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Read more about ICI viewpoint here, https://www.ici.org/news-release/25-private-markets-accessible
ICI's argument is that private-equity markets are sufficiently developed now, so the regulators don't have to put gates that practically allow only i…
FUNDS. There is a push by the fund trade association ICI to expand access to PRIVATE-MARKETS. Several firms are also pushing in this area. Private-market AUM now is $25 trillion vs $4 trillion in 2013. Many companies are remaining private for longer…
PRWCX has been closed for years. AUM $64.1 billion.
T Rowe Price has introduced similar funds that are open. FLOW data below from MFOP.
Etf TCAF with 100% equity: inflows for 10 months $4.0 billion, for 3 months $1.0 billion. AUM $4.2 billion.
Mo…
Interval-funds (IVs) are sold through advisors. As noted, it's easier to get into them, but not so easy to get out - sort of roach motels (-:).
IVs have a set schedule for limited redemptions, unlike other nontraded funds that have redemptions only…
NOTES
Rates: Fed funds held at 4.25-4.50%, bank reserves rate at 4.40%, discount rate at 4.50%. Treasury QT continued -$5 billion/mo, MBS QT at -$35 billion/mo.
Economy & job market are strong. Inflation is a bit higher than the target 2%+. Fed…
These aren't retail products that one can get from discount brokerage platforms. Try Fido advisors and Fido institutional site,
https://institutional.fidelity.com/advisors
The new Morningstar ratings will be for interval-funds (IVs) and some nontraded funds. They will be available only in Morningstar's expensive professional products.
A typical feature of these semiliquid funds is that redemptions are restricted and …
Just ahead of his US visit, PM Carney invited King Charles to open the new session of the Canadian Parliament 5/26/25. Something quite rare.
There has been no formal response from the Administration. I suppose it won't want to do or say something t…
2 modifications of allocation/balanced funds have evolved:
1. It's OK to include "cash" in fixed-income. "Cash" broadly includes T-Bills, money-market funds, ultra-ST bond funds, short-tern CDs, stable-value funds (SVs) in 401k/403b.
2. Add some a…
Hear "You don’t find out who’s been swimming naked until the tide goes out" in this video, 4/25/1994
https://buffett.cnbc.com/video/1994/04/25/buffett-you-dont-find-out-whos-been-swimming-naked-until-the-tide-goes-out.html
For some reason, David Se…
Barron's online has a caution on the target-date funds (TDFs; AUM $4 trillion) that are popular in retirement plans. Many TDFs have gotten riskier. They lowered fixed-income allocations during the low-rate environment to increase equity allocations,…
Individual bonds typically pay interest every 6 months, and reinvestments of small amounts won't be practical. So, low ER bond fund is the way to go.
Individual zero-coupon bonds do have built-in reinvestments at interest rate determined at the tim…
I have setup all possible alerts on my card accounts - large purchases, card used online only, international charges, etc. These are informational.
In addition, banks may send their own alerts for suspicious charges and those must be responded to b…
Mutual funds/OEFs are losing AUM in 2 ways.
There are CIT cousins with lower ERs within 401k/403b.
There are etf conversions. ETFs have much better accessibility. Fido and Schwab have good NTF platforms for OEFs, but many others stink.
Also, afte…
Tested the new daily FLOW feature for several funds:
Several ETFs - they work. Great!
But OEFs were hit & miss - some runs were completed (FDGRX, QREARX), but others failed to finish.
Failed Examples - VFIAX, VFINX, VWELX, ABALX / BALFX, FCNT…
There is a PRCFX Prospectus Supplement that indicates change to daily accrual and payment of monthly dividend on the 1st of the month. Websites, including Price itself, have yet to catchup.
It looks like a sudden change. Supplement dated 3/7/25 bec…
In T Rowe Price April 2025 distribution table, PRCFX / PRCHX is shown as N/A. Looks like skipped for some reason.
https://www.troweprice.com/personal-investing/resources/planning/tax/dividend-distributions/mutual-funds/2025-monthly-distributions.html
Prior MFO post on CCLFX; there are also related posts in MFO/MFOP Ratings thread.
https://www.mutualfundobserver.com/discuss/discussion/comment/182683/#Comment_182683
Morningstar has an updated feature on CCLFX - how it became the biggest interval-…
Thanks.
It's good to hear Bengen.
His 4% initial w/COLA is a good start, or a good benchmark.
But there are many approaches - variations of Bengen's, dynamic approaches, increasing equity gradually in retirement, % withdrawals with or without re…
@Charles, I moved the CCLFX post to a more appropriate (older) thread. https://www.mutualfundobserver.com/discuss/discussion/comment/191608/#Comment_191608
I had just searched on "interval-funds" and updated a recent post (here) with new informatio…
Yes. Using BAGIX as an example,
MFO Failed Link http://finance.yahoo.com/q?s=BAGIX
Correct Link https://finance.yahoo.com/quote/BAGIX/
Note that there is a slight change in the URL.
It's like several other problems at MFO, like the nonexistent ET…
TSLA peaked in December 2024 & many people sold it then. Even banks got out of lot of TSLA debt that they were stuck with.
The loss was bad but was expected. It's just a wiggle in the chart.
https://stockcharts.com/sc3/ui/?s=TSLA&p=D&b=…
Brokers send fractional orders to small odd-lot brokers. My guess is that restriction may come from there - trying to track tiny fractional orders for GTC may not be worth their while.
Where is your a/c? Looks like your broker clears through Pershing - T Rowe Price, TIAA, etc use Pershing as clearing broker.
Fido, Schwab, Vanguard self-clear.
At Fido, fractional trading allows only day-orders, not GTC.
What types of orders can …
Private-equity/credits aren't required to mark-to-market, so most don't. Some may do quarterly valuations, others annual. So, their reported performances are suspect.
But some exposure may be OK.
