Since December GLFOX’s chart has fallen off a cliff, and this after a long period of out performance. M* mentions lots of $ coming in recently, but doesn’t say it negatively. However, I wonder if a fund with 5.6 B in assets invested primarily in European infrastructure has become just too concentrated. Some of the companies held (there are only about 30 in all) have declined as much as 20% YTD, not a storm that felt anything like perfect to me. BTW, I’ve already voted, but I thought I’d still seek reaction.

GLFOX is on the chopping block - The Trump effect had little positive impact on this Global Infrastructure fund since the election.

Top 1/3 (34/99) over the past year (though dismal YTD). Here I am, again sounding like a broken record: this fund is currency hedged, so it will underperform as the dollar sinks. A likely event with Mnuchin talking down the dollar.
I unwind taxable positions slowly. It takes me a long time to decide to give up on a fund, and even then, I'm just as likely wrong as right. Some funds never regain their "magic", others do as conditions change. So far, GLFOX wouldn't even be on my sell list - a few (really) bad months under adverse conditions don't tell me its best days are past. Though my thinking is more oriented toward broad based funds and not sector funds. One might want to rotate out of a sector regardless of how good or bad an individual fund is.
As a long term investor, for me it's not so much a matter of taking losses as minimizing gains. So I sell just the highest cost shares at first, gradually selling more if a fund continues to prove to be past its prime.
I just liquidated one fund (at the beginning of 2018) that had continued to underperform. Yet another fund I own (and had sold some of the higher cost shares), has come back to 4 stars, meaning that it's outperformed recently (to recover its stars) and even long term has provided solid returns.
If the market takes a nosedive and I do have underwater shares in a fund on my "unwind" list, I sell them quickly, but in order to swap into a preferable fund, not to hold cash. I don't try to time these things.

Trying to make the best a a bad situation...
I am reviewing my taxable accounts and my positions (mutual funds) with the focus on holdings that have under performed over the last 6-12 months and have most recently tanked with the rest of the market. I will sell out of these positions (for tax harvesting losses) and re-position elsewhere.
GLFOX is on the chopping block - The Trump effect had little positive impact on this Global Infrastructure fund since the election.
Anyone employ Tax Loss Harvesting as a strategy?

I've always had a world stock fund as the core of my portfolio, SGENX was the first fund I bought when I sold my farm and thought it would be a good idea to start a retirement account before I blew it all. Jean Marie Evillard was the reason I bought this fund, but I have since gone with his successor, Abhay Deshponde at CETAX. Although SGENX is listed as an allocation fund, it held little in bonds, using cash and gold instead, to diversify. It also had a large cap bend that I have always sought to balance with a small or medium cap fund. EVGBX, GLFOX, Grandeur Peaks or HEOMX are some of the funds with managers I am or was willing to put money with in order to do this. And that is the crux of the matter, I started with the best manager and have always found managers in this sector I was willing to do business with. I prefer managing mangers to investing in an asset class.

I am sorry but those symbols should have been PRNHX, TBGVX AND GLFOX

Hi guys!
Hope all is well with all of you. I know it's been good here.....too much food followed by too many longnecks with family and friends. Moe and Larry were over.....big pow wow again. We all agree. We believe we're going higher this year. Just to catch up: opened positions in FLPSX and MAPIX. My midcaps were expensive on PE and book. FLPSX, not so, plus it had cash, so how could I not. MAPIX has very little Asia except Japan. Got lots there, so I needed this.
Anyways, back to the pow wow. We were kicking around some small funds. The Dukester really liked PREOX. Why? It's small......real small. We believe things will be getting better this year. So I can see his point. Small is good right now. Me? I like PVIVX. Why? It's concentrated and it's got some girls running it.....think diversification.....yee haw!!!! Moe and Larry? They like WAMVX. Can't blame them for that. It's the safe buy.
Talked to Santa after Duke cornered him....short chat, but we told Santa we believe. He just smiled, so I think he does, too. So, even though I don't make millions of dollars, my call: higher boys! Also, if you're thinking about Latin America this year, more elections there than in the last 10 years. Just saying......
Also, watch Italy this year if you own GLFOX. Elections also there.
Also, the slowest 3 months for imports are coming: January, February, March. We will now see what the weather did in 2017.
Also, the Dukester told me we did not wish anyone on the board a Merry Christmas and a Happy New Year! As punishment for this, I will penalize myself 1 (one) longneck every day for the rest of the week, and.....say Merry Christmas and Happy New Year to all!
God bless
the Pudd

Hi Skeeter!
Thanks for the x-ray. The 40% stocks will rise as money is added. As for the PE of 19.1.....no, I'm surprised it's so high. I have been buying things with low PE which is why overseas has grown so quickly. It is something I look at when buying or adding. As to how I monitor the portfolio, Fidelity has screens to do this. Think of it as a lower class of Morningstar. Also use Yahoo. There are no caps on a position. I try to move where there is value. But saying that, no more will the S&P index be 30% of my portfolio.....nor healthcare, as it once was. I'm less of a gunslinger now.....after all, I'm retired. This portfolio is just my IRA, taxable money is in CDs with Ally and MDISX. Mrs. Pudd's 401 is in TSP (Thrift Savings Plan). We will roll that into an IRA upon her retirement. Where I am positioning looking for value.....I will say most new money will go overseas right now. What would I share? How hard it is to wait for value (i.e., pullback or, better yet, a correction!) to add new money in a market that has parts overvalued, I believe. Returns? I want more than 4% for sure. I did do a primitive back test, but I'm not sure I remember the number, so I won't say.
Hi Derf!
Yeah, it's hard. Value is driving where I'm adding so it's mostly overseas. PARWX was still reasonable at about PE 15 a while back. I started in 7-12-17 with over 50% cash, so it's a journey. Right now, I'm pausing to get some coverage on my buys before adding again.....where is a correction when you want one? lol......
MikeM,
I see what you're saying. But, as I'm adding, things are getting skewed because of where value is. I will say this: the funds that have "done" next to them are core: VWINX, PONDX, FSPHX. These following funds are a core wrap around.....they would have to stumble badly to be sold: PRBLX, PARWX, GIBLX, FMIJX, GLFOX.
Art,
Yeah, you're right. Small caps were sold after the Trump Bump as they then started to deteriorate. In January, I thought them overpriced and still do, as with other parts of the market. As far as real estate, that fund is not typical in its holdings. That's why I like it....but that's just me.
God bless
the Pudd

Hi guys!
Some personal information to start. I live in PA, newly retired with pension and social security. Mrs. Pudd works at the Post Office. Our son, a college grad, has moved out and is working in his profession. So, it's just us and the Dukester.
The economy is booming in our neck of the woods. Everybody's working and spending from the looks of things. Now, to the good stuff:
cash - 30%
Asset Allocation
BTBFX
VWINX - 24% - done!
Large Caps
DSENX
PRBLX - 4%
FUSVX - 3%
PARWX - 2%
Sector
RAANX
FSPHX - 5% - done!
Mid Caps
PARMX
UMBMX - 2%
Bonds - will wait 'til rates rise further to add.
PONDX - 7% - done!
GIBLX
PTIAX
Overseas
FTIPX - 5.5%
FMIJX - 4%
GLFOX - 6.5%
Hot Money
FSRFX - will be sold before 2018.
FJSCX - 4% - will be sold but don't know when yet.
Those funds not marked with a percentage (%) have small holdings, as you can guess by now.
Again, this is a portfolio under construction due to a rollover to an IRA from a 401 account.
Must go now --- why? One word........leaves!
God bless
the Pudd

GASFX was owned by FBR and sold to Hennessy in 2012. Owned the fund from 2010 to 2014. It was #1 utility fund during that time. It was comparable to GLFOX nowadays. Higher expense is only one factor, it is uncertain in the interest rate that make utility sector as a whole very challenging.

@BenW: I don't see any ROC !
Regards,
Ted
Dividend and Capital Gains Distributions GLFOX
Distribution
Date Distribution
NAV Long-Term
Capital Gain Short-Term
Capital Gain Return of
Capital Dividend
Income Distribution
Total
06/21/2017 17.08 0.0000 0.0000 0.0000 0.0004 0.0004
03/21/2017 15.28 0.0000 0.0000 0.0000 0.0210 0.0210
12/22/2016 14.22 0.0963 0.0242 0.0000 0.1569 0.2774
09/27/2016 13.98 0.0000 0.0000 0.0000 0.0212 0.0212
08/22/2016 14.10 0.0164 0.0048 0.0000 0.0284 0.0497

Just got an email from Lazard informing shareholders that the June distribution has been characterized as a Return of Capital. Heard of leveraged CEFs doing this, but not an OEF. Probably don't have to worry about changing the basis because this holding is in a Roth. Still, seems bizarre. Anyone had this experience?

I really wanted to get into GLFOX but fear that I'm too late for that train.

Have you looked at RAANX? It has a lot of cell towers, data centers,......it's not your typical RE fund, I don't think.

Right, unusual holdings - sort of r/e and infrastructure - and it's long-short. Worth a close look, imho. Thanks for pointing it out.
If you like the lean toward infrastructure, you might take a look at GLFOX.

Hi guys!
Good move, Pimco! From what I read, the banks are really bad, also. But what worries me now is GLFOX. It had, the last time I looked, 20% in Italy....soooo, that might be a problem. Just saying....
God bless
the Pudd

Thanks so far...
A REIT investment seems like a reasonable substitute for the MLP option. I have also wondered if funds like GASFX, GLFOX or a equal split of Vanguard etfs: (VPU/VNQ/VDE/VIS) would offer more diversification than an MLP investment.
I back tested MLPOX against an equal weight portfolio of (VPU/VNQ/VDE/VIS). MLPOX had a recent serious drawdown (41%) that an investor would need to expect from time to time while the combined investment of (VPU/VNQ/VDE/VIS) only a third as severe.

I understand why J. Bogle is not into International funds. There aren't a lot of Vanguard International Funds that I would want either. I do own VMVFX, along with GLFOX and GGSOX which are global funds, and FMIJX is my only truly International fund sans U.S.

You mentioned VMVFX which is a nice global minimum volatility fund with an ER of 0.25%, VWIGX with an ER of 0.32% and that is up over 18% YTD and if your want to index broadly, VFWIX or VGTSX are very good inexpensive funds.

I understand why J. Bogle is not into International funds. There aren't a lot of Vanguard International Funds that I would want either. I do own VMVFX, along with GLFOX and GGSOX which are global funds, and FMIJX is my only truly International fund sans U.S.

GLFOX. It is infrastructure fund. Not too excited but has excellent performance.

Over the past few weeks:
Bought back into GLFOX after a long absence (low vol, great record, kind of a unique take on infrastructure, mostly foreign, doing well with the rotation into utes)

Interested in GLFOX too, but thinking I may be late to the party on that one. It's had quite a run up.

Over the past few weeks:
Bought back into GLFOX after a long absence (low vol, great record, kind of a unique take on infrastructure, mostly foreign, doing well with the rotation into utes);
Adding slowly to MAVRX, Asia value equity; sold MINDX (India) too soon;
Substantially reduced large positions in the AQR equity long-short/mkt neutral fraternal twins;
Bought a tiny bit of PASDX - the stopped-clock "tactical" fund that's been in its one sweet spot recently;
Winnowed down cef's to Pimco multisectors only; and
Continuing to add to HY munis (PHMIX, MMHAX) - may stop now to see what happens next.