FYI: It is that time of year, when the financial industry engages in its annual ritual of making forecasts, which is usually little more than the prelude to looking foolish. Titles like “Outlook for 2018, “What to expect in the new year,” or some variation thereof litter the landscape. Over the years, it has been my distinct privilege (and truth be told, pleasure) to point out how silly this process is.
Regards,
Ted
https://www.bloomberg.com/view/articles/2017-12-15/wall-street-wises-up-to-the-folly-of-forecasting

I can also update a prior discussion to confirm both the institutional and R-1 share classes are now available at E*Trade. The R-1 shares are NTF with $100 minimum while the institutional shares require $250K and carry a transaction fee but the expense ratio is 25 basis points lower. I also checked Fidelity, where the R-1 shares are available NTF with a $5K minimum and Schwab where the availability, minimums and existence of transaction fees are the same as E*Trade.
I wonder if Parker would comment on what they think is a reasonable level of assets to manage with this strategy so they don't end up in the same situation as Marketfield or Ivy.

True, but I've heard that valuations don't matter line before:
https://washingtonpost.com/archive/business/2000/01/01/tech-mutual-funds-led-the-way-in-90s/94a23caf-8230-40e4-bde7-d45840cd42f8/?utm_term=.91974dcba493

FYI: Mark Schmehl flouts Warren Buffett, thinks valuation is overrated and says most other rules of investing are “total baloney.”
The portfolio manager, who just completed Fidelity Investments’ most successful Canadian fund launch ever, eschews investing obsessions such as earnings, cash flow and price-earnings ratios and invests at the extremes of the market instead, including Canadian cryptocurrency stocks.
Regards,
Ted
https://www.fa-mag.com/news/fidelity-manager-rips-up-buffett-playbook--goes-all-in-on-crypto-36170.html?print
M* Snapshot Fidelity Situations Fund:
http://quote.morningstar.ca/quicktakes/fund/f_ca.aspx?t=F0CAN0719I&region=can&culture=en-CA
Fidelity Canada: Fidelity special Situations Fund
https://www.fidelity.ca/fidca/en/products/ss?gclid=EAIaIQobChMI5Zjm3teL2AIVTLXACh0ppwehEAAYAiAAEgIHzPD_BwE

Hello,
About a month ago, or so, Parker Binion who is one of the fund managers on KCMTX began to post on our board.
For those that have an interest in KCMTX, as I do, I thought I'd post recent news on his fund in that it made it's annual distribution on December 13th in the amout of $1.69.
Looking back over the last five years KCMTX has paid out $4.57 in distributions while it has grown its nav from a starting value of $12.24 to current value of $13.06 (after distribution). With this it has demonstrted it's ability to to grow its value while at the same time make reasonable payout to its investors that might be seeking an income stream coming from capital gain distributions. Know that these annual distributions vary in amounts.
This fund is listed as a multialternative fund by Morningstar and one that actively engages the global markets. Since, it can hold just about anything the mangers choose I consider it a hybrid type fund. With a turnover ratio of 318% indicates that it is very active in changing its positioning. This fund reminds me a lot of Marketfield and Ivy Asset Strategy which I use to own but no longer do. As these funds grew in size they also became bloated, from my perspective; and, with this, it took longer and longer for their managers to reposition them. As their performance waned I sold them off.
I have linked below KCMTX's Morningstar Fund Report.
http://www.morningstar.com/funds/XNAS/KCMTX/quote.html
I wish all ... "Good Investing."
Old_Skeet

@hank,
Notice this as well.
Firstly, @TheShadow does an awesome job and provides a great service to us with the "Capital Gains Thread", but I'd like a website dedicated to searching individual ticker symbols for gain gains/ dividends information.
Does a website exist that allows the user to enter a mutual fund ticker symbol and reveal distribution information...monthly, quarterly, semi-annually, annually?
I have always wished YahooFinance (a website I use to get daily updates on NAV) would at least place a small "d" next to the %change (d).

Oh well...hang in there and make mine a Boston Creme.

Hello.
Keeping it simple.
I classify most all asset funds, mixed asset funds, asset allocation funds, and balanced funds as hybrid along with some multi sector income funds. In addition, I also treat convertible security funds as a hybrid type fund as well. Currently, hybrid type funds make up about 45% of my portfolio.

Of the 128 alternative & mixed asset funds launched this year, here are the top performers in each: Arabesque Systematic USA (ASUIX), Measured Risk Strategy I (MRPIX), Gotham Master Long (GMLFX), GMO Climate Change III (GCCHX), DoubleLine Shiller Enhanced International CAPE I (DSEUX), Driehaus Multi-Asset Growth Economies (DMAGX) ...

There have been 555 US mutual fund and ETF launches this year. Of the 94 global & international equity funds, here are the top performers in each: AlphaCentric Global Innovations I (GNXIX), Artisan Thematic (ARTTX), Davis Select Worldwide (DWLD), PNC EMs (PIEFX), Alpha Architect Value Momentum (VMOT), TOBAM EMs I (TBMIX) ...

I’ve lightened up ever so slightly on IOFIX. Will sell more if it takes out recent lows and buy back if it takes out recent highs (adjusted for November dividend). The non agencies seem to have hit a wall here albeit IOFIX hasn’t really been affected. Had thought I would be in retirement mode in 2017 and be more diversified in bonds and happy with a 5% return but then along came IOFIX. I don’t see why the non agency story can’t continue in 2018 so anxious to see what January brings. But price is always the final arbiter, not what I think.

Crash, bee had a pretty good article posed yesterday on junk-bonds. It talks about risk and reward. It doesn't throw in the extra risk factor of global/world bonds though.
Also, I agree if you are going to fixate on one fund company, TRP is a good choice.
https://www.mutualfundobserver.com/discuss/discussion/37250/junk-bond-myths#latest

@MJG your comment,

Therefore, I take issue with Ben Carlson's closing statement. Portfolio volatility matters; it is your enemy.

I'm not sure if you read the link that the last line hyperlinked to (and you referenced) , but if you didn't, I'll link it here:
Look at volatility as a source of opportunity, not something to be afraid of.
Also for visual reasons I linked this chart of historical yearly returns and Volatility of the S&P500. Volatility changes the spread or range of returns which is not always a negative enemy of your portfolio:

Threw a few dollars at OPGSX. Off 15% since I sold it in early September.
I’ll add: Gold’s been acting strange. Suspect the Bitcoin craze has something to do with it.

FYI: Over the last three weeks, my strategy colleagues and I have been crisscrossing the globe, discussing our views on markets for the year ahead.
What follows is a summary of where our views appear to differ materially, where the
‘consensus’ is, and how our views (or the consensus) would likely go wrong.
Regards,
Ted
https://markets.morganstanleyclientserv.com/MSOnline/InternalApi/GetPdfDocument?dockey=1134-86cb079cdc6211e7b057982cff117061-1&downloadfilename=Research-Document

hmm...no mention of PR, FL, TX, CA and the other US islands working overtime printing new muni issues for muni reconstruction?
Here's a chart of three muni funds I follow. As @hank mentions...price action LT / IT (USTEX & USATX) muni should be dropping in price below ST (USSTX). I just don't see it here on this 5 year chart. I include @AndyJ's etfs (MUB or HYD).

FYI: As technology takes over more of people’s daily lives, it’s also taking over ever-bigger chunks of their retirement accounts.
Surging prices for technology stocks around the world mean the industry is making up a larger proportion of global markets. In the United States, Apple, Google’s parent company and other tech companies account for nearly 24 percent of the Standard & Poor’s 500 index. A decade ago, they made up less than 17 percent of S&P 500 index funds. The makeover is even more dramatic overseas, where ascendant companies like China’s Tencent and Alibaba have quickly stormed into the ranks of the world’s largest.
Regards,
Ted
http://www.denverpost.com/2017/12/09/technology-taking-more-from-retirement-accounts/

@Old_Skeet,
From this linked BI Article with Morgan Stanley Analyst:

2,750 could also be the peak for next year, Wilson said. That's based on the expectation that S&P 500 earnings growth will peak and financial conditions will tighten as the Fed continues to hike rates.
"We would be very surprised if we don't return to a more normal environment and witness at least one if not several 10 percent plus drawdowns next year," he said.

businessinsider.com/stock-market-news-forecast-2018-morgan-stanley-2017-11

The weekly barometer report.
This week Old_Skeet's market barometer, by it's metrics, finished the week with a reading of 139 putting the S&P 500 Index in overbought territory. Even with resetting and advancing the earnings feed to what next month's input will be the barometer still indicated the Index is overbought. The earnings feed is reset monthly.
With this, I am still with my cash build mode within my portfolio as I am now starting to see some of my equity mutual funds make their year end capital gain distributions. I did make another step buy in my double tax free muni fund (FMTNX) as there was a big pull back in MUB Friday. If muni's keep pulling back I'll most likely make another nearterm step buy as my tax equlivant yield is a little above 4% in this fund. In comparison the 10 Year Treasury is currently yielding just short of 2.4%.
Thanks for stopping by and reading.

I wonder how this plays out for balance funds like USBLX or VTMFX that hold 50% Muni/ 50% S&P 500...buying opportunity?
Will these Tax managed Funds be harmed by the tax reform as well?

According to M* LFEQ is 80% in Vanguard's S&P 500 ETF (VOO) and 20% in cash. Not sure it's worth the .59 ER when holding cash is free and VOO is .04% ER.....

I only skimmed the article, but what I think I see is you are paying the .59% for their systematic trend/risk process (expertise) for moving in or out of equities, not for an index ETF like VOO. That said, I'm personally not interested in any of these alternative-type funds. For every good one there are probably 20 that won't do any better then a typical balanced fund - probably worst.
Been burnt a couple times on these alternative funds, so my stance is the same as George Bush's.