@stillers ...having a significant amount in a high-flyer can create a bit of anxiety. This certainly applies to holders of individual equities, but I'm wondering why folks with significant positions in SPY (or similar) aren't equally wary. They should be.

"...a bit of anxiety" did NOT cause me to sell GOOGL. The speed at which I made 6% did!
As noted in my BUY post, this was either going to be a ST trade of a LT holding. I met my hurdle for a ST trade and executed it. Simple as that.
On your last point, I'd offer up one of Peter Lynch's infamous quotes: “Far more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves."
To wit:
https://www.yahoo.com/finance/news/stock-market-investors-fear-megacap-133300544.html

@mrc70, Well. If Turkish bottlers of soda and beer are what you're looking for in a mutual fund, 1.25 might seem cheap.
I shouldn't be snotty about it. I pay 1.22 for GLOFX in my taxable. But everything I bought on March 18, 2020 looks lovely to me now.
OTOH, QLTY is looking better and better at .50, if helping "regular" investors is the goal.
I wonder how much Dodge and Cox and Albert Nicholas charged when they were getting started.

@WABAC I think the expense ratio of 1.25 for a fund with less $7M is OK in my opinion.
A fund like OAKIX with $20B assets is charging 1.05. There are many funds in the industry that charge exorbitant expense ratios even after accumulating billions of dollars. Comparatively, this is nothing in in my opinion. Let's see if he is also like them or reduce the fee as assets are increased. Of course, that scenario only happens in the first place, if he performs.
IMO, a good manager with new a fund is great combo, so I went ahead and invested without a second thought. I got benefited with this philosophy by investing almost from inception in Akre fund AKREX and ARTYX (in spite of its fall during 2021-22 from parabolic move up before that).

Curious myself, so here goes. Since TRAIX and PRCFX make up 95% of our portfolio I'll just list the Mag 7 percentage from M* as of 12/31/23 for TRAIX, which while not perfect, will be pretty close.
EDIT: I was able to come up with more accurate figures than my original post using M* Stock Intersection Tool as of 12/31/23.
AAPL -1.88%
AMZN - 2.03%
GOOGL - 2.65%
META - 1.02%
MSFT - 4.41%
NVDA - 1.28%
TSLA - 0.00%
LLY - .63%, just for kicks.
13.9%, less than I expected, though Giroux did state recently they had trimmed some of the hot stocks.

By Jason Zweig at the WSJ
I was able to read it w/o a subscription although I do subscribe to Barrons.
ARTICLE

@WABAC
Doing a quick look-see, I get these respective allocations for you based on your data.
I invite you or anyone to proof these calcs.
AAPL 0.05%
AMZN 0.00%
GOOGL 0.40%
META 0.00%
MSFT 1.02%
NVDA 0.00%
TSLA 0.00%
Total 1.47%
If you are OK with my calc's, I'll use them in the next summary.

I'm in no position to quibble. :)
My allotment will be going up by the end of the month as I eye adding QLTY, FMIL, and AMAGX to the taxable. I could use some genuine growth for that portfolio. And, unlike the IRA, I don't feel a need to simplify it at this time.

My experience is similar to what others noted here....I am up in low single digits on a total return basis since start of 2022. My portfolio (70% stocks) is seriously underweight in the current market darlings. But, even so it has not fallen very far behind. Even the S&P500 is only up by single digits since the beginning of 2022.
The increasingly narrow concentration of the upside part of the market is what most concerns me. How much longer can that go on? History suggests it will not be forever. And, then, what comes next? I am rooting for the inflation rate to continue to decline and for a soft landing for the economy in 2024. But I am not holding my breath!

SPY, RSP, EQAL COMPARED

Turns out just about every one of my LC funds holds some Mag 7, even CGDV. My biggest single-fund holding, MOAT, has managed to stay ahead of its bogey without loading up on the usual suspects, although it does have just less than 9% allocated to them. Van Eck blog entry touting LT and ST performance is linked here:
http://tinyurl.com/452emtac

To add to @BenWP point:
QLTY - GMO U.S. Quality ETF - holds 5 in their top10 positions
CGDV - Capital Group Dividend Value ETF - holds one
JQUA - Jpmorgan US Quality Factor ETF - holds 5
And the discussion board honey
TCAF - T. Rowe Price Capital Apprec Eq ETF - holds 6

Within fund holdings (I only looked at the top 10 and combined GOOG+GOOGL):
AAPL 1.18%
AMZN 0.32%
GOOGL 0.36%
META 0.25%
MSFT 1.21%
NVDA 0.59%
TSLA 0.018%
Total 4.09%
I also own shares of AAPL (6.1% of total portfolio value) and GOOGL (3.1%) outright.
QLTY owns 5 of these stocks in their top 10. JQUA also owns 5 and CGDV owns one.

I'm not much different @Crash. Up just slightly from the 2022 high, but on a positive note, up about 15% from the 2022 low. Bottom line, 2022 sucked.
Up about 1.6% YTD with a similar to you combined 45% equity stake. I'd like to think 2024 will be decent. Good luck to all us old(er) guys.

@David, I agree 100%. Though if fund managers were content to not be beholden to (or required to track?) a benchmark, this probably wouldn't as big a concern for them. But if they can't brag about their performance vs. an index or fund category, they'd struggle to market themselves to attract AUM and/or differentiate from the crowd. Thus, many funds often act alike and become a costly jumble of 'me-too' vehicles in their manager's quest to dodge peer pressure.
I like absolute return metrics myself, at least in terms of overall analysis of performance - in my portfolio, I don't care if I 'beat/trail the S&P or my M* category or other funds. If I can SWAN and make a decent return for myself and my needs, whether that performance is +/- 5%, 11%, or 25% in a given year vs everyone else, I don't care. But the average investor tends to act only on recency bias, so immediate past/current performance is all the fund managers focus on to attract new money.
(I don't like most of the popular tracking/benchmarking indexes anyway, which are used by most passive indexing funds that are so widely held, because they're market-cap weighted, as I've said for years. But they're 'cheap' which is used as a carrot to attract investors, so....here we are.)

Thanks, @finder.
https://www.investopedia.com/articles/investing/120516/what-interval-fund.asp
https://www.investopedia.com/terms/a/accreditedinvestor.asp

Different twist. This one’s for “ordinary” rather than “regular” investors - :)
“In the past several years, private-equity firms have begun to raise large amounts of money from retail investors, a group that most alternative-asset managers had typically neglected. Private funds are generally open to people with at least $1 million to invest or an annual salary of $200,000 or more …”
WSJ
Here’s a YAHOO link / story if you don’t have a WSJ subscription.

2% is quite low by hedge fund standards. I’ll pass on this opportunity. Hedge funds for the filthy rich make some sense. I think as someone noted elsewhere, wealth at the upper level is concentrated in families and passed on generation to generation. Similar to how big pension funds operate. So a 5-10 year bear market and a 30% + haircut doesn’t mean that much. They will survive during the downturn and the generational wealth will eventually recover. Part of the key to high returns is the inability to withdraw assets at will. Otherwise, many might flee at low points in the market and disrupt the very long term strategy.

PMEFX, not off to a great start this year, but its 3-year record is encouraging if you want a fund that is not concentrated in large-cap funds.

Appreciate the response! We are steering clear of small-caps. Too damn volatile for a buy-and-hold guy like me. (

30 Nov. 2023: 17% "not classified?" in PMEFX. WTF? Is that maybe 100-year old Saurian brandy futures from Star Trek?)
https://www.youtube.com/shorts/r2OkF-Yck6Q

Not sure where you’re seeing “Not classified.” From their Q4 Fact Sheet:
Equity 35.3%
HY Corporate 35.8%
Investment Grade Corporate 25.8%
Treasury 1.6%
Cash 1.5%

Range-bound. That's where my portfolio is. 54 stocks, 37 bonds 7 cash.
Just thought I'd mention it. Getting impatient. Tonight, I'm sitting just off my OLD high-point, at the start of '22, before the interest rate hikes. Financials, Energy, Tech and Healthcare are where I'm most concentrated. In that order. Bonds have come up, yes. But not "so'z you'd notice."
I really don't want to pile into a horrifically crowded tech-trade right now. Arm, A.I., Facebook, Google, Amazon. And some of my stuff is holding WFC as a top holding. Makes me want to gag. Criminal suck-bag banksters. All of the huge banks are that way.
Interest rate cuts will help. Earnings have pretty much been coming in hot for 4Q '23. Still not much of a difference in MY portfolio. Stinky poopy. Meanwhile, tempus fugit.
---End---

@Derf - Thanks for your question. My wife and I are invested in a similar ratio as you; much larger allocation to VWIAX than this new, very modest investment in PRCFX (just a toe hold). VWIAX holds a 35% position in an IRA requiring RMDs, and now that the market has recovered somewhat, I thought it was time to begin diversifying beyond the value stocks and intermed-term bonds.

@Level5 : Any reason why you're making the move at this time ? Thanks for posting as I'll begin to keep an eye on both for a comparison. I hold a small piece of PRCFX & about 7 times that amount in VWIAX.

(This dude won’t be one of them.)
ESPN
The total is staggering. Hopefully they’re not gambling with their 401Ks or IRAs the way they are on sports.
For comparison, mid-cap companies are defined as having a market capitalization between $2 and $10 billion.
Large cap stocks in that range - LIST
WBD / $23.9 Bil
RJF / $23.5 Bil
STT / $23.3 Bil
EBAY / $21.8 Bil
According to one commentator, there will be more than 10,000 different things folks will be able to bet on during the game. One supposes issues like what color Taylor Swift will be wearing, wind speed at kickoff and whether any rain falls are among them.