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tried to place another trade for CBYYX at Fidelity, since the 30-day prohibition is several days in the past and while the trade was accepted yesterday, it didn't complete and i found it rejected today. called fidelity who said they would contact CBYYX to find out what's going on. at that point, i told 'em not to bother and took steps to move all the cash in that account to Schwab. wish it made sense for me to own that fund in my taxable accounts, where i have a good bit more money just sitting around.
Sorry to hear your troubles @linter. Did Fidelity say you could not open another rollover IRA at Fidelity and buy CBYYX in the new account? Cash between fidelity accounts moves instantly where as moving to Schwab might take 4-5 days. If you are in MM at Fidelity other than in sweep, you have to first sell the MM, let it settle and then place the transfer request at Schwab; otherwise, your transfer can get rejected for insufficient cash. Fidelity will not sell MM for you to move cash to Schwab. The above was my experience, YMMV.
I would have picked “ZEN” instead of “ROAR” for a catastrophe insurance fund!. Any one interested in this fund should read its objective:
“The primary investment objective of the Brookmont Catastrophic Bond ETF (the “Fund”) is to seek to generate current income with a secondary objective of capital preservation.” [Bold added]
It was amusing to read that capital preservation is secondary for a fund that touts to be a bond fund (of any kind). Admire the manager's honesty. That is full disclosure for you.
I thought Schwab does not offer EMPIX to retail investors - I thought one needs advisory account. Has that changed? Are there any work around such a restriction?
I think the $250 Min is pretty inflexible but I too would be interested in knowing exceptions.
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I think Fidelity stopped offering EMPIX to new investors (account specific?) in 2024.
I just tried and EMPIX did not come up under the research tab.
When I tried to force a trade through the trade ticket, EMPIX shows not available for retail. But the minimum shown on the trade ticket is only $5,000.
Error message on forcing the trade -
(010952) The mutual fund you requested to trade is not available for retail trading. For more information, contact a Fidelity Representative at 1-800-544-6666.
I get access to most funds at zero to low mins due to being with a RIA. I tried to push through a purchase on Schwab with this one but was not able to get through. A push is necessary sometimes (on an advisor account) because the trade confirmation screen shows the real min.
For example the stated min for QLEIX is $5M but I have a much lower min (it might be zero, I don't recall it). With EMPIX, no bueno.
Thanks to this thread, I did purchase CBYYX (I wasn't aware of this fund). I was all set to purchase ILS instead which has a $50K min.
In this space, two or three funds may not provide meaningful diversification. For the most part, when XXXX hits the fan, they all go down together but I do acknowledge some historic idiosyncratic moves specific to each fund, which is not very often.
For the sake of lurkers, I must repeat that capital preservation can be secondary in this space and pre-2023 performance is nothing to write about.
Bonds. For about a week or more, M* has suddenly decided that 36.16% of my bonds are unclassifiable. LOL. Nevertheless, their X-Ray numbers show my bonds earning me a 3.92% yield. A bunch of that is not up to me; it's bonds held in allocation funds: WBALX. PRWCX. PRCFX. I've got a wide range of quality in the mix. Treasuries, down to some CCC-junk. Duration is short on some, and out to the belly.
Lots of articles coming out about a very small rate cut in December, but possibly more of a flat environment in 2025. Floating Rate Bond OEFs tend to do well in a relatively flat environment, so it is a category to keep an eye on. I am a retired fixed income investor, so I will be watching very conservative bond oefs, including conservative FR/BL bond OEFs.
BB: In this space, two or three funds may not provide meaningful diversification. For the most part, when XXXX hits the fan, they all go down together but I do acknowledge some historic idiosyncratic moves specific to each fund, which is not very often.
Stock funds are the ones without meaningful diversification when markets melt.
Bonds are the ones with better diversification. In major stock declines, treasuries do well. When rates go up, bank loans are usually better than most. And then you have the special bond funds that do better in certain environments and you can find these very often in most years.
@FD1000, Your post has nothing to do with my post you quoted in your post. I have enough trouble with forum members speed reading my posts and misunderstanding them. I do not need on top of that for you to quote my post out of context. Please remove the quoted text from your post.
FYI - I will continue to not object to your stand alone posts, even those that many here find objectionable. From my perspective, as long as you are not directly disrespecting a forum member, you can have as much freedom of a speech as you like, including posting blatant “alternate truths.” Please do not use my posts as a prop or cannon fodder.
As MMF rates decline, I plan to move some cash from SWVXX into CBLDX and OSTIX, after the fund distributions are paid. An RMD and another source make payments to us in late December, some of which will go to the two bond funds (the only ones we own) and some into equity ETFs. Good time to make a gratitude list.
Comments
This is how Fidelity's research tab is working: "Sorry, no results were found for 'EMPIX', please try a new search!"
I tried to force the trade by using the trade ticket and got a 'not available" message. It may be available only to existing investors.
I see that it is a transaction fees fund with an investment minimum of $5,000.
Did CBYYX go ex-Div today on their 2024 annual distribution?
As an aside, I think last year total return was much higher than in 2024.
Good that various funds in the space go ex on different dates.
https://www.mutualfundobserver.com/discuss/discussion/62506/brookmont-catastrophic-bond-etf-in-registration
Most recent filing from November:
https://www.sec.gov/Archives/edgar/data/1771146/000183988224040421/brookmont-485bxt_112124.htm
Here is an article about the ETF:
https://www.artemis.bm/news/brookmont-launch-exchange-traded-cat-bond-fund-catastrophic-bond-etf/
“The primary investment objective of the Brookmont Catastrophic Bond ETF (the “Fund”) is to seek to generate current income with a secondary objective of capital preservation.” [Bold added]
Return of investment is secondary.
Schwab min for EMPIX is $250K. Are you able to buy at a lower min?
I think the $250 Min is pretty inflexible but I too would be interested in knowing exceptions.
******
I think Fidelity stopped offering EMPIX to new investors (account specific?) in 2024.
I just tried and EMPIX did not come up under the research tab.
When I tried to force a trade through the trade ticket, EMPIX shows not available for retail. But the minimum shown on the trade ticket is only $5,000.
Error message on forcing the trade -
(010952) The mutual fund you requested to trade is not available for retail trading. For more information, contact a Fidelity Representative at 1-800-544-6666.
For example the stated min for QLEIX is $5M but I have a much lower min (it might be zero, I don't recall it). With EMPIX, no bueno.
Thanks to this thread, I did purchase CBYYX (I wasn't aware of this fund). I was all set to purchase ILS instead which has a $50K min.
What is the ILS you tried to buy? (ILS I know means insurance linked securities.)
Let us know if you are able to buy EMPIX.
In this space, two or three funds may not provide meaningful diversification. For the most part, when XXXX hits the fan, they all go down together but I do acknowledge some historic idiosyncratic moves specific to each fund, which is not very often.
For the sake of lurkers, I must repeat that capital preservation can be secondary in this space and pre-2023 performance is nothing to write about.
ILS is Amundi's interval fund version of CBYYX.
anyone biting bonds with 10 yr at 4.4%?
some of the new issue and secondary trades i looked at today indicate market participants are behaving like we are peaking for now on the 10 yr yield.
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
Bonds are the ones with better diversification.
In major stock declines, treasuries do well.
When rates go up, bank loans are usually better than most.
And then you have the special bond funds that do better in certain environments and you can find these very often in most years.
FYI - I will continue to not object to your stand alone posts, even those that many here find objectionable. From my perspective, as long as you are not directly disrespecting a forum member, you can have as much freedom of a speech as you like, including posting blatant “alternate truths.” Please do not use my posts as a prop or cannon fodder.
Thanks.