Recent discussions on MFO on EM funds ex-China have set me on a search for a slightly different niche, namely small capitalization emerging market value stock funds. I have linked a SeekingAlpha article from 2020 on the subject as well as a page from LSV, the managers of several value MF’s. They have a SCV EM strategy, but no mutual fund.
https://seekingalpha.com/article/4325359-case-for-emerging-markets-small-cap-value
https://www.lsvasset.com/emerging-markets-small-value/
The two funds I own that have considerable EM exposure are SFVLX and EYLD. The former is an all-cap fund, with a decided international value methodology, while the latter is the real McCoy. EYLD does not avoid China and it has an array of holdings not easily recognizable, at least to me. Those who are familiar with Meb Faber at Cambria will not be surprised to see that stock selection in EYLD follows his basic tenets regarding free cash flow and profitability. His largest fund is SYLD, a worthy rival to COWZ on the domestic front. His FYLD does a decent job with international stocks, as well.
MSCI runs an EM SCV index and I’m in search of funds that follow it, specifically the value orientation. EEMS and DGS come up on SC EM searches, but they aren’t quite what I hope to find. Grandeur Peak might fit the bill, but they seem like a growth shop to me. Please post any suggestions you have for this market segment.

”Aside from ‘practical’ considerations, ie how much of a hit would I really take, there are the moral ones. While many people eschew using ‘moral values’ in investments, as everyone has different ethical values, there is a case to make that many moral issues have legitimate and well founded investment implications.”

Morally speaking, South Africa is a curious choice. Human rights concerns might also deter investments in mining funds, many with holdings there.
”South Africa failed to take meaningful measures to improve protection of social and economic rights, which has been undermined by widespread unemployment, inequality, poverty, the government’s response to the Covid-19 pandemic, and corruption. The authorities struggled to ensure law enforcement responded effectively to some of the worst riots and looting in the country since the end of apartheid. The violent riots triggered by the imprisonment of former President Jacob Zuma for contempt of court claimed more than 330 lives … Other human rights concerns include violence against women, failure to ensure justice and accountability for past xenophobic violence, and violence against environmental activists.
The government’s Covid-19 aid programs, including food parcels during national lockdown, overlooked people with disabilities, refugees and asylum seekers, and many lesbian, gay, bisexual, and transgender (LGBT) people. Among countries that collect gender-based violence (GBV) statistics, South Africa has one of the highest rates of GBV in the world.
The killing of environmental rights activist, Mama Fikile Ntshangase, in her house in KwaZulu-Natal province, on October 22, 2020, highlighted the plight of rights defenders in mining-affected communities across the country. Activists have experienced threats, physical attacks, and damage to their property because of their activism—which police failed to investigate”
Source

Aside from "practical " considerations, ie how much of a hit would I really take, there are the moral ones.
While many people eschew using "moral values" in investments, as everyone has different ethical values, there is a case to make that many moral issues have legitimate and well founded investment implications.
In China's case, the recent destruction of Hong Kong democracy and what little dissent there was in the Communist party are immoral and contrary to US democratic ideals.
They are also contrary to solid "rule of law" principles that capitalism requires. If a company or owner can loose all of the profits and assets of a company because of the whim of one man, there is little reason to commit capital to that country.
I don't see how the Communist party control over markets and capital flows will be beneficial for China in even the short run.

"Previous charge" makes it sound like Samra was a fund manager (even if not the lead) on OAKIX. No question about ARTKX doing better than OAKIX, just about what Samra was actually charged with at Harris.
It's true that he worked in Harris' international group, but that's as much responsibility as Sama was charged with. His name doesn't appear in any Oakmark prospectus (based on spot checking) in his Harris years of 1997-2002.
One does find statements that he worked as a portfolio manager at Harris, e.g.

Prior to joining Artisan Partners in May 2002, Mr. Samra was a portfolio manager and a senior analyst in international equities at Harris Associates LP, from August 1997 through May 2002.

https://www.artisancanvas.com/?filter=tag+eq+artisan-canvas:authors/david-samra
Though what Samra himself says is:

I worked in the international group there with a very famous value investor, David Herro, who still operates the Oakmark International, Oakmark International Small Cap Fund. And I worked there for five years and left there in 2002. By then I had had almost 10 years worth of experience as an analyst and decided that like to try employing my own philosophy, and I found a terrific home here at Artisan. We launched the International Value Fund in 2002.

https://mebfaber.com/2020/04/29/episode-216-david-samra-the-primary-driver-of-our-behavior-is-finding-a-company-that-trades-at-a-discount-to-intrinsic-value/
At least he was a whole lot closer to being responsible for a fund than Santos got to working at Goldman Sachs. For all we know, Santos was just a copyboy for a company (LinkBridge Investors) that in turn did business with GS.
https://people.com/politics/fact-checking-the-george-santos-claims-from-goldman-sachs-employee-to-college-volleyball-star/
Side note: curiously, there appears to be a Jorge Santos who is a VP at GS. Scroll down to #46 in this Yahoo piece.
https://www.yahoo.com/video/the-e-mpower-top-50-future-ethnic-minority-leaders-2019-230100555.html

Hi @yogibearbull
You noted previous in this thread regarding Capital One CD offers. I was contacted by an in-law today about the Capital One, 5% APY, 11 month CD, "360 Performance Saving", on line offer. Is there anything, hidden in the fine print, for a new customer as to having to maintain an account, if they choose to take the monies from the CD after it matures? I ask, as I've seen offers requiring to maintain an account with bill pay and such.
You mentioned: FWIW, I have Capital One a/c. But what I don't like is that it keeps coming up with new a/c with higher yields ("360 Performance Saving" is the latest) and leaves legacy savings at low levels (they exist but not even shown on the website).
Thank you,
Catch

Since you asked :-) ...
I'm not sure this is more arcane, but it's certainly in the running:

The special rules described on this page may convert some or all of your short-term loss into long-term loss — or into a nondeductible loss — when you sell shares held six months or less after receiving certain kinds of dividends.

Kaye Thomas goes on to give a clear explanation, even adding an exception where these rules don't apply to a sale within six months of a purchase.
Then there's this one, for treating fund dividends as qualified:

All of the following requirements must be met:

• The fund must have held the security unhedged for at least 61 days out of the 121-day period that began 60 days before the security’s ex-dividend date. (The ex-dividend date is the date after the dividend has been paid and processed and any new buyers would be eligible for future dividends.)
• For certain preferred stock, the security must be held for 91 days out of the 181-day period, beginning 90 days before the ex-dividend date. The amount received by the fund from that dividend-generating security must have been subsequently distributed to you.
• You must have held the applicable share of the fund for at least 61 days out of the 121-day period that began 60 days before the fund’s ex-dividend date.

https://www.fidelity.com/tax-information/tax-topics/qualified-dividends

I know most people will not be able to get past paywall but here is Bloomberg article about missing banker
https://www.bloomberg.com/news/articles/2023-03-06/missing-banker-reignites-fears-of-xi-in-china-s-tech-startups-venture-capital?srnd=premium&sref=OzMbRRMQ
In the latest sign of trouble, Bao Fan, the tech industry’s star banker, disappeared, with his firm issuing a terse statement that he is cooperating in an unspecified investigation. The eerie vanishing may have more influence on the psyche of China’s corporate class than any encouraging words from state media.
“It’s rule by fear: There is a feeling that Beijing can always come after you,” says Alicia Garcia Herrero, chief Asia Pacific economist at Natixis. “Of course, the private sector will be much more cautious.”

Mark Mobius, in a Fox News interview discussing in Fortune, claims that China doesn't want to let him move his money out of the country.

Mobius, founder of Mobius Capital Partners, has been a longtime booster of Chinese equities, yet revealed why he’d changed his mind ...
The investor revealed that he had funds trapped in an account with HSBC in Shanghai. “I can’t get my money out. The government is restricting the flow of money out of the country,” he said.
Mobius continued that the Chinese government was “putting all kinds of barriers” in his way. “They don’t say, ‘No, you can’t get your money out,’ but they say, ‘Give us all the records from 20 years of how you’ve made this money,’ and so forth. It’s crazy.”

We've written about both successful EM funds with low China exposure (2021) and funds that, by prospectus, exclude China (2023).
By coincidence, China's premier stepped down yesterday after 10 years in office. His departure was described as "marking a shift away from the skilled technocrats who have helped steer the world’s second-biggest economy in favor of officials known mainly for their unquestioned loyalty" to Xi (AP, 3/5/23).
Both of the Seafarer funds are China-light, about 9% weight against a peer average of 28%. My other EM fund, Grandeur Peak, is about 11% China.
For what caution it suggests,
David

Long ago, the IRS eliminated the requirement for filers to break down registered investment company (RIC, i.e. mutual fund) income by country. You just give "RIC" as the "country".
In 2007, the IRS even stopped requiring mutual funds to report this breakdown to investors. So you couldn't give a detailed breakdown by country even if you wanted to.
2007 rule change (no more country reporting to investors)
Not sure how 2020 got in there. In 2022, 100% of FMIJX's ordinary income was from foreign sources.
https://www.fmimgt.com/fmi/funds/other/2022_FMI_Tax_Insert.pdf

@msf : You didn't mention form 1116 & tracking which countries were paid what tax..
This pops up when over $300 in credit is claimed . That sounds like a big pain in the BUTT ! Thanks for chiming in.
Have a good one, Derf
Added : As I mentioned I'll still be removing FMIJX from Roth to Taxable account to get the foreign tax credit as of 2020 Schwab shows no foreign tax .

This is my summary of the Cover Story; I didn't see it as an ESG story and searches on "ESG" and "sustain" produced zero results. It is a story on how technology has changed farming.
COVER STORY (ECONOMY) “The Boom Time for FARMERS Can Last. Who Will Reap the Rewards”. AG-TECH is booming (biotech, AI, mechanization, hybrids, crop rotations). Higher grain prices and wind energy installations are helping. Farmland prices are up; institutions including pension funds are active in farmland. Grains are used for human consumption, animal feed, biofuels. But farm labor is hard to find, and many are turning to immigrants. Mentioned are AGCO, CNHI, CTVA, DE, TITN; farmland REIT FPI.
There are couple of general fund stories too:
FUNDS. BIOTECH funds are attractive now. They peaked in 02/2021 after a deluge of biotech IPOs following the pandemic in 2020. Mentioned are ETAHX, FBDIX, FBIOX, JAGLX, LYFIX, PRHSX, SHSAX; ETF XBI. (by MFO @lewisbraham)
FUNDS. Barnaby WILSON, Lazard Asset Management (OCMPX, etc). He is searching the GROWTH stock rubble globally for quality stocks with good cash flows, reasonable valuations, competitive moats, pricing advantage. He avoids companies with unprofitable growth.
LINK

The bonds were still in my Mom's name. We thought about changing that while she was still alive, but it would have required us all to go to bank and do the same thing and she didn't have the stamina for it at 99.
I don't remember if we could have done it by mailing in the bonds etc, but as you point out, that requires trip to PO and insurance and certification. I love my lost PO staff, but I do not trust the USPS to handle things with 100% efficiency. They lost my daughter's college tuition check. Almost got kicked out of school!

Amazingly (to me, at least), it seems that even with power of attorney one cannot change the title on a savings bond.
https://www.treasurydirect.gov/forms/sav0105.pdf
What confused me was that the way you wrote your original post, it sounded like all siblings had to be at the bank together to cash the savings bonds. However, each bond could have been cashed alone by the individual sibling named as beneficiary on that bond. Three trips and six hours instead of one trip and two hours; not really an improvement.
Your experience illustrates the variability in cashing savings bonds in banks. I recently helped (instructed) someone in cashing inherited savings bonds. This person's main bank was Capital One, which is how I learned that Capital One doesn't handle savings bonds. A backup bank initially informed this person that the money would have to be left in an account at the bank for some number of days, or perhaps it was weeks. Fortunately, when they actually cashed the inherited bonds, it was a quick and painless process, and the cash was made available either immediately or within a day (I forget).
Regarding postal services: while registered mail gets somewhat more careful handling, ISTM its main virtue is insuring valuables. Nonnegotiable instruments like checks and savings bonds have no insurance value. So I don't use registered mail for them.
https://faq.usps.com/s/article/Registered-Mail-The-Basics
I use certified mail when I want proof of delivery (e.g. for a legal notice). Even certified mail can get lost (been there, done that). Maybe certified improves your odds of completed delivery, but there's still a risk. If TD says it didn't receive the savings bonds, all the proof in the world to the contrary won't help avoid filing for replacements.

https://www.sec.gov/Archives/edgar/data/1535538/000174177323000598/c497.htm
497 1 c497.htm
948 P1 03/23
SUPPLEMENT DATED MARCH 1, 2023
TO THE PROSPECTUS DATED OCTOBER 1, 2022
OF
K2 LONG SHORT CREDIT FUND
(a series of Franklin Alternative Strategies Funds)
The prospectus is amended as follows:
The following paragraphs are added to the beginning of the “Fund Summary” and “Fund Details” sections of the prospectus:
On February 28, 2023, the Board of Trustees of Franklin Alternative Strategies Funds, on behalf of K2 Long Short Credit Fund (the “Fund”), approved a proposal to liquidate and dissolve the Fund. The liquidation is anticipated to occur on or about May 12, 2023 (Liquidation Date); however, the liquidation may occur sooner if at any time before the Liquidation Date there are no shares outstanding in the Fund. The liquidation may also be delayed if unforeseen circumstances arise. The Fund may deviate from its investment objective and investment strategies at any time prior to the Liquidation Date.
At the close of market on April 3, 2023, the Fund will be closed to new investors, except as noted below. Existing investors who had an open and funded account on April 3, 2023, can continue to invest in the Fund through exchanges and additional purchases after such date. The following categories of investors may continue to open new accounts in the Fund after the close of market on April 3, 2023: (1) clients of discretionary investment allocation programs where such programs had investments in the Fund prior to the close of market on April 3, 2023, and (2) Employer Sponsored Retirement Plans or benefit plans and their participants where the Fund was available to participants prior to the close of market on April 3, 2023. The Fund will not accept any additional purchases after the close of market on or about May 9, 2023. The Fund reserves the right to change this policy at any time.
Shareholders of the Fund on the Liquidation Date will have their accounts liquidated and the proceeds will be delivered to them. For those shareholders with taxable accounts and for Federal, state and local income tax purposes: (a) any liquidation proceeds paid to such shareholder should generally be treated as received by such shareholder in exchange for the shareholder’s shares and the shareholder will therefore generally recognize a taxable gain or loss; (b) in connection with the liquidation, the Fund may declare taxable distributions of its income and/or capital gain; and (c) an exchange out of the Fund prior to the Liquidation Date may be considered a taxable transaction and such shareholders may recognize a gain or loss. Shareholders should consult their tax advisers regarding the effect of the Fund’s liquidation in light of their individual circumstances. Participants in an Employer Sponsored Retirement Plan that is a Fund shareholder should consult with their plan sponsor for further information regarding the impact of the liquidation. In considering new purchases or exchanges, shareholders may want to consult with their financial advisors to consider their investment options.
Please keep this supplement with your prospectus for future reference.

Can anyone please explain what does reorganizing a mutual fund into a mutual fund trust accomplish? Layman's terms please if you can. Also, is this move good for the shareholders? TIA

The first is an interesting question, and one that Yogi has addressed, but not the right question for these funds. They are already in a trust - the second line in Shadow's transcription reads: FINANCIAL INVESTORS TRUST.
A more focused question would be: what does reorganizing mutual funds from one trust into a different trust accomplish? Check for changes (infrequent) in fees, waivers, clawbacks, management firms. Also shareholder voting rights (see below).
Rondure Global Advisors has been using a trust (Financial Investors Trust) and will be moving to Northern Lights Trust III. They are both Delaware statutory trusts, so the laws governing them are the same (Delaware).
But because they are different trusts, they have different trustees (those are the fiduciaries you vote for to represent your interests in the funds). Also, since the size of the two trusts are almost surely different, a shareholder vote will have more (or less) weight than before.
Yogi wrote that large fund firms use trusts (aggregating their funds) for efficiency. Boutiques do the same, except that instead of aggregating their funds together in a trust they run, they join together with other boutiques in a trust they don't run. So you find funds from multiple families in a single trust.
Here's a list of some of the funds in Financial Investors Trust. I've underlined some funds/families that have appeared in posts here:
JCRAX - FINANCIAL INVESTORS TRUST - ALPS/CoreCommodity Management CompleteCommodities Strategy Fund Investor Shares
INDAX - FINANCIAL INVESTORS TRUST - ALPS/Kotak India Growth Fund Investor Shares
LPEFX - FINANCIAL INVESTORS TRUST - ALPS/Red Rocks Listed Private Equity Fund Investor Shares
ALIBX - FINANCIAL INVESTORS TRUST - ALPS | Smith Balanced Opportunity Fund Investor Class
SMCVX - FINANCIAL INVESTORS TRUST - ALPS | Smith Credit Opportunities Fund Investor Class
FINANCIAL INVESTORS TRUST - ALPS/Smith Short Duration Bond Fund Class A
FINANCIAL INVESTORS TRUST - ALPS/Smith Total Return Bond Fund Class A
AMWYX - FINANCIAL INVESTORS TRUST - ALPS/WMC Research Value Fund Investor Shares
CHNAX - FINANCIAL INVESTORS TRUST - Clough China Fund Investor Shares
HSSAX - FINANCIAL INVESTORS TRUST - Emerald Banking and Finance Fund Class A
HSPGX - FINANCIAL INVESTORS TRUST - Emerald Growth Fund Class A
EFCAX - FINANCIAL INVESTORS TRUST - Emerald Insights Fund Class A
ESTAX - FINANCIAL INVESTORS TRUST - Emerald Select trueLiberty Income Fund Class A
ELASX - FINANCIAL INVESTORS TRUST - Emerald Small Cap Value Fund Class A
GPEOX - FINANCIAL INVESTORS TRUST - Grandeur Peak Emerging Markets Opportunities Fund Investor Class
FINANCIAL INVESTORS TRUST - Grandeur Peak Global Contrarian Fund Institutional Class
FINANCIAL INVESTORS TRUST - Grandeur Peak Global Explorer Fund Institutional Class
GPMCX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Micro Cap Fund Institutional Class
GPGOX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Opportunities Fund Investor Class
GPROX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Reach Fund Investor Class
GGSOX - FINANCIAL INVESTORS TRUST - Grandeur Peak Global Stalwarts Fund Investor Class
GPIOX - FINANCIAL INVESTORS TRUST - Grandeur Peak International Opportunities Fund Investor Class
GISOX - FINANCIAL INVESTORS TRUST - Grandeur Peak International Stalwarts Fund Investor Class
FINANCIAL INVESTORS TRUST - Grandeur Peak US Stalwarts Fund Institutional Class
RMRGX - FINANCIAL INVESTORS TRUST - Highland Resolute Fund Class I
RLTAX - FINANCIAL INVESTORS TRUST - RiverFront Asset Allocation Aggressive Investor Shares
RLGAX - FINANCIAL INVESTORS TRUST - RiverFront Asset Allocation Growth & Income Investor Shares
RMIAX - FINANCIAL INVESTORS TRUST - RiverFront Asset Allocation Moderate Investor Shares
RNWOX - FINANCIAL INVESTORS TRUST - RONDURE NEW WORLD FUND Investor Class
ROSOX - FINANCIAL INVESTORS TRUST - RONDURE OVERSEAS FUND Investor Class
SFGIX - FINANCIAL INVESTORS TRUST - Seafarer Overseas Growth and Income Fund Investor
SFVLX - FINANCIAL INVESTORS TRUST - Seafarer Overseas Value Fund Investor Class
DGIFX - FINANCIAL INVESTORS TRUST - The Disciplined Growth Investors Fund
VVPLX - FINANCIAL INVESTORS TRUST - Vulcan Value Partners Fund Investor Class Shares
VVPSX - FINANCIAL INVESTORS TRUST - Vulcan Value Partners Small Cap Fund Investor Class Shares
Source: https://fintel.io/ff/915802
Here are some of the funds/families in the new trust, Northern Lights Trust III. Nothing pops out at me:
AAMAX - NORTHERN LIGHTS FUND TRUST III - Absolute Capital Asset Allocator Fund Class A Shares
ACMAX - NORTHERN LIGHTS FUND TRUST III - Absolute Capital Defender Fund Class A Shares
ADOAX - NORTHERN LIGHTS FUND TRUST III - ACM Dynamic Opportunity Fund Class A Shares
TINIX - NORTHERN LIGHTS FUND TRUST III - ACM Tactical Income Fund Class I
BWDAX - NORTHERN LIGHTS FUND TRUST III - Boyd Watterson Limited Duration Enhanced Income Fund Class A Shares
CINTX - NORTHERN LIGHTS FUND TRUST III - Centerstone International Fund Class I
CENTX - NORTHERN LIGHTS FUND TRUST III - Centerstone Investors Fund Class I
CPQAX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Long-Short Equity Fund Class A Shares
CPAEX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Tactical Equity Fund Class A Shares
CPATX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Tactical Income Fund Class A Shares
TMNAX - NORTHERN LIGHTS FUND TRUST III - Counterpoint Tactical Municipal Fund Class A
HYTR - NORTHERN LIGHTS FUND TRUST III - CP High Yield Trend ETF
FPAG - NORTHERN LIGHTS FUND TRUST III - FPA Global Equity ETF
GHSIX - NORTHERN LIGHTS FUND TRUST III - Good Harbor Tactical Select Fund Class I Shares
QQH - NORTHERN LIGHTS FUND TRUST III - HCM Defender 100 Index ETF
LGH - NORTHERN LIGHTS FUND TRUST III - HCM Defender 500 Index ETF
HCMNX - NORTHERN LIGHTS FUND TRUST III - HCM Dividend Sector Plus Fund Class A Shares
HCMFX - NORTHERN LIGHTS FUND TRUST III - HCM Dynamic Income Fund Investor Class Shares
HCMEX - NORTHERN LIGHTS FUND TRUST III - HCM Income Plus Fund Class A Shares
HCMGX - NORTHERN LIGHTS FUND TRUST III - HCM Tactical Growth Fund Class A Shares
LIONX - NORTHERN LIGHTS FUND TRUST III - Issachar Fund Class N Shares
GHTAX - NORTHERN LIGHTS FUND TRUST III - Leland Real Asset Opportunities Fund Class A Shares
LDPAX - NORTHERN LIGHTS FUND TRUST III - Leland Thomson Reuters Private Equity Buyout Index Fund Class A
LDVAX - NORTHERN LIGHTS FUND TRUST III - Leland Thomson Reuters Venture Capital Index Fund Class A Shares
MVPFX - NORTHERN LIGHTS FUND TRUST III - Marathon Value Portfolio
NFMAX - NORTHERN LIGHTS FUND TRUST III - Newfound Multi-Asset Income Fund Class A
NFGAX - NORTHERN LIGHTS FUND TRUST III - Newfound Risk Managed Global Sectors Fund Class A Shares
NFDIX - NORTHERN LIGHTS FUND TRUST III - Newfound Risk Managed U.S. Growth Fund Class I Shares
NFDAX - NORTHERN LIGHTS FUND TRUST III - Newfound Risk Managed U.S. Sectors Fund Class A Shares
LSEIX - NORTHERN LIGHTS FUND TRUST III - Persimmon Long/Short Fund Class I Shares
APSHX - NORTHERN LIGHTS FUND TRUST III - Pinnacle Sherman Multi-Strategy Core Fund Class A
IPTRX - NORTHERN LIGHTS FUND TRUST III - Pinnacle TrendRating Innovative Equity Fund Class I
RQEAX - NORTHERN LIGHTS FUND TRUST III - RESQ Dynamic Allocation Fund RESQ Dynamic Allocation Class A Shares
RQIAX - NORTHERN LIGHTS FUND TRUST III - RESQ Strategic Income Fund Class A Shares
SDFAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Emerging Markets Fund Class A Shares
SDJAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Foreign Developed Fund Class A Shares
SDRAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Fund Class A Shares
SDAAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Growth Fund Class A Shares
SDAYX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk Growth Fund Class Y Shares
SDCAX - NORTHERN LIGHTS FUND TRUST III - Swan Defined Risk U.S. Small Cap Fund Class A Shares
TCBAX - NORTHERN LIGHTS FUND TRUST III - The Covered Bridge Fund Class A Shares
TEBRX - NORTHERN LIGHTS FUND TRUST III - The Teberg Fund
Source: https://fintel.io/ff/1537140

That fund has an additional 2.2% in HK. Is that all in HK companies, or does some of that reflect indirect investment in mainland China? The Reuters commentary below says that mainland China companies account for 78% of HK's stock market cap. When your fund reports its allocations, is it deconstructing the holdings or reporting where the shares are issued?
Presumably the securities counted under HK don't include mainland Chinese companies listed in HK. Not that HK-based companies are completely devoid of Chinese political risk. For example, 0.9% of the fund's AUM are invested in AIA. This is a global insurance company, based in HK since 1947, but it started in Shanghai and reopened a branch there in 1992. Pretty clearly a HK company, though with some ties to mainland China.
https://www.aia.com/en/about-aia/overview
FWIW, I rely on my foreign/global funds to identify appropriate emerging as well as developed markets. I don't consider myself well enough informed to do this level of managing. And if the fund manager blows it, at least I have someone else to blame :-)
Reuters commentary:

At its core, Hong Kong’s unique selling point is that it’s China-by-proxy for investors; enterprises in the People’s Republic account for 78% of the market capitalisation of Hong Kong’s main boards. The Stock Connect scheme run by bourse operator Hong Kong Exchanges and Clearing (0388.HK) lets money move across China’s capital controls in a limited way. Officials familiar with the situation say that it handles as much as 70% of all international investment flows into stocks listed in mainland China.

https://www.reuters.com/breakingviews/hong-kong-spreads-its-wings-its-bets-2023-02-23/

RE China
[snip]
I have serious qualms about China's human rights record and the increasing threat to world stability, but I think the major investment risks ( other than a shooting war) are
1) I do not think you can believe their numbers and accounting, as the Government has and will continue to manipulate them and
2) The government has intervened in aggressively in companies management when it wanted to. Jack Ma disappeared for a while remember?
[snip]

I share your concerns.
The Chinese government's aspiration to expand its global sphere of influence/dominance
(Belt & Road, South China Sea activities, etc.) is also troubling.
Consequently, I now deliberately avoid allocating capital to Chinese companies¹.
Professor Snowball authored an informative 2021 article regarding the risks of investing in China.
Link
¹ I do own a foreign large-cap growth fund which had 12.7% of its assets in China as of 01/31/2023.

Last year when I mailed the tax refund savings bonds I actually did receive, I didn't send them certified. My thinking was:
- if the USPS loses the mail, handing them a tracking number will not locate it (I've gone through that process); or
- if TD says it didn't receive the mail when it did, it will be pointless arguing with them since they'll still insist I file another form for reissue; or
- if TD does receive the savings bonds, TD will send an email acknowledgement three months later (which is what happened):

Dear Customer,
This is a system generated email to communicate we received your Savings Bonds/Treasury Marketable Securities materials.
Cases are worked in the order they are received in our office. Your request is important to us and will receive attention as soon as possible. Please allow up to 13 weeks for review and processing. If we require additional information, we will contact you. Thank you for your patience.
Please retain the Customer Number and Case Number referenced above to streamline any future actions associated with this request. Also note, you may receive multiple email notifications and Case Numbers depending on the type of transaction(s) you have requested.
If you have additional questions, please use the Contact Us link on TreasuryDirect.gov.
We appreciate your interest in U.S. Treasury securities.

Remember too, stamps were 8% cheaper back then (58¢) :-(
Keeping the single savings bond in my safe deposit box raises other concerns. Will that box still be around in 30 (now 29) years? Will I? Why create an additional hassle for an executor by keeping it separate from all the electronic savings bonds?
Cashing savings bonds at banks can have its own problems - while most (but not all) banks will redeem savings bonds, many require that you have accounts with them, sometimes long term.
after an uptick in fraud, some banks quit accepting them
Sept 2022, https://www.cbsnews.com/sacramento/news/us-paper-savings-bonds-taking-long-time-to-cash/
Some banks and credit unions may be able to cash savings bonds, but that service isn’t currently available at Capital One.
https://www.capitalone.com/learn-grow/money-management/how-to-cash-in-savings-bonds/
To cash in a savings bond(s) at your local [U.S. Bank] you must [be] ... A signer on a U.S. Bank checking, savings or money market account that has been open for five (5) years or more.
https://www.usbank.com/customer-service/knowledge-base/KB0209712.html

While longer-term record (2020- ) is better, JEPI has been struggling since 2022 (like most other things) with a cumulative TR -3.85% and price-return -14.78%. I don't want to start another debate on yield vs TR, BUT for JEPI, HIGH distributions have been with DECLINING NAV. But I also see ROC as zero.
Call-writing is an income generation strategy, not a capital preservation strategy.
https://stockcharts.com/h-perf/ui?s=JEPI&compare=_JEPI&id=p09055307830

Seeking Alpha has several explanations of the options strategies they use. It is pretty complicated compared to funds that use simpler covered call option strategies, like JHQAX or GATEX for example. I just started digging into JEPI and do not yet understand what factors control the yield here. Covered Calls are much easier to understand.
JEPIX is JP Morgan's mutual fund with the same strategy as JEPI , open for a much longer time
During the Covid Crash ( March 2020 ) JEPIX lost 25% , similar to SP500. JHQAX dropped 14% and GATEX was down only 11 to 12%, but of course neither JHQAX or GATEX yields 11%. It is unclear how long JEPI yield will continue.
What about treasuries? Can't beat a risk free 5%!

BTW Blackstone's CEO and 20% Owner, Steven Schwarzman, took home $1.27 BILLION last year, although the stock dropped 40%.
"Behind every great fortune there lies a great crime"
He also was the third largest individual donor to GOP "election deniers" in 2020, and earlier equated Obama's plan to eliminate carried interest to the Nazi invasion of Poland
I wonder if Yale and Oxford and the NY Public Library will now return the millions he has given them?