I don't know about regime change. IHDG is the top performer in my taxable account over the last twelve months. It's closely followed by two tech funds and FSMEX. VWIGX is in between the tech and health funds.
In the IRA, GRID, XBI, and FSCSX outperformed IHDG. Due to the price at which I bought XBI, I am still well underwater.
If it wasn't so early in the morning here, I'ld try to come up with some clever twist on regime change, and Keynes observation about how long markets can remain irrational.
I have always figured the point of diversification is to already be there when the market turns in a new direction. If indeed, the market is turning in a new direction, many people will end up paying a premium to join up--like me buying XBI. I was luckier with my timing on the tech funds and GRID.

@BenWP. I'm not educated enough to venture an opinion on hedging, except I wouldn't buy a fund that tried to time when to hop back and forth. I picked the fund because of its showing on mutual fund observer premium.
My guess is that the success has more to do with it's dividend growth strategy. The thesis seems to translate well so far.
At the same time i bought IHDG, I bought FYLD, which has done nothing for me so far. The thesis makes sense to me. So I'll give it some more time to see if it translates..

I don't know about regime change. IHDG is the top performer in my taxable account over the last twelve months. It's closely followed by two tech funds and FSMEX. VWIGX is in between the tech and health funds.
In the IRA, GRID, XBI, and FSCSX outperformed IHDG. Due to the price at which I bought XBI, I am still well underwater.
If it wasn't so early in the morning here, I'ld try to come up with some clever twist on regime change, and Keynes observation about how long markets can remain irrational.
I have always figured the point of diversification is to already be there when the market turns in a new direction. If indeed, the market is turning in a new direction, many people will end up paying a premium to join up--like me buying XBI. I was luckier with my timing on the tech funds and GRID.

I don’t post here much, but I do follow the website each day.
So, in turn we are both turning 60 this year. I am military retired and work part time. My spouse works full-time for an insurance broker doing accounting procedures. I have been doing my own investing over the years and mine is at Fidelity and hers at T Rowe Price. I started hers at TRP when she was a green card holder and is now a dual citizen and has been this way for 20+ years.
We are both in generally good health. I have my aches and pains left from the military though which are covered by the VA. Our medical insurance is through Tricare and the other insurances (dental, eyes, car & house) comes through her work at discounted price. We purchased long term care insurance a few years ago for a cheap price for $4k a month if we ever need it.
Our current medical insurance is through Tricare (Humana Military). When we turn 65 will have to get Medicare as primary payer and Tricare for Life becomes secondary payer. We will continue to get our drugs through Medicare/Tricare
So, my wife has suggested to me that I get an advisor to manage what we have so it lasts throughout our lives and have a good time traveling seeing friends and family. Not so quick, wifey, I think I’ve done a good job of investing and saving.
Even took money out of Roth IRA and paid off the house, and this still leaves us over $1/2m to have a good time with.
My military retired check covers all the bills including the insurance coverages, plus some left over. Her pay and my pay collect in savings accounts for vacations, household repairs etc.
So, the odd question everyone has about their portfolio is what to do with it. Where do I put it? I had posted a thread under What is Pension worth: Old_Joe had mentioned to create a new thread in other investing in what to do with your portfolio now. We don’t have anyone to leave our money too, so now it’s time to spend it. But where do we put it.
So here I am:
Her’s
PRWCX – Capital Appreciation
PRHSX – Health Science
PRFDX – Equity Income
TREMX – Emerging Europe, bought it when price tanked 2.60 share
PRSVX – Small Cap Value
His
VWENX – Wellington
FSMEX – Medical Tech & Devices
TRMCX – Mid Cap Value
FIEUX – Europe Fund
FSCOX – Small Cap Foreign
FXAIX – S&P 500 Fund

Wife Side: PRWCX, PRHSX & TREMX
My Side: FSMEX, TRMCX, VWENX

Your article is behind a paywall.
My investment in the health sector is primarily FSMEX. I don't know if the device market works like the drug market. I invested in FSMEX after spending some time around hospitals and observing how they burn though stuff at an incredible rate. That's in addition to all the fancy gadgets they have.

Yesterday I sold BAC and JPM, and will be buying either BX or MS. I also sold RPMGX (tax loss) and will be buying FSMEX. Problem is, I'm just not sure WHEN I'll be making those purchases. I think we're in for a really bumpy ride so cash is good.

As one digs a little, it just keeps getting better.
It seems that the 10% performance fee used to be 11%:
https://prdistribution.com/news/tbo-capital-announces-reduction-of-performance-fees-for-all-balances-2.html
The application form lets you send in money and lets you make daily withdrawals. That's an open end fund. But the Terms and Conditions page says that this is a "closed ended [sic] mutual fund".
How many decades of industry experience does it take to differentiate between an open end fund and a closed "ended" fund?
The page goes on to say that "It offers monthly dividends to investors instead of growth option i.e. increase in NAV (share) price."
This begs the question: is it selling shares of its underlying holdings every month and distributing proceeds to keep its NAV from growing?
I think I'll stop now. This is like shooting fish in a barrel. I'll leave with a couple of questions based on this excerpt:

Outperformed 95% of peers over the last six years with less risk.
...
Long-tenured advisors of three PhDs and one MD in internal medicine

What are the 5% of health care fund peers who have made more than 50% annualized over the last six years? Or is this "outperforming 95% of peers" just a made up figure to make it seems that the 50% returns reported are not equally fictitious?
M* premium screener returns no funds of any type with 50% returns over the past five years.
Stringing together the best performing health care fund in each of the last six calendar years, e.g. FSMEX (8.68% in 2016), ETIHX (45.83% in 2017) and so on, one achieves only a 36% annualized return. All actual health care funds returned less than my cherry-picked combo.
Who are the PhDs and MD? TBO Capital names only four principals, and none of them hold any sort of doctorate degree according to their Linked In profiles.

I bought a very small amount of SMH (VanEck Semiconductor ETF) and plan to let it sit for many years through the inevitable ups and downs. Also added to SHGTX, FSMEX, FSCSX and MSFT and I'll likely add to these positions if the market continues to puke. My only concern is that the manager of SHGTX (Paul Wick) is getting on in years and might not be there much longer. Hope they retire his jersey, he's a Hall of Famer. Looks like a strong bench though.

Been doing a lot of shopping lately.
Last March I sold out my wife's inheritance, which was mostly in a regional utility. She has hopes of buying a small house in a location cooler than Arizona. So we decided to invest 25% of her funds.
Her priorities were dividends and green investing as her "speculative" bet. And then some assets set aside to grow, i.e S&P 500, tech, and med tech. So this is what we agreed to:
The following is copied from the rough notes I have in a spread sheet. Good thing I'm not being graded for formatting.
20.00% Schwab US Dividend Equity ETF™ SCHD
10.00% VictoryShares US SmCp Hi Div Vol Wtd ETF CSB
8.00% Fidelity® Select Medical Tech and Devcs FSMEX
8.00% Fidelity® 500 Index FXAIX
5.00% Cambria Foreign Shareholder Yield ETF FYLD
5.00% GLFOX Lazard Global Infrastructure
5.00% WisdomTree Intl Hdgd Qual Div Gr ETF IHDG
5.00% SPDR® Russell 1000® Yield Focus ETF ONEY
5.00% Invesco High Yield Eq Div Achiev™ ETF PEY
5.00% Principal Real Estate Securities Inst PIREX
5.00% Invesco S&P 500® Eql Wt Cnsm Stapl ETF RHS
5.00% Invesco S&P 500® Equal Weight Utilts ETF RYU
2.00% FSCSX
2.00% TDV tech dividend
2.00% Columbia Seligman Global TECH
2.00% FTEC tech index
1.00% TAN Solar
1.00% First Trust Water ETF
1.00% First Trust NASDAQ® Cln Edge®Offsetting
1.00% iShares Global Clean Energy ETF
1.00% Invesco Global Clean Energy ETF
1.00% Invesco Global Water ETF
As you can see, I bought baskets to represent tech and "green." I see enough moving parts in those fields that I wanted to encompass a variety of theses. For the alt energy funds I specifically avoided those with large stakes in Tesla. And also avoided China as well as I could.
I have also been buying into beaten down funds in our IRA's, and my taxable account, whittling down our cash holdings. I tarried too long during the COVID debacle, so wanted to make a more muscular entry. Still plenty of cash for cushion, and for buying, if the autumn inflation and elections push markets another leg down; which would not surprise me in the least.

Sold out of FSMEX, which was a 2021 addition. I intend to buy this back at some point later in the year, but this tax-loss sale counterbalances a few capital gains from January.

Hi BenWP,
Good for you. I'm a Ron fan just like I was a Michael Price fan years ago. BCHCX was on my buy list but with healthcare slowing the last 2 years, I did not buy. But did add to FSMEX and FSPHX and am waiting for a pop in healthcare. Will add to BWBFX on weakness. And I like owning funds others don't want, especially young funds because they tend to run with good managers.
God bless
the Pudd

Recently added money to FSMEX, FYLD, PEY, IHDG, CSB, SCHD in my taxable account after some tax-loss harvesting from two large stakes in muni funds. I still have lots of dry powder.
I also plan on making some purchases in my IRA in the near future. Particularly funds that have been punished severely. I still have dry powder from selling most of my bond funds back in February 2020.
I typically rebalance, and rearrange the deck chairs, in the early part of the year. But this year I have been working on a large reconfiguration of our vegetable garden.

Ed Yardeni mentioned Exoskeleton Technology...very cool!
exoskeleton-and-exosuits-in-the-workplace
eksobionics
top-10-companies-in-exoskeletons-market
A fund like FSMEX may be exposed to this type of Technological Innovation.

Hi Puddnhead,
Ya want me to get naked in front of everyone with my portfolio, eh? :)
A few notes: At this time, all of our market holdings are either T-IRA or Roth accounts, so any position changes do not involve taxation considerations. We generally do not hold more that 5 investments at any given time, with 10 being a maximum; as beyond this number tends to not have a meaningful impact (positive or negative) upon a portfolio. An EXCEPTION would be: if one wants 25% of a portfolio to be in health related; and can find 3-5 funds/etf's that don't have a lot of overlap; this would be okay.
Our house continues to favor health and technology. FSMEX, IMHO; is a fund that favors both of these areas. FSPHX, FHLC and similar funds are more broad based health funds. Although the ARK funds, ARKK in particular; has a lot of rocky performance and bad press at this time; the ARKG etf has become fairly inexpensive at this time and travels into another favorable long term area (IMHO) of medicine/health/tech. (genomics and related). Some of these companies will fail, but others will prosper and/or become the targets of M&A.
Generally, one can expect decent distributions (div's, cap gains) from the healthcare area. So, a bonus, eh?
AND YES, health care funds have taken a hit with much else, for 2022.
Now: We no longer have FSPHX, which was replaced several years ago with FHLC.
FHLC is 21% of the total portfolio
FSMEX is 15% of the total portfolio
You mentioned a poor year....2021....for health. I'm okay with the 2021 total returns shown in the below chart.
CHART of FSPHX, FSMEX and FHLC (Fido health etf) for 2021.
I've sure as heck forgotten something to jabber about, for this post.
Remain curious,
Catch

Hi Catch,
Hope all is well with you and yours. If I remember right, your portfolio has a lot of health care in it. Again, if memory serves, you own FSPHX and FSMEX. I also own health care and it comprises a large portion of my portfolio. So, just wondering what you think about the smackdown of late after a poor year last year. Holding steady, adding, selling....what? I think things will get better into the spring. It's the next fall and winter I worry about. Again, any comments appreciated Big Guy. Thanks.
God bless
the Pudd

Hi @davidrmoran et al
Being curious........
A chart of VONG v QQQ v FTEC v FSMEX starting at Oct. 2013 to date. The chart begin is limited to the inception date of FTEC.
Catch

Sure. Why not put it all in Apple and Pfizer, then? Or go w Cathie W.
He's 18. I would want my son or grandson to be in something over the many decades ahead way more diversified (sector-diversified, that is, including nontech) than what you graphed for the last 9y. VONE and VONG will do that, I am thinking.

Hi @davidrmoran et al
Being curious........
A chart of VONG v QQQ v FTEC v FSMEX starting at Oct. 2013 to date. The chart begin is limited to the inception date of FTEC.
Remain curious,
Catch

Hi Ron, Nice to read what you have written about the desires of this young man.
I've pushed Roth IRA's for minors and +18 year olds with our extended family and friends for years. Sadly, few takers for follow up information.
I'm biased towards Fidelity and their quality operation. (wife and I since 1978 with T-IRA's). The online set up is clean and easy, and there are no minimum $ for the vast number of offerings, including active managed Fido funds.
I hand held two mid 30's relatives 2 years ago starting a Roth. They were both a bit more motivated as their mother provided them "seed" money to get their arse's in gear. They have 401k and 403b plans they contribute some money to, but the Roth is a nice extra. They are able to be aggressive (and should be at their age); so all money is invested in QQQ etf.
He has until April 15, 2022 to qualify for a 2021 tax year deposit. The money contribution does not have to be his, so others may help him fund the account.
What we did: We funded (minor Roth, account activation) and still fund our daughters Roth; as she continues with her full time university studies and some part time employment. The Roth is linked to a credit union acct. for easy access; and also includes a taxable brokerage acct. for future use.
The current Roth (Fido acct:) holdings are: FTEC (Fido tech. etf), FBCG (Fido blue chip growth etf) and FSMEX. Additionally, IRS Pub. 590-A should offer info about who may provide funding of a Roth.
I personally remain U.S. centric for our investments, but ACWI is global large cap equity etf at about 60/40, U.S./Global of about 2,200 holdings, if one wants that exposure. There are many other choices in this area for a global spread, if desired.
ACWI holdings
Remain curious,
Catch

The biotech space is very volatile though one which I have involvement. As noted above, IBB and FBIOX are good choices which contain several well known and familiar names and with good overall portfolios. There are funds with a more clinical stage focus, such as ETNHX. I've owned that for about 6 years with good results, though it's not for the squeamish. As Mark noted, FSMEX is an excellent choice in the healthcare space. I swapped VGHCX for FSMEX last year, and frankly, should have done it years ago. That one's a Great Owl, and deservedly so.

FBIOX, Fidelity's Select Biotechnology was a standout performer in the recent past but I have no idea where they stand today. Just wondering if you've also considered ETF's as a possibility. You might also look at some wide-mandated health care funds (e.g. PRHSX) to see if they may contain healthy slices of biotech holdings.
The health care sector has been hit or lots of misses for me over the years and I've settled on just one that I care to hold longer term - FSMEX.