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Limit order went through for a bit more of PSTL. Call me crazy. It's just too cheap at the moment. Stinky poopy start to 2024. Maybe a good thing: let some air out of the bubble.
@rforno - just wondering if you considered PBDC before selecting BIZD? I own neither but like the holdings of the former v. the latter. To date I've only speculated in individual holdings.
@rforno - just wondering if you considered PBDC before selecting BIZD? I own neither but like the holdings of the former v. the latter. To date I've only speculated in individual holdings.
PBDC liquidity is around 10K/day while BIZD is nearly 500K/day ... plus PBDC's AUM is only 55m vs 850m for BIZD which means the latter probably won't be closing anytime soon. In addition to holdings, both are key considerations in my book, but I agree some of PBDC's holdings are pretty solid.
Like you I thought about doing a few individual holdings but decided to keep it simple - and besides, it'd be fewer company portfolios I'd need to track of and dig into each year. That said there is one UK-based BDC I'd consider owning separately if it comes back down, though.
Throwing some $$$ at Tenaris (ADR) TS. Deep water oil drilling, specialty horizontal shale pipes. Thinking about all those companies in north Alberta, making money by defacing Canada, around Ft. McMurray, plus the offshore stuff around Guyana. And elsewhere, of course. [url]https://www.cnbc.com/quotes/TS?qsearchterm=ts[/url]
Limit order, just a few cents below the Wednesday closing price, yesterday. 14-day RSI pretty low. At current price, dividend is 3.4%. Current share price tonight: $32.25 and the 1-year target = $44.08. We shall see..... The funds came from an incremental routine January withdrawal from the IRA.
@Mark, I heard what Giroux said too, but if you look at the portfolio holdings in TCAF, there isn't a lot of utility and energy in that portfolio. It's anchored by the big tech stocks, plus UNH. FWIW.
Building up CGBL, a "balanced" ETF for my taxable account. If anybody has a better suggestion for a Balanced product in a taxable acct, love to hear it.
Pairing it with HELO for it's wonderful hedging ("laddered option overlay") to supposedly limit downside risk. We shall see how that works out.
Thanks @ MikeM - I noticed that along with noticing that he holds Utilities at roughly 3X the category average and energy at roughly half the category average in both TCAF and PRWCX. These were small additions for me and I already have a boat load of his top selections in other funds.
Recent rapid rise in equity (16% since Oct 23) have us worry and US stocks are expensive. Rebalanced several % of stocks to short term junk bonds and cash equivalents. More T bills and CDs are maturing in coming months, but cannot see anything particularly attractive. So we will be patient with our large cash position.
Think many investors are overly optimistic that the FED will cut rate in spring. In light of Middle East conflict and shipping issue, they pose headwind to inflation coming down quickly this year.
@JD_co, I've added to CGBL over the past few months also. Is there better? Who knows. Seems to be doing well since inception compared to a few other stalwarts, including PRWCX. American Funds/Capital Group has been running great balanced mutual funds forever. I don't know about tax efficiency though. My investment is in taxed deferred.
Sold two smaller individual stock holdings (2.5% each) - both rolling dice. Leaves just 5% of portfolio in individual stocks - that’s one stock I like a lot. Steady Eddy from all I can tell. Market’s making me jittery. No place to hide. Metals have gotten taken apart this week. (GDX must be off close to 6% yesterday and today alone) Bonds too.
@MikeM and @Mark: I'm an adherent of the CG ETFs, also. CGGR, CGGO, and CGDV in three different family accounts. I never owned American MFs, probably because of loads, altho I do have access to Washington Mutual in my retirement account. Capital Group seems to know how to select effective teams.
I like what Harbor Funds has done in the past in choosing outside managers for actively managed funds. With their ETF lineup, a Jennison Associates group runs WINN and a team of Europeans at CWorldWide Asset Management has OSEA. FWIIW, Harbor did not do well with MFs run by a single or star manager (such as Marsico). For ETFs following an index, it may be that a single person can handle the job.
Distressing to see all the red ink. Clearly, the Market was running ahead of it self.
@hank yes, my Aluminum producer is getting clobbered--- on top of a big charge at the end of last year. NHYDY Norsk Hydro. Wanting to unload it. Now is surely not the time. Don't want to hold it until the scheduled May dividend, but might do that. There will need to be a big-time upswing in that booger before I dump it. No more METALS stocks for me. Sticking with my other picks.
Had second thoughts about holding ET, so sold out of that 3-month-old position and will replace with WMB once my buy order fires. I'm thinking WMB has a more strategic portfolio and more stable/recurring revenue flows than ET. Paying about a 5.3% QDI right now.
Also putting in order to re-enter PFE at 27.50. Like INTC a few years ago it's a hated stock that's paying a solid dividend -- I'm hoping it, like INTC, is able to manage a similar turnaround as it reforms its pipeline prospects in the coming years. But at over 6% QDI on DRIP is probably good enough to be paid to wait.
Also stalking BIZD @ 16 as a rates-play on private equity dealmaking coming back if/when rates go down and potentially ASGI a bit lower for more infrastructure/utes.
While investing in EQUITY index funds (VTSAX; VDADX), this retiree invested in some safety medium term with 10-yr indy TIPS, and 2-yr Treasury notes. I’ll let the equity side do the heavy traveling while the treasuries stay safe at home.
Maybe if we trade a lot we can rattle the market’s higher?
Took a swig of PYLD this morning. Hope it doesn’t turn into “a pile” of something else … Just a lateral move from another fine, but less adventuresome, bond fund.
"Took a swig of PYLD this morning" Was that the 90 proof stuff?
Huh? I didn’t know there was a liquor by that name … ?
What I did there @Old_Joe was employ a subtle ”figure of speech” intended to convey that trying out a new fund is a bit like sampling different brands of bourbon. Keep tasting until you get it right.
* BTW - I mentioned PYLD because it’s a relatively new multi asset bond fund (etf) from PIMCO and thought others might be interested. So many of these new etfs and bond funds lately that it’s it’s hard to keep up.
@hank and @Old_Joe, PYLD is the ETF version of Pimco Income, inst. PIMIX; run Dan Ivascyn and his team. Hank has picked one of the best multi-sector fund in this category.
Maybe if we trade a lot we can rattle the market’s higher?
Took a swig of PYLD this morning. Hope it doesn’t turn into “a pile” of something else … Just a lateral move from another fine, but less adventuresome, bond fund.
“… signifying nothing.”
There is something about my own perception or risk tolerance or some other phenomenon in my blessed psyche that has steered me away from ETFs. I do not appreciate the way they behave. What is it, I wonder, that points me to own open-ended funds (including, hypothetically, the INVESTOR class of PIMIX, for example)---- which I do NOT actually hold?
Last year, I got into and out of some ETFs. It was like watching yourself sink into quicksand.
I use both for different reasons. Large liquid ETFs are okay whereas thinly traded ones can be volatile. Not everyone has a $1M to get into PIMIX, but Vanguard customers can get in with $25K. PLYD has a reasonable daily volume (189K) and it can be purchase in many brokerages. Watch for thinly traded junk ETFs as @junkster warns.
I use both for different reasons. Large liquid ETFs are okay whereas thinly traded ones can be volatile. Not everyone has a $1M to get into PIMIX, but Vanguard customers can get in with $25K. PLYD has a reasonable daily volume (189K) and it can be purchase in many brokerages. Watch for thinly traded junk ETFs as @junkster warns.
”There is something about my own perception or risk tolerance or some other phenomenon in my blessed psyche that has steered me away from ETFs. I do not appreciate the way they behave. What is it, I wonder, that points me to own open-ended funds (including, hypothetically, the INVESTOR class of PIMIX, for example)---- which I do NOT actually hold?”
I have both ETFs and open-ended mutual funds. (Actually, more of the open ended type). When I raised the question (similar to yours) most who voiced an opinion seemed to think ETFs were better. Some of the reasons given: Transparency, Ease of trading, Lower fees. Hard to argue there.
- Still, I wonder whether the same in-house resources are devoted to an ETF that garners one-half the fees for the firm as to a similar open ended mutual fund that generates a much better return?
- I also wonder if money flowing in / out of ETFs “at will” might pose some special challenges for managers?
- Some who work closely with retail investors think ETFs encourage more frequent trading and that this negatively affects returns as they chase the “hottest” funds.
- An old adage says fees are more crucial when applied to bond / income funds because as a % of your expected gain they are much higher. Example: a .50% ER on a bond fund yielding 3-4% is a greater cost burden than it would be on a growth fund expected to churn out 8-10% annually. That might be a reason to go with a lower fee ETF bond fund over a higher fee open ended one.
I think it’s too soon to know for sure. One consideration right now is that with Fido if I buy a new NTF open ended fund, I’m committed to not selling any of it for 60 days or I’ll get hit with an excessive trading fee. This time of year, when I typically pull IRA distributions (from across the board ), that’s enough to dissuade me from buying into a new OEF.
"I also wonder if money flowing in / out of ETFs “at will” might pose some specials challenges for managers?"
Investors in certain ETFs may face challenges when selling shares. If investors sells shares of ETFs with illiquid underlying holdings during a downturn, the actual selling price may be much lower than anticipated. There's a mismatch between the liquid ETF wrapper and the illiquid underlying holdings...
@Sven. Please let us know where it is revealed that PYLD is the ETF version of PIMIX. Can’t find anything the supports that. Same managers but not the same. Thanks for your help.
Comments
Like you I thought about doing a few individual holdings but decided to keep it simple - and besides, it'd be fewer company portfolios I'd need to track of and dig into each year. That said there is one UK-based BDC I'd consider owning separately if it comes back down, though.
[url]https://www.cnbc.com/quotes/TS?qsearchterm=ts[/url]
Limit order, just a few cents below the Wednesday closing price, yesterday. 14-day RSI pretty low. At current price, dividend is 3.4%. Current share price tonight: $32.25 and the 1-year target = $44.08. We shall see.....
The funds came from an incremental routine January withdrawal from the IRA.
Pairing it with HELO for it's wonderful hedging ("laddered option overlay") to supposedly limit downside risk. We shall see how that works out.
Think many investors are overly optimistic that the FED will cut rate in spring. In light of Middle East conflict and shipping issue, they pose headwind to inflation coming down quickly this year.
I like what Harbor Funds has done in the past in choosing outside managers for actively managed funds. With their ETF lineup, a Jennison Associates group runs WINN and a team of Europeans at CWorldWide Asset Management has OSEA. FWIIW, Harbor did not do well with MFs run by a single or star manager (such as Marsico). For ETFs following an index, it may be that a single person can handle the job.
@hank yes, my Aluminum producer is getting clobbered--- on top of a big charge at the end of last year. NHYDY Norsk Hydro. Wanting to unload it. Now is surely not the time. Don't want to hold it until the scheduled May dividend, but might do that. There will need to be a big-time upswing in that booger before I dump it. No more METALS stocks for me. Sticking with my other picks.
Also putting in order to re-enter PFE at 27.50. Like INTC a few years ago it's a hated stock that's paying a solid dividend -- I'm hoping it, like INTC, is able to manage a similar turnaround as it reforms its pipeline prospects in the coming years. But at over 6% QDI on DRIP is probably good enough to be paid to wait.
Also stalking BIZD @ 16 as a rates-play on private equity dealmaking coming back if/when rates go down and potentially ASGI a bit lower for more infrastructure/utes.
Took a swig of PYLD this morning. Hope it doesn’t turn into “a pile” of something else …
Just a lateral move from another fine, but less adventuresome, bond fund.
“… signifying nothing.”
Was that the 90 proof stuff?
Huh? I didn’t know there was a liquor by that name … ?
What I did there @Old_Joe was employ a subtle ”figure of speech” intended to convey that trying out a new fund is a bit like sampling different brands of bourbon. Keep tasting until you get it right.
* BTW - I mentioned PYLD because it’s a relatively new multi asset bond fund (etf) from PIMCO and thought others might be interested. So many of these new etfs and bond funds lately that it’s it’s hard to keep up.
Last year, I got into and out of some ETFs. It was like watching yourself sink into quicksand.
Duly noted and thanks for the reminder, Sven.
I have both ETFs and open-ended mutual funds. (Actually, more of the open ended type). When I raised the question (similar to yours) most who voiced an opinion seemed to think ETFs were better. Some of the reasons given: Transparency, Ease of trading, Lower fees. Hard to argue there.
- Still, I wonder whether the same in-house resources are devoted to an ETF that garners one-half the fees for the firm as to a similar open ended mutual fund that generates a much better return?
- I also wonder if money flowing in / out of ETFs “at will” might pose some special challenges for managers?
- Some who work closely with retail investors think ETFs encourage more frequent trading and that this negatively affects returns as they chase the “hottest” funds.
- An old adage says fees are more crucial when applied to bond / income funds because as a % of your expected gain they are much higher. Example: a .50% ER on a bond fund yielding 3-4% is a greater cost burden than it would be on a growth fund expected to churn out 8-10% annually. That might be a reason to go with a lower fee ETF bond fund over a higher fee open ended one.
I think it’s too soon to know for sure. One consideration right now is that with Fido if I buy a new NTF open ended fund, I’m committed to not selling any of it for 60 days or I’ll get hit with an excessive trading fee. This time of year, when I typically pull IRA distributions (from across the board ), that’s enough to dissuade me from buying into a new OEF.
Investors in certain ETFs may face challenges when selling shares.
If investors sells shares of ETFs with illiquid underlying holdings during a downturn,
the actual selling price may be much lower than anticipated.
There's a mismatch between the liquid ETF wrapper and the illiquid underlying holdings...
https://www.ft.com/content/fa3aa0bf-ed90-40e6-ac56-ca97d21856d3