@Investor, long time no see. There was a long tread on Grandeur funds and many investors are disappointed. You may want to see the comments. I invested with GGSOX in the early days but found them to be very volatile and have consider risk.
https://mutualfundobserver.com/discuss/discussion/comment/165329/#Comment_165329

Hi Sven. I will check that discussion. I stayed with them in the earlier drawdowns, and they came back, and international small caps have been going through a tough period, but the management change is making me think twice this time around. I am also getting older and my tolerance to risk is getting a bit less, but I still have a decade in front of me (hopefully) before retirement.

Happy to find BIVRX open/available though state retirement plan option, started a position.
Adding to that and PVCMX next week while the market figures out how much to correct.

STREETWISE. EUROPE (IEV) has underperformed the US (IVV) for quite a while, but that may be changing, according to JPM. Be selective – AZN, DT, UBS, as there is no point going from the US to expensive European stocks – EADSY, ASML, NVO. Elsewhere, analysts are mixed on the outlooks for TSLA (the 2nd worst SP500 stock that reports on 4/23/24) and GL (the worst SP500 stock that was hit by a negative report from a short-selling firm on 4/11/24).
FUNDS. There will be opportunities in bond funds when the interest rate decline (in 2024 or 2025).
Short-Term: VCSH, JPLD, MINT
Intermediate Core-Plus: BYLD, FBND
HY: ANGL, BHYAX, CSOAX, FAGIX (18% equity)
Floating Rate: FLOT (investment-grade), BKLN (junk)
Muni: MUB
Individual corporate bonds are also attractive (from JPM, BOA, WFC, C,PNC, USB, etc)
(Consider this list by Barron’s as a sampling only. There are many more choices in each category, e.g. Treasury FRN USFR in both Short-term/Floating Rate, Fido SPHIX as pure HY, etc.)
FUNDS. They may be tempting now, but don’t overstay in the MONEY-MARKET funds. Most economists and strategists think that the Fed is done tightening, and its next move(s) will be cut(s), although there are some who think that the Fed may surprise by raising rates. Rate cuts will benefit various credits and equities and it’s best to position ahead for possible fast moves.
FUNDS. High-quality (moat), growth-value NRAAX (ER 1.06%; no-load/NTF at Fidelity and Schwab) has a concentrated portfolio with reasonable valuations (so, no NVDA, TSLA, or META). Manager HANSON uses a barbell approach for growth and value, and focuses on customer-centric companies. Fund has “sustainability” in its name, but that is considered much more than ESG.
INCOME. T-Bills ETF BOXX uses options to avoid taxable income and its AUM has grown to $2.3 billion. It uses box-spreads that allow long-term holders to pay only capital gains on sale. There are no income distributions or CG distributions (exploiting ETF’s in-kind transactions). Tax experts doubt that the strategy may withstand IRS and/or SEC scrutiny because, generally, taxes must be paid on imputed income even when not distributed. There are also doubts whether complex options strategies can work in all environments. So, +1 for creativity, 0 for true investor benefits.
Q&A/Interview. Imaru CASANOVA, VanEck. GOLD-bullion (GLD, GLDM, IAU, OUNZ, etc) has rallied on geopolitical tensions, but gold-miners have lagged (GDX, GDXJ, INIVX, etc). This gold rally isn’t being driven by retail, investment demand, or the ETFs, but by central banks (China, India, Turkey, etc). The Western investors are still on the sidelines but may be drawn in as the gold rally continues to $2,600 and beyond. Gold took off after the Russia-Ukraine war as several countries started diversifying away from dollar (due to the US dollar-diplomacy). The Fed is also near the tail end of monetary tightening. However, lately, the historical correlations among gold, rates and dollar have broken down. Gold-miners are lagging badly, but with their average production costs around $1,400, high gold prices will just flow into their bottom lines (earnings, free cash flows). Young investors seem to prefer cryptos over gold, but she thinks that overall, the gold and crypto investors are different. She suggests core gold-bullion and gold-mining holdings in 5-10% range. (VanEck has products for gold-bullion, gold-mining, Bitcoin, cryptos).
RETIREMENT. Consider ROTH CONVERSIONS ahead of the expiration in 2025 of the 2018 Tax Cuts and Jobs Act. Unless extended or replaced by Congress, higher tax brackets will go up in 2026 and beyond. A sweet spot for Conversions is between early retirement (when income may be low) and age 73 when the RMDs kick in. Also take into account the impact of Medicare IRMAA at high income levels. Benefits of Roth Conversions include tax-free withdrawals in retirement (for any purpose), reduced RMDs and less tax burden for heirs.
EXTRA. Final FIDUCIARY rules for retirement accounts will be released by the DOL soon. Currently, the fees are hidden within the wrap fees or bonuses or commissions and lead to potential conflicts. Critics (IRI, etc) say that the new rules may reduce consumer access to financial advice.
From open LINK1 LINK2
For Barron's subscribers https://www.barrons.com/magazine?mod=BOL_TOPNAV

Thanks, yogi.
Another mention of still another exception: there is a separate and more generous IRS RMD Table which is to be used by spouses who inherit an IRA, when the surviving spouse is at least 10+ years younger than the deceased.
Table II (2) through this link: (LOTS of scrolling down in order to find it!)
https://www.irs.gov/retirement-plans/plan-participant-employee/ira-required-minimum-distribution-worksheet-spouse-10-years-younger

IRS Waiver of Annual RMD for Inherited Retirement Accounts
STRETCH went away (SECURE Act) for most INHERITED retirement accounts; there are important exceptions for ELIGIBLE beneficiaries that include spouses & minors. There was initial confusion for the new 10-yr Rule to empty most inherited retirement plan balances whether the annual RMDs will be still required. The IRS flip-flopped on this & now has resorted to ad-hoc annual WAIVERS. So, we now have a waiver for 2024 RMDs from inherited accounts for the 4th year. What a joke!
https://www.thinkadvisor.com/2024/04/17/irs-waives-2024-rmds-for-ira-beneficiaries-under-10-year-rule/
https://www.irs.gov/pub/irs-drop/n-24-35.pdf

https://www.sec.gov/Archives/edgar/data/1612930/000089418924002314/angeloakliquidationsupplem.htm
497 1 angeloakliquidationsupplem.htm ANGEL OAK FINANCIALS INCOME IMPACT FUND 497E
Filed Pursuant to Rule 497(e)
Registration No. 333-197427; 811-22980
ANGEL OAK FINANCIALS INCOME IMPACT FUND
Class A | Class C | Institutional Class
a series of Angel Oak Funds Trust
Supplement to the Prospectus, Statement of Additional Information (“SAI”) and Summary Prospectus, each dated May 31, 2023, as supplemented to date
April 12, 2024
This supplement provides new and additional information beyond that contained in the Prospectus, SAI and Summary Prospectus, and should be read in conjunction with the Prospectus, SAI and Summary Prospectus.
At a meeting held on April 10, 2024, the Board of Trustees (the “Board”) of Angel Oak Funds Trust determined that it was in the best interests of the shareholders of the Angel Oak Financials Income Impact Fund (the “Fund”) to liquidate the Fund and approved the liquidation of the Fund pursuant to a Plan of Liquidation (the “Plan”).
Accordingly, effective on or about April 12, 2024, shares of the Fund will no longer be available for purchase. All shares of the Fund will be liquidated in accordance with the Plan on or about May 24, 2024 (the “Liquidation Date”).
On or about the Liquidation Date, the Fund will distribute pro rata to the Fund’s shareholders of record as of the close of business on the Liquidation Date all of the remaining assets of the Fund in cash, after paying, or setting aside the amount to pay, any liabilities. At any time prior to the Liquidation Date, shareholders may redeem their shares of the Fund and receive the net asset value thereof in cash or in‑kind, as provided in the Fund’s Prospectus. Shareholders may also exchange their shares for shares of the same class of another Angel Oak mutual fund at net asset value without imposition of a sales load. If shareholders of Class C Shares redeem their shares, no contingent deferred sales charge will be imposed on those redemptions.
As soon as practicable after the date of this supplement, the Fund will wind up its business and affairs, and the Fund will cease investing its assets in accordance with its stated investment strategies and policies. On or before the Liquidation Date, all portfolio holdings of the Fund will be converted to cash or cash equivalents. As a result, the Fund will not be able to achieve its investment objective and will deviate from its investment strategies and policies during the period between the date of this supplement and the Liquidation Date.
If a shareholder remains invested in the Fund as of the Liquidation Date, the shareholder’s shares will be redeemed automatically, on or promptly after the Liquidation Date, at net asset value per share as of the Liquidation Date. Redemption of shares by a shareholder as part of a liquidation generally will be considered a taxable event. Prior to the liquidation, the Fund may make distributions of income and capital gains. You should consult your tax advisor for information regarding all tax consequences applicable to your investment in the Fund. Shareholders who own Fund shares in a tax deferred account, such as an individual retirement account, should consult their tax advisors regarding the tax consequences applicable to the reinvestment of the proceeds of the liquidating distribution.
Shareholders may redeem all or a portion of their shares of the Fund before the Liquidation Date, and as a result the Fund and its remaining shareholders may experience adverse effects. These shareholder redemptions may also negatively impact the Fund’s net asset value per share.
Please retain this Supplement with your Prospectus, SAI and Summary Prospectus for future reference.

https://www.sec.gov/Archives/edgar/data/1295908/000158064224002124/dcm-innova_497.htm
497 1 dcm-innova_497.htm 497
DCM/INNOVA HIGH EQUITY INCOME INNOVATION FUND
A Series of Centaur Mutual Funds Trust
Supplement dated April 11, 2024, to the Summary Prospectus, Statutory Prospectus and
Statement of Additional Information, each dated February 28, 2024
Effective immediately, the DCM/INNOVA High Equity Income Innovation Fund (the “Fund”), a series of Centaur Mutual Funds Trust (the “Trust”), has terminated the public offering of its shares and will discontinue its operations effective May 24, 2024. Shares of the Fund are no longer available for purchase and, at the close of business on May 24, 2024, all outstanding shares of the Fund will be redeemed at net asset value (the “Transaction”).
The Board of Trustees of the Trust (the “Board”), at the recommendation of the Fund’s investment advisor, DCM Advisors, LLC (the “Adviser”), determined and approved by Written Consent of the Board on April 10, 2024 (the “Written Consent”), to discontinue the Fund’s operations based on, among other factors, the Advisor’s belief that it would be in the best interests of the Fund and its shareholders to discontinue the Fund’s operations. Through the date of the Transaction, the Advisor will continue to waive investment advisory fees and reimburse expenses of the Fund, if necessary, in order to maintain the Fund at its current expense limit, as specified in the Fund’s Prospectus.
Through the Written Consent, the Board directed that: (i) all of the Fund’s portfolio securities be liquidated in an orderly manner not later than May 24, 2024; and (ii) all outstanding shareholder accounts on May 24, 2024, be closed and the proceeds of each account be sent to the shareholder’s address of record or to such other address as directed by the shareholder, including special instructions that may be needed for Individual Retirement Accounts (“IRAs”) and qualified pension and profit sharing accounts. As a result of the Transaction, the Fund’s portfolio holdings will be reduced to cash or cash equivalent securities. Accordingly, going forward, shareholders should not expect the Fund to achieve its stated investment objectives. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.
Shareholders may continue to freely redeem their shares on each business day prior to the Transaction. Procedures for redeeming your account, including reinvested distributions, are contained in the section “Redeeming Your Shares” in the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to May 24, 2024, will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer or other financial intermediary and are held in a brokerage or other investment account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer or other financial intermediary for deposit into your brokerage or other investment account.
The Transaction will be considered for tax purposes a sale of Fund shares by shareholders, and shareholders should consult with their own tax advisors to ensure its proper treatment on their income tax returns.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
Shareholders invested through an IRA or other tax-deferred account should consult the rules regarding the reinvestment of these assets. In order to avoid a potential tax issue, shareholders generally have 60 days from the date that proceeds are received to re-invest or “rollover” the proceeds in another IRA or qualified retirement account; otherwise the proceeds may be required to be included in the shareholder’s taxable income for the current tax year.
If you have any questions regarding the Fund, please call 1-888-484-5766.
Investors Should Retain this Supplement for Future Reference

Schwab Securities Lending
https://www.schwab.com/securities-lending
From related Schwab FAQs,
https://www.schwab.com/securities-lending/faqs
"Currently, most accounts are eligible. However, it should also be noted that employer‑sponsored retirement plan accounts like 401(k)s are not eligible under ERISA rules."

Do you by any chance have an advisory account with Schwab?
No, but its part of a state retirement plan.

I continue to use CDs as long as they keep paying 5% or more. Currently at Schwab, they have a significant number of non-callable CDs. For me in retirement, it is a very comfortable, no risk way, to make the 4 to 6% TR that I seek in retirement. I maintain about a dozen CDs in an 18 month ladder, with a preference for 12 month CDs I also use the Schwab Money Market funds, SNAXX and SWVXX, for those assets I need for liquidity.

This is also reflected in the Price TDFs (old Retirement 20xx, newer & tamer Target 20xx) that are among the most aggressive. Fidelity TDFs are tamer, Vanguard TDFs in the middle.
Fed TSP TDFs (with limited choices) are superconservative.

Here’s the LINK
Offers only a simplistic approach which does not take into consideration one’s circumstances, knowledge base, experience or predilection for risk taking. Nonetheless, I thought it might be helpful for some - or a starting point for further discussion.
Price’s recommendations appear on the aggressive side compared to most other age related recommendations I’ve come across. I’m in-line with their 70+ age tier, being currently 40% equities, 40% bonds, 10% cash and 10% “other” (probably metals, real estate, derivatives). Always second-guessing that. A bit of reassurance that TRP lends some support.

@fred495, to add to the conversation and add to your post, which I think is a good one, I'm wondering if others, especially those near or in retirement, own or are looking at alternative type 'absolute return' funds in their portfolio. I actually like the idea of some percentage of these to smooth out the ride. Problem (maybe) is that there are so many in the alternative section to choose and they can be vastly different.
So, I'll give the ones I'm using. If others want to chime in that would be great.
I hold:
JHQAX, at about 10%, an options fund recently discussed in this month's commentary by @Devo
BLNDX/REMIX at about 5%, a multi asset fund, labeled as a L/S by M* (I don't agree)
LCR, which can be closer to a balanced fund, at about 5%
By the way, to give an opinion on your starting post, I do thing QDSNX would be as good a choice as others available to accomplish the "smoother" portfolio ride.

@MikeM - those are great ideas for the "smoother ride" approach. I have a few more suggestions:
-PSFF - FOF for options - prefer it to JHQAX, but really the same space.
-RSIVX Lower SD than LCR, but also lower Returns. Very conservative.

@fred495, to add to the conversation and add to your post, which I think is a good one, I'm wondering if others, especially those near or in retirement, own or are looking at alternative type 'absolute return' funds in their portfolio. I actually like the idea of some percentage of these to smooth out the ride. Problem (maybe) is that there are so many in the alternative section to choose and they can be vastly different.
So, I'll give the ones I'm using. If others want to chime in that would be great.
I hold:
JHQAX, at about 10%, an options fund recently discussed in this month's commentary by @Devo
BLNDX/REMIX at about 5%, a multi asset fund, labeled as a L/S by M* (I don't agree)
LCR, which can be closer to a balanced fund, at about 5%
By the way, to give an opinion on your starting post, I do thing QDSNX would be as good a choice as others available to accomplish the "smoother" portfolio ride.

https://www.sec.gov/Archives/edgar/data/1314414/000158064224001994/equity-hedged_497.htm
497 1 equity-hedged_497.htm 497
Navigator Equity Hedged Fund
Class A Shares NAVAX
Class I Shares NAVIX
Class C Shares NAVCX
(a series of Northern Lights Fund Trust)
Supplement dated April 4, 2024 to
the Prospectus and Statement of Information dated February 28, 2024
The Board of Trustees of Northern Lights Fund Trust (the “Board”) has determined based on the recommendation of the investment adviser of the Navigator Equity Hedged Fund (the “Fund”), that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on May 24, 2024.
Effective at the close of business April 4, 2024, the Fund will not accept any purchases and may no longer pursue its stated investment objectives. The Fund may begin liquidating its portfolio and may invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders. Shares of the Fund are otherwise not available for purchase.
Prior to May 24, 2024, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO MAY 24, 2024 WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. IF YOU HAVE QUESTIONS OR NEED ASSISTANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR DIRECTLY OR THE FUND AT 1-877-766-2264.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
This Supplement and the existing Prospectus dated February 28, 2024, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated February 28, 2024, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Fund at 1-877-766-2264.

Lately, I have been following the AQR Diversifying Strategies N Fund (QDSNX) and been pleasantly surprised by its excellent risk/reward profile.
The fund company describes its investment approach as follows: "Leveraging AQR’s research and 20-year track record in alternative investing, the Diversifying Strategies Fund is designed to complement an investor’s traditional stock and bond portfolio. The Fund invests in a portfolio of AQR mutual funds, providing exposure to both Absolute Return strategies and Active Multi-Asset strategies."
With a Standard Deviation of 7%, the fund has a YTD total return of 11.8%, and a 3 Year return of 12.7%. In 2022 it gained 14.5%.
QDSNX is available at Fidelity with a minimum investment of $2,500 and no transaction fee.
I am curious of the opinion of anyone who has used this fund in their portfolio.
Looks like it could fit nicely into a conservative retirement portfolio.
Fred

@MikeW
I have used Quicken for decades to monitor and manage our multiple accounts. Even though we are retired, and have consolidated most, we have two R/O’s ( one managed by advisor), Roth IRAs, two non retirement account, small joint account and I kept my TSP account.
BTW it is easy to pick an index or MMF that matches TSP funds. You can use that ticker but name it anything you want “ TSP G Fund”.
Quicken has an automatic link to M* that allows you to do an “Xray” of any and all accounts.
it is not as detailed as the one on the website and I have found sometimes the % are way off. On the website you can drill down and look and see each funds % but not on the abbreviated version.

I don't find Schwab's or Fidelities portfolio analysi very robust, and do not want to give either one the ability to download my account information from another brokerage.
I use Quicken to download my transactions from my brokerage accounts into the correct account on Quicken. It is seamless. I keep my passwords separate, although Schwab has set up a "higher level security" (?) for their downloads.
I then cluster the accounts ( Non retirement, Spouse retirement, my retirement etc) in Quicken
M* "Legacy" will easily import the combined accounts into a similarly titled ( Non Retirement for example) watch list or actual portfolio, as a tab delineated Excel compatible file hat Quicken produces.
The "legacy" M* watch lists allow import of Ticker symbol, ave price per share, and number of shares to give you an accurate portfolio. It doesn't handle some things like CDs Bonds or some MFs but I just lumb all those into "Cash"
You then have an accurate portfolio by % equity, sector weightings, etc in M* "Porfolio Xray".
The new "Investor" watch lists at M* apparently do not allow "Portfolio Xray" and the new M* Investor does not allow import from Quicken, or anywhere else other than your brokerage, apparently.
I would be very careful about sharing my brokerage log in with M*.
Unless they add this import feature if they drop "Legacy" I will have no reason to continue M*
Quicken has several ways to characterize each ticker symbol, all customizable. "Security Type" "Investment Goal" and "Asset Allocation" For mutual funds you can specify an asset allocation or use Quicken's
However under Security Type and Investment Goal , only one choice is allowed. So it is hard to determine your allocation to "Developed Small value" for example. You can set a % in Asset Allocation but you have to look it up yourself.
Once you get it set up, it takes about a minute or less to update your portfolio

The main problem with

I've not been a fan since losing money investing in ARIVX (I think that was Cinnamond's first solo adventure with his "disciplined" style).

I won't try to defend Mr. Cinnamond's record or explain why I find his approach compelling - I've done this on a

different thread - and I can sympathize with the feelings one gets from a losing investment that sometimes takes year not to pay off. But to correct something you have said for others: ARIVX was Cinnamond's third fund as a manager and, I believe, second as a lead after ICMAX.
In my experience (and I've invested in three Cinnamond funds), his funds tend to go through a long period of flat performance, followed by fairly rapid appreciation bursts, followed by another period of flat performance. All of this can be readily understood within the technicalities of his style. So, when one is unfortunate to invest towards the end of the run, losses - though rather modest losses - would follow should one sell out before the next run or if Cinnamond decides to liquidate the fund (as he - rather objectionably, imo - did with ARIVX).
To be fair, if you wait for and hold on through the run, the returns might be quite impressive. I've invested early in ARIVX and did make money on it. Similarly, ICMAX returned ~ 100% over Cinnamond's tenure there (roughly, 2006 - 2011) while SP500 barely broke even during that time.

I think you touched on several good points. I mentioned Arnott before. Both did well when markets went down, but since 2009, PAUIX had a terrible performance compared to the easy SPY. Finding compelling risk-reward funds is what I have done since 2000. It is part of my system, but I stopped following Cinnamond more than 10 years ago.
The guy also jumps from one fund to another = not a great idea.
The main problems:
1) Is he going to be another Arnott in the next 5 years?

I hope not. I have years of experience w Cinnamond and have a reasonable expectation that this will be the case, but most cannot predict the future w 100% accuracy. Those who can grow their money at a double-exponential rate, causing them to spend less time on forums...

2) How much patience is someone supposed to have?

My personal investment horizon is 5 - 10 y.

3) What % of your portfolio are you investing with him? The less you invest, the more it's insignificant. For me this is major.

Currently ~ 10% of retirement, but I have just learned of his new fund and may invest more in the future. The main thing holding me back is not Cinnamond's investment approach, but what he did in liquidating ARIVX. To put it bluntly, imo, that was gutless and he let a lot of people down who trusted him to work through the cycle. If that is something you find significant, I am with you 100%.

4) How do you know when in the start, middle, or end of the cycle? Remember, markets can be irrational for a lot longer than you think. Prof Shiller claimed in 2012, based on valuation, that SPY would make only 4% after inflation in the next 10 years, it made 11%
(link)

As I tried to explain before, I do not believe myself to be a capable market timer. At most, I pick an investment and look for a good entry point over a few weeks. However, if I were to judge a good entry point for myself, based on my experience w Cinnamond ("flat-burst-flat" [repeat]), I would be most comfortable doing so when his fund has been flat for a while - one of the reasons I invested a substantial amount in PVCMX right after learning about it a few days ago. His max DD's also tend to be rather small, so the main risk - in my eyes - is opportunity cost.

5) Cinnamond plays timing hugely, owning less than 20% in stocks is difficult to grasp.
But, I'm a flexible investor who looks beyond categories and is interested in total portfolio risk-reward performance.
Someone's style and goals matter a lot when selecting funds.
How many funds do you own, what trading are you doing,

I think you are misinterpreting Cinnamond's strategy - or, else, I misunderstand it. The way I see it, he looks for "value" and will buy it in any market irrespective of timing. If he is low on equity, it means he simply cannot find enough value available.
I own a whole bunch of funds but most with only a toe-hold position: either closed or ones I'd like to make myself keep track of more closely.
Sadly, I am often time-constrained and cannot properly focus on investing for extended periods. When I have time, I sometimes do a bit of equity trading, but that's about it.

I've invested early in ARIVX and did make money on it.

What % did you make less than SPY or PRWCX?

Unfortunately, MStar no longer provides the record for ARIVX and I could not find another place to chart it w div. I'd invested very early on, perhaps, in the first couple of months - since I followed Cinnamond from ICMAX - w a decent entry point. I remember I was net positive in the end but would not venture on the %. If you can find where to chart it, I would be curious of the PRWCX comparison, since I also own that fund.

I am 66 years old and have managed my own fund choices since 2018 and I have dutifully followed the advice of lowering my exposure to the stock market as I get closer to retirement. So, since June of 2018 I have been very close to a 50-50 Stock Bond portfolio with the stocks weighted towards the value end vs the growth end. The bond portfolio was weighted to the short end of the duration. Almost all of my fund choices can be found in the Great owls or the Honor Roll as described on this website. I just did an analysis of my past 5.75 years relative to if I had just left everything invested in the S&P 500.
The results are disappointing, and I do not understand the reasoning now of the balanced fund approach etc. So my overall return in this time period was 32% which works out to be 5.54% annually. The S&P 500 returned 84.09% or 14.62% annually. In real dollars I went from 660K to 871K. The S&P 500 would had taken me to 1.44Million.
In the up markets I got on average 61% of the return of the S&P 500 which I am okay with because I was not exposed as much to the market.
It's the down market. I managed to capture 85% of the down market, The Bond portfolio failed to moderate the losses. In 2022 in a down market I captured 107% of the loss suffered by the S&P 500 I was invested at 52% stocks and 48% the whole time period in 2022.
I am slowly learning that almost all financial advisor advice is BS sorry for my French.