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@hank : After reading your comment above I feel you need to play more in the NBA contests. Good luck & wish you the best on your new basket. FWIW, Derf
Today looks brighter. My 10-day old stock portfolio has clawed back all of yesterday's losses. And is close to break-even since inception. SSNC is little changed today. My best holding has been BJ (a smaller competitor to Costco) that was recommended by a Barron's writer. Up nearly 9% the past 5 days. There are steady-Eddies like BRK & MKL in there as well as long-shots like FLO and CPRI, both added because I like their products. There are 20 holdings, a reasonable number I think if you want to play in specific stocks.
,, The management fee is 1.3%. This is the only part of the expense ratio that goes to Militia Investments. The rest is in a category called “Dividend Expense, Borrowing Costs and Brokerage Expenses on Short Sales”, which you can see in the prospectus. The biggest component is the dividend expense from shorting. When a fund shorts an asset, it pays the distributions that asset makes. However, the asset falls almost the same amount as the distribution, making the economics neutral.
Part of ORR’s strategy is shorting high distribution yield ETFs, which leads to inflated dividend expenses. ORR also pays interest to obtain leverage. This is a real economic cost to the extent that ORR pays interest above the risk-free rate. It also pays borrow costs on shorts, but ORR tends to favor shorting assets with low borrow costs.
Because ORR is new, these costs were estimated based on Militia’s initial holdings. We were aware from the start that our strategy of shorting high-yield assets would cause a inflated and, in our opinion, misleading expense ratio that would make the fund harder to market. But we’re pursuing this strategy anyway because our goal is to produce the best after-tax, after-fee risk-adjusted returns for our investors, regardless of the accounting optics
I realize the David Orr does not tell us the exact ER in this info.
I cited the endorsement of Orr by Tom Lee of FundStrat, not Sam Lee.
Bought GOF today @ $12.32 on a limit order which triggered at open. I had sold some PFN, with the intention of buying more PDI. GOF looked like a better buy at this time. I bought it at a 17.72% distribution rate. And I read that GOF has never cut its dividend.
Current premium is 40% of its 3-yr average. Either this is an excellent buying opportunity, or a trap - lol.
RE: SSNC - Most software is getting hammered, and has been since the beginning of the year. Some think due to AI. I have a few that are getting under my skin: TRI, ADBE & AVGO.
Thanks @DrVenture. SSNC is probably the first tech stock I've ever bought. Will hang tight since it's only 1/20 th of the stock basket. But just to show how perfect my timing was ... It finished today down -10.6% just a day after buying it. It's now barely above the low it touched on Liberation Day in April! Wow. Pretty impressive pick. Fortunately this isn't the rent money.
BTW - I've heard the similar "AI" rationale while listening to Bloomberg today. Good luck with those picks you mentioned.
,, The management fee is 1.3%. This is the only part of the expense ratio that goes to Militia Investments. The rest is in a category called “Dividend Expense, Borrowing Costs and Brokerage Expenses on Short Sales”, which you can see in the prospectus. The biggest component is the dividend expense from shorting. When a fund shorts an asset, it pays the distributions that asset makes. However, the asset falls almost the same amount as the distribution, making the economics neutral.
Part of ORR’s strategy is shorting high distribution yield ETFs, which leads to inflated dividend expenses. ORR also pays interest to obtain leverage. This is a real economic cost to the extent that ORR pays interest above the risk-free rate. It also pays borrow costs on shorts, but ORR tends to favor shorting assets with low borrow costs.
Because ORR is new, these costs were estimated based on Militia’s initial holdings. We were aware from the start that our strategy of shorting high-yield assets would cause a inflated and, in our opinion, misleading expense ratio that would make the fund harder to market. But we’re pursuing this strategy anyway because our goal is to produce the best after-tax, after-fee risk-adjusted returns for our investors, regardless of the accounting optics
I realize the David Orr does not tell us the exact ER in this info.
I cited the endorsement of Orr by Tom Lee of FundStrat, not Sam Lee.
Thanks for the info. I also appreciate the time you put into the answer. I hope the fund works well for you.
Next time I'm having fun with MFO Premium I'll check out the category.
In the taxable: Bought a chunk of FSCSX equal to 15% of this morning's market value. Looks like that percentage could drift a little higher by the end of the day. I am in a position to add more if the downdraft continues. When I looked yesterday the NAV was down around the spring of COVID.
I'm keeping an eye on opportunities in SMH, CSGZX and TDV, but they're no where close to what would move me to jump in. I could add GRID, PAVE, and AIRR to that list. And I wouldn't mind adding a position in CGW to go with FIW.
In the IRA, sold off a little GSST to be in a position to add to equity holdings there. For my account anyway, Fidelity takes a full day to settle the sale.
The chart is interesting. Lots of spikes down, then up again. Seems to be indicating significant bottom fishing followed by brief recoveries and more bottom fishing.
The chart is interesting. Lots of spikes down, then up again. Seems to be indicating significant bottom fishing followed by brief recoveries and more bottom fishing.
Put on my first potential TLH (speculative) trade of 2026 ... with the Dow crossing 50K today, I picked up some oddly mis-priced April options on an inverse S&P (1X) ETF.
The chart is interesting. Lots of spikes down, then up again. Seems to be indicating significant bottom fishing followed by brief recoveries and more bottom fishing.
? Short term trade for you, then?
@Crash No, I think I'll hang in there for a while, at least. I should have been more specific: The spikes I was referring to, were on Friday. Like lots of buying and selling - changing hands. I think it has potential to rise further. Current price is $216.
Been moving some money between funds today. Positioning for 2026.
-Sold TTMIX positions in two Roths and a TIRA. These have been great long term holdings that seem to be reverting to mean and suffering from the recent drop in tech stocks. Proceeds are being reinvested in INTL funds, for now,
-Sold a portion of PIMIX, with the intent to invest proceeds in EGRIX, possibly tomorrow.
-Moved about 40% of my remaining MMF amount to existing TBUX position, an attempt to stay ahead of inflation.
@WABAC: my sale of about 1/3 of my OSTIX, coupled with your sale of ( I think) your entire position will surely send ripples throughout the FI markets, Hah! I initiated a position in APFPX with the proceeds. The discussions on the « go-to » bond funds discussion thread helped me choose. Looked at EGRAX, mentioned by a couple of members, but passed due to high ER. The ex-Eaton Vance EM managers have done very well since they joined Artisan in late 2021.
@WABAC: my sale of about 1/3 of my OSTIX, coupled with your sale of ( I think) your entire position will surely send ripples throughout the FI markets, Hah! I initiated a position in APFPX with the proceeds. The discussions on the « go-to » bond funds discussion thread helped me choose. Looked at EGRAX, mentioned by a couple of members, but passed due to high ER. The ex-Eaton Vance EM managers have done very well since they joined Artisan in late 2021.
I put some of that OSTIX sale into GLIFX. I don't understand a lot of the bond funds that are popular here. I understand toll roads and airports.
I am having some fun with MGOIX while rates are falling.
Most stuff around two-years duration hardly seems worth the effort. It feels like there has been a persistent sag between ultrashort and intermediate for a while now.
True to Chauncey Gardiner's promise that seeds will sprout in the spring, I dumped some $$ into my 5 biggest losers in the stock basket. Essentially brought them up to neutral weight. AJG is by far the worst of the lot. Owned it years ago with much better results!
Overall, the basket is up in its first month, but not by a lot. Foreign holdings have outperformed. It does seem to move differently than the overall stock market and most days dampens volatility. That was the main thing I was looking for. I also continue to take profits from RAPAX which moves with real estate, commodities & natural resource stocks.
The only singular stock I'm remotely interested in at this time is Jennifer Garners recent IPO of Once Upon a Farm (OFRM) a line of fresh foods for kids. Just watching it for now.
In the IRA: Sold ALVIX, FMIEX is doing well enough. I'll likely flip the proceeds to VVOAX to get more SMID exposure. It also has ~9% foreign exposure versus ~7.25 for ALVIX.
Sold CBLDX. It hasn't been doing well in the recent environment. NRDCX will remain as my only junk fund.
Sold 90% of PRWCX. Not happy with that either. It holds a higher percentage of tech than FMILX, which is my designated growthier fund. I'm not excited by the rest of the equity allocation either. I thought about ditching it completely, but decided to allow some time for things to reorient.
Bought 1/2 of starter position in CLNFF, a prominent Canadian defense contractor.
Also threw several K at MAXQF (trading at .30/sh) as a *totally* speculative trade on it becoming a viable Canadian space launch site. The Canadian space major MDA Space took a $10M stake in it last fall, which suggests it might have legs and/or be ripe for a takeover at some point.
And like @WABAC I am t-h-i-s close to dropping my huge longterm holding in PRWCX down to maybe 20% of what it is now, for the same reasons s/he cited.
Sold PEYUF after a 50% runup in recent months. Probably reallocating into Whitecap Resources.
Are software stocks ever going to stop dropping? I keep thinking they cannot go any further, and each day they sink more.
The two that I hold, that are annoying me greatly, are TRI and ADBE. I understand this is about AI fears to their business models, But, surely they cannot be worth 40-50% less than they were, mere months ago. If I wasn't already smarting from owing them, I'd consider this a buying opportunity of epic proportions.
I just KNOW that as soon as I dump them, they rebound considerably.
Never thought i would sell PRWCX but I reduce the fund by 50% over a period of 3 years. The drift towards Mag 7 stocks in its top 10 holdings especially in 2025 was enough for us. The high ER was the other tipping point. Also trimmed precious metals slowly on up days. Through 2025 we have net a modest gain. At some point in the future, there may be new entry points as PMs correct themselves.
Majority of buys this year have been US and oversea bonds.
Are software stocks ever going to stop dropping? I keep thinking they cannot go any further, and each day they sink more. ...
I just KNOW that as soon as I dump them, they rebound considerably.
@DrVenture , for what little this may be worth, I think you should hold unless an incredibly obvious alternative becomes apparent. Why? Three years ago common analysis claimed AI would usurp Alphabets' dominant search engine. GOOGL had dropped from ~148 to ~88; today it sits at 303, off a recent high of 349 or so.
Comments
,, The management fee is 1.3%. This is the only part of the expense ratio that goes to Militia Investments. The rest is in a category called “Dividend Expense, Borrowing Costs and Brokerage Expenses on Short Sales”, which you can see in the prospectus. The biggest component is the dividend expense from shorting. When a fund shorts an asset, it pays the distributions that asset makes. However, the asset falls almost the same amount as the distribution, making the economics neutral.
Part of ORR’s strategy is shorting high distribution yield ETFs, which leads to inflated dividend expenses. ORR also pays interest to obtain leverage. This is a real economic cost to the extent that ORR pays interest above the risk-free rate. It also pays borrow costs on shorts, but ORR tends to favor shorting assets with low borrow costs.
Because ORR is new, these costs were estimated based on Militia’s initial holdings. We were aware from the start that our strategy of shorting high-yield assets would cause a inflated and, in our opinion, misleading expense ratio that would make the fund harder to market. But we’re pursuing this strategy anyway because our goal is to produce the best after-tax, after-fee risk-adjusted returns for our investors, regardless of the accounting optics
I realize the David Orr does not tell us the exact ER in this info.
I cited the endorsement of Orr by Tom Lee of FundStrat, not Sam Lee.
Current premium is 40% of its 3-yr average. Either this is an excellent buying opportunity, or a trap - lol.
https://www.cnbc.com/2026/01/29/software-stocks-enter-bear-market-on-ai-disruption-fear-with-servicenow-plunging-11percent-thursday.html?recirc=taboolainternal
Next time I'm having fun with MFO Premium I'll check out the category.
I'm keeping an eye on opportunities in SMH, CSGZX and TDV, but they're no where close to what would move me to jump in. I could add GRID, PAVE, and AIRR to that list. And I wouldn't mind adding a position in CGW to go with FIW.
In the IRA, sold off a little GSST to be in a position to add to equity holdings there. For my account anyway, Fidelity takes a full day to settle the sale.
The chart is interesting. Lots of spikes down, then up again. Seems to be indicating significant bottom fishing followed by brief recoveries and more bottom fishing.
Transitioned some long term gains from Fidelity Contrafund (FCNTX)
Addied exposure to the broadening market with Fidelity Equity Income (FEQIX) .
Addied foreign exposure with Fidelity International Value (FIVLX).
Transition almost complete and seems to be working in my favor for now.
-Sold TTMIX positions in two Roths and a TIRA. These have been great long term holdings that seem to be reverting to mean and suffering from the recent drop in tech stocks. Proceeds are being reinvested in INTL funds, for now,
-Sold a portion of PIMIX, with the intent to invest proceeds in EGRIX, possibly tomorrow.
-Moved about 40% of my remaining MMF amount to existing TBUX position, an attempt to stay ahead of inflation.
I am having some fun with MGOIX while rates are falling.
Most stuff around two-years duration hardly seems worth the effort. It feels like there has been a persistent sag between ultrashort and intermediate for a while now.
Overall, the basket is up in its first month, but not by a lot. Foreign holdings have outperformed. It does seem to move differently than the overall stock market and most days dampens volatility. That was the main thing I was looking for. I also continue to take profits from RAPAX which moves with real estate, commodities & natural resource stocks.
Only adding to BUYW...and cash. I don't trust this market.
Sold CBLDX. It hasn't been doing well in the recent environment. NRDCX will remain as my only junk fund.
Sold 90% of PRWCX. Not happy with that either. It holds a higher percentage of tech than FMILX, which is my designated growthier fund. I'm not excited by the rest of the equity allocation either. I thought about ditching it completely, but decided to allow some time for things to reorient.
Also threw several K at MAXQF (trading at .30/sh) as a *totally* speculative trade on it becoming a viable Canadian space launch site. The Canadian space major MDA Space took a $10M stake in it last fall, which suggests it might have legs and/or be ripe for a takeover at some point.
And like @WABAC I am t-h-i-s close to dropping my huge longterm holding in PRWCX down to maybe 20% of what it is now, for the same reasons s/he cited.
Sold PEYUF after a 50% runup in recent months. Probably reallocating into Whitecap Resources.
The two that I hold, that are annoying me greatly, are TRI and ADBE. I understand this is about AI fears to their business models, But, surely they cannot be worth 40-50% less than they were, mere months ago. If I wasn't already smarting from owing them, I'd consider this a buying opportunity of epic proportions.
I just KNOW that as soon as I dump them, they rebound considerably.
Majority of buys this year have been US and oversea bonds.