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I'm reaching for yield in my FI funds, in Junk, rather than EM. The latter does not offer a yield that matches domestic Junk. Back during the '08 Financial Crash, I was getting 7% in EM bonds. I'm at about 7% yield combined, in PRCPX and TUHYX these days. PRWCX and PRCFX also hold a variety of bonds. Also, wife holds BALFX in IRA--- another balanced fund.
In the IRA. Sold a small "starter" position in DGRW now that it is in the green after I bought it last November. I am now around 6-7% equity in the IRA.
Bought FLTR and CBUDX to equal about 6-7% each of the portfolio.
I am eyeballing FSLD, otherwise the bond lineup is FGUSX, BUBIX, CBLDX, BBBMX, FLTR, CBUDX. At the present time I don't see any reason to get into longer duration bond funds.
At the present time I don't expect to need to take money out of the IRA until 2029, or April 1 of 2030. So there is still time to get back into equities if conditions look good to me. At present, they don't. Too much exogenous volatility generated by political policies.
Initiated a position in SOR, a moderately conservative global allocation CEF managed by the same team as FPACX. At a 5% discount and 5.7% distribution, the quarterly discussions reflect a bit more aggressive posturing than FPACX, particularly with a FI position in private credit.
Initiated a position in SOR, a moderately conservative global allocation CEF managed by the same team as FPACX. At a 5% discount and 5.7% distribution, the quarterly discussions reflect a bit more aggressive posturing than FPACX, particularly with a FI position in private credit.
We shall see.
Using up some of the dry powder you mentioned yesterday?
Well. My IRA still has toe in equity in case I'm wrong.
Took a flyer on 500s of GXPS, the highly-focused Consumer Staples ETF in the ProCap line that yogi posted about yesterday. Trying to shift more defensively in one of my accounts but don't want to hog-wild on my usual sectors-of-interest these days (energy/electric/utes)
GDL reminds me of GLD. The latter is an etf that invests in gold shares. Widely held.
GDL on the other hand is a CEF that seeks stability of principal + modest returns by investing in mergers / acquisitions that are in the process of completion. By using arbitrage they skim some profit from the underlying transactions. It is said to be Mario Gabelli’s largest personal holding. Of the CEFs I’ve owned, GDL is the most conservative. Lost only a bit over 6% in 2022.
TRTY is a Cambrea fund-of-funds and claims to have 35% in trend following strategies, though I’m not seeing that much looking at its holdings. It also uses gold / gold miners for hedging, although it appears to comprise less than 10% of the fund. Like GDL, TRTY is modest return / low volatility. It lost only 3.3% in 2022. From what I’ve read, trend following is having an uncharacteristically poor year. So, there may be some pent-up potential in TRTY. I’ll note that TF works both ways and will short securities in bad markets. It also incorporates securities of all types: stocks, bonds, commodities, currencies, etc.
A key difference is in fees. TRTY charges only for the underlying funds and currently has a 0.45% ER. GDL, including interest for leverage, comes in at over 3%. Both are small. GDL is at $93 M. TRTY at $117 M. It does make them a bit challenging to trade.
Comments
Bought FLTR and CBUDX to equal about 6-7% each of the portfolio.
I am eyeballing FSLD, otherwise the bond lineup is FGUSX, BUBIX, CBLDX, BBBMX, FLTR, CBUDX. At the present time I don't see any reason to get into longer duration bond funds.
At the present time I don't expect to need to take money out of the IRA until 2029, or April 1 of 2030. So there is still time to get back into equities if conditions look good to me. At present, they don't. Too much exogenous volatility generated by political policies.
Pharma is way out of favor. RFK Jr. might even help to provide some opportunities in this sector. He cray-cray.
We shall see.
Well. My IRA still has toe in equity in case I'm wrong.
Thanks for the tip @PRESSmUP - I’ll add SOR to my CEF bench and start following it.
Gabelli’s (arbitrage fund) GDL wasn’t a bad investment for me. Just moving a few deck chairs around … in anticipation … of what?
“oh no
Guadalajara won't do…
I’m never going back to my old school
GDL reminds me of GLD. The latter is an etf that invests in gold shares. Widely held.
GDL on the other hand is a CEF that seeks stability of principal + modest returns by investing in mergers / acquisitions that are in the process of completion. By using arbitrage they skim some profit from the underlying transactions. It is said to be Mario Gabelli’s largest personal holding. Of the CEFs I’ve owned, GDL is the most conservative. Lost only a bit over 6% in 2022.
TRTY is a Cambrea fund-of-funds and claims to have 35% in trend following strategies, though I’m not seeing that much looking at its holdings. It also uses gold / gold miners for hedging, although it appears to comprise less than 10% of the fund. Like GDL, TRTY is modest return / low volatility. It lost only 3.3% in 2022. From what I’ve read, trend following is having an uncharacteristically poor year. So, there may be some pent-up potential in TRTY. I’ll note that TF works both ways and will short securities in bad markets. It also incorporates securities of all types: stocks, bonds, commodities, currencies, etc.
A key difference is in fees. TRTY charges only for the underlying funds and currently has a 0.45% ER.
GDL, including interest for leverage, comes in at over 3%. Both are small. GDL is at $93 M. TRTY at $117 M. It does make them a bit challenging to trade.