Don't look now but a utilities fund I follow (UTG) is up 6.5% over the last 3 weeks. Hopefully Giroux is on to something.

Yep. FSUTX is the first place I looked in trying to detect the likely culprit here. But it is up nearly 12% YTD. GLFOX isn’t a utilities fund - but holds a lot of them. It’s been in a funk most of this year, but has begun to move up in recent days. (Strong dollar also impacting this one)

Since this post has been bumped . . .
Prof. Snowball's thesis in his column:

in every measure of returns, more equity is better. In every measure of risk and of risk-adjusted returns, less equity is better. Several earlier MFO essays on the discreet charm of stock-lite portfolios found the same relationship is true for periods dating back 100 years. Lightening up equity exposure reduces your volatility by a lot more than it reduces your returns, so it always seems like the best move for risk-conscious investors.

And he chose four "Great Owls", which included FAGIX and FPACX as well as OSTIX and RSIVX, as great alternatives to only equities. All four buy more, or less, junk. I chose to run PV against FAGIX because I am not comfortable buying most bond funds whether they're buying junk, or agencies.
If David Giroux wants to buy junk, well, that's why I bought his fund. Let him worry about it. I don't need to pay above average fees to FPA.I can load up on cash myself. YMMV.
In this PV I'm looking at GLFOX versus FAGIX and FPACX. I think of GLOFX as a global version of Electric Company, Waterworks, and the railroads. So, Widows & Orphans take a ride on The Reading . . .
For those that don't follow links, GLOFX has the better standard deviation, Sharpe, and Sortino numbers, a better compound growth rate, lost less money in the worst year of holding, has less correlation to the market, and the lowest beta and highest alpha.

And here is the original W&O versus FPACX. Since July 1993 FPACX is the winnerin returns, while W&O beat FAGIX.
Here are some runs against what MFO Premium calls The Great Normalization (TGN), which they date from January 2022

First: W&O versus FPACX and FAGIX. My take away is that the fund with the best SD, Sharpe, and Sortino numbers also had the worst CAGR, worst yearly loss, and highest market correlation. YMMV
And here is W&O Ride the Rails. And it looks to me like the fund with the worst Sharpe and Sortino numbers has lost the least amount of your money. But I don't always spot things correctly. Let me know if you see something different.
Why did I run these numbers? It's the kind of thing I like to do when people say things like every. I like to dig a little deeper.

If one likes energy company prospects but does not like the high volatility of energy equities, one can look into finding funds with a portfolio that combines utility and energy stocks. GASFX is one such fund, which I never owned and have not research into but it has an M* analyst rating of Negative. I used to own GLFOX many many years ago. I treat GLFOX as a downstream vertical; whereas, GASFX as a upstream vertical.
I currently own SWX in my trading account.

@hank, the higher sum is from January to June, as I said in my post. The more time that goes by, the more the disparity grows. Start the comparison from 2021 and the disparity is now 164 bucks.
Where you start and stop your year also matters. For example, at M* you can chart the two against each other for the past year,and the difference is 57 bucks. Take a look at the chart in the new link I posted. At the end of December 2021, the discrepancy from January is 63 bucks.
The difference of .25 is not just a drag on the upside. It also sinks the fund deeper on the downside. As you can see in the link, at the end of January 2021, GLFOX is 13 bucks behind. And it will never catch up. It will fall inexorably behind.
I don't need to take IRA distributions for six years. If I back test the two funds for six years the CAGR for GLIFX is 8.63 vs, 8.35 for GLFOX. And the difference in dollars is 562 if 20K were the amount invested.

I’m not sure how you’re coming up with the higher sum for 1 year. Don’t read the numbers on the far right. They are for a longer time period. The chart is truly interactive. So, you can tap anywhere along the horizontal lines representing each fund and pull up the values on any date you want.
What you need to do is tap along the two colored lines about 2/3 of the way across. Dates and corresponding total investment amount will come up for each fund. The chart begins with 12/31/23. If you tap on the line where “12/31/22” pops up you will get the correct values for that date.
Initial amount: $20,000 / Start date: 12/31/21
Values on 12/31/22
GLIFX $19,741
GLFOX $19,689
Difference from 12/31/21 to 12/31/22: GLIFX +$52.00

@hank. Read all about it. As they used to say.
BTW. Check the tab for monthly returns,and you can see how it happens.

Due to a couple of bone-headed moves, I ended up with both institutional (TF) and retail (NTF) of the same fund at Schwab (not Lazard). I asked to have the retail shares, which carried a much higher ER, converted to institutional. The Schwab rep figured out how to do so I would have no taxable event, but they did charge me 49.95 as if I had bought the institutional shares in the first place. The size of the consolidated position and the difference in the ERs made it worthwhile for me. It is true that I would get nicked again if I want to add to the position. Seems that GLFOX and GLFIX are NTF and TF, respectively, chez Chuck.

de nada @hank. FYI I sold GLFOX the same day I bought GLFIX, so you shouldn't have any problems.
Having delved into this with some test buys at Fido, the only problem I see is that GLFOX is NTF while GLIFX carries Fido’s customary $49.99 transaction fee. Assuming an initial purchase can be done thru conversion / other no-fee process, that still leaves one a bit restricted if buying additional shares in the future. (Just trying to cover all the bases.)

de nada @hank. FYI I sold GLFOX the same day I bought GLFIX, so you shouldn't have any problems.
Unlikely there will ever be any sabrage for GLIFX, but ya never know.

Ask Fidelity to convert the GLFOX shares GLFIX. Assuming that Lazard will allow it, the transaction should go through without a transaction fee since you're not buying shares, just converting them. (I've done this type of transaction a couple of times at Fidelity.)
Likewise, it may not count as a sale (60 day NTF restriction) since you're not selling the shares. But check with Fidelity to be sure.
And it was @WABAC who highlighted the 25 basis point savings.

Thanks @msf .25 BP difference! That’s significant. I recently ramped up GLFOX so it is well over the 10K minimum for IRAs. But probably need to wait near 60 days to make the move. Chances Fido might grant an exemption probably slim … than there’s the additional question of frequent trading at Lazzard if I do it too soon.
OK - I reread @msf’s post. Looks like with over 10K at Fido you can get the reduced ER on GLFOX / GLFIX. Do you know what the initial investment in GLFIX might be? I probably could start moving a sizable chunk Monday. For GLFOX Fido’s minimum is $2500.
Nice thing to know.

The best suggestion of a specific fund I’ve received (for my needs) from this board came from @BenWP a couple + years ago. That’s GLFOX. It’s the first new fund I purchased after moving to Fido’s brokerage. Thanks Ben. It is technically an infrastructure fund. M* lists it as slightly over 50% utilities. Most of the holdings are X-USA (primarily Europe), which partially explains an ER north of 1%. The fund isn’t for everyone. And, as noted, isn’t a “utilities” fund. You can probably find better infrastructure or utility funds depending on your needs for a portfolio fit - especially how much foreign exposure you need or want.
Lazzard, itself is a giant in the global investment banking business. There’s been upheaval at the top with a new CEO in recent months. Like most of the big houses, there’s cost-cutting going on. I read somewhere there’s a soft close on institutional ownership of GLFOX, but that it is still open to individual investors. Strikes me as opposite what T. Rowe is doing by closing PRWCX but allowing those with hefty initial investments in.
Of course, Fido’s “Select Utilities” (FSUTX) with a lower .74% ER is a star performer in utilities.

In my case. . . COTZX or TWEIX, and maybe GLFOX.

The OP was December 2021 by @catch22. Using his EFT Global link we can see a lot has happened that is still red and only a few buys recommendations. Interestingly India stand out as global standout (beyond US equities).

Some funds that seems to be steaming along:
GLFOX
GASFX
VUIAX (VPU)...not a bad short and long term total return (results below are for VUIAX)

@WABAC: I agree with you on water. I have a decent amount in FIW, and I have stuck with it despite drops since late 2021. The fund holds companies whose business extends beyond water per se, but I think they are solid industrial companies. Lots of good companies’ stocks have been gored for no good reason other than a bad market environment. I’m hoping that quality will rise to the surface and receive investors’ (i.e., stock pickers’) attention. I also have a position in GFLOX which holds water-related businesses.

GLFOX? Love the dividends.
Our Water Works basket include PIO, FIW, and CGW.

I also have a position in GFLOX which holds water-related businesses.

Try GLFOX @BenWP :)

@BenWP

@WABAC: thanks for all the research you put into compiling your buy list and for sharing it here. I share your interests in infrastructure (PAVE and GLFOX chez moi), water (FIW) and green energy. GRID was unknown to me. I have added recently to BHCFX and I agree with having exposure to healthcare and biotech. PTH is also one I've never heard of. BUSFX comes up blank; is that Bridgeway Ultra Small Company?

That should be BUFSX for Buffalo small cap growth. I first bought it when it was expensive. :( So I added to it since it became cheaper. Good thing for me that I can let it sit for six years, until I need to think about RMD's. Maybe then I'll think about simplifying the motley collection that is my IRA.
In the small cap area I am also a fan of RWJ, which is revenue weighted S&P small cap fund. I have it in our IRA's for total return. I haven't added to it yet. But I'm thinking about it. I am also thinking of adding it to my taxable holdings, which are less focused on dividends than my wife's.
I rely heavily on MFO premium to do research on all funds. I also use etf.com as a quick look at the thesis, and holdings, of an etf. I enjoy researching the funds. So I don't mind sharing. It has been something of a warmup to writing up plan for my wife, children, and any others, to understand why it was put together the way it was.
With GLFOX. FIW, and a utility I always think of the railroads, Water Works, and The Electric Company in Monopoly. It gives me a silly amount of pleasure.
I have looked at PAVE in the past. But GLFOX has been such a pleasure to own I didn't feel the need. GRID seemed like an interesting bet even before the war in Ukraine disrupted energy markets. I like its international exposure given the way European summers have been trending.
If you ever find yourself thinking about trash, check out EVX. Not enough of a dividend for me though.

@WABAC: thanks for all the research you put into compiling your buy list and for sharing it here. I share your interests in infrastructure (PAVE and GLFOX chez moi), water (FIW) and green energy. GRID was unknown to me. I have added recently to BHCFX and I agree with having exposure to healthcare and biotech. PTH is also one I've never heard of. BUSFX comes up blank; is that Bridgeway Ultra Small Company?

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.

Barron's Midyear Roundtable has several fund ideas. LINK
COVER STORY, “What to Buy Right Now: 42 Picks from Barron’s (Midyear) ROUNDTABLE Pros”. A report card of prior hits/misses is also included.
Tod AHLSTEN/Parnassus CIO & PRBLX: VRSK, MMC, ICE, AMAT. Opportunities in the downturn.
William PRIEST/Epoch Inv Partners: TMUS, DTEGY, TSM, LSXMA, DE
Rupal BHANSALI/Ariel CIO: DIISY, BAP, BBSEY, BIDU, ELEZY, SNMRY, PM. Likes Lat Am & Europe over US; prefers dividend payors.
Henry ELLENBOGEN/Durable Capital: INTU, TEAM, DUOL. Likes quality-growth.
Abby Joseph COHEN/Columbia U: LG Chem, FANUY, BKNG, JWN. No recession in 2022 or 2023.
Scott BLACK/Delphi: CACI, CB. Shallow recession is already here (notable early projection). Avoid story stocks with low/no earnings. His SP500 earnings est $219 only.
Sonal DESAI/Franklin Templeton FI CIO: CPREX, FHYVX, GLFOX, EAPCX, FRIAX; ETF SRLN. No recession in 2022/H1 or 2023/H1, may be in 2023/H2.
Mario GABELLI/Gamco: CNHI, AJRD, HRI, BATRA, PARA, SBGI, DRQ, HAL. Mild recession. Despite volatility now, 2023/H1 looks promising for US, Europe, China.
Meryl WITMER/Eagle Capital: SLVM, DFIN, EEFT
David GIROUX/Price CIO & PRWCX: FTV, NXPI, GE, TEL. Mild recession. Overweight – IT, industrials; underweight – consumer-staples, utilities; leveraged-loans still OK.
Part 2 will mention some Japanese funds (feature by @LewisBraham). Edit/Add LINK2
FUNDS. After years of deflation, JAPAN is seeing some inflation due to high oil prices and supply-chain disruptions. The BOJ is continuing its easy monetary policy until the inflation target of +2% is met, and yen has collapsed. Japanese funds are attractive: GMAHX, HJPNX, MJFOX, PRJPX; ETFs EWJ, EWJV, DFJ.