc. Asia Opportunity Portfolio Class A (since 12/29/2015)
Morgan Stanley Inst Global Opp IR (since 5/30/2008)
Morgan Stanley Developing Opportunity Portfolio Class A (since 2/14/2020)
Morgan Stanley Developing Opportunity Portfolio Class I (since 2/14/2020)
VALIC Company I International Growth (since 3/8/2018)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class IS (since 6/30/2006)
Morgan Stanley Inst Intl Advtg IS (since 12/28/2010)
Morgan Stanley Cntrpnt Global I (since 6/29/2018)
Morgan Stanley Institutional Global Opportunity H (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class IS (since 5/31/2010)
Morgan Stanley Cntrpnt Global IS (since 6/29/2018)
Morgan Stanley Institutional International Advantage Portfolio Class H (since 12/28/2010)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class L (since 5/31/2010)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class L (since 6/30/2006)
Morgan Stanley Europe Opportunity Fund Inc. Class C (since 4/14/2020)
Morgan Stanley Inst Asia Opp C (since 12/29/2015)
Morgan Stanley Inst International Opp IR (since 5/31/2010)
Morgan Stanley Europe Opportunity Fund Inc. Class I (since 4/14/2020)
Morgan Stanley Institutional Fund, Inc. International Opportunity Portfolio Class C (since 5/31/2010)
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class L (since 12/28/2010)
Morgan Stanley Institutional Fund, Inc. Opportunity Portfolio Class A (since 6/30/2006)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class C (since 5/30/2008)
Morgan Stanley Cntrpnt Global C (since 6/29/2018)
Morgan Stanley Institutional Fund, Inc. International Advantage Portfolio Class I (since 12/28/2010)
Morgan Stanley Institutional International Opportunity Fund Class H (since 3/31/2010)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class A (since 5/30/2008)
Morgan Stanley Institutional Fund, Inc. Global Opportunity Portfolio Class IS (since 5/30/2008)

Hi, Lewis. I think the market cap floor was part of the original partnership agreement between Grandeur Peak and Rondure Global.
Greetings, Shadow. Ms. So managed Matthews Asia Small Companies for 11 years. Her last above-average year was 2014 and assets have been drifting away since 2015. That might, in part, explain why she and Matthews separated.
I'll reach out to Ms. Geritz to see what I can learn.
David

One day does not a market make.
JFTHOI - An hour before close Monday ...
Dow +450 / +1.5%
S&P +1%
NASDAQ - flat
NYMEX +3%
Gold Miners +2.65%
10 Yr Bond - Steady @ around 0.87%

It's a pity Rondure New World won't buy companies with market caps below $1.5 billion. It seems like a missed opportunity with this level of small-cap talent.

M* reports an adjusted ER for PIMIX of 0.50%. (See footnote 1 of Annual Fund Operating Expenses in Summary Prospectus.)
https://mutualfundobserver.com/discuss/discussion/comment/128191/#Comment_128191
Average HY fund ER: 1.02%
Average multisector fund ER: 1.00%
Average core plus fund ER: 0.80%
Average core fund ER: 0.66%
(All figures from M* via premium fund screener)
If you really want a multisector fund and find TSIIX too expensive, the only less expensive multisector funds I can find available to retail investors are:
BWDTX 0.40% ER ($5M min, but with that amount seems to be available at TDAmeritrade)
JMSIX 0.42% ER ($100min NTF at Schwab)
MGFOX 0.52% ER ($10M min, but with that amount seems to be available at Vanguard)
JSTIX 0.54% ER ($2500 min/$1K IRA min at Schwab)
MGIIX 0.55% ER ($1M min, $2500 IRA min at Fidelity)
MWFEX 0.55% ER ($3M min at multiple brokerages)

https://www.sec.gov/Archives/edgar/data/915802/000139834420021185/fp0058962_497.htm
(see link for more info)
FINANCIAL INVESTORS TRUST
SUPPLEMENT DATED NOVEMBER 2, 2020 TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
FOR THE RONDURE NEW WORLD FUND (THE “FUND’) DATED AUGUST 31, 2020, AS
SUPPLEMENTED FROM TIME TO TIME
Effective immediately, Lydia So has joined the portfolio management team of the Fund. Therefore, the following changes are being made with respect to the Fund.
Summary Prospectus/Prospectus
The section entitled “Portfolio Managers” in the summary prospectus and in the summary section of the prospectus with respect to the Fund is hereby deleted and replaced in its entirety with the following:
Portfolio Managers
Laura Geritz, CFA, MA, Chief Executive Officer of the Adviser, has been a portfolio manager of the Fund since its inception in 2017. Lydia So, Portfolio Manager of the Adviser, has been a portfolio manager of the Fund since November 2020.
Prospectus
The following information is added after the last paragraph in the section entitled “The Portfolio Manager” in the prospectus with respect to the Fund:
Lydia So, CFA
Lydia So is a Portfolio Manager for the Rondure New World Fund. Her primary focus is on developing markets and her secondary focus is on international developed markets.
Prior to joining Rondure in 2020, Ms. So spent 15 years at Matthews Asia, initially as research analyst covering Asia ex Japan equities. She served as Co-Portfolio Manager for the Matthews Asia Science & Technology Fund (MATFX; now known as Matthews Asia Innovators Fund) from 2008 - 2017. Ms. So was the founding Lead Portfolio Manager for the Matthews Asia Small Companies Fund (MSMLX) from its inception in 2008 - 2020, and Co-Portfolio Manager for the Matthews China Small Companies Fund (MCSMX) from 2019 -2020.
Ms. So started her career in the investment industry in 1999 at Kochis Fitz Wealth Management in San Francisco. In 2001, she joined Dresdner RCM Global Investors as a portfolio associate working on U.S. Large Cap equity strategies.
Ms. So graduated from University of California, Davis, earning a BA in Economics. She is a CFA charter holder.

Greetings to all,
I'll run with this portfolio, pre-retiree, conservative, I hope that is is ok that I post after mkt opens on 1st trading day of the month...
VLSIX, KAR Long/Short, $150,000, 15%
TGUNX, TCW New America, $25,000, 2.5%
ARTTX, Artisan Focus, $25,000, 2.5%
ROSOX, Rondure Overseas, $50,000, 5%
IQDAX, Q Infinity, $350,000, 35%
TMSRX, T Rowe Price Multi Strat Tot Return, $50,000, 5%
ARBIX, Absolute Convert Arbitrage, $50,000, 5%
FPFIX, FPA Flex Fixed Income, $100,000, 10%
BIL, T Bill, 1-3 months, $200,000, 20%
Good Luck and Good Health to all,
Baseball_Fan

The above is a good discussion and why I keep trading bond funds. If you own higher-rated bond funds you are likely to make 2.5-3% average annually in the next several years.
Trading should not be done by most investors though ;-)