FYI: (Click On Article Title At Top Of Google Search)
Nasdaq bubble fears are back. But this time around, the biggest dangers may not involve technology stocks.
Instead, some investors are looking askance at biotechnology stocks, a sector that wasn’t nearly as developed when the Nasdaq Composite Index set its record close in 2000 of 5048.62.
The Nasdaq Biotech Index is up about 240% since the beginning of 2012. That dwarfs the 82% gain logged by the Nasdaq-100 tech index of the largest technology companies listed on the exchange operated by Nasdaq OMX Group Inc.
Regards,
Ted
https://www.google.com/search?newwindow=1&site=&source=hp&q=Biotech’s+Rally+Fuels+Bubble+Fears+wsj&oq=Biotech’s+Rally+Fuels+Bubble+Fears+wsj&gs_l=hp.3...5282.8945.0.9437.5.5.0.0.0.0.80.346.5.5.0.msedr...0...1c.1.62.hp..4.1.80.hylaCH7RCb4

I just looked at RPHYX's chart on M*. It's performing exactly as advertised: a very gentle but nearly straight line up, delivering a bit more than 3% better than MMFs, which are delivering just about zero. The only time it ever had a negative quarter was Q3 2011, when it fell only 0.07% and made up for it the following quarter.
Unless the manager is having trouble finding investments, and the 3.5% cash stake does not indicate that, why look elsewhere?
But I'm not putting all my cash here. I like to have a chunk of cash that is truly cash, with a government guarantee if possible.

FYI: Year-to-date, mid-cap growth stock funds are up approximately 7%, whereas the S&P 500 is up around 2.4%. The reason why mid-cap stocks can be good now and in the near-term, as opposed to small-caps and large-caps, is that small-caps have more market risk and large-caps may get hit by a strong dollar.
Regards,
Ted
http://investorplace.com/2015/03/3-best-mid-cap-growth-mutual-funds-nicsx-vmgix-jaenx/print

FYI: My recent articles on performance generated considerable reader feedback, with lots of people wanting help with applying the facts to their portfolios.
Below, I'll answer four questions that came up.
Regards,
Ted
http://www.marketwatch.com/story/when-going-all-in-on-small-cap-value-might-be-a-winner-2015-03-25/print

FYI: Vanguard funds are ideal investment choices for retirees because they arguably have the best lineup of low-cost funds that provide an unmatched combination of low relative risk and high relative return.
Regards,
Ted
http://investorplace.com/2015/03/3-best-vanguard-funds-conservative-retirees-vscgx-vwinx-vpgdx/print

The holy grail that you're looking for used to be called "enhanced cash". The idea was to go a very little up the risk ladder (not conform to Rule 2a-7), but be pretty steady in price (albeit floating). They differentiated themselves from MMFs in both not complying with the MMF SEC rule, and in making clear that they were not MMFs. At least they were supposed to make that latter point clear.
Part of the problem with them was overzealous marketing - TDAmeritrade settled a suit because it had marketed Reserve Yield Plus as a MMF, which it was not. Part of the problem was miserable risk management by some of these funds. From Kiplinger, Are Money-Market Funds as Good as Cash (a prescient article from March 2008):

Many sponsors, analysts and investors used to think that ultra-short bond funds and short-term floating bank-loan funds were nearly as [safe as] money-market funds, but that thinking is in shreds after big losses at such funds as Fidelity Ultra-Short Bond (FUSFX) and Schwab Yield Plus (SWYPX).

Despite the notoriety that Reserve got (much of it deserved, for the way it went after Lehman bonds), I'm one of the very few who feel that Reserve Yield Plus was a fine fund, likely the best enhanced cash fund. It maintained an extremely stable NAV (unlike ultra short bond funds), and provided decent return. Exactly what an enhanced cash fund should do.
When the fund collapsed, its NAV dropped only 3% - compare that to the above named ultra short funds from Fidelity and Schwab. And even that was in part due to a foolish (IMHO) run on the fund by investors. As mentioned above, TDA had sold this fund as a MMF-equivalent, thus when its sibling Reserve Prime, a true MMF broke a buck, people panicked.
Despite its holdings in Lehman, despite the demise of this fund, I think it shows that enhanced cash funds can work (if not oversold to people expecting MMFs). For the most part, this type of fund doesn't seem to exist any more. RPHYX might be considered a version 2.0. But I think it is unique, and as OJ commented, not reproducible (limited supply). I'll offer thoughts on a couple of other alternatives in another post tomorrow or Thurs.

" A fund carrying only 27% in equities is mis-categorized when labeled as "LV." That's my point."
One finds bond houses try to mimic equity funds by use of bonds and derivatives. The concept is not unique. The bond houses are simply leveraging their expertise in bonds. Such funds do get classified in the same group as the equity funds they're mimicking.
For example, Met West AlphaTrack 500 (MWATX) - you can guess what this fund is mimicking. Classified Large Cap Blend (M*) and Large Cap Core (Lipper). 70% bond, 30% cash. From its prospectus

The Fund is an enhanced S&P 500 Index fund that combines non-leveraged investments in the S&P 500 with a fixed-income portfolio. The Adviser actively manages the fixed-income portfolio in an effort to produce an investment return that, when combined with the Fund’s return on the S&P 500 Index futures, will exceed the total return of the S&P 500 Index.

Or you may be more familiar with PIMCO StocksPlus (PSPDX among a zillion other tickers). M* writes:

While the fund uses futures and swaps to mimic the S&P 500, the cash left over after collateral is posted is invested in bonds

Same as MetWest.

Some Vanguard mutual funds carries a modest purchase charge (<0.5%) to gain access to the Investor shares whereas the equivalent ETFs sport lower ERs similar to those of Admiral shares. Also buying/selling these ETFs are commission-free at Vanguard brokerage. I use ETFs and index funds in taxable accounts, and many of the active managed funds in tax deferred accounts.

Thanks --- I know! At Fido the min for is way higher, 100k, I believe, which I would meet, but you still have to pay $50, which totally and immaturely irrationally sticks in my craw. (I could run the numbers.) I just want to be able to bail in a year if need be (the strategy blows up somehow) and go crawling back to the Yackts and PRBLX, with GLRBX for shorter-term.
I was late to the party also, but learned about it here and dove in, or slowly slid in.

davidrmoran- if you have an IRA with Vanguard or Fido ( maybe others) , you can buy the institutional share class DSEEX for $5000 minimum and save on yearly expenses even after the transaction fee. I can't decide if this enhanced fund should be a core holding. (Not sure about counter party risk issues or how it will react when all sectors are relatively overvalued) I admire your courage. I've enjoyed the ride but was a couple of months late to the launch.

Well, with RPHYX I'm up some $5600 over my basis. I can't give actual percentage gains because I've added to that account a number of different times, and while I do know the methodology to approximate the percentage gain it's just more trouble than I want to go to, so I just keep the YTD data.
RSIVX is up 1.3% YTD, not too bad, but it's also a different animal than RPHYX.
One reason that I like those two is that they're NTF at Schwab, so easy to get into and out of cheaply.

I have parked cash in RPHYX and RSIVX for about the last 15 months. My basis is actually more than the market values of these funds given the reinvested dividends and paltry increases in NAV. The money seems safe, but I almost feel as though I'm paying someone a parking fee. Like Whakamole, I would never have known about these funds without MFO.

RPHYX nav dropped .1 % last year, returning 2.6 according to Old_Joe Averaging 3.7 % return over the last 3 years maybe it's time to find a greener pasture? Is the manager running out of places to invest in? Total assets 896,000,000 as of 2/28/15. FWIW ( It seems to me the manage at one time stated the amount of assets he thought the fund could handle). More digging to do.
Derf

IRL. The New Ireland Fund, closed-end.
http://cef.morningstar.com/quote?pgid=hetopquote&t=IRL
http://news.morningstar.com/all/ViewNews.aspx?article=/MWR/MWR1176682US_univ.xml
03/11/15 -- The New Ireland Fund, Inc. (NYSE: IRL) (the "Fund"), a closed-end fund, today announced that it will pay on March 30, 2015, a distribution of US$0.28343 per share to all shareholders of record as of March 23, 2015.
"Your Fund's distribution policy (the "Distribution Policy") is to provide investors with a stable quarterly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital. As announced in the press release issued on June 15, 2014, the Board has determined that the initial annual rate will be 8% per annum, payable in quarterly installments. .."
http://news.morningstar.com/all/ViewNews.aspx?article=/MWR/MWR1181158US_univ.xml
http://news.morningstar.com/all/ViewNews.aspx?article=/MWR/MWR1183434US_univ.xml
...I note it is right now trading at a bit better discount than the 3 or 6 month average. I owned it back in the 1990s and made money.

FYI: German stocks have increased 40% over the past five months. Combined with the euro depreciation and lower oil prices it all points to more upside risk to the economic outlook for Europe.
Regards,
Ted
http://www.ritholtz.com/blog/2015/03/german-equities-up-40-over-past-five-months/print/
DAX Members:
http://www.bloomberg.com/markets/stocks/movers/dax/

FYI: Exchange traded funds holding the beleaguered bullion surged late last week on dovish Fed signals. With an imminent rate hike all but ruled out, the largest ETF tracking the yellow metal, SDPR Gold Shares (ARCA:GLD), popped 2% in Wednesday trade.
Regards,
Ted
http://license.icopyright.net/user/viewFreeUse.act?fuid=MTkxMzU4NDc=
Enlarged Graphic:
http://news.investors.com/photopopup.aspx?path=WEBetf032415.png&docId=744750&xmpSource=&width=1000&height=691&caption=&id=744798

FYI: John “Jack” Bogle, founder and retired CEO of the Vanguard Group, is a staunch detractor of exchange traded funds, but the fund veteran’s feelings may be biased as the ETF industry continues to grow.
Regards,
Ted
http://www.etftrends.com/2015/03/bogles-etf-critiques-draw-criticism-ire/

@JoJo26
With a 3,5, and 10-yr performance landing it in the bottom quartile among funds in its category, and with assets of only 17M after over 10 yrs of operation, yes, JoJo, it was not a going concern and hadn't been for quite some time. If not performance then what led to its final demise? Do you have anything whatsoever that suggests otherwise? Do enlighten.

MAPOX.
http://www.mairsandpower.com/images/Documents/Article_Pioneer_Press_St._Paul_Investment_Company_1.25.2015.pdf

http://www.sec.gov/Archives/edgar/data/835663/000119312515101422/d890010d497.htm
d890010d497.htm GLENMEDE FUND INC
THE GLENMEDE FUND, INC.
The Philadelphia International Fund
Supplement dated March 23, 2015 to the Philadelphia International Fund Prospectus
and Statement of Additional Information, each dated February 28, 2015
THIS SUPPLEMENT CONTAINS NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION.
On March 12, 2015, the Board of Directors of The Glenmede Fund, Inc. (the “Board”) approved a plan of liquidation and termination for the Philadelphia International Fund (the “Fund”). Effective March 24, 2015, the Fund will discontinue accepting orders for the purchase of Fund shares. Any income dividends paid after March 23, 2015 will be paid in cash.
On or about May 15, 2015 (the “Liquidation Date”), the Fund will be liquidated by distributing to investors holding shares of the Fund on the Liquidation Date their pro rata share of the proceeds in cash and all of the outstanding shares of the Fund will be redeemed. Absent other instructions, the cash proceeds will be distributed by mailing a check to each investor of record at such investor’s address of record. The Fund is in the process of liquidating securities and the Fund may invest all or part of the proceeds from the liquidation of portfolio securities in cash equivalent instruments or hold the proceeds in cash. As disclosed in the Prospectuses, the Fund is permitted to depart from its principal investment strategy by taking temporary defensive positions (up to 100% of its assets) in all types of money market and short-term debt securities. During this time, the Fund may not achieve its investment objective.
Until the Liquidation Date, investors may redeem their shares in the manner set forth in the Fund’s current Prospectus. The redemption of your shares will generally be considered a taxable event.
For federal income tax purposes, the tax treatment to investors of the receipt of the liquidating distribution on the Liquidation Date will be the same as would be the tax treatment of a redemption of shares on that date. You may also be subject to state, local or foreign taxes on redemptions or liquidations of Fund shares. The foregoing is only a summary of certain tax considerations under current law, which may change in the future. You should consult your tax adviser for information regarding all tax consequences applicable to your investment in the Fund.
Please retain this Supplement for future reference.