(To see what I did, "quote" this post; that will show you the HTML.)
https://ibb.co/DVX5yDM

Name				 Ticker	  %TR YTD   %TR 5 Year   %TR 10 Year
William Blair Large Cap Growth I LCGFX 	  -21.08       19.62	    16.55
Akre Focus Retail 		 AKREX 	  -18.4        16.49	    15.23
Jensen Quality Growth J 	 JENSX 	  -12.88       15.57	    14.59
Parnassus Core Equity Investor 	 PRBLX 	  -11.95       14.79	    14.42
Vanguard 500 Index Investor 	 VFINX 	  -11.65       14.05	    14.08
Vanguard Health Care Inv 	 VGHCX 	   -9.13        9.59	    13.84
Conestoga Small Cap Investors 	 CCASX 	  -18.81       14.2	    13.59
Grandeur Peak Global Opp Inv 	 GPGOX 	  -22.38       13.17	    12.94
Mairs & Power Small Cap 	 MSCFX 	  -10.37        7.86	    12.41
T. Rowe Price Capital App	 PRWCX 	   -7.79       12.25	    12.16
T. Rowe Price Mid-Cap Value 	 TRMCX 	   -1.1         9.49	    12.06
Wedgewood Retail 	  	 RWGFX 	  -19.05       14.82	    12.04
Artisan Small Cap Investor 	 ARTSX 	  -26.13       12.73	    11.89
AMG Yacktman Focused N 	  	 YAFFX 	   -5.99       12.17	    11.59
AMG Yacktman I 	  	  	 YACKX 	   -5.55       12	    11.54
Manning & Napier Disc Value I 	 MNDFX 	   -5.1        10.6	    11.42
Meridian Growth Legacy 	  	 MERDX 	  -15.53       11.6	    11.3
T. Rowe Price Small-Cap Value 	 PRSVX 	  -11.01        9.61	    11.11
Amana Income Investor 	  	 AMANX 	  -11.49       10.97	    11.03
Walthausen Small Cap Value 	 WSCVX 	   -7.27        7.06	    10.32
Osterweis 	  	  	 OSTFX 	  -13.03       11.42	    10.31
Fidelity Advisor® Small Cap I	 FSCIX 	  -16.18        9.97	    10.07
FPA Queens Road Small Cap Value  QRSVX 	   -6.81        9.64	    9.68
Fairholme 	  	  	 FAIRX 	    4.21       10.44	    9.44
Vanguard Balanced Index Inv 	 VBINX 	   -9.02        9.39	    9.24
Auxier Focus Inv	 	 AUXFX 	   -5.04        9.24	    9.23
Janus Henderson Small Cap Val T	 JSCVX 	   -7.67        5.1	    8.66
Oakmark Equity And Income Inv	 OAKBX 	   -6.33        8.2	    8.46
Artisan International Value Inv	 ARTKX 	  -10.86        6.98	    8.35
DCM/INNOVA High Eq Inc Innovt	 TILDX 	  -12.74        7.52	    7.98
FPA Crescent	 	 	 FPACX 	   -8.32        6.96	    7.96

Need to fix formatting.
Standouts are
Name Ticker "%TR YTD" "% TR 5 Year" "%TR 10 Year"
T. Rowe Price Capital Appreciation PRWCX -7.79 12.25 12.16
T. Rowe Price Mid-Cap Value TRMCX -1.1 9.49 12.06
Vanguard Health Care Inv VGHCX -9.13 9.59 13.84
AMG Yacktman Focused N YAFFX -5.99 12.17 11.59
AMG Yacktman I YACKX -5.55 12 11.54
Manning & Napier Disciplined Value I MNDFX -5.1 10.6 11.42

Name Ticker "%TR YTD" "% TR 5 Year" "%TR 10 Year"
William Blair Large Cap Growth I LCGFX -21.08 19.62 16.55
Akre Focus Retail AKREX -18.4 16.49 15.23
Jensen Quality Growth J JENSX -12.88 15.57 14.59
Parnassus Core Equity Investor PRBLX -11.95 14.79 14.42
Vanguard 500 Index Investor VFINX -11.65 14.05 14.08
Vanguard Health Care Inv VGHCX -9.13 9.59 13.84
Conestoga Small Cap Investors CCASX -18.81 14.2 13.59
Grandeur Peak Global Opportunities InvGPGOX -22.38 13.17 12.94
Mairs & Power Small Cap MSCFX -10.37 7.86 12.41
T. Rowe Price Capital Appreciation PRWCX -7.79 12.25 12.16
T. Rowe Price Mid-Cap Value TRMCX -1.1 9.49 12.06
Wedgewood Retail RWGFX -19.05 14.82 12.04
Artisan Small Cap Investor ARTSX -26.13 12.73 11.89
AMG Yacktman Focused N YAFFX -5.99 12.17 11.59
AMG Yacktman I YACKX -5.55 12 11.54
Manning & Napier Disciplined Value I MNDFX -5.1 10.6 11.42
Meridian Growth Legacy MERDX -15.53 11.6 11.3
T. Rowe Price Small-Cap Value PRSVX -11.01 9.61 11.11
Amana Income Investor AMANX -11.49 10.97 11.03
Walthausen Small Cap Value WSCVX -7.27 7.06 10.32
Osterweis OSTFX -13.03 11.42 10.31
Fidelity Advisor® Small Cap I FSCIX -16.18 9.97 10.07
FPA Queens Road Small Cap Value QRSVX -6.81 9.64 9.68
Fairholme FAIRX 4.21 10.44 9.44
Vanguard Balanced Index Inv VBINX -9.02 9.39 9.24
Auxier Focus Inv AUXFX -5.04 9.24 9.23
Janus Henderson Small Cap Value T JSCVX -7.67 5.1 8.66
Oakmark Equity And Income Investor OAKBX -6.33 8.2 8.46
Artisan International Value Investor ARTKX -10.86 6.98 8.35
DCM/INNOVA High Eq Inc Innovt TILDX -12.74 7.52 7.98
FPA Crescent FPACX -8.32 6.96 7.96

DS:
The purpose of MSTR [[ in-house synonym: 'MSTR seeks to invest in “non-market sources of return,” that is, returns that can be delivered whether the market rises or not. That’s possible by choosing investments that are intrinsically uncorrelated ... ' ]] is to diversify your portfolio, not be your portfolio. Many investors overdiversify, adding one stock (or bond) fund after another with each new addition adding less and less to the robustness of the entire portfolio. At base, investors just add more exposure to the same sets of risks and the same return drivers. MSTR diversifies by tapping into other sources of alpha which is reflected in its relatively low correlation to the S&P 500 (0.58), very low correlation to the bond market (0.16), and low downside capture ratio (0.12) against the S&P 500.

Investors looking for a way out of high levels of volatility and inconsistent returns should add T. Rowe Price Multi-Strategy Total Return to their due-diligence list, just as many investment professionals at Price itself seem to have done.

By way of full disclosure: I reallocated a substantial fraction of my retirement investments to TMSRX in May 2020 and disclosed that allocation in our June 2020 issue.
underlining added
Wonder if DS has bailed too.

“The strategies currently available to the managers include Macro and Absolute Return; Fixed Income Absolute Return; Equity Research Long/Short; Quantitative Equity Long/Short; Volatility Relative Value; Style Premia; Dynamic Global FX; Dynamic Credit; and Global Stock. Mr. Hubrich explains that “there is a spectrum, where on one end you have strategies (like Style Premia) that are ‘born’ as absolute return strategies and require no additional hedging at all, while on the other end you have strategies (like global stock) where a traditional long-only investment is paired with an explicit, meaningful hedge.” While the constellation of strategies included in the portfolio changes with evolving market conditions, the goal remains to provide an absolute return portfolio throughout.”
https://www.mutualfundobserver.com/2020/07/t-rowe-price-multi-strategy-total-return-tmsrx/
I’ve been under the (possibly mistaken) impression that each strategy had / has its own management team doing research, analysis and making decisions. From the quoted passage by Dr. Snowball it appears the 2 managers may be attempting to implement the 5-7 different investment strategies. (No wonder they’re having problems.) I did attempt to phone them twice. Both times resulted hold times in excess of 20 minutes after which I gave up.
Since I’m in the process of selling this fund, I’ll leave it to those who remain behind to continue the thread. No point in beating a dead horse.

The discrepancy between the performance of the stated fund share price and the performance of the portfolio may be due to fair value pricing.
https://www.sec.gov/news/press-release/2020-302
Morningstar provides last trade price, which for Russian stocks was Feb 25. A bit stale.
Rerunning the numbers, assuming that TRP completely wrote off all Russian stocks, one gets a loss of around 77%. If TRP "marked down" some non-Russian securities as well, that could account for the other 9% in losses.
Assuming that's what is going on, it is instructive to compare with EUROX. That fund, as of start of year, had over 56% invested in Europe. So if it had written off its Russian holdings, the fund would have dropped in fair value price at least 56%. Yet its YTD loss is a much smaller 42%.
(The fund did have a few winners that may have boosted its YTD return by a couple of percent, but these were well outweighed by its non-Russian losers.)
What this suggests is that how a fund prices its holdings can make a huge difference in its stated performance. Also, that the fund's board does matter. While funds can delegate pricing to third parties, the board retains oversight and is ultimately responsible for the prices.
See thread on Mairs and Power proxy vote (in large part a vote to change to a new board).
https://mutualfundobserver.com/discuss/discussion/59232/mairs-power-proxy-vote-on-murkiness

@yogibearbull
Interesting article. You mention PDI ( 6% premium today) and TBLD (6% discount)
TBLD liquidates in 2033 so at least the discount will disappear.
If it pays a high distribution, and therefore returns capital, what would that do to your returns?

Among the fund families, Capital Group (American Funds) had/has most Russia exposure.
https://www.reuters.com/markets/europe/us-investment-manager-capital-group-was-among-top-exposed-russia-data-2022-03-02/
"NEW YORK, March 2 (Reuters) - Capital Group Companies Inc, one of the world's largest investment management companies, known for its American Funds mutual funds, had billions in exposure to Russian companies that have been either sanctioned or curbed by the United States over Russia's invasion of Ukraine, according to the latest data on the fund's website.....The Los Angeles-based firm, which has over $2.4 trillion in assets under management, according to its website, had $4.55 billion in exposure across its American Funds franchise to Gazprom , Sberbank (SBMX.MM), Alrosa (ALRS.MM) and Sovkomflot (FLOT.MM) as of Dec 31.....Separate data from research firm Morningstar, analyzed by Reuters, showed that Capital Group had at least $8.19 billion in exposure to Russia in its equity and fixed income funds according to latest available data. The data was on the top 100 open-end funds and ETFs worldwide....."

Hi Derf,
With about 22 holdings (mainly funds) I’ve more than enough. Only own 3 stocks: RIO, Y, WPM. The first 2 are pretty conservative companies with strong balance sheets. As far as I know, so is the third. So I sleep well and pay little heed to them.
On the contrary, both ARKK and DKNG resemble “loose & loaded cannons” ready to fire in any direction at any moment. I suspect a lot of $$ will be made in them - but lack the patience to own either. They’d also be fun to trade in and out of - grabbing off quick 5-10% gains every few weeks. Of course, there’s no guarantee. I’ll leave it to the younger ones here to mess with them. Thrills and chills …
Not much dipping here. In fact, I’ve placed a sign over the portfolio tracker keyboard reading “Do Not Touch“ - just to make sure I don’t mess with anything. :)
Thanks for the interesting thread!

Agree. Cash flow data is a backward indicator that tends to be a bit late. Tough spot for bond investors this year with the possibility of 4-7 rate hikes. Then again moving to equity poses a complete set of risk on capital loss.

There are several CEFs which are listed as Great Owls, such as BST, BUI, ETO...etc. Patience is a virtue with CEF's, but when purchased at a discount they have the ability to generate a substantial amount of income, along with solid capital gains.

Sound very reasonable. Given the size of the fund, he would buy the stocks in increments over time in order to build a meaningful position in the fund. Apple is large enough (liquidity) large lots bought or sold would not change the pricing as it would in thinly traded smaller cap stocks. Similarly he bought GE prior to spring 2020’s drawdown and continued afterward. Today GE is the 4th position. The fund often has high single digit % in cash.

USD and bonds considered "safe haven" investments. Investors will skim off some capital gains from rising bond prices and move on to the next investment !

record jobs added, layoffs at record low, so this is dumbfounding:
https://www.axios.com/voters-arent-feeling-the-record-job-gains-polling-finds-1dea3049-c8ea-48d1-9bfa-e8be47099a9c.html

It’s at 1.72% 1.70% currently, which is lower than it was a year ago Now, how do you reconcile that rate with (1) 7%+ inflation and (2) Fed members’ statements to the effect they’ll be hiking the overnight lending rate by .25 to .50% at their next meeting later this month? On the second score, I do understand that those Fed projections were made before things in the Ukraine heated up. But I’m befuddled by the contrast between the documented year-over-year rate of inflation and the meager pittance investors seem willing to accept from a bond over the next 10 years.
ISTM inflation would “eat you alive” over 10 years should you own that bond - even if we lower the inflation expectation to 3-5% yearly, which is closer to what most observers are forecasting. Yes, it could be a gamble, with folks expecting to unload their bonds in the near future after some capital appreciation. But that 1.70 rate just doesn’t make sense to me any way you cut it.
To “pun it” - If saving to buy a new pickup truck (now selling for $70,000 +) you’d surely be “spinning your wheels” while holding that 1.70% bond. :)
Chart: https://www.cnbc.com/quotes/US10Y
PS - Had to edit post. Bond fell below 1.70% while I was writing.

Here’s the part I found most interesting - “He predicts major indexes can still notch gains for the year, recovering their steep losses.” You’d think that for such a bold prediction the WSJ would have quoted directly rather than summarizing or paraphrasing Giroux’s words.
I believe it was Yogi (the 1st) who said making predictions - especially about the future - is difficult. Giroux turned guru?
Thanks @LewisBraham for the plethora of charts showing relative values & performances of value stocks vs growth over many years. Still trying to digest.
PS - Looks like another blood-bath in the markets shaping up today - unless you like seeing oil jump higher by 10% or so in a day’s time. Wonder if that interview was conducted prior to the invasion of Ukraine? Likely.

David Giroux, portfolio manager at T. Rowe Price, said he has already sold shares of energy companies in his portfolio—which have outperformed this year—while buying tech stocks like Nvidia Corp., Apple Inc. and Amazon.com Inc. He said he expects oil prices to fall and inflation to moderate over the coming year while economic growth slows down, helping tech stocks. He predicts major indexes can still notch gains for the year, recovering their steep losses. “We have really fundamentally changed” our portfolio, Mr. Giroux said. “A year ago you would’ve seen a big bet on value [stocks]. Now everybody loves that stuff—we’ve been selling that hand over fist.”
Excerpted from: “Ukraine Crisis Upends Investing Playbook for 2022”
The Wall Street Journal, February 28, 2022

BP STORY
Markets are roiled for sure. Oil is spiking. Gold’s only up $20 late evening. Russian commercial flights banned from most of Europe. Treasury bonds rising on falling yields at the moment. What’s fascinating is the heavy global reliance on Ukraine grain exports - particularly wheat. This is leading of course to rising grain prices. China seems to be taking a “wait & see” - not being eager to watch the global economy fall into the dumpster. Late evening Dow futures off over 600 points - but a bouncing ball …..
Here’s the second story
“As the west piles sanctions upon sanctions seeking to crush the Russian economy, moments ago Reuters reported that Russia has made sure that at least those foreigners who have invested in Russian capital markets will have to stay for the ride.
According to Reuters, the Russian central bank – which the US and EU decided will be sanctioned and as a result all transactions will be banned – has ordered market players to reject foreign clients’ bids to sell Russian securities from 0400 GMT on Monday, according to a central bank document seen by Reuters.”

(A few of the key points from a rather lengthy WSJ article - Author: James Mackintosh.)
Lead / Opening question:
“Russia invaded Ukraine to start the biggest land war in Europe since Hitler. U.S. stocks soared. What gives? It isn’t that Wall Street secretly loves Vladimir Putin. A close look at the market’s performance on Thursday shows the reality: U.S. equities had a near-perfect reverse of what had been going on this year. It was a great stock-market switcheroo. Stock gains continued on Friday in the U.S. and elsewhere, with Russian shares leaping by a fifth in ruble terms. But it was Thursday’s move that set the tone, and which was so extraordinary on the day Ukraine was invaded… Quite why is less clear, but I have theories …
Possible factors leading to the reversal:
- “Sentiment was depressed, and a moment of panic-selling hit when the market opened, with the CBOE Vix index of implied volatility hitting its highest opening level since 2020 …
- “Attributed to legendary banker Nathan Mayer Rothschild: ‘Buy on the sound of cannon, sell on the sound of trumpets.’ When fear dominates, it’s time to buy, and many did.
- “Investors were already so worried that it didn’t take much to hit rock-bottom and so rebound. The regular American Association of Individual Investors survey this week found the highest proportion of self-described bears in almost a decade, and close to the lowest proportion of bulls.
- “Last week’s Investors Intelligence examination of newsletter writers found bearish sentiment almost equal to bullish for the first time since the March 2020 selloff. And a 10-day smoothed measure of investor opinion from the options market showed the equal-highest proportion of buying of bearish puts (used to protect from falls) to bullish calls (used to bet on rising stock prices) since shortly after the pandemic panic began.”
- There’s also some mention that the sanctions against Russian gas and oil exports (primarily to Western Europe) weren’t as harsh as first expected and are less likely to inflict economic damage.
- Elsewhere (WSJ and this week’s Barron’s) there is speculation that the crisis may cause the Federal Reserve to slow the pace of interest rate hikes in coming months - a positive for equities.
All of the above notwithstanding, I thought commentary overall in both the WSJ and Barron’s on Saturday leaned somewhat towards the bearish camp with one newsletter cited in Barron’s advising its readers to “pile up cash”.
Excerpts from: The Wall Street Journal, February 26, 2022 / Here’s a link; but you’ll likely need a subscription to access.