ETNHX
Ahead of the class even with 15-20 % cash.Finally bought 18 months ago.$$$ cost averaging N/L in Schwab retirement actt.Ted,Scott,Kevin, others have extolled many health care investment options for a long time on this board and seem to remain bullish.
From http://eventidefunds.com/our-products/#!healthcare

http://quicktake.morningstar.com/syndication/holdings.aspx?cn=GLG117&symbol=ETNHX
Also own HHCAX for "finacial health" insurance.

Hi @Sven
I'm puzzled with this other statement in Mr. Studzinski's commentary:
" most people investing in a balanced (or equity fund for that matter) investment, do not have a sufficiently long time horizon, ten years perhaps being the minimum commitment."
My "presumption", per the above; would have to center to the possibility of only those close to or in retirement would use a balanced fund (conservative or moderate). Perhaps an explanation will arrive.
IMO, there remains many folks who should be invested in some fashion but are still afraid of the "nasty Wall St. thing". Balanced funds allow these folks to have market exposure with perhaps limited portfolio destruction, eh?
Take care,
Catch

For Wellstrade customers, OSMYX is available in retirement accounts for a $500 minimum.
Kevin

from the article about Great-West

It’s one of the handful of funds on the menus of 401(k) and 457(b) plans offered through their employers; if they want to take advantage of a tax-advantaged retirement plan and want exposure to the S&P 500, there’s one game in town. And it’s not cheap.

its too bad people are stuck with companies like this. when an insurance company runs your funds, ....

http://www.sec.gov/Archives/edgar/data/896975/000119312515267440/d948002d497.htm
497 1 d948002d497.htm TWEEDY, BROWNE FUND INC.
TWEEDY, BROWNE FUND INC.
Tweedy, Browne Global Value Fund II -
Currency Unhedged (the “Fund”)
Supplement dated July 29, 2015 to the Prospectus dated July 29, 2015 (the “Prospectus”)
The Fund is closed to most new investors until further notice.
The Fund remains open to existing shareholders (up to certain daily limits) as follows:
› Existing shareholders of the Fund may add to their accounts, including through reinvestment of distributions.
› Existing shareholders of other Tweedy, Browne Funds may establish an investment in the Fund.
› Financial Advisors who currently have clients invested in the Fund may open new accounts and add to such accounts where operationally feasible.
› Participants in retirement plans currently utilizing a Tweedy, Browne Fund as an investment option may also designate the Fund, where operationally feasible.
› Investors may purchase the Fund through certain sponsored fee-based programs, provided that the sponsor has received permission from Tweedy, Browne that shares may continue to be offered through the program.
› Employees of Tweedy, Browne and their family members may open new accounts and add to such accounts.
› Existing separate account clients of Tweedy, Browne may open new accounts in the Fund.
The Fund reserves the right to make additional exceptions or otherwise modify the foregoing closure policy at any time and to reject any investment for any reason.
This Supplement should be retained with your Prospectus for future reference.

@junkster:
Worst since '08? It may turn out to be. Still 5 months to go. But it's certainly a strange year. My best year since '08 was +29% in '09. The subsequent worst was +1.2% in '11. Currently, I'm off -1.5% YTD.
I've always kept a foot in the Dollar sensitive areas like commodities, NR, international bonds and foreign currencies. Those are dragging me down this year.
As a benchmark of sorts, I use Price's Balanced Retirement Fund, TRRIX, (formerly Retirement Income). It's a well-mannered well managed fund (generally 40/60) which I think suitable for someone a decade or so into retirement. It's also having a lackluster year, up just 1% YTD.

http://www.sec.gov/Archives/edgar/data/880859/000119312515263450/d66532d497.htm
497 1 d66532d497.htm 497
IGR-STATSUP-1 072715
Statutory Prospectus Supplement dated July 27, 2015
The purpose of this mailing is to provide you with changes to the current Statutory Prospectus for Class A, B, C, R and Y shares of the Fund listed below:
Invesco International Growth Fund
The Fund will close to new investors, other than in the circumstances outlined below, effective the open of business on October 1, 2015.
The following sentence is added on the front cover of the Prospectus:
“As of the open of business on October 1, 2015, the Fund will limit public sales of its shares to certain investors.”
The following information is added under the heading “Other Information”:
“Limited Fund Offering
Effective as of the open of business on October 1, 2015, the Fund will close to new investors. Investors should note that the Fund reserves the right to refuse any order that might disrupt the efficient management of the Fund.
Investors who are invested in the Fund on September 30, 2015, may continue to make additional purchases in their accounts.
Any retirement plan may continue to make additional purchases of Fund shares and may add new accounts at the plan level that may purchase Fund shares if the retirement plan had invested in the Fund as of September 30, 2015. Any brokerage firm wrap program may continue to make additional purchases of Fund shares and may add new accounts at the program level that may purchase Fund shares if the brokerage firm wrap program had invested in the Fund as of September 30, 2015. All retirement plans and brokerage firm wrap programs that have approved the Fund as an investment option as of September 30, 2015, but that had not opened an account in the Fund as of that date, may open an account and make purchases of Fund shares, provided that the retirement plan or the brokerage firm wrap program opens its initial account with the Fund prior to March 31, 2016.
The Fund may resume sale of shares to new investors on a future date if the Adviser determines it is appropriate.”
IGR-STATSUP-1 072715
--------------------------------------------------------------------------------
AIMF-STATSUP-1 072715
Statutory Prospectus Supplement dated July 27, 2015
The purpose of this mailing is to provide you with changes to the current Statutory Prospectuses for R5 and R6 shares, as applicable, of the Funds listed below:
Invesco Global Growth Fund
Invesco Global Opportunities Fund
Invesco Global Small & Mid Cap Growth Fund
Invesco International Core Equity Fund
Invesco International Growth Fund
Invesco Select Opportunities Fund
Invesco International Growth Fund will close to new investors, other than in the circumstances outlined below, effective the open of business on October 1, 2015.
The following sentence is added on the front cover of the Prospectus:
“As of the open of business on October 1, 2015, Invesco International Growth Fund will limit public sales of its shares to certain investors.”
The following information is added under the heading “Other Information”:
“Limited Fund Offering (Invesco International Growth Fund)
Effective as of the open of business on October 1, 2015, Invesco International Growth Fund will close to new investors. Investors should note that the Fund reserves the right to refuse any order that might disrupt the efficient management of the Fund.
Investors who are invested in the Fund on September 30, 2015, may continue to make additional purchases in their accounts.
Any retirement plan may continue to make additional purchases of Fund shares and may add new accounts at the plan level that may purchase Fund shares if the retirement plan had invested in the Fund as of September 30, 2015. Any brokerage firm wrap program may continue to make additional purchases of Fund shares and may add new accounts at the program level that may purchase Fund shares if the brokerage firm wrap program had invested in the Fund as of September 30, 2015. All retirement plans and brokerage firm wrap programs that have approved the Fund as an investment option as of September 30, 2015, but that had not opened an account in the Fund as of that date, may open an account and make purchases of Fund shares, provided that the retirement plan or the brokerage firm wrap program opens its initial account with the Fund prior to March 31, 2016.
The Fund may resume sale of shares to new investors on a future date if the Adviser determines it is appropriate.”
AIMF-STATSUP-1 072715

FYI: The world's largest money manager said the government's effort to protect retirement savers from excessive fees and unscrupulous brokers would favor index funds at the expense of other products investors should use.
Regards,
Ted
http://www.investmentnews.com/article/20150722/FREE/150729952?template=printart

ETIHX (available in TDAmeritrade retirement accounts for $10K minimum with TF) has an average market cap of $1.69B, as compared with FBIOX's $8.3B, so these funds are clearly operating in different market cap spaces making comparison very difficult. I would suggest looking at XBI (average market cap $2.26B), which has outperformed ETIHX over all time periods since inception while having a much lower ER of 0.35% vs. 1.43% for ETIHX.
Kevin

Wow linter and all. We couldn't be more opposite. If I want something I buy it. If my wallet doesn't have money in it I stop at an ATM. I hate being cold so I turn the heat up in the winter. I would never waste my time clipping coupons. I'll buy the more expensive beer because it taste better. If I'm in the mood for a lobster tail I go to the store and buy a couple (my wife likes them too). My wife loves gardening. Every spring she probably spends well over $500 on plants and the other stuff that goes into beautiful gardens. How do you argue with that. It makes her happy.
I understand everyone trying to save a dollar here or there, but denying myself life's small luxeries to save $200, $500 or even a thousand a year doesn't make sense to me. Life is to short and unexpected things happen.
So I guess I'm the guy who is afraid to go into debt but not afraid to spend the money we worked for all our lives... and at 61, still working. I much prefer this way then having to clip coupons in "early retirement".

Finally sold it today. I bought it at the end of 2013 when they had an advisor class of
share. I have to see what I can replace it with. I also sold MACSX and Trow Price Real Asset funds this Week. I already have SFGIX, that is why sold MACSX. Trow Price one is a meek attempt at buying energy sector. I think I would rather buy a pure play, so it is out.
Invested my wife's Roth allocation into VMVFX. Money was sitting in MM fund since April. I already have VMVFX in IRAs, moved into it as an exchange for VHGEX at the end of last year, making it the largest fund in portfolio. Still at 13% of Cash in the retirement accounts.

FYI: Last August [1], we called out the San Diego County retirement fund for paying way too much in fees to Salient Partners, its outside pension fund manager. Terrific reporting by Dan McSwain at the San Diego Union-Tribune [2] alerted readers to a dramatic increase in the use of leverage once Salient took the reins.
Last night, the county fired Houston-based Salient, according [3]to the Union-Tribune
Regards,
Ted
http://www.ritholtz.com/blog/2015/07/san-diego-county-fires-its-high-priced-underperforming-outside-manager/print/

@kevindow. I have sworn off all things AQR. They are not a retail investors friend.
PS How are you able to by institutional shares?

VF, I always hunt for brokerages which offer access to targeted institutional funds at a reasonable minimum. QLEIX is available at Scottrade for $100 minimums in taxable and retirement accounts with a TF.
Kevin

Well a million isn't what it used to be.
Year = 2015
1965 = $7,549,365.08
1975 = $4,420,167.29
1985 = $2,210,083.64
So pick a year and then ask the question what percentage of the population has the equivalent amount now.
That would tell us more insight into what is going on.
http://data.bls.gov/cgi-bin/cpicalc.pl?cost1=1,000,000.00&year1=1985&year2=2015
As to retirement planning the 1 million number doesn't mean much.
Yes, a 4% withdraw rate is doable on 1 mil but not a Lifestyle of the Rich and Famous.
With 1 mill and $25K social security, you could live well in most parts of the USA on $65K. But even with that, it will be reduced by taxes.
$5 Million Is the New $1 Million: But Can You Save Your Way to 'Wealthy'?
http://www.dailyfinance.com/2013/09/10/retirement-savings-millionaire-wealthy/
---------------
If I only had 1 Mil. I would not have retired at 51. A small pension with a imputed (7%) values of $200,000 at 60 and SS of 25K at 63 with an imputed value of $357,000 gave me the confidence it could be done. 1 Mil alone for a single person isn't enough - it could be done but, why constrain yourself that way if you can help it.
I think it is time we retire the 1 mil. as some sort of goal.

Hi Dex,
This from a 2015 article by CNBC's Robert Frank:
"The study, from market research and consulting firm Spectrem Group, found that there are now 10.1 million households in the U.S. with $1 million or more in investable assets, excluding the value of their primary residence."

Another aspect in this is the word 'household' I tend to think in terms of an individual. A 'household' could be 2 people. It could have taken 2 people to get to 1 mil. Again, if it is 2 people that 1 mil. means even less since that money needs to support two people.

Of course traditional retirement formulas fall short and always will. Everyone should just give up.

MARKETS
Calpers Struggles as Its Return Falls Short
Largest U.S. pension fund earned 2.4% in fiscal 2015, shy of 2.5% goal
By TIMOTHY W. MARTIN WSJ
Updated July 13, 2015 6:43 p.m. ET
The California Public Employees’ Retirement System fell short of its annual return target in fiscal 2015, as public pensions around the U.S. struggle through one of their worst years since the financial crisis.
The $301 billion pension fund, the largest in the U.S. by assets and known as Calpers, said it earned 2.4% on its investments for the fiscal year ended June 30 because of a slump in the markets and weak private-equity returns. The performance was just shy of its internal goal of 2.5%. It was Calpers’ poorest year since 2012, when it earned 1%, and down from 18.4% in 2014.
Pension investments have been challenged this year by low interest rates, uneven market performance and the recovery of the U.S. dollar, which has weakened gains in global stocks.
Calpers played down the importance of its 2015 performance, noting that the pension fund had topped three- and five-year internal targets with returns of 10.9% and 10.7%. Calpers assumes it will produce annual returns over the long run of 7.5%.
“We try not to get too fixated or excited about any one-year return,” said Calpers Chief Investment Officer Ted Eliopoulos on Monday at a board meeting. “The strength of our long-term numbers gives us confidence that our strategic plan is working,”
Mr. Eliopoulos, who was named CIO last year, has moved Calpers to simplify its portfolio and dial down the risk. Those moves include halving the number of external money managers it works with by 2020, plus winding down its hedge-fund program. Reducing risk in its portfolio also could have the effect of missing out on outsize returns.
“It’s a marathon, not a sprint,” he said. “Nobody expects stable 7.5% or 8% returns year in, year out.”
http://www.wsj.com/articles/calpers-return-falls-short-of-annual-target-1436802617
Tough Times For Broadly Diversified Portfolios
How’s your globally diversified strategy faring these days? Having a tough time? You’re not alone–the headwinds are fierce. For the first time in recent memory, the overwhelming majority of the major asset classes are in the red on a trailing one-year basis. As a result, broadly defined asset allocation strategies are suffering, at least relative to the stellar numbers in recent years.
Using a set of ETF proxies for the trailing 250-day (1 year) total return, only US stocks, US REITs (real estate investment trusts), and US bonds (broadly defined) are posting gains among the major asset classes. By contrast, the other 11 asset classes are in varying states of loss over that period.... The lesson, of course, is that mean reversion is alive and well when it comes to market (and portfolio strategy) returns.
With Charts

http://www.capitalspectator.com/tough-times-for-broadly-diversified-portfolios/

Hi Dex,
Often the retirement decision is a high anxiety event because of portfolio performance uncertainty. If the retirement depends on a portfolio drawdown, a few bad years can do lasting damage.
There are plenty of millionaires in the USA. In very rough numbers (it changes so precision gives a false signal), the Millionaires Club is about 5% of US households. Since there are about 123 million households in the US, there are about 6.2 millionaire households. These households are not evenly distributed across the Country. Here is a recent estimate map published in the WSJ:
http://blogs.wsj.com/economics/2014/01/16/where-are-the-u-s-s-millionaires/

I couldn't tell from the WSJ info if that is net worth (including non investment income e.g. house) or invested assets. Can you?
Thanks

Hi Dex,
Often the retirement decision is a high anxiety event because of portfolio performance uncertainty. If the retirement depends on a portfolio drawdown, a few bad years can do lasting damage.
There are plenty of millionaires in the USA. In very rough numbers (it changes so precision gives a false signal), the Millionaires Club is about 5% of US households. Since there are about 123 million households in the US, there are about 6.2 millionaire households. These households are not evenly distributed across the Country. Here is a recent estimate map published in the WSJ:
http://blogs.wsj.com/economics/2014/01/16/where-are-the-u-s-s-millionaires/
The Southern states are at the bottom of the heap. The likelihood of a millionaires household increases with age, with education, with being married, and with multiple wage earners in a household. No great surprises. About one-third to one-half of millionaires are in households below typical retirement ages. Here is a Link that makes that claim (see chart 4):
http://taxfoundation.org/article/who-are-americas-millionaires
However, when retiring, sometimes “A Million is Not Enough”. That’s the title of a book by financial advisor Michael K. Farr. But the real answer depends upon many individual factors that can not be adequately addressed in any book.
Many of these individual factors can be nicely addressed by exercising retirement planning tools that are accessible on the Internet. I have referenced these resources frequently on MFO, and am not reluctant to do so again. I am a fan of these tools since they help to reduce retirement planning anxiety, especially when Monte Carlo analyses capabilities are integrated into their toolkits.
One of my favorites is The Flexible Retirement Planner site. Here is the Link:
http://www.flexibleretirementplanner.com/wp/
The workhorse tool on this site is its Monte Carlo simulator. Please give it multiple test runs for your specific circumstances. Exploring “what-if” scenarios will increase a user’s understanding of what is influential, what actions are positive, and what options are harmful.
A more barebones Monte Carlo simulator, with many fewer options, is available on the MoneyChimp website. Here is the Link to it:
http://www.moneychimp.com/articles/volatility/montecarlo.htm
The MoneyChimp code inputs can’t be made more simple. You get to choose your own tool. I might test both resources because both are efficient time-wise.
The bottom-line output from either simulator is the probability of success (avoiding portfolio bankruptcy). There are many actionable options to move the likelihood into an acceptable green-coded probability zone. This is a terrific planning tool, and should make a final decision just a little more comfortable and definitely more reliable.
Knowing how to become a millionaire is not a mystery; the discipline to achieve that goal is yet another matter. The ball is in your court. I wish you good planning, a good decision, and good luck.
Best Regards.

http://www.marketwatch.com/story/how-traditional-retirement-formulas-fall-short-2015-07-15?page=2
http://paulmerriman.com/retirement-distributions-2015/
Of course the author doesn't ask the correct questions in this article:
What are the chances of accumulating $1mm money by about 55 or 60? Answer small.
Then again with the right amount of inflation many more people will be able to do so!

The byline
Retirement accounts that rely too much on stocks are at risk should the market turn bearish.

Okay...
If you stumble, you risk falling.
If you forget to wear a sweater in winter, you are at risk of catching a cold.
WTF?!?!?!
This is not possible. Guys like this should not have jobs. It is not fair. Just not fair. I guess he must have gone to college.