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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Mutual Fund Comparison Sites?
    Fidelity's site will give similar comparison data, but only for funds they sell. That includes all funds and share classes the sell, not just their NTF funds. But it omits funds like Admiral shares of Vanguard's actively managed funds (e.g. VWIAX).
    https://fundresearch.fidelity.com/fund-screener/results/compare/overview/averageAnnualReturnsYear3/desc/1?order=tickers&tab=sn&tickers=VWINX
    You'll find one month and three month performance on the short term performance tab. No weekly performance, no 15 year performance.
    On the Morningstar site, until it vanishes later this year is the actual fund compare tool. This gives YTD, 1 month, 1, 3, 5 year data. But not 3 month, 10 or 15 year performance figures.
    https://www.morningstar.com/funds/screener-compare
    Alternatively, if you have premium membership, you can use the premium fund screener (specify precise funds by screening on tickers). The performance tab gives YTD, 4 week, 1, 3, and 5 year data. But not 3 month, 10 or 15 year performance figures.
    However, you can create a custom view to display all the time periods you are used to getting.
    https://www.morningstar.com/funds/screener-premium
  • Mutual Fund Comparison Sites?
    Once the M* "Performance" page changed to its current self, I kept using the old link to the page to compare up to 6 funds at a time. It seems that link is no longer working/supported.
    Any suggestions on other sites that have a good comparison tool with similar performance data as the old M* Performance page? The M* compare tool included daily, 1 week, 1 month, 3 month, YTD, 1 year, 3 year, 5 year, 10 year and 15 year performance data. Sure miss it already!
  • Oldest mutual funds: name changes
    Not sure if it's had the same name?
    That would be a good guess. But it wasn't quite a name change. Kiplinger says that T. Rowe Price only started its first mutual fund in 1950.
    https://www.kiplinger.com/article/investing/t041-c009-s002-top-funds-from-t-rowe-price.html
    In 1992, T. Rowe Price buried the real history of this fund (which existed at the time) and substituted the history of a different fund, Axe-Houghton Fund B, which had an earlier inception date. In short, RPBAX was created well after 1939, but you'll never know when.
    According to RPBAX's SAI,
    On August 31, 1992, the T. Rowe Price Balanced Fund acquired substantially all of the assets of the Axe-Houghton Fund B, a series of Axe-Houghton Funds, Inc. As a result of this acquisition, the SEC requires that the historical performance information of the Balanced Fund be based on the performance of Fund B. Therefore, all performance information of the Balanced Fund prior to September 1, 1992, reflects the performance of Fund B and investment managers other than T. Rowe Price.
    In 1992, the NYTimes reported:
    T. Rowe Price, a large no-load family ... took over six funds with total assets of $546 million from the struggling insurance company USF&G.
    ...
    five [of the] USF&G funds, and the funds they have been mingled with, are Axe-Houghton Growth, now part of T. Rowe Price New America Growth; Axe-Houghton Income, into T. Rowe Price New Income; RMC European Emerging Companies, T. Rowe Price European Stock; Axe-Houghton Fund B, T. Rowe Price Balanced; USF&G Cash Reserves, T. Rowe Price Prime Reserve.
    https://www.nytimes.com/1992/10/03/your-money/IHT-briefcase.html
    Here's a little bit more about Axe-Houghton Fund B and USF&G:
    Prior to 1992, Axe-Houghton Associates was named Axe Core Investors, and was wholly-owned by Axe-Houghton Management, a subsidiary of insurer USF&G. Axe-Houghton Management’s services included mutual funds and institutional asset management. In 1992, concurrent with USF&G’s sale of Axe-Houghton Management’s mutual fund business to T. Rowe Price Associates, Inc., senior management of Axe-Core Investors purchased the institutional asset management business of Axe-Houghton Management. Axe-Core Investors subsequently changed its name to Axe-Houghton Associates. In 1993, the Hoenig Group Inc., a publicly-traded financial services company, purchased Axe-Houghton Associates.
    http://www.managerreview.com/su_companydetails.php?iCompanyId=906&CompanyName=Axe-Houghton Assoc.
    Axe-Houghton Fund B apparently dates back to August 5, 1938, but it might not have been offered for sale until its stated 1939 inception date. I'll leave it for others to resolve that minor discrepancy.
    https://opencorporates.com/companies/us_de/366229
  • AAII Sentiment Survey, 6/22/22
    Juxtaposed against this contrarian indicator (i.e. "Bearish sentiments" = bullish price action), is a quarterly stat tracked by Fred.gov. As of Q1, corporate equities as a % of household wealth was still sitting quite high.
    Between the expressed AAII bearish sentiments and the apparent bullish positioning, it suggests to me we have a ways to go before we reach a capitulation bottom. -- My reading of virtually every domestic and EAFE index suggests the trend is still inexorably "down" (until its not).
    And then, of course, there is the Fed. -- The actual tightening has presumably only just begun (QT only commenced in June). To quote Marty Zweig: "don't fight the Fed".
  • M* screwing everything up again
    +1 hank Congratulations on ditching Morningstar !
  • Oldest mutual funds: name changes
    T. Rowe Price Balanced Fund RPBAX was formed in 1939. Don't have a link other than the TRP website for the fund. Not sure if it's had the same name?
  • Dead Cat Bounce
    Late last week uptick is more like relief rally. Everything is down again on Monday. Listened to @hank’s Wall Street Week posting again. This year will be not be easy to get back to positive territory given that S&P 500 is down 18% and total bond index is down 11%. Earning season is coming in July.
  • U.S. pending home sales rebound in May, reversing a six-month decline
    “The numbers: U.S. pending-home sales rose in May by 0.7%, according to the monthly index released Monday by the National Association of Realtors. Analysts polled by the Wall Street Journal had forecast the pending home sales index to drop by 4%. This increase breaks a six-month decline, and comes as mortgage rates continue to rise. - MarketWatch
    Could be folks are trying to get out ahead of steeper rate increases they may think are coming.
  • Looking to Buy: Old Wiesenberger yearbooks
    Before Morningstar there was the Wiesenberger annual yearbook, "Investment Companies." First published about 1941, it tailed off about 2000.
    Readers of John Bogle may recognize the name: his historical compilations drew on Wiesenberger, especially the 30-year returns study he mounted in preparation for launching the S&P 500 index fund.
    I've been picking up copies on the used book market (only the 1943 volume is free to read on books.google.com). I have pretty good spacing, enough for my needs, from 1943 through 1966. (Goal is to assemble historical returns for funds no longer in M*; Wiesenberger gives trailing ten year returns, so I only need a volume every N years).
    My university library has all the volumes after 1952, but it is a couple hundreds of miles away and an overnight stay to access. That trip would cost me some hundreds of dollars plus the discomforts of travel, and I'd inevitably forget to copy something. Meh.
    It occurred to me that members of this forum might have older copies no longer of use, which would save me that trip.
    I would like to buy anything prior to 1946 (excepting 1943), and also, anything from 1971 to 1977.
    If interested, please message me. I paid $30 to $40 each for the older volumes, would expect to pay more for the fatter volumes published in the 1970s. If you want it to be a donation to MFO instead, that's fine too. (I'll donate for scans of key pages, even, if you are the fortunate person who owns a complete set of Wiesenberger.)
    I'm not a reseller, BTW; these will sit on my shelf next to old copies of Moody's, old copies of the SBBI, old copies of Poor's Railroad Manuals, etc.
    Its good to be retired with discretionary income to spend on hobbies :-)
  • Oldest mutual funds: name changes
    Pioneer Fund was founded in 1928 by Philip Carret as the Fidelity Mutual Trust (not on any list in the SEC study).
    https://www.corporateknights.com/responsible-investing/a-short-history-of-responsible-investing/

    On p. 735, both Loomis-Sayles Mutual Fund, Inc. and Loomis-Sayles Second Fund, Inc. appear. Only the "second" fund appears on p. 877's short list.
    "Prior to establishing CGM, Mr. Heebner was at Loomis, Sayles & Company where he managed [CGM Mutual Fund], then known as Loomis Sayles Mutual Fund."
    https://cgmfunds.com/cgm-docs/2021-12-31-mutual-annual.pdf
    Likewise, on p. 738 is listed "Second Investment Fund of Security Management Co. (predecessor of Broad Street Investing Co., Inc., The)". Broad Street Investing Corp. was the name of Seligman Common Stock Fund prior to April 26, 1982.
    https://www.sec.gov/Archives/edgar/data/14358/000001435800000002/0000014358-00-000002.txt
    https://www.referenceforbusiness.com/history2/65/J-W-Seligman-Co-Inc.html
    The Security Management Company has presented to shareholders in its First and Second Investment Funds a plan for the combining of the two funds into a single corporation to be called the Broad Street Investing Company. It will be organized in Maryland with 500,000 shares of common stocks of no-par value. ...
    NYTimes, October 14, 1929, p. 44
    https://www.nytimes.com/1929/10/14/archives/investment-fund-merger-security-management-plans-to-unite-two-in.html
    There's a much more complete list of investment trusts and investment companies in Appendix A of Part 1 of the SEC study, starting on p. 114.
    https://play.google.com/store/books/details?id=1CoWAQAAMAAJ
    I really appreciate it, mfs. I had not looked at Part I of the SEC report. Glad I found mutualfundobserver.com!
  • Money Market Rates - interesting again?
    VG MM up to 1.38 and will go up after next hike.
  • Oldest mutual funds: name changes
    Pioneer Fund was founded in 1928 by Philip Carret as the Fidelity Mutual Trust (not on any list in the SEC study).
    https://www.corporateknights.com/responsible-investing/a-short-history-of-responsible-investing/

    On p. 735, both Loomis-Sayles Mutual Fund, Inc. and Loomis-Sayles Second Fund, Inc. appear. Only the "second" fund appears on p. 877's short list.
    "Prior to establishing CGM, Mr. Heebner was at Loomis, Sayles & Company where he managed [CGM Mutual Fund], then known as Loomis Sayles Mutual Fund."
    https://cgmfunds.com/cgm-docs/2021-12-31-mutual-annual.pdf
    Likewise, on p. 738 is listed "Second Investment Fund of Security Management Co. (predecessor of Broad Street Investing Co., Inc., The)". Broad Street Investing Corp. was the name of Seligman Common Stock Fund prior to April 26, 1982.
    https://www.sec.gov/Archives/edgar/data/14358/000001435800000002/0000014358-00-000002.txt
    https://www.referenceforbusiness.com/history2/65/J-W-Seligman-Co-Inc.html
    The Security Management Company has presented to shareholders in its First and Second Investment Funds a plan for the combining of the two funds into a single corporation to be called the Broad Street Investing Company. It will be organized in Maryland with 500,000 shares of common stocks of no-par value. ...
    NYTimes, October 14, 1929, p. 44
    https://www.nytimes.com/1929/10/14/archives/investment-fund-merger-security-management-plans-to-unite-two-in.html
    There's a much more complete list of investment trusts and investment companies in Appendix A of Part 1 of the SEC study, starting on p. 114.
    https://play.google.com/store/books/details?id=1CoWAQAAMAAJ
  • Dead Cat Bounce
    +1 hank I invested in ITB and XHB on 4/4/2022, out of curiosity, after that first Barron's article came out. The two etfs are down between 11.5% and 13% after my purchase, but I invested only $100 in each.
  • Dead Cat Bounce
    Not sure if the market has reached the bottom. Certainly don't want confirmations biases from pundits. Several things to think about:
    1. What will the earnings look like in the upcoming reporting season? Better or not?
    2. Has inflation peaked and the CPI starts to decline?
    3. Will unemployment stay low indicating tight labor market?
    4. Have supply chain issues gradually improved so to improve the inflation pressure?
    For now I am staying largely on the sideline with high % cash.
  • Neuberger Berman Commodity Strategy Fund to be converted into an ETF
    Here is NB mutual fund, presumably with front-load waived and being available in major brokerages.
    https://morningstar.com/funds/xnas/nrbax/portfolio
    It would be interesting to see how much lower the ER will be. This OEF is at 1.10%.
  • Dead Cat Bounce
    “Stay dry” and “invest in a beaten-up fund” would appear to be an oxymoron.
    Barron’s this week is pounding the dumb for home builders - again. Wouldn’t be my choice. ARKK is up 18+% past two weeks or I might have suggested that.
    No suggestions. Sorry. Enjoyed reading Ben’s comment.
    @Derf - Minor suggestion here. Whenever I feel inclined to go dumpster diving (I don’t currently) I Google “T Rowe Price Historical Performance” (Unfortunately it doesn't link very well). Should pull up 100+ TRP funds with performance numbers. Many stink real good this year. Of course, there are equally good or better sites. But that’s the one I look at.
  • Oldest mutual funds: name changes
    Here are a couple of threads that may help:
    Oldest Mutual Funds Still in Existence (2019 thread)
    Second Oldest Stock Fund Is As Nimble As A Teenager (2014 thread)
    ...
    Much obliged, msf. I had seen the 2019 thread but needed to reread it (e.g., your history of the Scudder funds). The 2014 thread was also illuminating, this post follows up on it.
    I am starting from the list of 36 open-ended companies in the 1939 SEC report (https://catalog.hathitrust.org/Record/010424070), Part 2, p. 877, Table 264 (if anyone is curious about this "survivorship bias free" list; it shows all open-ended companies with greater than $500,000 under management as of 1935. For reference, MITTX already had $81 million under management by that year, so many of these were tiny even for then).
    The 2014 thread mentions the CGM, Pioneer and Seligman funds as among the oldest ten. But none of these names appears in the SEC list. Nor do any of these names appear in the 1946 Wiesenberger. So, sometime after 1945, three funds that were on the SEC list had a name change or were merged into another, per your discussion of Century Shares Trust. Or the way 'First Investment Counsel' (on the SEC list) became Scudder, Stevens & Clark, which I wouldn't have known without your post (Wiesenberger doesn't mention the older name).
    Anyone know what the original names of the CGM, Pioneer and Seligman funds were?
  • Neuberger Berman Commodity Strategy Fund to be converted into an ETF
    https://www.sec.gov/Archives/edgar/data/1317474/000089843222000416/a497.htm
    497 1 a497.htm
    Neuberger Berman Alternative Funds® (“Alternative Funds”)
    Supplement to the Prospectus and Statement of Additional Information of the Neuberger Berman Commodity Strategy Fund, dated February 28, 2022, as amended and supplemented.
    On June 23, 2022, the Board of Trustees of the Alternative Funds approved the conversion of the Neuberger Berman Commodity Strategy Fund (the “Commodity Mutual Fund”) to a newly organized series of Neuberger Berman ETF Trust (the “Commodity Strategy ETF”). The Conversion will be effected through the reorganization of the Commodity Mutual Fund into the Commodity Strategy ETF (the “Conversion”).
    The Commodity Strategy ETF will have the same portfolio managers and be managed in a substantially similar manner as the Commodity Mutual Fund. The Commodity Strategy ETF will not commence investment operations prior to the Conversion and its shares are not currently being offered to the public, nor have they been approved for listing on any exchange. It is anticipated that the Conversion will occur during the fourth quarter of 2022.
    Prior to the Conversion, existing shareholders of the Commodity Mutual Fund will receive a combined information statement/prospectus describing in detail both the Conversion and the Commodity Strategy ETF. It is anticipated the Conversion will not require shareholder approval. After the Conversion, it is anticipated that the Commodity Strategy ETF’s shares will be offered to the public and traded on an exchange.
    It is anticipated that the Conversion will qualify as a tax-free reorganization for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the Conversion, except to the extent that they receive cash in connection with the liquidation of any fractional shares received in the Conversion.
    The date of this supplement is June 24, 2022.
    Please retain this supplement for future reference.
    Neuberger Berman Investment Advisers LLC
    1290 Avenue of the Americas
    New York, NY 10104
    Shareholder Services
    800.877.9700
    Institutional Services
    800.366.6264
    www.nb.com
  • Wealthtrack - Weekly Investment Show
    Crypto advocates point out that Bitcoin has fallen by more than 50% eight times since its 2009 launch, and three times since 2018, and it’s recovered every time. And it’s been a top-performing asset class with better than 35% annualized returns over the last three and five-year periods and 80% annualized returns over ten years. In addition, an entire crypto industry has developed, which is expanding rapidly and being widely accepted by Wall Street, businesses, and some governments.
    This week’s guest is a believer. He is Matt Hougan, Chief Investment Officer and former Global Head of Research at Bitwise Asset Management, a cryptocurrency asset manager founded in 2017.
    I began the interview by asking Hougan about the role crypto assets play in a portfolio, considering they act like stocks.