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the April issue is live

And dominated by a couple topics: the virtues of active or passive management and thinking about the portfolio effects of inflation.

Still negotiating with First Sentier. We'd sort of reached an understanding that the $1 million minimum was hypothetical and that $10,000 would be more than welcomed. Then, at the last minute, an attorney became involved. Reason may yet prevail. If things aren't smoothed by Monday, I'll add a coda with the names and strategies of the three topic global infrastructure funds as an alternate way for interested parties to explore.

For what interest that holds,



  • edited April 3
    Many thanks for another information packed issue. A particular shout out from this house for the invest ideas provided by Lynn Bolin. I have already been researching a few of them. One additional note. My Firefox browser would not provide access to the info that followed "...join the conversation by completing our quick, easy and anonymous MFO active/passive preference snapshot" in Devesh Shaw's section of the issue. It told me "You need permission. This form can only be viewed by users in the owner's organization."
  • Nuts. Experiments are messy. I'll ask Chip to check.
  • @David_Snowball: thanks for the chance to get First Sentier’s take on US infrastructure exposure. I was surprised to find that the fund holds almost exclusively energy and utilities stocks. I have put some money into PAVE, the GlobalX US Infrastructure Development ETF. It holds 100 stocks of industrial companies that make the « stuff » that is needed to build bridges, roads, etc. Think Nucor, Trane, Deere, Eaton, as well as transportation and energy firms. Utilities are not a meaningful part of the portfolio. As you pointed out, almost all infrastructure funds are global, a niche in which GLFOX (also an Aussie product) has made its mark.
  • There's also a BlackRock US infrastructure ETF. Lipper hides US infrastructure under "industrials" and puts the rest under "global infrastructure." Investigating now!
  • There's also the CEF UTF....
  • UTF looks to be an interesting cautionary tale. It appears to be about 60/40 US with a currency hedge. The fund's current NAV is still below its December 2007 peak. Hmmm ...
  • UTF is a high distribution CEF. Its price may not show how it did, but on adjusted-prices (approximating TR) it has kept up with SP500/SPY (both UTF and _UTF are seen on Stockcharts below, 1/1/07-now). Check out more details at CEFConnect.
  • Between 12/10/2007 and 4/1/2022:
    UTF w/div: +185.15% (cumulative)
    UTF price: -0.14% (cumulative)

    Figures are from M*'s interactive chart for UTF.
    Price return is from chart, after setting start date and frequency to "daily".

    w/Div comes from chart after adding comparison with GII (S&P Global Infrastructure ETF). The chart seems to automatically switch from price returns to total returns when the comparison is added.

    GII is a 40/60 US infrastructure fund. I haven't checked its hedging policy.

    For a list of infrastructure funds (except CEFs), see also US News:

    For CEF infrastructure funds, the Nuveen CEF screener does a decent job.

    Screening for equity sector funds (32 in all) includes the infrastructure funds: BUI, UTF, SZC, DPG, MGU, MFD, MEGI.
  • @msf, you have encountered the problem with new M* charts for CEFs that is mentioned here,
  • It has been my understanding the following simple StockCharts chart provides a total return comparison for UTF and this case going back to 2004. Comments about the accuracy of my understanding will be appreciated.

    UTF vs VTSMX
  • @davfor; chart came through only for 1 yr. Use Permalink feature for posting chart as-is. After a while, even these will default to 1 yr. Alternative is to take screenshot, save on a hosting site (ImgBB, etc) and post using Image tool.
  • edited April 4

    @davfor; chart came through only for 1 yr. Use Permalink feature for posting chart as-is. After a while, even these will default to 1 yr. Alternative is to take screenshot, save on a hosting site (ImgBB, etc) and post using Image tool.

    Does the chart you see when clicking on the link include a sliding tab below the graph that permits extending it for any covered time period (up to 4537 days in this case)? Anyway, here is a jpg of the extended chart (I didn't notice the Permalink button until after creating the jpg...but thanks for the tip):

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