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Retirement Portpolio - pls. provide your critique

edited July 2013 in Fund Discussions
Hi All,

I have the following portfolio.
Too many funds due to various accounts of mine and my wife's.

I am 43 and have at least 20 years to retirement.
Please provider your invaluable critique

VWELX Bal 4.87%
FPACX Bal 4.98%
VFSTX Bnd 3.25%
VTIPX Bnd 3.25%
PRSNX Bnd 3.25%
PONDX Bnd 1.08%
Money from Rollover Cash 10.83%
PCRIX Comm 0.97%
PSPFX Comm 1.41%
WAFMX EM 1.41%
SFGIX EM 2.17%
MAPIX EM 3.03%
AEMGX EM 1.08%
MAINX Em Bnd 1.62%
HSFNX Fin 1.89%
PAUDX Flex 7.90%
VHGEX Glo 8.66%
ARTGX Glo 3.68%
MFCFX Glo 2.71%
GPGOX Glo 3.90%
PQIDX Glo 4.44%
PRHSX Hlth 3.47%
VDIGX LCB 10.83%
ARIVX Scv 1.08%



  • Dear mrc70:

    VWELX Bal 4.87% Keep
    FPACX Bal 4.98% Keep
    VFSTX Bnd 3.25% Sell
    VTIPX Bnd 3.25% Sell
    PRSNX Bnd 3.25% Sell
    PONDX Bnd 1.08% Keep
    Money from Rollover Cash 10.83%
    PCRIX Comm 0.97% Sell
    PSPFX Comm 1.41% Sell
    WAFMX EM 1.41% Sell
    SFGIX EM 2.17% Keep
    MAPIX EM 3.03% Keep
    AEMGX EM 1.08% Sell
    MAINX Em Bnd 1.62% Sell
    HSFNX Fin 1.89% Sell
    PAUDX Flex 7.90% Sell
    VHGEX Glo 8.66% Sell
    ARTGX Glo 3.68% Sell
    MFCFX Glo 2.71% Sell
    GPGOX Glo 3.90% Sell
    PQIDX Glo 4.44% Sell
    PRHSX Hlth 3.47% Keep
    VDIGX LCB 10.83% Keep
    VHCOX LCG 3.25% Sell
    AKREX MCG 4.98% Sell
    ARIVX Scv 1.08% Sell


  • I guess I'd start by using M* instant x-ray to find out where you are and compare to where you want to be. As you said, way to many funds and many of them overlap, especially the EM and global funds. I'm not much into global funds but I do own GPGOX as one of my 2 small caps. I'd do without the commodity and the financial funds. I would keep PRHSX though. Great fund and HC is a consistant sector.

    Not sure what you are looking for.
  • edited July 2013
    I recognize some of them, and some of them I own, too. If I were sitting where you are, I'd earnestly look to see how best to consolidate. Your other funds might be very good selections, but I just am not familiar with them. And you have too much to be dealing with, here, in this portfolio. I would be happy to be owning:

    -FPACX (My choice in the category is MAPOX. But stick with what you've got. It's a gooder.)
    -PRSNX (multi-sector bond)
    -SFGIX and MAPIX (EM. The Andrew Foster fund---SFGIX--- is not doing as well as it should. I might think about adding shares here, before it eventually does experience a nice run-up. Foster is a smart cookie. His fund is global, MAPIX is Asia. I see no problem having a fund devoted to Asia, esp. since this one sits near the top of the pack.)
    -MAINX. I own it, too, for Asian bonds. Both sovereign and corporate.

    -VHCOX. The performance numbers look good! Too much risk for me, though. I'd choose MPGFX. But don't rush, mull it over. VHCOX is a fine one, too. You just showed me something new, thank you. And the Vanguard ER will be very low, to your advantage. However, for what it's worth, the Fund Manager(s) at MPGFX won Morningstar's Domestic Fund Manager of the year award in 2012.
    -AKREX. OK, if you're going to dabble in a specialty sector....

    ...But where's your domestic SMALL-cap? Look at PRSVX or MSCFX.

    Ok, then. "Break a leg!" Let's see what some others have to say. MikeM had a good suggestion. You can dissect your holdings to drill down and see great detail with the Morningstar FREE "Instant X-Ray" or the premium "x-ray."

  • edited July 2013
    To make it easy to review, I will reorganize the portfolio and post it below.
    I will split them into Core and Satellite funds.

    As the name suggest core funds are core of my portfolio. They are diversified funds and cover pretty much most of the areas that are needed in a portfolio.

    Satellite funds are meant for some tactical allocation based on my view of market/fund categoies/sector at any point of time, to take a bit more risk, and to invest in unusal areas (Froniter markets, sectors, etc.). Some of these funds, I established for the sake of putting a foothold in. Each of them individually contribute insignificantly toward the overall portfolio but help me in judging my investment acument and also my urge to tinker the portofolio now and then and in the times of volatility.

    I have not put the portfolio in X-ray in the recent past but I have done many times in the past and maintained portfolio at Trow price as they offer X-ray for free. It is always a well balanced portfolio filling all the boxes, and rated as Moderately agressive portfolio.

    Thanks as always.

  • edited July 2013
    Core (Basically long term holdings; Even if they are sold, they will be replaced with mostly similar funds)

    Invested from 2006 when M* wrote well about the mgr; It had 500 M when I invested

    Money from Rollover
    (Rollover process in progress; Have to invest this money somewhere)

    (Invested since 2005; Not as good a fund as it was in when it was managed by one advisor; No alternatives at V'rd)

    (Invested mainly as diversifier)

    (More than 50% of taxable investment is in it; That shows my confidence in the fund/mgr)

    (Faith in mgr, not proved wrong so far; made more than 50%)

    (Steady Eddy Balanced fund; Can be replaced with VEIPX depending on stock vs bond outlook)

    (Mgrs with good past record and I am fan of Global and Global allocation funds)

    (Invested from almost at inception; Covers smallcap for me globally)

    (Holding ARTKX from 2006 in taxable a/c and like the mgrs; Invested with them for more than year)

    (Moved from VBMFX couple of months back as I want to go short term duration; Worked well so far)

    (Moved from VIPSX couple of months back as I want to go short term duration; Worked well so far

    I consider it as a good )(convervative Multisector fund and holding it for more than 3 years)

    (Invested when it opened recently as there are no good growth funds at V'rd)

    (Invested in for more than 4 years; Good fund shop, and fund has good strategy for EM)

    (Invested like most of you as I like the idea of global MACSX)


    (Holding it for more than 3 years; Moved it to TDA after they started offering Trow funds as NTF)

    (Bought when it came but sold it too soon to buy it back again later; made 20% so far; did not sell it when mgr quit)

    (Invested almost two years back as I thought financials has potential for a good return; made good money)

    Em Bnd
    (Invested as I don't have a foreign bond)

    (Invested early this year as the section is underforming, failed move on my part but probably have potential to do well in future)

    (Invested in it last year and it did pretty well, want to keep it for long term)

    (Invested a small amount looking at its spectacular performance; just a foothold)

    (Invested in 03/2009 and my best performing fund ever, so sentimentally attached to it:-) )

    (Somehow, I never could settle on a core smallcap fund; This is the latest to try out; I was in PRSVX,a nd then Perkins smallcap; no success so far)

    (Invested early this year for the same reason given above for PSPFX; Close to 10% down)

  • edited July 2013
    Reply to @MaxBialystock:
    -AKREX. OK, if you're going to dabble in a specialty sector....
    This is not a specialty fund! Where did you get the idea? Perhaps the name "focus" lead you to believe it is a sector fund. @mrc70 does invest in a couple of sector funds but this is not it. Chuck Akre is has been a very successful focused small/mid-cap investor. He has a very low turnover and does not sell successful companies so he has been drifting towards large cap territory.

    He was the former manager of FBR Small Cap/FBR Focus (FBRVX) and now Hennessy Focus (HSCSX). He left FBR to launch his fund shop.

    AKREX is one of my top 5 funds in my portfolio with about 9% allocation. I use this fund for my US large/mid-cap growth equity allocation.

    It is definitely a keeper!
  • edited July 2013
    Reply to @mrc70:

    I do have a lot of funds in my portfolio. Furthermore, I buy the same funds in several different accounts so it feels more. But in terms of number of unique tickers you have more than I do. And it looks like I have managed to concentrate 40% of my portfolio in 5 funds.

    Anyway here is what I think of the funds in your portfolio. I am not commenting on your asset allocation.


    VDIGX Keep
    VHGEX Sell. Either invest more in ARTGX or split money on your domestic/intl. funds. Another alternative to consider: ARTHX.
    PAUDX Sell
    FPACX Keep
    AKREX Keep although fund is drifting more towards large cap these days. I have about 9% of my portfolio in this fund.
    VWELX Keep.
    PQIDX Sell. I like VDIGX more.
    GPGOX Keep. (I have about 5% of my portfolio in this. I would have had more but I also own GPIOX about that much)
    ARTGX Keep. Also since you have ARTKX in taxable consider switching VHGEX to ARTHX which is more growth oriented.
    VFSTX Keep. I use RPHYX.
    VTIPX Keep. Since duration is very low you might consider consolidating VFSTX and VTIPX.
    PRSNX Sell.
    VHCOX Sell. I would invest more in AKREX.
    MAPIX Keep.
    SFGIX Keep. I would not add more until downward momentum has finished.


    PRHSX Keep but watch as manager has left recently.
    MFCFX Consider switcthing to ARTHX
    HSFNX Sell. Invest more in a diversified small cap.
    MAINX Sell. Good house. Good manager. But bad neighborhood right now.
    PSPFX Sell.
    WAFMX Keep. A small percent is OK.
    PONDX Sell. I sold my own PONDX completely and moved to RPHYX some and added a bit more to my balanced fund.
    AEMGX Sell. Consider adding monies to MAPIX SFGIX and a bit more to WAFMX if you like.
    ARIVX Sell. I like VVPSX and BCSIX for US oriented small cap. Or consider more intl./global small cap like GPGOX or try new ARTWX.
    PCRIX Sell.
  • edited July 2013
    20 Years? Ha!

    But let's pretend...

    DODGX 50%
    SIGIX 30%
    VGENX 20%

    In any case, you hold way too many funds...and too conservative for a 20 year horizon. Recommend you cut back to 5 funds, max.
  • edited July 2013
    Is anyone able to confirm Vanguard removed the sales charge on VTIPX. I've been waiting to roll over my VIPSX holdings into VTIPX for some time now, but I've been loathe to pay the charge.
  • Reply to @VintageFreak: You can buy the ETF version of the same fund. It is identical to mutual fund without such restrictions but you pay a small transaction fee.
  • Reply to @Investor: Forget it. If your investment horizon is really 20 years, you should not be holding any short term bonds.
  • Reply to @Investor: Thanks Investor! I did not get time to clarify as I was busy with work.
  • I also buy a lot of funds recommended on MFO, so I may have as many funds as you. Charles has done the metrics, so you should follow his advice in general. If you can find it, check the Martin ratio on your funds and consider keeping the high numbers with a longer track record. (I mean GPIOX is unconscious at 78+ or near that, and it has to revert closer to the mean at some time, but I'm glad I bought it.) I think one advisory had you sell a fund in one line and buy it in another, which might be confusing.
    If you are happy with your M* x-ray result, sell the high cost funds. With this many funds, you (and I) may just be buying the market anyway, so check the relevant index funds (especially before you sell any Vanguard funds [which aren't available in my 403b or TDA account without extra fees])

    FWIW, ARTHX looks good on the metrics. If you get the same managers, buy global as opposed to more limited approaches (but you knew that anyway).
  • Reply to @Investor: Thanks for all good suggestions!

    VHGEX is at Vanguard, so I can replace it only with a Vanguard fund.
    PAUDX: I want to give it/him some more time. Generally, I am a patient investor and give at least 3 years to the fund/mgr. I understand his allocation issues that we always discuss here as well as M* forums but still want to give him some more time.
    PQIDX: Just a recent addition; At TDA, so can't replace it with VDIGX; Will give it a couple of years.
    PRSNX: Reason for your advice ?
    VHCOX: A recent addition; Can't replace it with AKREX as this is at Vanguard; Though both of them Growth funds (MCG/LCG), they quite different in their portfolio/philosophy; Primecap always believed in Tech and Healthcare and they still do.
    MCFCX: Good suggestion; Will investigate.
    HSFNX: Made good money on it; I think financials should do well with the interest rates nowhere to go but up. Correct me, if I am wrong.
    PSPFX/PCRIX: Invested just because Natural Resouces/Commodities are down and materials are down even more; Instead of investing in a material fund, I went for a diversified Natural resource/commodity funds.
    PONDX: Can you please provide reasons behind your suggestion?
    AEMGX: Good long term track record, though did pretty bad in 2008 down turn. For EM, I always considerd AEMGX, PRMSX and SSEMX and I held each of them in the past.
    Nowadays, you have lot of EM funds available but these are three prominent funds when I seriously started investing in fund 2005/06. Bought this fund at the bottom and it turned out to be a great investment for me; Want to keep in for sentimental reason; Insignificant allocation. This is one of the EM funds that has value bent.
    ARIVX: Let me investigate; I am looking for a small value fund here; or a small blend with value tilt; GPGOX is a growth fund in this space

    Thanks again for taking time to respond and good suggestions.

  • You've gotten some great feed-back from the group, so I thought I'd try my luck with a more focused portfolio reply... fwiw.

    Many of us on this board can be classified as fund-junkies, accumulating more funds than we need just because we "think" we are adding alpha or it's just fun to do. I kind of control that urge by basically doing a similar physiological split as you. You call it core and satellite. I keep 90% of my portfolio as my core. I try and keep it at ~10 to 12 funds.

    As for alternative or global allocation funds, I really don't think they are needed when you have a 20 year horizon. I'm starting to think (like some here) they are just a gimmick by the industry giving customers a sense of hope through the inevitable market cycles - but that would be another post.

    FPACX 15% I'm just comfortable with this manager's ability over full market cycles

    core equity funds
    VDIGX 15% My pick here is YAFFX, but this looks like a fine LC blend
    AKREX 10% Really like the manager. Alas, I can't get this fund in my TRP account.
    GPGOX 10% Great manager history. Not a fan of global funds but like this one
    OAKIX 10% or ARTIX. Not sure from your list what you had in this space
    SFGIX 10% Another fund with star manager potential. Another fund I can't get.
    PRHSX 5% This is the sector (I believe) will do well until the last boomer is dead.

    core bonds
    PONDX 10% or LSBRX. One multi-sector bond fund is fine for you I think
    FGBRX 5% if you can get this foreign bond fund, you don't need any other

    your "satellite" funds (looking for alpha or just plain fun...)
    10% on your convictions

    I really think you have to have conviction for your core managers or funds. My 2cents, if you are placing less than 3% in a fund there is no conviction. If your managers aren't performing or if you loose that conviction, replace them as needed. You can do the same thing with index funds if that's your style. In fact it would probably be easier - but not as much fun.

  • Reply to @mrc70:
    PONDX: Can you please provide reasons behind your suggestion?
    Investor was referring to RPHYX. Isn't that closed to new investors?

  • Reply to @Mona: I meant why the sell suggestion for PONDX.
  • Reply to @MikeM: Thanks Mike for your good and thoughtful suggestions.

    My 4 (2 now) taxable portfolio is beating my retirement portfolio for the few years. Of course, there are no bond funds in taxable. It may not be as conservative relatively though it consists of balanced funds predominantly with a dose of ARTKX as diversifier.

    As some of you mentioned, I am bit conservative with my allocation considering more than 20 years time that I have.

    In addition, these funds are spread across 4 accounts. Two Roth IRAs and two IRAs of mine and my wife's. Since, I use fund super market at TDA, I have 6 months restriction period too imposed by

    85% of the portfolio is invested in 15 funds (Core) in our portfolio across 4 accounts.
    Rest of them (Satellite) are there as a result of my urge to do something. Again spread across 4 accounts.

    In spite of all that I mentioned, I understand the benefits of small and simple portfolio. Have to see what I can do to simplify.
  • edited July 2013
    M* X-ray shows the following

    38% domestic
    26% international
    30% bonds, and
    Rest of it in Other

    The style box is filled nicely across all the boxes.
  • Reply to @mrc70: I think bond environment now favors short duration. Thus my decision to move funds to RPHYX and add some to equity. I prefer to take risk on equity side instead.

    The manager bought depressed below investment grade MBS in the dark days and they have fully appreciated, with the potential of tapering in sight I do not expect 2012 like performance going forward.

    I had bought PONDX as a trade so that trade has played out. I recognize RPHYX is now closed. I think you can keep bond portion of your portfolio in very short term bonds or keep it as cash. Risk premium of most bonds is not good enough.
  • edited July 2013
    Reply to @Charles: Depends on what you want from bonds. I keep a portion of portfolio in bonds to add stability and reduce volatility. Not for income. Occasionally, I also do trades like PONDX to capture momentum as well.

    If equity portion declines I sell bonds to add to equities as part of rebalancing act. However, going forward bond portion is likely to add instability itself unless it is short term. So until the interest rate environment is normalized I favor keeping bond duration short. This is a minor change while keeping equity vs bond+cash division relatively unchanged.
  • I'm all for fewer funds and lower cost. an account at Schwab and Vanguard.
    Hold at Schwab- SCHA (SC) SCHB (BM) SCHD(LB) PRBLX (LB) (no fee on schwab etf and lowest ER.
    Hold at Vanguard- VWELX, VXF
    Suggest an asset allocation - 70% stock, 30% Bond
  • edited July 2013
    Reply to @Investor: I agree. But you are a proactive investor/trader...and you've helped me become one too. My put was from a B&H perspective, which is a strategy I've actually become wary of unless your time frame is truly very long, like 20 years...and even then, with qualifications.

    The volatility associated with DODGX and VGENX are probably too high for most folks, since each has incurred drawdowns of near -60%. Neither are Great Owls, but in their class, they top in absolute returns over past 20 years. And, both have solid strategies run by high integrity, shareholder friendly, long term shops. So, if you really have a very long term horizon, I would be heavy each and forget about them.

    If your risk temperament is lower, I like STB65's advice=).
  • edited July 2013
    Here is some more info. I have the habit of posting my questions both at M.O and M*. I just posted the following info as one poster requested for it. Doing the same here to help you give better advice.

    I don't have access to M* premium content so I don't have a detailed X-ray info. However, M* provides instant x-ray for transaction portfolios and I am providing the info based on that.

    M* Style box
    17 26 24

    5 7 8

    4 4 5

    Avg expense ratio 0.96

    N. America: 60%

    Japan: 3.5%

    Latin America: 2.5%

    It is not showing EM and Other developed markets(Europe) but obviously rest of it falls into that category with significant portion allocated to EM.

    Yield: 2.0% (1.04 relative to S&P500)

    P/B = 1.91 (0.94)

    P/Prospective Earnings = 14.34 (1.0)

    Avg. market cap = 17,508 M (0.3)
  • Reply to @mrc70: Vanguard brokerage has a decent number of fund from other family, even though they are not as many from Fidelity/Schwab. Also there is no fee for purchasing Vanguard ETFs at Vanguard.
  • Commenting in regards to your reply to Investor's post on July 19, who gave great advice along with MikeM as well as MaxBialystock (didn't read every single post in thread so may have missed a few). I'm familiar with all their recommendations (own quite a few) and those are some fantastic funds, IMO.

    VHGEX - Replace. ARTGX (own it) is an excellent alternative but saw that you said it's in a Vanguard acct. Maybe add to VHCOX or start a position in one of the PrimeCap funds (like POAGX, POGRX, POSKX) depending on tolerance for risk and the role it will play in the portfolio to achieve your overall objective/goals.
    PAUDX: What you said. Good fund and manager, I like the All Asset All Authority better than just the All Asset. Up to you, either way works
    PQIDX: Based on it's limited history, great performance. Recently tried to buy it but was unavailable at my broker.
    PRSNX: There are better options out there; OSTIX off the top of my head
    VHCOX Refer to commentary on VHGEX. Recently opened up to new investors, great track record and management like most of Vanguard's active funds. Agree with what you said and its role for growth in the portfolio. AKREX can achieve similar goals albeit in a slightly different way. Can't go wrong whichever way you decide.
    MCFCX: Not sure if this is meant to be MFCFX, Marsico Flexible Capital. Regardless, believe there was a manager change and am not familiar with their other funds. If going the Artisan route, would personally use ARTGX over ARTHX due to the managers excellent performance of ARTKX (closed) and value approach. See this thread
    HSFNX - Sell. Never heard of and small cap financial seems like a really specific niche holding.
    PCRIX: Several options. The Real Return Strategy uses swaps/derivatives and invests in TIPS to protect against inflation plus earn income. Instead of TIPS, CommoditiesPLUS Strategy invests in short term income. I own both (HACMX, PCLDX).
    PONDX I'd keep (own it). Contains lot of MBS
    AEMGX Never heard of it. Can empathize with the sentimental value and it's easy for me to say keep emotions out of investing and sell it! However, must propose a suitable replacement and just dealt with this situation in two of my portfolios as a lot of EM funds closed within the past year. Got in ODVYX (now closed) in IRA but missed it by the time my rollover was processed, so invested in SFGIX along with MACSX (missed MAPIX by a few days). Maybe look into HLEMX or THDAX.
    ARIVX Like both of Investor's recommendations. Currently looking to buy SKSEX along with my position in VVPSX to add that small value tilt. When rest of money comes from 401k rollover, will have to pay a Fidelity TF fee but am still going to buy MSCFX, which think someone else already recommended. Also own ARTWX, still early but like Mark Yockey's track record, which has been covered here on MFO quite extensively.

    Somewhat in the same boat with you as I don't have a lot of conviction in the managers of the currently open EM & some small-cap funds, as a lot of the ones I follow or wanted to get into recently closed (FCPVX, FSCRX, SSSFX to name a few). Not a fan of passive management for a bond portfolio, ESPECIALLY in this environment. Would strongly suggest looking at the big three of Gundlach, Gross, and Fuss (in that order, fwiw).

    Lemme know if you have any questions. Best of luck!
  • Ha, some of the great advice in the other thread regarding Artisan is from you! lol
  • Thanks Tony!

    Portfolio spread across 4 accounts at both V'rd and TDA.
    If I sell VHGEX, I want to replace it with a value oriented fund at V'rd. This is at V'rd with no brokerage attached to it. My high conviction fund at V'rd is VDIGX but I already hold 10% in it. I am ok with VEIPX but if I buy it, I have to increase international elsewhere.

    PRSNX - I opened a thread about in the past (not sure here or at M*). It's sharpe ratio and alpha were on par with some of the much discussed multi-sector funds because it takes less risk and less return compared to them. If bonds are meant for diversification and act as ballast, is it not a good idea to hold such funds rather than a fund like LSBRX. Anyway, I will reevaluate it.

    MFCFX - Opened a thread here about mgr change. It is doing ok even after mgr change. I will give it some more time as Marsico team should be working with much more motivation to prove themselves again considering the recent setbacks. Good suggestion on replacements, will keep in mind.

    HSFNX - Long term mgr, very good track record. Timing worked well but should have bought in early 2009. This is not for long term, invested in it on gut feeling and did well. Have to find when to exit.

    PCRIX - You brought a very good point. I sold VIPSX to move to V'rd short term infla. fund but did not pay attention to this fund holding TIPS. Bought for long term and want to keep it at at 5%, either alone or in combo with a natural resource fund.

    AEMGX - when I started investing funds in 2005, there were few EM funds, the popular ones then were PRMSX, ODMAX,SSEMX, VEIEX, and Acadian. Options many more these days with o many new funds and ETFs. I held both PRMSX (growth) and SSEMX (blend) in the past before settling with AEMGX. It is a value fund in EM space and uses quant method to select stocks, and has a very good long term record. Very volatile and lost a lot in 2008 but my entry was good, right at the bottom in 3/2009. Actually tempted to go 100% stocks during various times in late 2008 and early 2009 based on my gut feeling and what Oildog (probably the best poster I came across at M* for his depth of knowledge and sage advice) was doing then, but did not and I regret that retrospectively.

    ARIVX - Invested recently, will give more time; will check other opions. I want to invest in ARTWX just for the fact that a new fund and good mgr works great, esp. In bull markets but I already have GPGOX, same space (global smallcap growth). Probably invest for a trade and sell it later but the problem is TDA has 6 month holding resrtiction

    Thanks again.

  • Reply to @Charles: I don't do ETFs. Can anyone verify fee from VTIPX is gone? Even if I don't sell VIPSX, I think prudent to spread over VTIPX.

    When I tried to put order, I didn't see any indication of fee anymore. Just don't want to be charged later. So asking if anyone bought VTIPX directly from Vanguard.
  • Reply to @VintageFreak: There is no purchase fee like for their international smallcap index fund. The only it has is annual a/c maintenance fee if balance is less than 10k but that would also be waived if you sign-up for e-delivery of statements, confirmations, etc.
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