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This is going to be a one off post to highlight a less discussed aspect of fund selection in Buy decisions.
E.g., at the moment I do not own AGEYX. A fund is a bag of risks (and hopefully, there will be commensurate returns down the road). Whether an investor sources their risk from that fund or some other fund depends on what risks the investor is shopping for. While my portfolio can source some risk from AGEYX, it is not in the portfolio solely because of fund inflows. Looking at MFOP, 90% of its inflows seem to have come this year alone, with 60% in the last 4 months. I do not have the sell discipline required to invest in a fund with such inflows. I have to keep my overall portfolio risk aligned with my personal / behavioral limitations. If I were looking for a buy and hold fund with that bag of risks, I am likely to buy / own AGEYX.
EWS is going nowhere fast. Bought just a few more again today. It may very well turn out to be a dividend producer, more than any sort of growth holding. Non-diversified, concentrated portfolio. Yield = between 3%-4%. I was too late for the huge run-up, already this year.
16 December, '25 EDIT to add: Twice-yearly dividend recorded today, to be paid on 19th December. So, far, the amount is worth about half a tank of gas for me. I'll add, in dribs and drabs.
Bought the 5-yr TIPS on the secondary market CUSIP 91282CPH8; coupon rate of 1.125%; real yield of 1.40% and a price of 98.73. Still considering adding to the 5-yr through the auction on Thursday, but hedged with the secondary mkt.
Update: submitted request for the 5-yr TIPS auction in our IRAs
Sold entire "HEDGE" basket (10 holdings / 15.5% portfolio) and moved proceeds into a new position in NLSAX. The basket had held up well in the 4-5 months since initiated. Included 2 inverse funds (both down) + TAIL along with MSGS which had gained over 25% since August. Held 3 momentum funds which were going "whoopie" as gold / silver went ballistic. That's the main driver that led me to unload it. Remaining baskets: CEFs 15.5% & BARF 7%
Have been moving more into international and emerging market debt at our Price accounts. Went in today and switched to local currency hedged funds. PRELX and TNIBX. Don't trust the dollar. Oh, and BTW, silver is up over 120% YTD.
Just unloaded all of the BARF basket. While it had gained nearly 4% in the 5 or 6 weeks owned, that largely offset some earlier losses in a couple of the holdings - notably AJG & CZR. All in all a "wash." My cash position increased from 15.5% to 22.5% with this move. I have it split between AGZD (rate hedged AA bond) and PAAA. I swapped out JAAA for PAAA today. M* rates it Gold Silver compared to Bronze for JAAA. @msf also seems to like it better. Both "M"s in agreement is enough for me.
Why the changes today? The party's getting long in the tooth by my reckoning.
Bought starter position in SECYF, which supports Canada's oil/ng sector with wastewater disposal, similar to what Aris Water Solutions does in the Permian --- which got bought by WES a few months ago. (I have an open order on WES as well.)
Sold IDEF to swap for lower-cost and slightly-different NATO.
Bought starter position in SECYF, which supports Canada's oil/ng sector with wastewater disposal, similar to what Aris Water Solutions does in the Permian --- which got bought by WES a few months ago. (I have an open order on WES as well.)
Sold IDEF to swap for lower-cost and slightly-different NATO.
I'm curious why you didn't switch to something that would include Asian companies. I hear Korean tanks are popular with Poland, among other countires.
Bought starter position in SECYF, which supports Canada's oil/ng sector with wastewater disposal, similar to what Aris Water Solutions does in the Permian --- which got bought by WES a few months ago. (I have an open order on WES as well.)
Sold IDEF to swap for lower-cost and slightly-different NATO.
I'm curious why you didn't switch to something that would include Asian companies. I hear Korean tanks are popular with Poland, among other countires.
There is an Asian/Pac defense ETF that came out a few months ago but I don't like it's composition and passed on it ... companies only need 10% or so defense business to be included, which I find laughable for a 'defense' ETF. (I have EUAD for European defense stocks, which has done fantastic this year.) Wanted to balance that one with one that holds US defense stocks.
Bought starter position in SECYF, which supports Canada's oil/ng sector with wastewater disposal, similar to what Aris Water Solutions does in the Permian --- which got bought by WES a few months ago. (I have an open order on WES as well.)
Sold IDEF to swap for lower-cost and slightly-different NATO.
I'm curious why you didn't switch to something that would include Asian companies. I hear Korean tanks are popular with Poland, among other countires.
There is an Asian/Pac defense ETF that came out a few months ago but I don't like it's composition and passed on it ... companies only need 10% or so defense business to be included, which I find laughable for a 'defense' ETF. (I have EUAD for European defense stocks, which has done fantastic this year.) Wanted to balance that one with one that holds US defense stocks.
Got it--regional options rather than one fund to rule them all.
Bought starter position in SECYF, which supports Canada's oil/ng sector with wastewater disposal, similar to what Aris Water Solutions does in the Permian --- which got bought by WES a few months ago. (I have an open order on WES as well.)
Sold IDEF to swap for lower-cost and slightly-different NATO.
I'm curious why you didn't switch to something that would include Asian companies. I hear Korean tanks are popular with Poland, among other countires.
There is an Asian/Pac defense ETF that came out a few months ago but I don't like it's composition and passed on it ... companies only need 10% or so defense business to be included, which I find laughable for a 'defense' ETF. (I have EUAD for European defense stocks, which has done fantastic this year.) Wanted to balance that one with one that holds US defense stocks.
Got it--regional options rather than one fund to rule them all.
Thanks for the reply.
FYI my NATO order did not fire, and I just cancelled it since Donnie is planning to inject himself into corporate governance of America's defense contractors next week. So until that gets settled out -- or dismissed by a court -- I'll probably just watch that one.
Bought starter position in SECYF, which supports Canada's oil/ng sector with wastewater disposal, similar to what Aris Water Solutions does in the Permian --- which got bought by WES a few months ago. (I have an open order on WES as well.)
Sold IDEF to swap for lower-cost and slightly-different NATO.
I'm curious why you didn't switch to something that would include Asian companies. I hear Korean tanks are popular with Poland, among other countires.
There is an Asian/Pac defense ETF that came out a few months ago but I don't like it's composition and passed on it ... companies only need 10% or so defense business to be included, which I find laughable for a 'defense' ETF. (I have EUAD for European defense stocks, which has done fantastic this year.) Wanted to balance that one with one that holds US defense stocks.
Got it--regional options rather than one fund to rule them all.
Thanks for the reply.
FYI my NATO order did not fire, and I just cancelled it since Donnie is planning to inject himself into corporate governance of America's defense contractors next week. So until that gets settled out -- or dismissed by a court -- I'll probably just watch that one.
Thanks. I'll take that into consideration.
Every time I think I have a good idea in the current environment I get a case of the yeah buts.
Comments
E.g., at the moment I do not own AGEYX. A fund is a bag of risks (and hopefully, there will be commensurate returns down the road). Whether an investor sources their risk from that fund or some other fund depends on what risks the investor is shopping for. While my portfolio can source some risk from AGEYX, it is not in the portfolio solely because of fund inflows. Looking at MFOP, 90% of its inflows seem to have come this year alone, with 60% in the last 4 months. I do not have the sell discipline required to invest in a fund with such inflows. I have to keep my overall portfolio risk aligned with my personal / behavioral limitations. If I were looking for a buy and hold fund with that bag of risks, I am likely to buy / own AGEYX.
Order filled for 50 shares CLX @ 101.52
Order filled for 100 shares MDLZ @ $54.28
16 December, '25 EDIT to add: Twice-yearly dividend recorded today, to be paid on 19th December. So, far, the amount is worth about half a tank of gas for me. I'll add, in dribs and drabs.
Update: submitted request for the 5-yr TIPS auction in our IRAs
I am rapidly pressing the button marked "PH" and hoping for a result.
Eyeing ANSC (SPAC) for it's slow but steady return.
Got 50 shares of TRI @ $130.96
Still have open limit orders on NOC and BMY...patience!
Missed BMY by 9 cents on days low.
Have been moving more into international and emerging market debt at our Price accounts. Went in today and switched to local currency hedged funds. PRELX and TNIBX. Don't trust the dollar. Oh, and BTW, silver is up over 120% YTD.
and so it goes,
peace,
rono
GoldSilver compared to Bronze for JAAA. @msf also seems to like it better. Both "M"s in agreement is enough for me.Why the changes today? The party's getting long in the tooth by my reckoning.
Sold IDEF to swap for lower-cost and slightly-different NATO.
Thanks for the reply.
Every time I think I have a good idea in the current environment I get a case of the yeah buts.