It has underperformed both VWELX and VBINX
???
PRWCX 5 year performance (through 9/26/25): 11.65% (annualized)
VWELX 5 year performance (through 9/26/25): 10.52%
VBINX 5 year performance (through 9/26/25): 9.25%
Portfolio Visualizer gives similar results when looking at returns from Sept 2020 - Aug 2025.

Because the bond market is so fragmented, active bond ETFs have been around for years, while active equity ETFs is a relatively new development.

Thought it was time for an update on tariff price impacts. In March 2025, I updated all our kitchen appliances from a local big box appliance store.
Refrigerator cost $2200. Now 6 months later $2900, same model $700 more.
Stove cost $1000. Now 6 months later $1200, same model $200 more
Dishwasher cost $1000. Now 6 months later $1100, same model $100 more.
Microwave cost $329. Now 6 months later $399, same model $70 more.
A 23.6% total price increase before taxes.
Anyone care to add their experiences, good or bad?

Sven: We notice our grocery bill has gone up 30% easily this year

@WABAC, interesting that our oversea funds/ETFs far out-paced that of S&P500. Same goes for bonds too on dollar term. For now i will take a wait and see.

strategists are rethinking what normal looks like for today’s market.
Bank of America equity strategist Savita Subramanian is among those making the case.
“Perhaps we should anchor to today’s multiples as the new normal rather than expecting mean reversion to a bygone era,”
/snip
Sam Stovall, chief investment strategist at CFRA Research, told Yahoo Finance that while valuations remain elevated compared to long-term averages, they look more justifiable when measured against the past five years — a stretch marked by megacap leadership and strong fundamentals.
“Over the past 20 years, the S&P 500 is trading at roughly a 40% premium to its long-term average on forward estimates,” he said. “But on a five-year basis, when mega-cap tech began to dominate market cap and earnings growth, that premium shrinks to a high single-digit range.”

While returns have been solid in 2025, at the index level, the purchases haven’t been as lucrative as they would have been if executed in other major stock markets. The S&P 500 has underperformed equity benchmarks in Canada, Mexico, Brazil, Japan and China, both in local currency and in US dollar terms.
The MSCI World Index has advanced 15% this year and is currently on pace to outperform the S&P 500 for the first time since 2017. The MSCI All-Country World Index with US stocks excluded is outperforming more sharply, rising 22% compared with 13% for the S&P 500.

Conditions Favoring Foreign Equity Outperformance
Valuation Discounts: Foreign stocks are often priced at substantial discounts to US peers, sometimes at as much as a 35% discount, making them more attractive on a forward-return basis, especially during periods when US valuations are elevated.
Currency Effects: Periods of US dollar weakness tend to amplify returns for US investors holding foreign equities. Conversely, a strong dollar often dampens relative foreign returns.
Cyclical Macro Shifts: International equities benefit when global economic growth prospects outside the US are stable or improving, particularly when the US is facing recessions, stagflation, or policy uncertainty (e.g., tariff shocks, higher US interest rates).
Sector Leadership: Foreign markets with strong sector tailwinds (such as renewable energy in Europe or manufacturing in Asia) can outperform when those sectors are globally competitive.
Policy and Structural Reforms: Governments outside the US with fiscal capacity and willingness to stimulate growth can boost earnings for local stocks.
US Market Headwinds: Foreign equities tend to outperform when US equities are affected by factors such as policy-driven uncertainty, overvaluation, or a narrow concentration of gains among a few mega-cap stocks. [In regard to that last insight I'll add that we've boiled our market down from a nifty fifty to a mag7]