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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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Perpetual Buy/Sell/Why Thread



  • Much prefer FVD to FDL. FVD has been one of my go to's on the dips over the years.
  • @Mark: What do you like about THQ and BME? I held HQL, another Tekla fund, for quite some time, and BME in 2019. Right now I don’t own any healthcare funds but I am overweight in the sector as the result of getting a slug of BMY when CELG was acquired. I also got a big tax bill, but I’ve been told that it’s a high-class problem. I’ve been unimpressed with CEFs in healthcare in recent years although I do see the advantage of holding a fund with a good distribution policy in a tax-deferred account.
  • @BenWP - First I bought/buy nearly all my CEF positions at large discounts to NAV usually after major market swoons. I don't tend to trade them and I'm primarily interested in the distributions they throw off. I hold only one healthcare equity position (ABBV) because I'm not smart enough to pick individual holdings across the sector.

    Why BME - strong parent company with a solid, steady performance history of roughly 12% - 9.5% - 15% (3 - 5 - 10 yr avg).

    Why THQ - while the major holdings are fairly similar to BME the fund can and does look worldwide. It also is selling at a large discount and when I can buy assets at 12% off I'll do it. Tekla handles healthcare quite well.

    Granted I might have done better buying something like FSMEX but tax handcuffs would pinch more than I care to deal with at the moment. I used to hold HQL but at the time many of their positions were similar to holdings in POAGX. I opted to keep the latter.
  • tons and tons and tons of powder, as they say

  • Sold CSCO from my TDA account this morning since I hold it in large quantities elsewhere at a FSB wirehouse. Will probably add to my holding when the yield goes > 4.0.

    Note: my 'trading' account is at TDA and I'm in the process of shuffling things between here and my new self-serve account at Schwab, where I expect to position most of my "buy-and-monitor" funds/equity holdings on autopilot.

  • Added small amount to SCHD, looking for quality in this sell off
  • Sold all PRLAX (locking in gains since late March). Purchased identical amount of DODFX (new position). Added to mining fund OPGSX on slight weakness. A 3 positions are in my speculative sleeve. Gold’s wicked. But I think over the next year it will be higher. Brace.
  • @hank: Concerning PRLAX. Didn't you do a (spiff) a year or two with this fund ?
    Stay Safe, Derf
  • edited October 2020

    My initial (2020) purchase of PRLAX occurred on 2 successive days, April 2 and April 3. Was off close to 50% YTD at that time. Sold a couple small chunks (about 20%) late April / early June as it had risen quite a bit. As of yesterday, fund was still off 31% YTD. My 6-month gain’s probably going to be close to 15%. Beats 0.07% in a T-Bond money market fund. Been eying DODFX for a couple months. Should be a smoother ride. But doesn’t have the same upside potential.

    Otherwise, you might be referring to roughly 4-5 years ago when I also played PRLAX for a quick gain. If that’s it, you have a damned good memory! They had an exit fee back than if the fund was held for fewer than 90 days. Actually sold it and paid the fee, since it had done so well.

    “A bird in the hand is worth two in the bush.” - B/F
  • New to portfolio during past week or so: DLY, STK, SZC
  • Sold MTUM and bought ARKK, an actively managed ETF. Intent is to reduce concentration and duplication in portfolio of FANG category holdings into more diversified high growth and innovation. ARKK has returned @30% annually since inception in 2014 and although perhaps not unique you can subscribe to a list of their daily trades shared after the close. Helps me understand direction of management team.
  • Looks to me to be at all-time high ! I'll be in stand by mode.
    Stay Safe, Derf
  • davfor said:

    New to portfolio during past week or so: DLY, STK, SZC

    Oops. Here are some brief whys. These three purchases finalized development of a high yield portfolio funded by carving 25% out from OEF/ETF portfolio.

    DLY - New diversified Doubleline income CEF purchased to complement PDI holding.
    NAV in uptrend. Discount near peak since inception. YOC = 7.86%

    STK - Tech focused CEF purchased to complement BST which was purchased earlier in year during market downturn. Slight discount. YOC = 8.54%

    SZC - Infrastructure CEF with new mandate in April purchased to complement UTF which was purchased earlier in year during market downturn. 28% discount. New mandate and new portfolio make sense. YOC = 9.23%

  • Dusted off my shopping list today...bought SWAN, DRSK, SPLG, FDVV, DOCT, CDC, IVOL. Need a few more days like this.
  • edited October 2020
    bought a huge amount of CAPE today, toward but not at the close, so a loss already :(
  • bought a huge amount of CAPE today, toward but not at the close, so a loss already :(

    FWIW, futures are up nicely after-hours.

  • edited October 2020

    this is longterm, of course, so hopeful

    going to do the same w VONE upon further dips

    it was interesting to see Fido flag my order to change to limit, not market, for 'illiquid' securities

    also big advisory from them that ETNs do NOT represent actual holding of securities like an ETF

    and I put in something well below the bid-ask and way moreso below the listed current price (not real-time, but as of noon), and it filled immediately

    so a labile ETN for sure at the micro level
  • Been a buyer since last week. More dry powder available, but wondering if the rout may be over. Planning my next purchases or ready to take profits, either way.

    Last two purchases are 100 K @ $63.60 and 85 MMP @ $35.20, plus $20K of LCG OEF at COB.
  • @DrVenture , 100,000 @ $63.60 = $6,360,00 ! I guess I'm not reading your post correctly ?

  • @Derf I think he only bought 100 shares of K (Kellogg).
  • Correct 100 shares Kellogg. I'll try and be more clear in the future.
  • edited October 2020
    I thought we had found the elusive MFOer who throws millions around at a time...

    @davidmoran: Buying and selling CAPE requires a lot of attention as I have found a wide disparity between what the current price is and what the bid/ask prices are. I've only done this trading on Schwab, so your platform may be better suited to your needs. The often very low trading volumes also make your task trickier. FWIIW, the horror stories I've read about the risks in using ETNs give as examples pretty crazy strategies that wise old men would avoid anyway. (Some of us are old, some are wise, but do the twain meet?)
  • Thanks. I am not as savvy as you, I expect, and have no idea if Fido is better than Schwab in this regard. I was surprised at being able to buy so 'visibly cheap' but have no idea if I could've bought it much cheaper and am therefore the ideal mark.
    I am oldish for sure but hardly wise.

    Only FD1k and truly low-lying / nearly invisible / modest types throw around millions, although this was close to half one.
  • I want to add to some holdings, I really do, but I feel there's more downside pain coming until this election gets sorted out.
  • @Mark, I'm with you, but I've felt that way since the spring and have missed out on a lot!
  • @expatsp - I took advantage of that swoon in the spring (as I'm guessing you might have also) but what I want more have has exploded to far to the upside. I can wait.
  • @Mark I did not buy into that swoon, alas! Good on you for doing so.
  • 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.

  • Bought 10 22.5/30 JAN 23 combo spread on PING for a credit.

    Reason: Been stalking them for a long while, tanked 16% today on an acquisition, and I think the company itself is a possible takeout target at some point.
  • edited November 2020
    Mark said:

    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.

    @Mark - I hate to inform you the sky is the limit. A lot of the appeal is emotional - hence difficult to value. Miners up 6.85% today alone.

    I know it sounds crazy. I sold my miners a few months ago (for the same good reason you did) - but than “got religion” and bought back in - though only half as much as I sold. It’s now considered a “spec” position - the advantage being it isn’t subject to rebalancing. I don’t understand it. @rono’s the expert. But from reading Bill Fleckenstein pretty regularly I decipher this much:

    - Fed will loose control of the yield curve (whatever that means)

    - Dollar will weaken substantially.

    - Inflation will inflate (run a lot hotter).

    - Stocks will crash.

    - Eventually the Wall Street crowd (fund managers, etc.) will repent of their current skepticism and start buying up the gold miners for the accounts they manage.

    I think that last one is probably the strongest argument Fleck makes, since it suggests there’s still a lot of room to run. I’ll have to say there’s a crowd of die-hard gold bugs who participate in that forum (paid subscription) and it does seem to me to be sort of a religion with many. A 25% selloff in miners doesn’t seem to faze them - so focused are they on the longer term prospects.

    These aren’t necessarily my own views. I’m just sharing FWIW what I perceive as the arguments of the gold bulls. And, of course, nobody wants to be in the metals when the trend reverses. I’ve been on both sides of that coin - so to speak - in my 50 years of investing.

    Full Disclosure:

    OPGSX is considered a “spec“ position and represents only about 2.5% of portfolio.

    PRPFX has substantial exposure to precious metals / miners. About 11% of portfolio.

    PRAFX has limited / moderate exposure to precious metals / miners. About 3.5% of portfolio.
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