@Mav123 - I hold a 3% position in EPD in my Roth account. Opinions seem to be divided on whether that's a good idea or not but I haven't had any issues yet. I've held it for 10-12 years despite that contrary opinion. It does issue a K-1 which TurboTax handles easily.

I was interested in HMEZX, but then I was concerned by the unimpressive performance of other funds managed by the same manager (Dondero), and by general comments that can be found here: https://www.institutionalinvestor.com/article/b1l0wrph2lc0j6/Nothing-Can-Stop-This-Hedge-Fund-Soap-Opera

Another opinion : https://www.investopedia.com/best-robo-advisors-4693125

Thanks for the new info.
I remembered that Investopedia had its Robo-Advisor Ranking earlier in the year. So, I checked the stuff I saved/bookmarked, and sure, there was this from 2/28/22.
https://www.investopedia.com/investopedia-2022-best-robo-advisors-awards-5220680
What you have posted is 7/31/22 "update" with different authors but the info appears the same/similar. I will compare and see what they are trying to do now.

Some notes from the RPHIX/RPHYX 06-30-2022-Shareholder letter (I've added the bold):
As of June 30, 2022, the portfolio was comprised of securities with an average maturity of 4.43 months. At quarter-end, the invested portfolio had a weighted average Expected Effective Maturity of 11/10/22, and 43.10% was comprised of securities with an Expected Effective Maturity of 30 days or less.
As of June 30, 2022, the Weighted Average Market Yield to Effective Maturity was 7.17% for Effective Maturities of 31 days or more. That comprised 57% of the invested Portfolio.

Crash, send them email noting that your cancel order was submitted 9:15a ET or whatever it was and see what they say, and report back.
Many times over the year with both ML and Fidelity I have submitted buy / sell orders and canceled within the last minute or two, no problem, though the usual 'you are attempting a trade | cancellation close to market close and' yada yada.

Another opinion : https://www.investopedia.com/best-robo-advisors-4693125

The OP discussed HMEZX, a merger type fund, which is quite different from that of RPHIX. I selected a comparable fund, MERFX, which by coincidence, I have owned for numerous years.
You can see the returns here for MERFX since its inception:
https://finance.yahoo.com/quote/MERFX/performance/
MERFX was closed to new investors as of June 1, 1996 and resumed sales in 1998.
(closed)
https://www.sec.gov/Archives/edgar/data/701804/0000950123-96-002625.txt
(re-opened)
https://www.sec.gov/Archives/edgar/data/701804/0000950123-98-008974.txt
MERFX's YTD return is (1.61%) according to Google which is better than many of my other mutual funds.
Concerning one year cd rates, the rates have only increased due to the FED increasing interest rates in the last several meetings. Before those meetings. short term CD rates were abysmal in comparison to RPHIX.

@MikeM’s been a practitioner of the robo approach for near a decade by my count. And he has consistently reported great results. I’d trust his word and judgment. One thing he might have added was that the robo approach he uses and likes excels over other approaches on a “risk adjusted” basis. Those seeking out lower risk due to age, need, circumstances wouldn’t be expected to turn out the same returns. I’d agree too that alternative funds can’t keep pace with a plain vanilla approach over long periods due mainly to the higher fees. Still, for risk averse investors a modest allocation to alts may tamp down volatility. Different strokes …
Mike said, “The average 12%, most accounts, invested in cash has been a drawback in returns,”
I don’t think I’d be violating any rule to note that James Stack currently has his investors 30%+ in cash (short term treasuries). I believe that was recently reported in Barron’s. It’s not what I choose to do. Just saying … :)
@MikeM said, “Similiar or possibly better returns than retirement or target date funds“
I have no difficulty at all believing that. I probably track 25+ funds daily that I don’t own. The two formerly successful conservative allocation retirement funds from TRP I follow have really fallen out of bed over the past year. If one cannot easily beat their recent track record on their own, they’ve got a serious problem. TRRIX (-9.51% YTD) and PRSIX (-10.21% YTD). Glad I own neither.
(In fairness, I’ll note that VWINX has held up much better than have the two TRP conservative allocation funds.)

Also, Mav123, please explain the appeal of RPHIX? The fund's total return % for 1 and 3 years is 1.70 and 1.78, respectively. Over the past 5 years its 2.21%.
On the other hand, you currently can get a 1-year FDIC insured CD at Fidelity or Vanguard that pays 3.05%. Why bother with RPHIX?

"First, Wall Street seems to have a blind spot when it comes to tightening via the Fed’s balance sheet.
Such tightening has been attempted only once before, and economists say rate increases are much easier to model than quantitative tightening. In that way, many participants assume QT won’t have much impact.
Second, the lack of discussion around QT is leading to public misunderstanding.
Some investors doubt that the Fed is following through so far on its balance-sheet tightening plan,
particularly on the MBS side."
Barron's Link

Please explain the Appeal of MERFX ? Gross ER 1.71%
1 yr -8.57 / 3 year 0.22 / 5 year 2.17 / 10 year 2.22

@hank : PS - A stock or fund that’s up 10% one day and down 10% another day is difficult to deal with.
+1
"You can't win them all" , Derf

@hank : Did you have a stake in DK, I see it popped this week. Article in Weekend WSJ.

@Derf - I bailed from DKNG at just over $14 some time ago. Had been as low as $10.66 during the time I was averaging in. Didn’t do bad - but would have made a whole lot more if I’d held it. Also had some ARKK at very attractive prices for a while. So there’s 2 big fish still in the pond if you want to go fishing. :)
PS - A stock or fund that’s up 10% one day and down 10% another day is difficult to deal with.
(Ask Cathie)

@MAV
I'm assuming your question is in regards to the individual stock holding. My portfolio is comprised of a taxable account, and a rollover IRA...both approximately the same size. Between them I hold 17 individual stocks. Within each account, a holding may generally account for anywhere between 5-7% of that account's total...and about 3% or so of the overall portfolio total. With only 2 exceptions, they all generate dividends and contribute to cashflow for spending purposes. With the exception of the REITs, their dividends are tax advantaged so it really doesn't make a difference in where you hold them. From an overall portfolio perspective, individual holdings account for 57.5% of the total.

Added NLSAX to my alternative sleeve last week. Replaced GATEX. I think it will be a good fit. Held up quite well 1st quarter 2020. I’m very diversified. Largest single holding (DODBX) is at 8.7%. NLSAX is 7.95%.

@Crash, @Mark, @rforno, @PRESSmUP
What percentage of your portfolio do you allocate to these companies? Also, is it beneficial to hold them in retirement accounts, IRAs, if they have special tax consequences if held in a normal account?
Thank you

They're large positions (10%+), but I have several large positions. I don't worry much about percentage allocations of individual holdings per se since I prefer concentrated holdings in quality names which can lead to 'overweight' or 'majorly overweight' sector allocations ... which drives financial analysts/brokers/algos crazy when they run the numbers and go "OMG you have XX% in [stock/sector$] that's horrible!"

Sequence of Return Risk is discussed which may play a significant part in determing a SWR:
the-hidden-peril-in-sequence-of-returns-risk

global value investor Tom Russo says today’s investment environment is the most challenging of his 40-year career. He explains why his core companies are up to the challenge.

Also, is it beneficial to hold them in retirement accounts, IRAs, if they have special tax consequences if held in a normal account?
Thank you.
In particular, I know that ET generates a K-1 IRS form, which many people find burdensome to deal with. (Limited Partnership.) Not me. I'll just pay my tax guy, like every year, to do our 1040. But the K-1 form typically arrives very late! (Harumph.)
With regard to the K-1, I'm told that dividends amount to "Return Of Capital." Technically, they're giving you back your own money, non-taxable----- until they give you back so much that your own total cost basis is covered; then it becomes taxable. There are others here at MFO who know more than I do about it. Maybe they can contribute here, and tell us if I'm all wet and full of shit. ;)

@Crash, @Mark, @rforno, @PRESSmUP
Presently:
What percentage of your portfolio do you allocate to these companies? Also, is it beneficial to hold them in retirement accounts, IRAs, if they have special tax consequences if held in a normal account?
Thank you

@Mav123
Thanks for the question.
Presently: BHB= 3.6% of portfolio total.
ET = 3.09% of total.
RGR = 1.26% of total.
Tonight, they are 7.95% of portfolio. They all did badly today.
They are all in taxable account. In retirement, there's no Earned Income that makes contributing to the T-IRA a sensible thing to do. Our household income leaves us paying zero federal tax, anyhow.
I will be gradually growing my stake in single stocks. I keep an extensive watch-list. I'll never have enough money to own them all. But I'll pick up some, here and there, when the opportunity allows. Diversification is still important to me, and with options available which cover the waterfront, I'm right now looking at Marine shippers GRIN and PCFBY. .......Perennially, the big Canadian banks are on my list, but currently, I'm already 34% in Financials. (CM. BMO. RY. TD. BNS.) .....Also: CLF. And QAT. How much do I devote to these single stocks? Not enough. I don't think I'll ever reach a point where I must LIMIT my proportion of single-stocks, compared to funds. If I were younger and working, I suppose I'd try to strike a balance. Funds are inherently less risky. (See more in the very next post.)