Sold some of daughter's AMZN and APPL ( they were up to 20% of her accounts) and bought COWZ and Smead Value. Put her new Roth IRA $ into SFGIX and MOWN

Even some of the "best" EM funds (e.g., SFGIX, which I tried for awhile) have experienced anemic returns over long periods. I asked myself: why? My hypothesis is that, while those economies may indeed grow faster, there is an immense amount of "friction" -- in the form of poor legal systems, governmental interference, lack of investor protections, insider and control shareholder self-dealing, and plain old corruption -- that prevents that economic growth from showing up in stock prices. Plus, of course, the simple fact that the best companies in the world tend not to be domiciled in EM countries. So I'm out, and if I'm wrong I'll live with that.

EM has been nothing but a black hole for me. Sold my two funds with relatively high EM holdings last year, and I’m sleeping better. My best performing EM fund (SFGIX) gained scarcely more than a mediocre bond fund in more than a decade of owning. Others fared even worse. (Eg, MAPIX) Mind you, various “experts” have been touting EM for many, many years — and they’ve been wrong. I don’t need to own any more investments that I might not live long enough to see gains.

My experiences with foreign small caps and emerging markets have not been good. I invested in Artisan’s global small cap, and it performed so poorly that they closed it after a few years. I invested in MAPIX, and it was still losing money after more than 7 years. I invested in SFGIX, one of the better EM funds, and it had returned less than 4% annually after more than 11 years. These kind of funds tend to get destroyed in down markets, and it happens quickly.
I’m through investing in foreign SC and EM now, unless some of my broader foreign funds invest in them. My advice to anyone considering these markets, is to be prepared for a long wait before making any money— unless you get lucky with your timing. I’ll be 70 in January, and I might not live long enough to see them make money. Good luck!

I second the comments posted here. It is SO difficult to find any Foreign funds that perform comparable to Domestic funds. We get our Foreign exposure through a coupla Global funds, and that's it for us. Usually hold about 10% of our stock exposure in Foreign.

My experiences with foreign small caps and emerging markets have not been good. I invested in Artisan’s global small cap, and it performed so poorly that they closed it after a few years. I invested in MAPIX, and it was still losing money after more than 7 years. I invested in SFGIX, one of the better EM funds, and it had returned less than 4% annually after more than 11 years. These kind of funds tend to get destroyed in down markets, and it happens quickly.
I’m through investing in foreign SC and EM now, unless some of my broader foreign funds invest in them. My advice to anyone considering these markets, is to be prepared for a long wait before making any money— unless you get lucky with your timing. I’ll be 70 in January, and I might not live long enough to see them make money. Good luck!

I'm not sure I'd call a related distributor (a la Fidelity, Vanguard, etc.) a third party, as that term often suggests independence. Rather, a distributor is a separate legal entity (whether independent or a subsidiary), perhaps a distinction without a difference.
The 40 basis points mentioned is more significant, as that's the rack rate that Schwab and Fidelity charge for NTF funds. They charge significantly less to carry TF funds, so the fund might be able to go that route instead. In addition, Fidelity and Schwab carry funds from a few families that decline to pay even this fee (they charge investors a higher TF instead). Realistically though, the brokerages are going to sell funds without charging for shelf space only if the funds are so popular that the brokerages benefit from carrying them anyway.
It also said that fee sharing arrangements do exist with some 3rd party firms.
The prospectus says only that these arrangements may exist. Also that shares are available directly or via retirement plans.

Generally, shares may be purchased, exchanged or redeemed through retirement plans or directly from the Fund. ...
The Adviser and/or its affiliates may enter into arrangements to make payments for additional activities... These payments are often referred to as revenue sharing payments”

https://secure.alpsinc.com/MarketingAPI/api/v1/Content/dgifund/the-disciplined-growth-investors-fund-pro-20230831.pdf
It's boilerplate - disclosing potential conflicts of interest. IOW, legalise. As stated on this page (I assume from the original website) linking to the prospectus: "Some people prefer legalise to English." (Okay, I admit it; I'm one of those people :-))
https://www.dgifund.com/geeks-lawyers
The SEC filings for the fund are here:
https://www.sec.gov/cgi-bin/browse-edgar?CIK=S000033265&action=getcompany&scd=filings
The fund is a series of the Financial Investors Trust, as are Seafarer Funds (SFGIX, SFVLX) and a variety of other funds. Here's the full prospectus for the trust:
https://www.sec.gov/ix?doc=/Archives/edgar/data/915802/000139834423016245/fp0084788-1_485bposixbrl.htm

FMIJX is my international fund for the last decade. To me it is a sleep easy fund. It has a value tilt so probably not in vogue over the past few years, but I still believe over a cycle it will do well.
FWIW, my experience with the Artisan EM fund, ARTYX was not good for me. A closed fund that had an extraordinary return versus peers. When it re-opened, I sold SFGIX and bought that fund. I thought I was making a smart move. It turned out to be a roller coaster where I lost a lot of money with. It was a very volatile fund, which would make me think ARTKX would be too. I sold and moved that money to RNWOX which is more in the SFGIX mantra.
Over the long haul, if you can stick with it, Artisan is probably a good choice, as long as you can take the roller coaster ride in investing. Good luck with your decision.

He was almost a superhero at Matthews. I found performance to be mediocre. SFGIX. 10 years, as of tonight: +3.47%. Ya, it just was not worth it to keep my money in there.

Now you guys have me worried.
At the start of 2022, I started my position in EM fund RNWOX, the Rondure New World fund. This fund, I believe, has been neck and neck with SFGIX for risk adjusted returns. In fact, if you put their trends on top of each other, there is little difference in return and volatility. At the time I was looking for an EM fund, the manager, Laura Geritz, spoke more positively about increasing positions in India more than China. China was about 20% of the fund when I bought, lower than the avg EM fund. Now, China has increased to about 27% as @sma3 states. I assume the change is based on stock value given this fund has a value tilt.
I still think this is one of the better EM funds to own, low risk, above avg returns, a 5* fund. I don't plan any changes. I think if China starts to renege on financial obligations, they will destroy their own economy and disrupt all markets. So, I don't plan any changes... yet.

Can anyone please explain what does reorganizing a mutual fund into a mutual fund trust accomplish? Layman's terms please if you can. Also, is this move good for the shareholders? TIA

The first is an interesting question, and one that Yogi has addressed, but not the right question for these funds. They are already in a trust - the second line in Shadow's transcription reads: FINANCIAL INVESTORS TRUST.
A more focused question would be: what does reorganizing mutual funds from one trust into a different trust accomplish? Check for changes (infrequent) in fees, waivers, clawbacks, management firms. Also shareholder voting rights (see below).
Rondure Global Advisors has been using a trust (Financial Investors Trust) and will be moving to Northern Lights Trust III. They are both Delaware statutory trusts, so the laws governing them are the same (Delaware).
But because they are different trusts, they have different trustees (those are the fiduciaries you vote for to represent your interests in the funds). Also, since the size of the two trusts are almost surely different, a shareholder vote will have more (or less) weight than before.
Yogi wrote that large fund firms use trusts (aggregating their funds) for efficiency. Boutiques do the same, except that instead of aggregating their funds together in a trust they run, they join together with other boutiques in a trust they don't run. So you find funds from multiple families in a single trust.
Here's a list of some of the funds in Financial Investors Trust. I've underlined some funds/families that have appeared in posts here:
JCRAX - FINANCIAL INVESTORS TRUST - ALPS/CoreCommodity Management CompleteCommodities Strategy Fund Investor Shares
INDAX - FINANCIAL INVESTORS TRUST - ALPS/Kotak India Growth Fund Investor Shares
LPEFX - FINANCIAL INVESTORS TRUST - ALPS/Red Rocks Listed Private Equity Fund Investor Shares
ALIBX - FINANCIAL INVESTORS TRUST - ALPS | Smith Balanced Opportunity Fund Investor Class
SMCVX - FINANCIAL INVESTORS TRUST - ALPS | Smith Credit Opportunities Fund Investor Class
FINANCIAL INVESTORS TRUST - ALPS/Smith Short Duration Bond Fund Class A
FINANCIAL INVESTORS TRUST - ALPS/Smith Total Return Bond Fund Class A
AMWYX - FINANCIAL INVESTORS TRUST - ALPS/WMC Research Value Fund Investor Shares
CHNAX - FINANCIAL INVESTORS TRUST - Clough China Fund Investor Shares
HSSAX - FINANCIAL INVESTORS TRUST - Emerald Banking and Finance Fund Class A
HSPGX - FINANCIAL INVESTORS TRUST - Emerald Growth Fund Class A
EFCAX - FINANCIAL INVESTORS TRUST - Emerald Insights Fund Class A
ESTAX - FINANCIAL INVESTORS TRUST - Emerald Select trueLiberty Income Fund Class A
ELASX - FINANCIAL INVESTORS TRUST - Emerald Small Cap Value Fund Class A
GPEOX - FINANCIAL INVESTORS TRUST - Grandeur Peak Emerging Markets Opportunities Fund Investor Class
FINANCIAL INVESTORS TRUST - Grandeur Peak Global Contrarian Fund Institutional Class
FINANCIAL INVESTORS TRUST - Grandeur Peak Global Explorer Fund Institutional Class
GPMCX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Micro Cap Fund Institutional Class
GPGOX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Opportunities Fund Investor Class
GPROX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Reach Fund Investor Class
GGSOX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Stalwarts Fund Investor Class
GPIOX - FINANCIAL INVESTORS TRUST - Grandeur Peak International Opportunities Fund Investor Class
GISOX - FINANCIAL INVESTORS TRUST - Grandeur Peak International Stalwarts Fund Investor Class
FINANCIAL INVESTORS TRUST - Grandeur Peak US Stalwarts Fund Institutional Class
RMRGX - FINANCIAL INVESTORS TRUST - Highland Resolute Fund Class I
RLTAX - FINANCIAL INVESTORS TRUST - RiverFront Asset Allocation Aggressive Investor Shares
RLGAX - FINANCIAL INVESTORS TRUST - RiverFront Asset Allocation Growth & Income Investor Shares
RMIAX - FINANCIAL INVESTORS TRUST - RiverFront Asset Allocation Moderate Investor Shares
RNWOX - FINANCIAL INVESTORS TRUST - RONDURE NEW WORLD FUND Investor Class
ROSOX - FINANCIAL INVESTORS TRUST - RONDURE OVERSEAS FUND Investor Class
SFGIX - FINANCIAL INVESTORS TRUST - Seafarer Overseas Growth and Income Fund Investor
SFVLX - FINANCIAL INVESTORS TRUST - Seafarer Overseas Value Fund Investor Class
DGIFX - FINANCIAL INVESTORS TRUST - The Disciplined Growth Investors Fund
VVPLX - FINANCIAL INVESTORS TRUST - Vulcan Value Partners Fund Investor Class Shares
VVPSX - FINANCIAL INVESTORS TRUST - Vulcan Value Partners Small Cap Fund Investor Class Shares
Source: https://fintel.io/ff/915802
Here are some of the funds/families in the new trust, Northern Lights Trust III. Nothing pops out at me:
AAMAX - NORTHERN LIGHTS FUND TRUST III - Absolute Capital Asset Allocator Fund Class A Shares
ACMAX - NORTHERN LIGHTS FUND TRUST III - Absolute Capital Defender Fund Class A Shares
ADOAX - NORTHERN LIGHTS FUND TRUST III - ACM Dynamic Opportunity Fund Class A Shares
TINIX - NORTHERN LIGHTS FUND TRUST III - ACM Tactical Income Fund Class I
BWDAX - NORTHERN LIGHTS FUND TRUST III - Boyd Watterson Limited Duration Enhanced Income Fund Class A Shares
CINTX - NORTHERN LIGHTS FUND TRUST III - Centerstone International Fund Class I
CENTX - NORTHERN LIGHTS FUND TRUST III - Centerstone Investors Fund Class I
CPQAX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Long-Short Equity Fund Class A Shares
CPAEX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Tactical Equity Fund Class A Shares
CPATX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Tactical Income Fund Class A Shares
TMNAX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Tactical Municipal Fund Class A
HYTR - NORTHERN LIGHTS FUND TRUST III - CP High Yield Trend ETF
FPAG - NORTHERN LIGHTS FUND TRUST III - FPA Global Equity ETF
GHSIX - NORTHERN LIGHTS FUND TRUST III - Good Harbor Tactical Select Fund Class I Shares
QQH - NORTHERN LIGHTS FUND TRUST III - HCM Defender 100 Index ETF
LGH - NORTHERN LIGHTS FUND TRUST III - HCM Defender 500 Index ETF
HCMNX - NORTHERN LIGHTS FUND TRUST III - HCM Dividend Sector Plus Fund Class A Shares
HCMFX - NORTHERN LIGHTS FUND TRUST III - HCM Dynamic Income Fund Investor Class Shares
HCMEX - NORTHERN LIGHTS FUND TRUST III - HCM Income Plus Fund Class A Shares
HCMGX - NORTHERN LIGHTS FUND TRUST III - HCM Tactical Growth Fund Class A Shares
LIONX - NORTHERN LIGHTS FUND TRUST III - Issachar Fund Class N Shares
GHTAX - NORTHERN LIGHTS FUND TRUST III - Leland Real Asset Opportunities Fund Class A Shares
LDPAX - NORTHERN LIGHTS FUND TRUST III - Leland Thomson Reuters Private Equity Buyout Index Fund Class A
LDVAX - NORTHERN LIGHTS FUND TRUST III - Leland Thomson Reuters Venture Capital Index Fund Class A Shares
MVPFX - NORTHERN LIGHTS FUND TRUST III - Marathon Value Portfolio
NFMAX - NORTHERN LIGHTS FUND TRUST III - Newfound Multi-Asset Income Fund Class A
NFGAX - NORTHERN LIGHTS FUND TRUST III - Newfound Risk Managed Global Sectors Fund Class A Shares
NFDIX - NORTHERN LIGHTS FUND TRUST III - Newfound Risk Managed U.S. Growth Fund Class I Shares
NFDAX - NORTHERN LIGHTS FUND TRUST III - Newfound Risk Managed U.S. Sectors Fund Class A Shares
LSEIX - NORTHERN LIGHTS FUND TRUST III - Persimmon Long/Short Fund Class I Shares
APSHX - NORTHERN LIGHTS FUND TRUST III - Pinnacle Sherman Multi-Strategy Core Fund Class A
IPTRX - NORTHERN LIGHTS FUND TRUST III - Pinnacle TrendRating Innovative Equity Fund Class I
RQEAX - NORTHERN LIGHTS FUND TRUST III - RESQ Dynamic Allocation Fund RESQ Dynamic Allocation Class A Shares
RQIAX - NORTHERN LIGHTS FUND TRUST III - RESQ Strategic Income Fund Class A Shares
SDFAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Emerging Markets Fund Class A Shares
SDJAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Foreign Developed Fund Class A Shares
SDRAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Fund Class A Shares
SDAAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Growth Fund Class A Shares
SDAYX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Growth Fund Class Y Shares
SDCAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk U.S. Small Cap Fund Class A Shares
TCBAX - NORTHERN LIGHTS FUND TRUST III - The Covered Bridge Fund Class A Shares
TEBRX - NORTHERN LIGHTS FUND TRUST III - The Teberg Fund
Source: https://fintel.io/ff/1537140

Thanks for the post Shadow. I enjoyed the read.
@Crash, I'd say "they taste the same" because they are pretty similar for risk management and stewardship. RNWOX and SFGIX are 2 excellent EM choices, if you want to be in the EM market. I kind of agree with most pundits. With the dollar starting to weaken, even slightly, and valuations much lower than the US, it may be time to invest in this category again. I own RNWOX fwiw. It's actually been a smoother ride, less drawdown and volatility than many domestic funds.
edit: Crash, compare RNWOX volatility to say a fund like PRISX that you mention a lot or any of the individual bank stocks. You may be surprised with the risk-reward comparison over the past year.

i think its SIVLX that's available at Schwab but there's a 25k minimum. I'm kind of surprised that the fund is still only $63M after its been around this long and has performed as well as it has. But most people don't seem to be aware of it. I don't think they market the fund very much. Instead their focus is on marketing SIGIX which has almost $2 Billion in assets. As long as they don't liquidate the fund, small is okay.

@MikeW you are correct on $25,000 at Schwab for SIVLX. I too noticed that it only has $63M in net assets. Hopefully, one of the smarter minds here can opine if that is a concern. Based on only $63M in net assets, an ER of 1.05% seems quite reasonable. And for that, you get two good minds in Paul Espinosa and Andrew Foster. Lydia So is not listed as a manager in the fund (she is in SFGIX/SIGIX), but I would think that in this small boutique company, she too would have input.

I took the same EM ride as you @PRESSmUP. Mine was with ARTYX which trends identical to PDEZX. Very "growthy" with strangely was 45% in US... 25% in China. I made a mistake and towards the fall of 2022 to the loss moved that money to RNWOX. More value and I liked the managers focus on India instead of China.
Bottom line, you can have a very different experience with an EM fund depending on what you own. I don't need the nosebleed ups and downs of funds like PDEZX and ARTYX anymore. Give me EM funds like SFGIX or RNWOX anytime.

As I said on Armchair, I wish more PMs were as self-aware and willing to bluntly own up to positions that didn't go according to plan as Giroux. It was a brutal and honest admission about GE ... and I respect him even more for saying what he did.

Agreed. As long as there isn't too much of that. It's what caused me to leave Foster at SFGIX. Honesty is good, admirable. "But don't make TOO many errors. You're supposed to be GOOD at this stuff, eh?"
Quote: "...overweight information technology stocks for the first time in many years. We have been able to add to, or initiate, positions in a number of very high-quality, long-term attractive companies—such as Apple, Nvidia, NXP Semiconductors, and Texas Instruments—as a result of short-term concerns around supply chains, recession, and near-term tough comps. I have often said that there is no easier way to make money in the stock market than to buy a high-quality company that is trading at an attractive valuation due solely to short-term concerns."
Still, it is a clear, candid and thorough letter. My hat is off to Giroux.

@Crash SFGIX has done really well lately, beating 92% of its peers in the last three years. Still, that is a relative game. Emerging markets in general can be a stressful game for investors who can’t stomach volatility. I feel similarly about these Vulcan funds. They are concentrated and that courts volatility and idiosyncratic stock selection risk, so when the manager makes a mistake, it’s painful. But acknowledging that mistake and seeking to avoid a similar one in the future is essential. It’s a stark comparison to me between this response and others I’ve seen where the manager refuses to acknowledge any problems or change anything. The ARK ETF comes to mind. Still, those who can’t take volatility should generally steer clear of concentrated funds. This is especially so in the small-cap arena where idiosyncratic stock risk is the greatest. The long-term returns may prove great, but when the fund is down 40% one year and the markets are down 20%, psychologically many investors can’t handle it and will sell at the bottom.

Andrew Foster (Seafarer) is known to be candid about missteps. I gave the benefit of the doubt and stuck with SFGIX, until I just didn't, anymore.

While Seafarer has less China exposure than their previous shop, Mathews ( SFGIX 14% per M* vs say MAPIX 22%) SFGIX still lost 4% in the last month vs MAPIX 6%
Mathews has a webcast on the recent turmoil this afternoon ( I wish they would just send out a transcript.... so much more efficient)
https://info.matthewsasia.com/chinas-regulation-update-with-andy-rothman-registration-page.html
Nothing recent from Seafarer

SIGIX (SFGIX) was a disappointment to me. Not a disaster, but I did get out of it. He is a good communicator, but eventually, I tired of him admitting to mis-timed decisions or just bad investments in particular stocks.

As a former SIGIX investor, I agree with you.

SIGIX (SFGIX) was a disappointment to me. Not a disaster, but I did get out of it. After Foster left Matthews, I went over to his new fund. He is a good communicator, but eventually, I tired of him admitting to mis-timed decisions or just bad investments in particular stocks. But the fund had quite a good 2020.
FSEAX had a partial change in management of the fund at the end of 2019 or maybe just into January, 2020. The fund really took off! I think under the current Covid regime, it looks like a "gooder" to me: governments everywhere are doing anything and everything to "juice" their economies. As long as the advanced, industrialized countries continue this way, the EM markets will follow nicely along on the coattails. Just my 2 cents. :)

From a deep value perspective, emerging markets are hard to beat, but one has to be willing to stomach volatility and believe value will come back. Four in the deep value camp I've watched are PRIJX, PXH, FNDE and DVYE. Yet if one wants more quality and more downside protection, one of David Snowball's favorites SFGIX is also interesting.