@BaluBalu
See my link on this thread from Feb 3rd on page 8 for historical returns for Marshfield equity composite vs SP500
Best regards
Baseball fan

Thanks. That link just spools and does not load on my iPad.

@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.

@rforno, that would be an interval-fund, a special type of CEF.
OEFs can only suspend redemption temporarily, but may impose redemption fees (like class B loads that have almost gone away now due to paperwork problems).
Nontraded/non-listed funds can do that too. We see that for once popular nontraded REITs such as Blackstone BReit and Starwood SReit - these have been under max redemption (2% per month or 5% per quarter) for over a year now.

Yeah, @Crash. Sectors like Natural Resources are more of a momentum play, I think, than a buy and hold core investment. NR has been a poor investment for over 10 years. It's not PRNEX, it's the sector it invests in.
Growth of $10,000 over 10 years (Schwab data):
PRNEX $13,528
NR category: $13,264
Compared to the broader US market S&P 500: $32,807
That's pretty much the equivalent of making about 2.5% a year on your NR investment.
Anything that isn't broad and diversified will have really good stretches along with really lean years.

@BaluBalu
See my link on this thread from Feb 3rd on page 8 for historical returns for Marshfield equity composite vs SP500
Best regards
Baseball fan

I generally agree w/their investing strategy, but I'm not overly impressed with their holdings -- 25% of the portfolio is in coal stocks?!?

Alternatively, you could buy it directly on the London Exchange (PSH:GB). But not in a retirement account.
Fidelity charges £9 for the London Exchange transaction. At the current exchange rate of $1.26, that's around $11.35 - a lot cheaper than $50. Though I don't know what sort of stock price you'd get through each mechanism.
https://www.fidelity.com/stock-trading/faqs-international
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/Brokerage_Commissions_Fee_Schedule.pdf
https://www.reddit.com/r/fidelityinvestments/comments/pjvwvg/why_fidelity_charges_5000_foreign_settlement_fee/

Pershing Square PSHZF is a foreign-listed CEF that will have $50 exchange fee at most brokers, even if commission-free otherwise (Fido, etc).

During the downturn in 2021-22, I bought a small amount of NVDA. After trimming around $350 to take out initial purchase amount, it grew up a lot since then. M* portfolio is showing I am up 480%. However, it is still relatively small %age my overall portfolio, which consists of 80% mutual funds and 20% stocks. All the stocks were accumulated since 2021, and most of them growth stocks including speculative ones like SOFI and PLTR. I have been thinking of selling some of them completely or trimming these high flyers including NVDA, but not yet done it. (NVDA, NFLX, CRWD, DDOG, ASML to name a few).
One of my mantras for buying so many of them when they were irrationally punished during 2021-22 period. My average price for NVDA is $122. I was lucky to buy NFLX around $170. I was not bold enough to buy Meta below $100, but average price is not bad at $175.

Why would anyone own PSHZF (you have to pay $50 to buy at fidelity each time and it has a performance fee) if the above is true? Bill would be managing two closed end funds. Something doesn't add up

It depends on what one is paying for? If I am ok with PRWCX is because I must believe the fund manager has "some edge" which is greater than participating in Passive Vanguard fund. Does every one of the 6700 Mutual funds and ETFs have edge. Most certainly not. Maybe 50 do. If its not one of those 50, most likely the adage, "Financial products are sold, not bought" applies.

MRFOX strategy appears to be around for 20 years, based on this letter -
https://www.marshfieldinc.com/wp-content/uploads/2023/11/Marshfield-Associates-Newsletter-December-2023-The-Ghost-in-the-Machine-4.pdf
They manage about $5b through separate accounts.

@sma3 ....that fund is available at Schwab, although with a difference share class and symbol (GQJIX)...$49.95 transaction fee however.

@MikeM, is this what you were trying to post?
Image ADDRESS (should have .jpg or .png ending) https://images.inc.com/uploaded_files/image/1920x1080/getty_133970892_157811.jpg

https://www.sec.gov/Archives/edgar/data/1587982/000139834424002210/fp0087097-1_497.htm
497 1 fp0087097-1_497.htm
AXS Cannabis ETF
Ticker: THCX
A series of Investment Managers Series Trust II (the “Trust”)
Supplement dated February 7, 2024 to the currently effective
Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”).
The Board of Trustees of the Trust has approved a Plan of Liquidation for the AXS Cannabis ETF (the “Fund”). The Plan of Liquidation authorizes the termination, liquidation and dissolution of the respective Fund.
The Fund will create and redeem creation units through February 21, 2024 (the “Closing Date”), which will also be the last day of trading on NYSE Arca, Inc. (the “Exchange”), the Fund’s principal U.S. listing exchange. On or about February 28, 2024 (the “Liquidation Date”), the Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record as of the Liquidation Date. Shareholders of record on the Liquidation Date will receive cash at the net asset value of their shares as of such date. While Fund shareholders remaining on the Liquidation Date will not incur transaction fees, any liquidation proceeds paid to a shareholder should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on the shareholder’s tax basis. Shareholders (including but not limited to shareholders holding shares through tax-deferred accounts) should contact their tax advisers to discuss the income tax consequences of the liquidation. Under certain circumstances, liquidation proceeds may be subject to withholding taxes.
In anticipation of the liquidation of the Fund, AXS Investments LLC, the Funds’ advisor, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective. Shareholders of the Fund may sell their holdings on the Exchange on or prior to the Closing Date. Customary brokerage charges may apply to such transactions. After the Closing Date, we cannot assure you that there will be a market for your shares.
Please contact the Fund at 1-303-623-2577 if you have any questions or need assistance.
Please file this Supplement with your records.

You might look at FPACX. You can buy it as Schwab and Fido for $50. About the same 50/50 but with a lot of cash that they will deploy down to may 30% bonds. Probably a little more equity heavy than WBALX
There are other conservative funds that hold cash when things are so pricy and then can jump back in like MRFOX . It cam up on another thread and I dug into it and was impressed enough to buy some.

BTW, Scott McNealy (69) has been laying low & spending quiet time with family, friends and personal hobbies. After he left as the CEO of Sun Micro in 2006 at age 52, and its Board in 2010 at age 56, he dabbled with some startups, but nothing came of those.
Interesting that Vinod Khosla recruited 28-yr old Scott to Sun Micro in 1982, and VK still remains very active in venture-capital.
https://en.wikipedia.org/wiki/Scott_McNealy

@sma3, it's below.

Here is the taxable. I'm just looking at the top ten holdings on the M* quote page. I might get to the IRA later.
Ticker, portfolio weight, holdings
DIVO 4.97, Microsoft 5.56
CSGZX 1.02, Microsoft 5.10, Apple 5.07, Alphabet 4.75,
DODGX 12.74, Microsoft 2.62, Alphabet 2.54
FSCSX .98, Microsoft 23.37, Alphabet 2.79,
POSKX 3.31, Microsoft 2.93
TDV .95, Microsoft 2.9
Few here should be surprised that I won't be trying to work through the math on what this adds up to. :)
FWIW: As far as the Mag 7 goes, only Microsoft and Nvidia count as tech companies in my view. Whatever percentage of Amazon's biz comes from their cloud operations can be thrown in as well.
I look at Apple as a consumer product company, Tesla as a car company, and Alphabet and Meta as media deliverers of advertising. I am aware that's not the common view of these companies.
The only one I seek to minimize is Tesla. Who remembers the Duryea Brother's Motor Wagon Company? China is gearing up to bury Tesla. Apple is another with China problems.
I laugh at ESG funds that include Amazon, but I don't seek to minimize it.

Respecting @stillers request we start a new thread to discuss NVDA etc here goes
My favorite Dot.com quote from Scott McNeely CEO of SUN
"At 10 times revenues, to give you a 10-year payback, I have to pay you 100% of revenues for 10 straight years in dividends. That assumes I can get that by my shareholders. That assumes I have zero cost of goods sold, which is very hard for a computer company. That assumes zero expenses, which is really hard with 39,000 employees. That assumes I pay no taxes, which is very hard. And that assumes you pay no taxes on your dividends, which is kind of illegal. And that assumes with zero R&D for the next 10 years, I can maintain the current revenue run rate. Now, having done that, would any of you like to buy my stock at $64? Do you realize how ridiculous those basic assumptions are? You don’t need any transparency. You don’t need any footnotes. What were you thinking?"
NVDA Price to Revenue is three or four times SUNW then
This quote is from the Felder report
https://thefelderreport.com/2017/10/26/what-were-you-thinking/
I would post the stock chart image if I knew how. It is in the link. ( at 72 I must admit I am a bit technologically challenged)
Bottom line: "a chart of Sun Micro from 1996 to 2006. It started around $5 ran up to that $64 Scott mentions and then fell right back to $5. And you would think this might serve as a cautionary tale for investors today."