I'm always curious to learn and, in particular, learn about who's managing well across different environments since those strike me as candidates for long term holdings (though certainly not sure things). I ran a quick screen at Morningstar looking for funds that have top 15% returns over the past month (through 3/9/2020) and over the past three years as well.
Here's the code: fund / category / 4 week percentile rank / 36 month percentile rank / 36 month APR. In each category I took the fund with the lowest combined rank: a fund in the 1st percentile and 4th percentile would beat out a fund in the 5th percentile and 1st percentile (total 5 versus total 6). With more time, I would have done something more sophisticated.
Columbia Thermostat / 15-30% equity / 3 / 2 / 7.2%.
Madison Conservative Allocation / 30-50% equity / 1 / 9 / 5.3%.
Walden Balanced / 50-85% equity / 9 / 3 / 6.5%
PIMCO Stocks Plus Long Duration / 85%+ equity / 1 / 1/ 20%
ATAC Rotation / tactical allocation / 1 / 2/ 10.8%
Voya Global Perspectives / world allocation / 7 / 2 / 5.6%
iShares Edge MSCI Minimum Volatility USA / large blend / 4 / 1/ 10.9%
Akre Focus / large growth / 1 / 3 / 18.5%
BMO Low Volatility Equity / large value / 1 / 1 / 7.3%
ABR Dynamic Blend Equity & Volatility / long-short equity / 1 / 1/ 10.5%. Ummm ... up 20% in the past four weeks?
Infinity Q Diversified Alpha / multi-alternative / 1 / 2 / 7.7%
Government Street Mid-Cap / midcap blend / 5 / 2/ 6.6%
T Rowe Price New Horizons / midcap growth / 1 / 2 / 18.2%
Virtus KAR Mid-Cap Growth / midcap growth / 2 / 1 / 21.2%
Jensen Quality Value / midcap value / 3 / 2 / 4.0%. A sad reflection on the state of value investing
Calvert Small-Cap / small blend / 5 / 3 / 3.3%
Wasatch Ultra Growth / small growth / 5 / 2 / 21.3%
Camelot Excalibur Small Cap / small value / 1 / 5 / -0.4%. Eeek.
The ABR fund invests in the S&P500, VIX futures and cash. In low vol markets, it increases equity and in high vol markets, it increases exposure to the VIX. Expensive but it's sort of worked.
Akre is amazing. New Horizons, likewise. Columbia Thermostat keeps cropping up. Government Street Mid-Cap is tiny but excellent. The Virtus KAR folks are mostly closed, mostly really good.
Just some thoughts on what's been working a bit.
David

"This is why when volatility increases, such as the last 3 years, their funds lag."
Volatility decreased for DODFX and in foreign markets.
Std dev Jan 2014 - Jan 2017
DODFX: 14.81%
EFV: 12.97% (iShares MSCI EAFE Value, used as proxy for foreign large cap value market)
VEU: 12.58% (Vanguard FTSE All-World, ex-US, used as proxy for foreign market)
Std dev Jan 2017 - Jan 2020
DODFX: 14.13%
EFV: 12.12%
VEU: 11.80%

D&C have good funds but many of them are riskier and it shows at market stress such as 2008 and many times when stocks go down at least 10%. This is why when volatility increases, such as the last 3 years, their funds lag.
I have never owned their funds because I found better choices.
DODBX-->I used to own PRWCX. In the last 3-5 years, DODBX ranks in its category at 90 and 50. 90 means it's in the bottom 10%. JABAX is much better too.
DODIX-->is probably their best fund but I still owned PIMIX for several years, I know, it's not the same category. DODIX is really Multi sector light and why yesterday it lost -1% while most core plus did better.
DODGX--->SP500(VFIAX/VFINX) has better performance for 5-10-15 years. This is PorVis(link) for 15 years that shows that SP500 had better performance, SD, Sortino.
DODFX has a negative performance for 3-5 years and ranks in its category at 77,78 which is pretty bad. Very easy to find better funds such as AFCNX.
D&C funds have low expenses which is nice but only one part of the puzzle.

At Schwab, you enter the trade and before the "PLACE ORDER" it will tell you
DHEIX isn't available - only to institutions.
DHEAX-free to buy, min $2500, 90 days early redemption fee at $49.95
JMISX (Inst share)-it's free to buy(unique, not at Fidelity), $100 min, 90 days early fee at $49.95
JMUTX-free to buy, min $2500, 90 days early redemption fee at $49.95

FMIJX has only been around since 2011, but it seems to offer a less bumpy ride on the international roads than OAKIX
Comparison (FMIJX is Blue)
https://screencast.com/t/aH8SN5eam

VLAAX

\\ Not familiar with the VL option you mention.

VLAAX
be sure to use MFOP

> with such a sizeable PF value would you be comfortable with a PF that mimics a conservative allocation?
Looking back over the last 25 years, merely owning a conservative allocation fund such as VWINX and taking a 4% withdrawal annually (based on the PF annual value) would have:
-limited downside (worst year) losses to 9% (which is where you are right now)
-provided an ever increasing annual withdrawal never less than year 1 withdrawal
(4% of $1.87M = $86K)
-almost doubled your portfolio value during these draw downs from $1.87M to $3.45M
You have done very well.
I used Portfolio Visualizer to construct the historical data:
https://portfoliovisualizer.com/backtest-portfolio

>
Yep, actually I would. I've reflected on that many times in just the past year or so...and VWINX as a benchmark but well you know, hindsight!: ). I'll likely look at some form of consolidation such as you suggest to simplify things, and of course have to take all of the tax aspects into account for the transition. Have been with Schwab for a long time but might consider taking everything to VG and converting it all to a simple handful of allocation funds or whatever it may be;
Meantime tho, to maintain a diversified PF, have an immediate need to fill in the small OAKEX/OAKIX holdings to be replaced... (about 4.5% of PF combined). Part of me wants to select a managed fund for foreign exposure, but recommendations have leaned toward index ETFs for this, such as FNDC and FNDF (for the OAK funds respectively). ALternately EFAV, IEFA.
Just having a few percent in EM VMMSX is irking me since I only recently replaced AEMGX with that - and as of now would've been better off simply going to cash with it for awhile ; )

@mikes425 without knowing your income needs its hard to give accurate advice, but with such a sizeable PF value would you be comfortable with a PF that mimics a conservative allocation?
Looking back over the last 25 years, merely owning a conservative allocation fund such as VWINX and taking a 4% withdrawal annually (based on the PF annual value) would have:
-limited downside (worst year) losses to 9% (which is where you are right now)
-provided an ever increasing annual withdrawal never less than year 1 withdrawal
(4% of $1.87M = $86K)
-almost doubled your portfolio value during these draw downs from $1.87M to $3.45M
You have done very well.
I used Portfolio Visualizer to construct the historical data:
https://portfoliovisualizer.com/backtest-portfolio

Hell, I figured that out all by myself. More posting trash just to be posting.
See Gary's recent post regarding junk like this.

As for comparison of VMVFX and VWINX, VWINX is 33% US stocks, the rest is bonds, whereas VMVFX is 50/50 in US/Non-US stocks, nothing in bonds. Thus it is hard to compare them. Taking into account bad performance of non-US stocks, it is interesting that VMVFX outperformed VWINX during the last 10 years

Gary, you noted:

Quote from David, "continue ignoring financial pornography, screaming heads, click-bait and other appeals to my worst instincts. Between rising market volatility, rising political frenzy and international challenges occasioned by dictators and viruses, that’s going to take some discipline.

These are personality traits, of individuals; which may or may not be fixable given enough time. Hopefully, this condition doesn't affect their investment judgments; although one will have to presume a law of averages. Hell, at least 50% of long time drivers in Michigan don't know how black ice forms on roadways; and definitely don't remember from the previous winter driving season.
As to post's here, yes. One should read and understand an article to determine how valid the information is, relative to this forum. You've been here since day 1, too; and have seen enough of the junk posts (which still persist). I/we don't need to read about a precious metals (or whatever) web site trying to justify why it is time to buy right now before the world "goes to hell in a hand basket". This doesn't include a well written document at a web site to justify an investment overview. I just don't need to see a clickable link in the first paragraph so that I may "sign up" for more profound info.
A poster should be able to provide 10-20 of their own words in succinct fashion as to why they feel the post is relevant. None of the copy/paste of 500-1,000 words format.
Some may feel I become too chatty with some posts, but I attempt to not write hallow words and thoughts from my viewpoint. I don't bang upon the keyboard for finger exercises.
Okay, enough from me.
Regards,
Catch

Quick comment before i head off to meetings --
Using SeekingAlpha data regarding yesterday's pricing:
VIIIX -20.32 (-7.58%)
PRGSX -3.00 (-6.91%)
VMVFX -0.89 (-6.46%)
So ... yeah a big loss, but on an absolute basis it did technically did 'beat' the market yesterday, albeit by a vey little, which is probably good enough for its managers to say it's meeting its mandate.

Seems to me a minimum volatility fund should be positioned to deal with both upside (optimize positive volatility) and downside (minimize negative volatility). In a sense, I am referring to successfully positioning a fund to maximize "upside/downside capture".
IMHO, when a fund is successful at capturing more of the upside (positive volatility) while limiting some of the downside (some of the selloff or negative volatility) you've "maximized" volatility.
According to M* VMVFX has an upside capture of 65 (65/100th of the upside of the category) and a downside capture of 35 (35/100th of the downside of the category). These numbers are not much different than VWINX capture of 68% of upside and 37% of the downside. That is impressive under normal market conditions. Under stressful conditions the difference between the two (VMVFX vs VWINX) YTD looks like this:
https://screencast.com/t/mdvS7utO
@rforno Maybe these are not normal markets, but isn't that the point for owning such a fund? I don't want a fund like this to mimic the market during extremes (up or down)...well I am OK with extreme upside correlation...instead, I want a fund like this to position itself to maximize volatility.
Volatility is opportunity.
High volatility on the downside creates buying opportunities and high volatility on the upside create capital appreciation.
It feels like VMVFX misses the mark on both counts.
For what it's worth PRGSX has an upside capture of 116 while maintaining a downside capture of 53. Better volatility numbers in my opinion.
Other note worthy "captures" (upside/downside):
PRWCX - 119/79
PRMTX - 123/66

>> I sold ... PINCX ... BCOIX
>> I bought PINCX+BCOIX earlier last week
short-term-trading penalties / fees ?

PAID $49.95 ST for PINCX. Paid nothing for BCOIX. Made thousands :-)
I don't pay for buying Inst shares, selling doesn't have any fees. Many times I don't pay for ST penalties either. I have a special arrangement.

DODGX will be bumpy. But for me, the returns have been better than the S&P 500 since I bought it for my taxable (4/15/1991) and retirement account (10/06/2011). So I am happy.
Most of the experts I've ever read say you should have some exposure to overseas markets. So DODFX is probably as good as any of them. Given the bets you describe, it may be even bumpier, as well as a longer wait to beat its benchmark.
I do like the way they do business. There's just one low fee for everyone buying the funds. And the turnovers on their portfolios are low.
I don't care for funds that have a large discrepancy between the surfs and the lords. And I don't think there are all that many people smart enough to beat the market trading rapidly. It just adds a cost drag to returns.
I bought DODIX this past December when I was rebalancing my retirement account to lean more on bonds. I was attracted to their A avg rating and lower than average duration.
I wouldn't sell anything in this environment unless I needed the money, or wanted to realize a tax loss for some reason. I have enough cash to go shopping, probably sometime later this year. So I don't need to sell anything.
I might even buy more DODGX for the IRA. It is currently suffering worse than the S&P 500. And may continue to do so for a while.

https://www.thecrimson.com/article/2020/3/10/harvard-tobacco-stocks-divestment/
Harvard Indirectly Holds Nearly $100,000 Worth of Stocks in Tobacco Companies
The Harvard Management Company indirectly holds an estimated $98,265.08 worth of shares through exchange-traded funds which include tobacco companies, an industry Harvard divested from in 1990, according to The Crimson’s analysis of HMC’s public filings to the Federal Securities and Exchange Commission.

https://seekingalpha.com/article/4330687-spy-looking-for-new-bottom
SPY -Looking For The New Bottom
Mar. 09, 2020 S&P 500 Trust ETF
The SPY is smart about the novel coronavirus, COVID-19.
However, its first attempt at discounting the economic impact just failed.
When the news becomes worse than expected, the SPY drops to a lower bottom.
Sunday, overnight futures dropped to 2,818 and the SPY is looking for a new bottom below $286.
The next support level is at $277 and near the 50% retracement of the last move up to the last high. However, there are no supports in a falling market until price stops falling

Hi sir thankyou for Commentary
Maybe large dead cat bounce today.. futures 2+% up
Added more equities today still too long to retired
So far down ^3.5% past 3 months w private brokerage acct