@FD100
Thanks for the update. I assume that you pretty much ignore the month or older published portfolios and focus on the NAV performance as a reflection of what the fund is actually buying and selling?
Since the prices of a lot of these bonds and instruments are estimated are you worried that they will all be repriced at once much lower, causing a dramatic drop? Presumably this is what caused the 1% drop in IOFIX last year mentioned in other posts.

Last week was a good test for your bond funds.
Multi-SEMMX,IOFIX,EIXIX,VCFAX,PTIAX,JMUTX,JMSIX. PTIAX(1.1%) continues its momentum which tells me they own higher rates bonds than the rest. JMSIX(0.5%) had a nice week too. IOFIX (0.40%) continues to be the best securitized.
"Cash sub"- DHEAX (0.2%) proved why high IG bonds is important. SEMMX surprisingly lost -0.1.
Bank loans - lost too much and the category is at -2.1% for YTD and similar to HY performance which has a much higher duration.
HY Muni-all the ones I follow lost but GHYAX -1%(bigger loss)...OPTAX only -0.3 and even ST duration NVHAX -0.5%.
For core plus: PINCX 1.8%...BCOIX 1.5%....DODIX only 0.8%...UBISX 1.15%...PTTRX 1.6%
But we also learned last week that funds with low SD for 3 years didn't perform that well exactly when you needed them...IISIX -0.2%...JMUTX -0.2%...PIMIX -0.3%...SSTHX -0.3% While much "riskier" IOFIX with SD = 2.7 performed extremely well YTD=3.2% and one week=0.4%

Rates are down sharply so it's not a surprise that higher-rated bond funds are doing pretty well...but..what about the rest
HY Munis are not working since last week and why I'm still waiting.
PTIAX continues to shine.
IOFIX is doing best within securitized. SEMMX is great for SD < 1.
JMSIX is coming from behind, I usually don't ask for advice but this time I asked my FI specialist and he recommended JMSIX because they increased their higher rated bonds and lengthen their duration and why it's up nicely over 1% since last week ER=0.40 is low and no fees at Schwab.
JMUTX is behind the leaders. PUCZX is watching the above from behind and PIMIX fell off the tracks.
HY-as expected are down but Bank loans continue their downtrend too.

PONAX/PUCAX (the versions I hold) continue to track the movements of stocks. IOFIX continues to perform (or at least be unchanged) on these big down days :)

I am strongly debating switching from bond OEFs, which currently comprise 10% of my dad’s income-managed retirement portfolio (essentially bucket 1), to bond ETFs (and i friggin’ hate bond ETFs/indexes).
At TDA, the 180-day holding period made it hard to opportunistically sell out of bond holdings (albeit temporarily) to purchase things that were selling off (and had become good values), such as the PIMCO CEFs (some of which traded at 1.5-2% higher yields last week). VCIT, VCSH, and some of the more conservative (oxymoron?) IG CEFs, such as BTZ and TSI. Currently hold IOFIX (arguably the best multi-sector), PONAX (steady ~5% income), and SEMPX (enhances cash) in this spot. I know OEFs (esp bond OEFs) aren’t for trading...
Ugh. That means I would be holding bond funds for ballast. Yikes....

I am strongly debating switching from bond OEFs, which currently comprise 10% of my dad’s income-managed retirement portfolio (essentially bucket 1), to bond ETFs (and i friggin’ hate bond ETFs/indexes). At TDA, the 180-day holding period made it hard to opportunistically sell out of bond holdings (albeit temporarily) to purchase things that were selling off (and had become good values), such as the PIMCO CEFs (some of which traded at 1.5-2% higher yields last week). VCIT, VCSH, and some of the more conservative (oxymoron?) IG CEFs, such as BTZ and TSI. Currently hold IOFIX (arguably the best multi-sector), PONAX (steady ~5% income), and SEMPX (enhances cash) in this spot.

On March 1st I said "SEMMX is the best performer for SD < 1 and IOFIX the best for SD<2.7"
MFO fund screener(<a href="https://www.member.mfopremium.com/quicksearch/">link) says IOFIX is the best performer for 3 years for the Multi sector category.
Please read the presentation by the fund (link). There is no guarantee of what will happen in the future. I think the worse was in 11/2018 when IOFIX lost more than 1% in one day.

FD fair point.
Do you have any thoughts or opinions about IOFIX.
For example, I was surprised that it has a risk profile of 2.
Also, when I compared monthly returns it faired very well in down periods and better than many other MU oefs.

Is there information about the liquidity of the assets held by IOFIX? I ask because I held the fund in the past and sold because I was concerned that assets values did not seem to be revised in systematic periodic intervals. Has there been any recent discussing on this topic?

There is so much talk and hype regarding IOFIX that I decided to check it out.
Although it is very expensive for a bond fund, its returns are phenomenal and its metrics appear to be very reasonable for the most part.  Even the SD is reasonable relative to its returns.
High sharp ratio and martin ratio, excellent UP/DOWN capture ratio, Great Owl and a risk profile of only "2", etc.
It seems to have performed reasonably well in up and down interest rate environments, albeit in its short life.
I am considering opening a relatively small position (5% - 7%) in my ROTH to add a little punch.  I currently own JMUIX and VCFAX.  I am very happy with both current MFs and have no plans to eliminate or reduce % invested; I have cash to invest in IOFIX.
Thanks,
Matt

Analysis at the end, after the performance.

Performance......YTD...one week as of 2/29/2020
Multi
PDIIX……1.35....-1.0
PUCZX….0.7..…-1.35
JMUTX....1.3....-0.6
JMSIX.....1.4….-0.1 (JGIAX)
PTIAX….3.7….1.0
Multi(high % securitized)
PIMIX.....0.3….-1.0
EIXIX…..1.6….-0.1
VCFAX...1.75...-0.05
IOFIX.....2.85....+0.1
SEMMX...1.8....0    (ST duration, 3 year SD under 1, over 30% IG bonds-good cash sub)
DHEIX….1.4….0.35 (ST duration, 3 year SD under 1, over 80% IG bonds-good cash sub)
HY Munis
PHMIX…..4.6.....1
NHMAX....5.35.....1
MMHAX....4.15.…..1
OPTAX.....6.3.....1.
ORNAX….5.3……1.3
GHYAX......4.4......1
GWMEX….5.3…...1.5  (IG Munis but BBB+A rating)
NVHAX……2.8……0.4  (ST duration HY Munis-lower SD than the above)
Inter Term CORe/CORE PLUS
USIBX.......3.4.....0.7
BCOIX......3.5…...0.9
PINCX……3.5..…0.9
BND….......3.7…....1.1
Bank Loans/Floating rate
EIFAX.......-1.05.....-1.6
Uncontrain/Nontrad
IISIX..........0.4....-0.6
PUTIX......-0.1….-0.2
PAJZX……-1.45….-3.6
HY +EM
HYG.........-1.75.....-2.6
PHIYX.......-1.5.....-2.4
ZEOIX……-0.1….-0.8 (ST HY, 3 year SDCorporate
PIGIX….…3.2.….-0.15
VCIT……..3.4…..0.8
Preferred
PFINX…...-0.4……-3.2
OTHER
FXAIX.…..-8.3..…-11.4  (SP500)
PCI………-5.4... -7.6  (CEF)
“CASH SUB" (most with 3 years SD under 1 or close to it)
SEMMX...1.8....0      
DHEIX….1.4….0.35
ZEOIX…-0.1….-0.8 (ST HY)
DBLSX…0.75….0.1
LALDX….1.0….0.1
SSTHX….-0.85….-1.2  (ST HY)
MWCIX….1.0.….-0.1
PMZIX….1.3….0.25
BTMIX….1.3.…0.3 (ST Muni but I prefer NVHAX for LT)
Observations:
Last week was a clear way to separate the winner from the loser. Rates were down dramatically, stocks are in correction and panic is in the air. Since last week was such a major one I decided to post about YTD + one week.
Multi- mixed bag last week.  PIMIX+PUCZX lost badly while PTIAX shined. Most in securitized did OK
HY Munis continues to be a great category with 1+% for the week and very strong YTD and much better than Inter-Term higher rated funds.
Inter term – did well as expected when rates are down
Bank loans – as expected were down but not as much as HY.  I use this category only when I know rates are going up.
Uncontrain/Nontrad-are lagging and not impressive which tells you it’s usually not a good category LT
HY+EM – both lost money last week and not doing well YTD.
Corp – This category did well last week and YTD but PIGIX didn’t do well last week.
SP500-in correction
PCI-as expected from a CEF it was down last week.  At times like this CEFs are exposed.
“CASH” Sub-a unique category to make more money with minimal risk at SD less than 1.  It is obvious the best funds(SEMMX,DHEIX,PMZIX) are mostly in securitized which is my favorite category anyway. DHEIX has 80+% in investment-grade bonds if you like "safer" bonds.  SEMMX has the best peformance. PMZIX has done well YTD but not as good as the first 2 for 3 years.
===========================
Generic Views
My 2 favorite categories are Multi+HY Munis.
HY Munis-The funds that I usually invest in are NHMAX,OPTAX,ORNAX.  OPTAX has done best YTD
The Multi funds I’m interested are SEMMX,IOFIX,EIXIX,VCFAX,PTIAX,PIMIX,PUCZX,JMUTX,JMSIX/JGIAX.  SEMMX is the best performer for SD < 1 and IOFIX the best for SD<2.7. VCFAX+EIXIX are pretty good and invest at 85-90+% in securitized.  JMUTX+JMSIX are more diversified, actually, JMSIX was a nice surprise of losing just -0.1%. PIMIX+PUCZX are funds with moving parts and did worse than others, they are now going to my second-tier list. PTIAX has the best momo YTD so I have to pay attention.
“CASH” Sub-Investors who don't mind and understand the risk, may use SEMMX,DHEIX(ZEOIX is off the list)  as a cash sub LT, see 3 year SD<1(link).  In taxable you can use ST duration Munis. NVHAX duration is about 4 which is between ST to LT
IISIX disappointed.  Last year It looked like a better option for 3 years but VCFAX is the winner.  Again, funds with too many moving parts(PIMIX,PUCZX,PUTIX,PAJZX,IISIX) didn’t do well at this time of need.

Of course, high rated bonds were up and why EDV+TLT are up so much YTD, last month and last week.
As expected VWINX did fine because it has about 60% in high rated bonds and why VASIX with about 80% did better than VWINX.
The question is what funds have great LT risk/reward but also did well in a meltdown?
See a 3 year (chart) of IOFIX vs PRWCX,VLAAX,VWINX,VASIX. Then look at YTD (chart). This is what I call a great fund but not fair when stocks lost so much :-)

US treasury and high quality investment grade bonds have done the best. Junk and emerging market (USD hedged or local currency) bonds had declined.

When rates decline high rated bonds do great.
As a mainly bondholder like me who wants to make more money in bonds, I'm looking for more flexible funds that do better in most markets.
NHMAX (HY Muni) has over 70% below investment grade bonds but they still managed to make 1% last week.
While most Multi lost money last week IOFIX made just 0.07 but PTIAX made 1% and VCFAX,SEMMX just lost -0.1%
When rates will go up treasuries will lose a lot more.
PUCZX+PIMIX disappointed last week. I use PIMIX as a second-tier fund since early 2018 and now added PUCZX to the same list. I can still use both for trading. PUCZX is rated at the top 5-9% for 1-3 years at M* but 49 for YTD. PIMIX is rated at YTD-63 one year-69 3 yr-23

@mark
This is a very unique time for me and why I will answer your question :-)
My goals as a retiree are: I need to make only 4.5% including inflation (Based on 2019, maybe I need only 4%) average annually to sustain our standard of living. But, I still want to make 6% with the lowest volatility (SD < 3) and never lose more than 3% from any last top.
YTD mostly in 2 bond funds investing at a higher % in NHMAX + lower % in IOFIX. Last Thursday, I sold half of NHMAX. On Friday, I sold all of NHMAX + most of IOFIX. This YTD (chart) is the answer to why.
So, why now? rates went low very quickly, NHMAX is up nicely YTD. I want to bank my sure money. Later. I will enter again depending on markets. Maybe a ST fund like NVHAX or less "risky" fund like OPTAX.
IOFIX did so much better than most other Multisector funds, again, I'm taking my profit and watching. There is no way to be sure how IOFIX will do if markets go wild.
VIX is extremely high and stocks crashed very quickly this week. I bet our Fed (and maybe other abroad) will do something, I will buy 10-20-30% stocks based on markets.
Volatility is my friend.
Generally, I'm rarely in cash. In the last 10 years, I was in cash for 2-3 weeks in 2013 and Q4/2018. I go to cash when I'm not confident about markets and especially about bonds.
The above is beyond the scope of this thread and just for info purposes. As I posted before I like to keep this thread as BOND OEFS analysis.
I don't mind discussing trades, my style or any other subjects (including stock funds or investment concepts) on a new thread.
I will make another substential post tomorrow for the month of February and more thoughts.

PUCZX is a fund with several moving parts and why it's harder to predict every move. PIMIX is another fund like that. PUCZX is down 1.4% from its top while PIMIX is down "only" 0.7% but for 3 years PUCZX performance is better than most. BTW, IOFOX SD is higher than many but its performance is way better than most.
According to MFO databased when you search for Multi sector funds for 3 years + best martin ratio you get the following funds
Fund performace
ANFIX 5.3
IOFIX 10.6
SEMMX 5.1
BDKNX 5.7
ANGLX 4.2
PUCZX 7.2
ZEOIX 3.3
IISIX 5.2
TSIIX 4.9
JMUIX 6.2
RCTIX 7.8
DPFNX 6.2
ENIAX 3.9
JMSIX 6.1
MINC 2.9
PIMIX 5.7
For several years I have been using mainly a subsector of Multi which is securitized. The following funds have at least 85+% in it. DHEIX,SEMMX,VCFAX,DPFNX,IOFIX. In this category, SEMMX has the best performance for SD<1 and IOFIX has the best performance over 10% annually for SD< 2.7. There are only 2 Multi funds with performance over 7% RCTIX,PUCZX.

Thought I'd check recognizing that one weeks performance is meaningless but shows the results of a downturn. So from 2/20/20 - 2/27/20 via M*
AKREX (8.81%)
BIAWX (10.90)
DSEEX (12.01)
MGGPX (10.17)
VFINX (11.66)
The cash has certainly seemed to help AKREX, but I am quite OK with MGGPX & BIAWX.
Not happy at all with DSEEX but like I said it's only one week in time.
IOFIX on the other hand +0.30%.
VLAAX (6.40%) will now get a strong examination.

So far for YTD and the last several crazy days, IOFIX easily beat all these "lower volatility" multisector funds.
See YTD (chart) of IOFIX,PIMIX,VCFAX,PUCZX,JMSIX,JMUTX. The chart shows up to 2/27 but when I copy the link it's only to 2/26
IOFIX is the only fund that is still at the high for year.

IOFIX & ICLN on their own. USMV & DGRO when compared to other market indices. It wasn't pretty but they lost less percentage wise and they still pay their dividends.

Reading online what I can about IOFIX, the word is that the majority of default legacy loans are gone. Only good ones are left. Makes the portfolio more solid. Who knows.

Why IOFIX?
I wasn't comfortable investing in this fund but after several years of solid performance, I like it.
The managers also provided excellent presentations, see the last (one).
Another good article written by Charles Boccadoro can be found at MFO (link)