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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.

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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,

David

Comments

  • 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.
    https://stockcharts.com/h-perf/ui?s=UTF&compare=_UTF&id=p37188499299
    https://www.cefconnect.com/fund/UTF
  • 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:
    https://money.usnews.com/funds/search?category=infrastructure&mutual-funds=true&etfs=true

    For CEF infrastructure funds, the Nuveen CEF screener does a decent job.
    https://www.cefconnect.com/closed-end-funds-screener

    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,
    https://ybbpersonalfinance.proboards.com/thread/256/interactive-charts-newer
  • It has been my understanding the following simple StockCharts chart provides a total return comparison for UTF and VTSMX...in 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):

    image
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