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Sold all of AUSF from the IRA. It has some qualities I like, like its Martin ratio since the start of "Taper 2." OTOH, I wasn't wild about the process getting it there.
One of the funds I am considering to replace it is GQHPX. I am also looking at some F1 American funds. I'm looking forward to the next data drop for MFO Premium.
Sold shares of two VG index funds yesterday and today to bring Market Portfolio stock allocation down to low end of range. Parking latest proceeds in VMRXX paying 5.29%. Swung for the fences in 1st half of 2024 and did better than projected. Simply booking gains over the past few days and reducing stock exposure and portfolio volatility. For first time since starting investing in 1980, effectively treating 2024 as an act in two parts, as I'm thinking things may start getting dicey in route to November.
Sold a tech CEF fund that I bought when it was heavily mis-priced but I am still hanging on to its ETF bigger brothers. Stashing the proceeds into a MM fund until I see more clarity ahead. Yes, I'm in the cautious camp.
I've been looking at GQHPX as well. One thing I noticed, however, similar to all or most of his funds - is the large Nvidia position. NVDA is not an emerging market stock but its large presence in the fund spikes returns relative to its peers.
Sold a tech CEF fund that I bought when it was heavily mis-priced but I am still hanging on to its ETF bigger brothers. Stashing the proceeds into a MM fund until I see more clarity ahead. Yes, I'm in the cautious camp.
Good for you. Sounds like good advice too - although that wasn’t your intent. Those CEFs swing around so much it’ll wrench your neck. Yes, many have posted stellar longer term records. Not for the timid. You’re right, of course, about buying at steep discounts when possible. Selling after they turn positive? I’m not sure. But would hate to buy one at a premium to NAV.
I've been looking at GQHPX as well. One thing I noticed, however, similar to all or most of his funds - is the large Nvidia position. NVDA is not an emerging market stock but its large presence in the fund spikes returns relative to its peers.
GQHPX is US Quality Dividends. I haven't looked at their emerging market fund, which is GQGPX.
I've been looking at GQHPX as well. One thing I noticed, however, similar to all or most of his funds - is the large Nvidia position. NVDA is not an emerging market stock but its large presence in the fund spikes returns relative to its peers.
I don't see NVDA in the top ten holdings of GQHPX. Broadcom is their #1 holding, which I would be okay with.
@hank - CEF's are a different kind of animal that's for sure. Remember though that they can almost always trade at a premium such as in the case of PDI (see here PDI Overview). If you follow the link you should be presented with the 'Overview'. Click on the 'All' tab just to the left of the "overview' tab. Scroll through the information presented and you will see that it rarely, if ever, dips into the discount area.
Please understand that I am not making a sales presentation here. I've held this fund for a number of years and have a relatively lower cost basis. Depending on the time frame one chooses one could argue that it is a massive total return loser (see nearly everything FD1000 has ever opined on PDI) or an income bonanza. I would argue that one needs to pick their spots just like with any other potential investment choice.
LOL / @Mark - Thanks. I just discovered CEF Connect recently. Great source. What I take away from your link is that since its initial offering at $25 in 2012 PDI has seen highs near $33-34 and lows as low as $16. That’s a little deceptive because it probably has been paying out a big dividend over that period. Also, this CEF is currently trading at nearly 12% above its NAV. What took you so long to sell?
(Correct me if I’m substantially incorrect on my takeaway.)
The discount / premium on CEFs fluctuates. At the beginning of 2023 I mentioned here a Randal Forsyth Barron’s article calling attention to discounts of 15-20% on a number of CEFs. A couple he suggested to readers were BCAT and GUG. Since then, Barron’s has mentioned the attractive discount on CEFs more than once. My take today, however, is that that average discount to NAV has narrowed over the 18 months since Forsyth’s piece.
I’ve been using the same source to look at one I own and a couple others I could replace it with or use along side of it to dilute its impact on the portfolio. Yes - the discount / premium is essential to consider if playing in this volatile area. There are some etfs that try to game these vehicles. Sabra Capital’s CEFS has been in the news lately. Calamos recently introduced CCEF. I urge folks considering either to do their homework first.
Mark - Appreciate your sharing. You are braver than me. I don’t think I’ve ever mentioned any CEF I own on the board because of their highly volatile nature and the general difficulty of understanding / valuing them. Additionally (to quote Rukeyser) any CEF I happen to own might be … “Hair today. Gone tomorrow.”
Added to cash stash, still getting me over 5% in SNVXX MM account. Gov't paper, so the name of the fund SAYS. Stocks are still too volatile, undependable right now; my bonds are at my desired level already.
Sorry, I got the ticker wrong. NVDA is the top holding in GQGPX, Jain's emerging market fund at about 8% of assets. It is top holding in all of his funds but being a #1 position in emerging markets is interesting. I like the fund and he's make good moves regarding India vs. China stocks, etc. but I already hold a fair amount of NVDA so not the diversifier I'd prefer.
Monday sold VG 2025 retirement fund. No more retirement funds for me ! Took a L o n g time to recover from 2022 !
Vanguard Target Income, VTINX, has not completely recovered as of yet. Both funds, when corrected for inflation are probably not close to "recovered". I haven't moved out of VTINX (deferred) but should have and should even now but at my age, 75, I don't know where I would go. More money or less money probably won't affect my life at all since I don't spend the new money coming in from pension and SS. Don't worry though, IRMAA will get the excess starting next year.
Sold all of AUSF from the IRA. It has some qualities I like, like its Martin ratio since the start of "Taper 2." OTOH, I wasn't wild about the process getting it there.
One of the funds I am considering to replace it is GQHPX. I am also looking at some F1 American funds. I'm looking forward to the next data drop for MFO Premium.
My other large cap is FMILX. So far, so good.
Ended up buying FDVV. I'm keeping an eye on GQHPX. There is a lot to like about it, but I want to see a longer track record.
Sold FATRX and FCFAX. Looking at something like TBUX since I have plenty of floaters. I see nothing out there encouraging me to go longer than THOPX, plus whatever is going on with FBALX, VWELX, and PRWCX. In the latter cases I don't see the sausage being made.
Forgot to mention I also have a small chunk of MNHAX.
@Derf and @Anna, we experimented VG target dated fund for awhile and decided they are not for us. Three out of four components including total international stock index, total bond index, and total international bond index lag those active managed mutual funds and ETFs we are using. In the end, we reduced int’l allocation to less than 6%. Also we increase individual stock allocation.
During 2022 drawdown, diversification did not benefit and reduce the downside risk. PRWCX as an example performed much better in the same time period. As for bonds, one can use short term high yield funds and floating rate funds and ETFs.
In recent months, we have been investing in dollar-hedged Japanese stock ETFs, DXJ and FLJH, and they have done well over those of broadly diversified international funds.
With the proceeds from FATRX and FCFAX purchased TBUX and WSHNX. So I have shortened my duration and increased my credit quality.
Stared at VWINX, which I have owned forever, and blinked. I couldn't figure out why to hold onto it. Sold it. Proceeds will go to FMILX, FDVV, and WCPNX to maintain current 60/40 ratio.
I now have fewer equity funds in the IRA, but a whole flock of new bond funds; though USFR, and VRIG to a certain extent, feel like glorified money market funds. I'm hoping that by this time next year there may be more clarity on where I want to concentrate the bond holdings going forward. The two Weitz funds seemed like good markers to place.
I bought PONAX on Wednesday, to go along with DODIX, WCPNX, OSTIX plus NAD in the taxable account and a few preferred CEFs. That brings me to about 20% fixed income...and I think that's a good spot to settle into.
Opened a new position in CPIEX, eliminated TAKNX, scaled down on NICHX and IMPCX, teed up CEDIX for scale down and IMPCX for elimination. Intend to increase CCLFX.
"Simplification" of the IRA continues. Why the scare quotes? Every time I make progress on the equity side there's some new bond fund popping up. Cleaning up that mess should be next summer's problem.
Today I sold three different tech funds, TDV, FSCSX, and CCIZX. Proceeds will go into something available at Fido like AMAGX, maybe GQEPX, something growthy, but probably not an index. The growth fund goes with FDVV and FMILX.
If anyone wants to opine on a good growthy fund at Fido, chime in.
Looks like you already own FDVV and FMILX and are recent additions. I think you also already own AMAGX. Why not increase those? GQEIX is also a good fund - not sure if you already own it.
Looks like you already own FDVV and FMILX and are recent additions. I think you also already own AMAGX. Why not increase those? GQEIX is also a good fund - not sure if you already own it.
I bought AMAGX for the taxable account because I thought it was the best available where the taxable is. At Fido I'll sort out the funds that have five stars for the previous three years, then I'll pop those into MFO premium for one last slice and dice.
FDVV and FMILX are about where they need to be until I can offload some other stuff.
Recently transferred account from Vanguard to Schwab. As a result, VMFXX had to be liquidated. Used ~80% of proceeds to purchase BBBMX; used ~20% of proceeds to purchase SWVXX.
Comments
One of the funds I am considering to replace it is GQHPX. I am also looking at some F1 American funds. I'm looking forward to the next data drop for MFO Premium.
My other large cap is FMILX. So far, so good.
Please understand that I am not making a sales presentation here. I've held this fund for a number of years and have a relatively lower cost basis. Depending on the time frame one chooses one could argue that it is a massive total return loser (see nearly everything FD1000 has ever opined on PDI) or an income bonanza. I would argue that one needs to pick their spots just like with any other potential investment choice.
(Correct me if I’m substantially incorrect on my takeaway.)
The discount / premium on CEFs fluctuates. At the beginning of 2023 I mentioned here a Randal Forsyth Barron’s article calling attention to discounts of 15-20% on a number of CEFs. A couple he suggested to readers were BCAT and GUG. Since then, Barron’s has mentioned the attractive discount on CEFs more than once. My take today, however, is that that average discount to NAV has narrowed over the 18 months since Forsyth’s piece.
I’ve been using the same source to look at one I own and a couple others I could replace it with or use along side of it to dilute its impact on the portfolio. Yes - the discount / premium is essential to consider if playing in this volatile area. There are some etfs that try to game these vehicles. Sabra Capital’s CEFS has been in the news lately. Calamos recently introduced CCEF. I urge folks considering either to do their homework first.
Mark - Appreciate your sharing. You are braver than me. I don’t think I’ve ever mentioned any CEF I own on the board because of their highly volatile nature and the general difficulty of understanding / valuing them. Additionally (to quote Rukeyser) any CEF I happen to own might be … “Hair today. Gone tomorrow.”
Sold FATRX and FCFAX. Looking at something like TBUX since I have plenty of floaters. I see nothing out there encouraging me to go longer than THOPX, plus whatever is going on with FBALX, VWELX, and PRWCX. In the latter cases I don't see the sausage being made.
Forgot to mention I also have a small chunk of MNHAX.
During 2022 drawdown, diversification did not benefit and reduce the downside risk. PRWCX as an example performed much better in the same time period. As for bonds, one can use short term high yield funds and floating rate funds and ETFs.
In recent months, we have been investing in dollar-hedged Japanese stock ETFs, DXJ and FLJH, and they have done well over those of broadly diversified international funds.
Stared at VWINX, which I have owned forever, and blinked. I couldn't figure out why to hold onto it. Sold it. Proceeds will go to FMILX, FDVV, and WCPNX to maintain current 60/40 ratio.
I now have fewer equity funds in the IRA, but a whole flock of new bond funds; though USFR, and VRIG to a certain extent, feel like glorified money market funds. I'm hoping that by this time next year there may be more clarity on where I want to concentrate the bond holdings going forward. The two Weitz funds seemed like good markers to place.
BTW, this was all IRA activity.
That is all.
Do you have an idea what your annual return was ?
Thanks for your time, Derf
When I added it into my watch fund at M* I just used the price it was at on Jan 1, 2012. Since then it has returned 6.55.
Almost lost my nerve to buy WCPNX for the IRA, but decided to stick with taking the bond portion of VWINX sale proceeds for something long.
Today I sold three different tech funds, TDV, FSCSX, and CCIZX. Proceeds will go into something available at Fido like AMAGX, maybe GQEPX, something growthy, but probably not an index. The growth fund goes with FDVV and FMILX.
If anyone wants to opine on a good growthy fund at Fido, chime in.
Looks like you already own FDVV and FMILX and are recent additions. I think you also already own AMAGX. Why not increase those? GQEIX is also a good fund - not sure if you already own it.
FDVV and FMILX are about where they need to be until I can offload some other stuff.
As a result, VMFXX had to be liquidated.
Used ~80% of proceeds to purchase BBBMX; used ~20% of proceeds to purchase SWVXX.