Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
If YAFFX (+12% distribution) is any indication, this year the tax man cometh.
Glad I bailed out of this fund earlier this year. Its supposed to do well in down years, but that hasn't been the case this year (-12% YTD). And now it's paying a hefty distribution? No, thanks.
I remember a time when I had hair. I remember Yacktman had a revolt among his shareholders trying to oust him.
That Yacktman - Sr - is no more the manager. Jr, has big shoes to fill.
More importantly, WTF do we buy a Focused Value fund like Yacktman? What has changed with the fund? How is this different than bailing on VFINX because market tanked? Oh wait, we did that already, so let's do the same with YAFFX.
If YAFFX (+12% distribution) is any indication, this year the tax man cometh.
Glad I bailed out of this fund earlier this year. Its supposed to do well in down years, but that hasn't been the case this year (-12% YTD). And now it's paying a hefty distribution? No, thanks.
If YAFFX (+12% distribution) is any indication, this year the tax man cometh.
Glad I bailed out of this fund earlier this year. Its supposed to do well in down years, but that hasn't been the case this year (-12% YTD). And now it's paying a hefty distribution? No, thanks.
Actually, the cause of the "forced" selling is poor performance. That happens when a fund doesn't live up to expectations.
Only bond ETFs, which are hard to get around. No cap gains on any of the equity ETFs, looks like, even though some are literally another share class of their mutual funds. Correct?
Only bond ETFs, which are hard to get around. No cap gains on any of the equity ETFs, looks like, even though some are literally another share class of their mutual funds. Correct?
Charles,
To my understanding, Vanguard has not announced any of their 2015 year-end capital gains distributions yet.
Hi Mona. Right, I used the 2014 distributions to show that equity ETFs don't seem to pay cap gains. In case of Vanguard, some of their ETFs are actually share classes of the mutual funds, so portfolio is essentially same (eg., VHT and VCVLX). Now, perhaps it's just because these mutual funds and ETFs are index funds. But, I believe the active EtF folks are touting they enjoy capital gain advantages that traditional mutual funds do not.
Yeah, lots of the active equity mutual funds at Vanguard show cap gains hits (eg., VGENX). But the related index mutual funds (eg., VENAX) do not. Nor do the ETFs with same share class (eg., VDE). Presumably this benefit is because of the concept of in-kind exchange.
But as these indices become more sophisticated and tailored, they are essentially becoming a formulated "active" trade...but without the cap gain penalty.
If this advantage is bankable, got to believe it increases favor of ETFs. 'Cause, nobody likes paying cap gains, especially on down years.
Ha! I know. David is a bit down on ETFs. I certainly understand why. And I recognize some of the drawbacks as well. But if the tax advantage is there, hard to see big money being able to resist. Honestly Joe, I'm too slow to fully understand it...but eventually, with a little persistent help from my friends, things will get clearer. Reassured, of course, by the wisdom that all things based on falsehood eventually get proven wrong. Hope all is well. Hey, when is the rain coming? Can't stand October still being so hot!
I want to jump in before this thread gets too large. http://www.capgainsvalet.com/ is out of hibernation! It's early in the season, but I expect to have 185+ fund families available for searching as well as some thoughts on various capital gains distributions strategies that may leave more dollars in your pockets. I value the input of MFO readers. Please let me know if you have any recommendations to make the site better.
A mutual fund manager must constantly re-balance the fund by selling securities to accommodate shareholder redemptions or to re-allocate assets. The sale of securities within the mutual fund portfolio creates capital gains for the shareholders, even for shareholders who may have an unrealized loss on the overall mutual fund investment.
In contrast, an ETF manager accommodates investment inflows and outflows by creating or redeeming “creation units,” which are baskets of assets that approximate the entirety of the ETF investment exposure. As a result, the investor usually is not exposed to capital gains on any individual security in the underlying structure.
Info for DoubleLine Funds has been moved to my Oct26 post, in keeping with this year's new methodology set up by The Shadow (which, for some reason, it took me this long to comprehend).
Comments
(And thanks!)
AMG Funds:
https://ip.amgfunds.com/income_cap_gain_distributions
Aston Funds:
https://astonfunds.com/includes/modules/assets/controllers/Files/download.php?file=1445889033_aston-funds-9-30-15-capital-gains-estimates.pdf&r=/
Calvert:
http://www.calvert.com/resources/tax-center/estimated-distributions
Columbia Acorn Funds:
https://www.columbiathreadneedleus.com/content/columbia/pdf/2015_ACORN_YEAR_END_CAP_GAINS_ESTIMATES.PDF
Credit Suisse:
https://www.credit-suisse.com/media/am/docs/us/asset-management/2015-credit-suisse-notification-preliminary-distributions.pdf
Deutsche:
https://fundsus.deutscheawm.com/EN/products/mutual-funds-capital-gains.jsp
Dodge and Cox:
https://www.dodgeandcox.com/pdf/shareholder_services/dc_estimated_distributions_2015.pdf
Eaton Vance:
http://funds.eatonvance.com/tax-information.php
Federated:
http://www.federatedinvestors.com/FII/daf/pdf/45720.pdf
Gotham Funds:
https://www.gothamfunds.com/UploadFiles/9942fb85-d.pdf
Hartford:
https://www.hartfordfunds.com/dam/en/docs/pub/funddocuments/regulatorydocument/Tax Center/2015 Estimated Cap Gains .pdf
Invesco:
https://www.invesco.com/static/us/investors/contentdetail?contentId=9a64a8c235512410VgnVCM100000c2f1bf0aRCRD&dnsName=us
IVA:
https://www.ivafunds.com/documents/news/Estimates 2015 Capital Gains and Income Distribution - Final.pdf
Johnny Hancock:
http://www.jhinvestments.com/CMS/DownloadableItems/NewsDocuments/Public/MFCGBL.pdf
Legg Mason:
https://individualinvestor.myleggmason.com/portal/server.pt/gateway/PTARGS_0_355661_3518_1277_37025_43/http;/indinvserver;8400/indivPortletWebApp/documents/tax_information/D17213-2014 December Estimates for Posting 2 F.pdf
LKCM Funds:
http://www.lkcmfunds.com/media/pdfs/LKCM_Distribution_Estimates.pdf
MetWest:
https://www.tcw.com/~/media/Downloads/MetWest_Funds/Distribution_and_Tax_Information/MWFUNDsb.ashx
MFS:
https://www.mfs.com/wps/FileServerServlet?articleId=templatedata/internet/file/data/backlot/mfs_cg_fly&servletCommand=default
Nationwide:
http://www.nationwide.com/financial/advisor-mutual-funds-distributions.jsp
Neuberger Berman:
http://www.nb.com/pages/public/en-us/tax-information.aspx
Pioneer Investments:
http://us.pioneerinvestments.com/misc/pdfs/taxcenter/capgains15.pdf?adtrack=news-hmpg-capital-gain-estimates-sept15
Putnam Investments:
https://www.putnam.com/literature/pdf/EO183.pdf
Russell Investments:
https://www.russell.com/US/documents/syndication/Fund_Information/Tax_Information/2015_estimated_cap_gains_ric_004712828.pdf
TCW:
https://www.tcw.com/~/media/Downloads/TCW_Funds/Distribution_and_Tax_Information/FUNDsb.ashx
TIAA-CREF:
https://www.tiaa-cref.org/public/products-services/mutual-funds/planning-tools/tax-planning
Tweedy Browne:
http://www.tweedy.com/resources/library_docs/general/2015 Estimated Distributions 8-31-15.pdf
UBS:
https://www.ubs.com/content/dam/internethosting/us_library/en/mutual/cap_gains.pdf
UBS PACE:
https://www.ubs.com/content/dam/internethosting/us_library/en/pace/cap_gains.pdf
Wells Fargo:
https://www.wellsfargoadvantagefunds.com/wfweb/wf/funds/performance/distributions.jsp?BV_UseBVCookie=no
https://www.americanfunds.com/advisor/tax/2015-year-end-distributions.html
That Yacktman - Sr - is no more the manager. Jr, has big shoes to fill.
More importantly, WTF do we buy a Focused Value fund like Yacktman? What has changed with the fund? How is this different than bailing on VFINX because market tanked? Oh wait, we did that already, so let's do the same with YAFFX.
http://www.cipvt.com/pdf/Champlain Estimated Yr End Distributions 09 17 15.pdf
Dimensional Funds - DFA
https://my.dimensional.com/insight/special_postings/171466/
Evermore
http://www.evermoreglobal.com/dividends.html
Harbor
http://www.harborfunds.com/downloads/2015_Dividend_Estimates.pdf
Loomis
http://www.loomissayles.com/internet/internet.nsf/content?readform&ctype=capitalgains&channel=fa
Oakmark
http://www.oakmark.com/News/News-and-Insights-Placeholder/2015-Fund-Distribution-Estimates.htm
Parnassus
http://www.parnassus.com/parnassus-mutual-funds/dividend-info
Royce
https://www.roycefunds.com/news/2015/10/open-end-funds-2015-year-end-distributions
https://personal.vanguard.com/us/funds/etf/all?sortorder=asc&sortorder=asc&sortorder=asc&sortorder=asc&sort=name&sort=name&sort=name&sort=name#upperTB=distTBI&lowerTB=overTBI
Here is same for the Vanguard Mutual Funds...
https://investor.vanguard.com/mutual-funds/all-vanguard-funds#tab=overview
They've even already paid out on one of their ETFs (BND) in 2015! See the April distribution for the Total Bond Market fund.
https://personal.vanguard.com/us/funds/snapshot?FundId=0928&FundIntExt=INT#tab=4
To my understanding, Vanguard has not announced any of their 2015 year-end capital gains distributions yet.
Mona
But as these indices become more sophisticated and tailored, they are essentially becoming a formulated "active" trade...but without the cap gain penalty.
If this advantage is bankable, got to believe it increases favor of ETFs. 'Cause, nobody likes paying cap gains, especially on down years.
Hi Charles- run that by David for a second opinion.
See
https://www.fidelity.com/learning-center/investment-products/etf/etfs-tax-efficiency
for confirmation.
I value the input of MFO readers. Please let me know if you have any recommendations to make the site better.
PRIMECAP ODYSSEY
http://primecap.com/prices_and_performance/distribution_information.html
And yes, good point on after-tax performance.
c
http://individual.troweprice.com/public/Retail/Planning-&-Research/Tax-Planning/Dividend-Distributions/2015-Preliminary-Year-End-Distributions
https://www3.prudential.com/email/pi/a/capgains2015.pdf
http://www.bairdfunds.com/distribution-information
BAIRD UPDATE AS of 11-08-2015
http://content.rwbaird.com/BairdFunds/PDF/Estimated-Capital-Gains-10-31-15.pdf
FMI MUTUAL FUNDS (No update yet, 10-25-15)
http://www.fiduciarymgt.com/fmifunds/general-fund-links/mutual-fund-tax-information/
GOODHAVEN
http://www.goodhavenfunds.com/media/pdfs/GOODX_2015_Estimated_Distributions.pdf
Note to The Shadow (Original Poster)
DIAMOND HILL:
Link for Diamond Hill has changed. It is now:
http://www.diamond-hill.com/wp-content/uploads/DHF-year-to-date-capital-gains-as-of-9-30-15.pdf | (i.e., End of Sep 2015)
Thanks for the heads-up! I updated my previous link as a result.
https://astonfunds.com/includes/modules/assets/controllers/Files/download.php?file=1449000387_astonfunds-estimated-capital-gains-103115.pdf&r=/
DoubleLine Funds
http://www.doublelinefunds.com/pdf/2015_Capital_Gains_Estimates.pdf
Osterweis Funds
http://www.osterweis.com/files/Distribution Estimates 10.31.15.pdf