This might be considered cherry-picking of data, but if you remove a really great 2020 (+24.1%), then SVARX returns are less impressive - though still not too shabby:
2019 ..... 9.42%
2018 .... -0.99%
2017 .... 8.26%
2016 ... 16.45%
2015 .... 1.08%
2014 .... 2.41%
Whatever instruments SVARX uses behind the scenes have certainly helped it maintain a very low down-market capture rate. Wish there was more color on that.

My PRWCX owns bonds. So does BRUFX. Disregarding those two, you prompted me to check my own performance re: my bond funds. PTIAX grew by $1,200 on account of automatic monthly deposits through the year. But the performance numbers we all use do not take that sort of thing into account. Those statistics are measuring a "static" amount of shares held through the year.
Anyway: PTIAX is 7.63% of my portf. (2020 perf. +5.73%)
PRSNX 22.63% of portf. (2020 +8.14%)
RPSIX 22.88% of portf. (2020 perf. +6.06%)
I worked out a weighted average and it comes to +6.9% for 2020, which seems just a bit high, but I did use a specific online tool which gives weighted averages. You just have to be accurate with the numbers you're entering. I sat on these three funds through the year, and did nothing. Zilch. I'm pretty happy.

I only started following this fund in the last several months.
SVARX is a fund of other fixed income funds. The ER=2.95 is very high, but the results are very good. Several of these funds have ER of 1.5% already. BTW, in 03/2020 the fund lost less than 2% peak to trough. The risk-adjusted performance easily beat VBINX+VWIAX
As of 1/15/2020: (One year SD is from PortVis)
SVARX performance/SD...............1 year=23.4%/6.4.......3 year=10.4% annually/5.4.....5 year=11.4% annually/4.9.
VBINX (60/40) performance/SD.....1 year=23.4%/16.8.....3 year=11.2% annually/11.9...5 year=11.15 annually/9.7.
VWIAX (40/60) performance/SD.....1 year=23.4%/11.55...3 year=7.2% annually/7.7......5 year=8.0% annually/6.3.
When you look at their (site) they do a good job not to mention the fact they invest in other fixed income funds.
Their top funds from M* as of 9/30/2020 are and by now it's probably different :)
IOFIX=special securitized
NHYIX=HY
Recv Nuveen Prf Secs Inc
Pimco Govt Mm Instl
BDKNX=special securitized
Eaton Vance Floating=bank loans
Ishares Tr Pfd Inc S (-10%)
CMOYX=CLMAX=special securitized
The yield is low under 1% for 2020 and about 3-3.5% for 2019 and about 2.5% in 2018.
So, if you are looking for a good risk/reward fund, maybe that's the one. See one year (chart) and change to 3-5.
===================
I'm not sure what the managers of SVARX are doing, but I managed my own portfolio with the following goals: making more than 6% annually, never losing more than 3% from any last top, SD under 3. In the last 3 years, since retirement in 2018, I have used mainly bond funds with several very short term (hours-days) of stocks/ETF/CEFs, usually very concentrated in 2-3 bond OEFs, using momentum and switching between best performing funds but also selling to cash when risk is very high as I did in Q4/2018 and Q1/2020. My portfolio risk-adjusted performance below as of 12/31/2020 are actually even better. Directly from Schwab, you can see below that SD=2.3 for both one and three years. The portfolio never lost more than 1% from any last top during 2018-2020.

I have invested in ARTRX for several years - a very consistent fund with a reasonable drawdown in 2020. The manager has been running the func since inception - quite remarkable. Covers all developed global markets without emerging market exposure. I use separate funds dedicated to emerging market. The same management team also have a newer global fund that has some EM but this fund adds another 0.30% to the expense ratio.

Stock valuation is all time high. I would consider a total market index fund instead. You will have a broader exposure to many sectors.
COVID cases are running rampant and we could return to March 2020 scenario again.

QQQ is not very diversified since its allocation to the technology sector was 48.21% as of Sept. 30, 2020.
Technology stocks in general have performed well over the past decade.
What happens when tech stocks incur steep losses (e.g. 2000 - 2002) in the future?
QQQ excludes companies which are not listed on the NASDAQ exchange.
An investor may miss out on some excellent companies listed on the NYSE.
For these two siblings, I might suggest FSKAX or FXAIX instead.

Yes, the fund dropped 60%, and yes it held mortgage bond insurance companies other than MBI. Yes, it was painful. But it wasn't that much worse than the typical LCV fund. Here's a chart for peak to trough of the fund 10/11/07 to 3/9/09.
It lost 61.34%. A LCV index fund (VVIAX) lost 58.97%. TAVFX did worse, sure. A lot worse? No. If you want to use the word "implode", it's the value side of the market that imploded. "Value trap" implies active stock selection, but passive management did just about as poorly. Whitman made some mistakes but he must have made a number of good calls as well to have come out average.
Meanwhile, TAVFX's cumulative 10-year returns are less than one-fifth the broad market's.
That's the post-Whitman era, which was my original point. He resigned as CIO over a decade ago, and as manager of TAVFX nine years ago. Without Whitman the fund has indeed turned in an absolutely abysmal performance - bottom 3% (though not quite as small as 1/5, closer to 1/3 as much total gain as that of the entire equity market). A whole lot worse on a relative basis than Whitman did before, during, and after the housing crisis.
Regarding the particular mortgage bond insurers it held between Oct 2007 and March 2009, does it really matter? In Oct 2007 MBI constituted 64% of these holdings. FWIW, Radian (which M* says was primarily in other businesses) constituted 27%. The rest was noise.
I recall that Whitman was involved in public disputes with another investor who was shorting that industry
From the NYTimes (repeating a link from above):

“MBIA is being victimized by an apparently well organized bear raid headed by William Ackman of Pershing Square Capital Management,” Mr. Whitman wrote.

Mohamed El-Erian sees one risk that could get investors into serious trouble.
"One of the most under covered stories is what’s happening to the US yield curve..."

To me, he fall in the camp with Grantham, Hussman & Dr Doom. They all are right, but stimulus creates price momentum and price momentum fuels animal spirits. This, along with low inflation, low interest rates, and low wages, cloud their conclusions. Until then these things change (higher inflation, interest rates & wage growth) they will appear to be crying wolf.
He's article:
mohamed-el-erian-this-is-starting-to-get-to-dangerous-levels
Article on Yield Curve Targeting:

The new tool could enable the Fed to keep yields lower for longer, without necessarily continuing to expand its balance sheet.

yield-curve-targeting

I was a TAVFX shareholder for quite awhile. Alas, everything Mr. Whitman thought he knew about value investing proved false in the case of the mortgage insurance companies he bought before, during, and after the housing crisis. I got out in time, with most of my gains, but Third Avenue rode everything all the way down and then imploded.

It's slightly more complicated than OJ described, but that's the general idea.
The checks (or deposits or debit cards) are based on your 2019 AGI. If your 2020 AGI is higher, you won't get any more but you get to keep the extra amount. So if you qualified for a check based on 2019 AGI while your 2020 AGI disqualified you, consider yourself lucky.
Conversely, if your 2020 AGI is lower than your 2019 AGI and so you are eligible to receive a greater amount, you'll get that extra amount in the form of a rebate on your 2020 tax return.

@OJ - did you read the FAQ's?
LINK
Despite getting a direct deposit payment last time it looks like I have to file my tax return for 2020 to get this one.

@JonGaltill: BCSVX is not an EM fund, but it is a small-mid cap international fund that follows the Brown Capital process for selecting stocks of companies that "will make a difference." The domestic version, BCSIX, and BCSVX are heavily weighted in technology and healthcare. I own both of these, as well as the aforementioned ARTYX, an EM fund that holds some US companies.

Agree. Bucket approach works well to ensure living expense for near term, 3-5 years. Shifting the gains from equity funds to the balanced funds make a solid approach in this low yield environment.

One gut check for investing in up markets is to reference your present portfolio value with different draw downs scenarios (in percentages) and the potential recovery time (in months/years)
S&P 500 data since WWII:
Here are a few charts to help illustrate my point (averaged 14% drop over 8 months)...frequency (33% of the time):
Corrections:

Bear Markets (averaged over a 32% drop over 3 years 2months)...frequency (20% of the time):

Another view of drops from S&P 500 Highs and the subsequent time to reach new highs:

Since WWII the market has either corrected (14%) or fell into a bear market (over 30%) 38 times over the last 75 years or about half the time.
Also, a 14% loss (correction) requires a 16.25% gain to break even from that correction. A 33% loss (bear market loss) requires a 49.25% gain to break even.
At these market levels ask yourself a few questions:
Short term:
- Do I have debt that I could pay off with some of these gains (prior to a correction)?
- Do I have large one time payments (weddings, tuition, house projects, vacations, etc) that could be funded by reallocating some of your market gains to cash with some of these gains.
Long term:
- For young, long term investors, prepare yourself emotionally for sell offs of 14% - 35% at least every other year. Continue adding to your retirement (investment) by dollar cost averaging in both up and down markets.
For me...and
- For retirees using their portfolio for income, try to position 3-5 years of your income needs in less volatile investments.
I am using VFISX and VWINX for this propose in retirement. In years where the market returns are better than VWINX, I reallocate some of these gains into VFISX & VWINX. I also may take yearly income from these funds in years when they far outperform.
When the market sells off I first draw from VFISX, then VWINX. These two funds help me navigate yearly income withdrawals during market downturns while the rest of my portfolio waits for a recovery.
Reference:
heres-how-long-stock-market-corrections-last-and-how-bad-they-can-get

Not a new fund, just an acquisition by Third Ave Value of REMS International Real Estate Value-Opportunity Fund (REIFX - founders shares, REIZX - Z class). Though it appears from the prospectus that TAV will be adding Investor class shares with a 0.25% 12b-1 fee.
https://thirdave.com/third-avenue-expand-re-platform/
Here's the prospectus supplement (Oct 29, 2020) from the other (acquired fund) side.
https://www.sec.gov/Archives/edgar/data/1396092/000138713120009434/rems-497_102920.htm
Presumably the new shares will be sold NTF; the existing REIFX shares are sold with a TF and no reduction in the $50K min at Fidelity and Schwab.

They'll probably be forming their own shop.
Perhaps ultimately, but "Jim Kieffer ... will remain part of the investment team for the time being, working as an analyst, advisor, and mentor."
(M* Analyst Note for ARTQX.)
This contrasts with the simultaneous announcement at ARTGX that Justin Bandy is leaving immediately. Perhaps the difference is that Kieffer is a lead manager while Bandy had recently been added to ARTGX and this was his first managing assignment.
The new M* quote page for funds presents the inflows and outflows graphically. ARTQX had major outflows in 2013-2015 but since then flows have been pretty quiescent, especially in 2020. ARTLX shows a similar pattern, though its major outflows were in 2015-2016.
It is reasonable to suggest that ARTGX has not fared well against its world fund peers because that category includes blend and growth as well as value funds. But ARTQX has been lagging its domestic value peers (2* over the past three years). ARTLX has been running hot and cold (four bottom decile years and three top decile years over the past decade).

Congratulations to them. They're in good company, especially starting out.
Warren Buffett called an S&P 500 index fund “the best thing” for most people who want to invest.

As part of his remarks offering some broader advice about investing at his company’s first-ever virtual annual meeting on May 2 [2020], Buffett said, “In my view, for most people, the best thing to do is to own the S&P 500 index fund,” which would track the S&P 500.

FSEAX looks amazing. Yes. Helluva 2020. As if all the shit happening around the world wasn't even going on.

Stillers, have you had occasion to look at the variants of AIGPX (available at Wells with low minimum)?

Yes, used to own it and it sits just below VWIAX and FMSDX on my 30%-50% list. Its 2020 blowout year jumped it to the top TR performer of the three. It is however largely a LC/MC Growth fund on the stock side. I prefer to get that exposure through the higher stock allocation AA funds and dedicated Growth funds. That said, if I added another 30%-50% AA fund, this would likely be it.

https://www.sec.gov/Archives/edgar/data/915802/000139834421000510/fp0061082_497.htm
497 1 fp0061082_497.htm
FINANCIAL INVESTORS TRUST
Emerald Small Cap Value Fund
(the “Fund”)
Supplement dated January 11, 2021
to the Fund’s
Prospectus and Statement of Additional Information
dated August 31, 2020, as supplemented
As previously disclosed, on December 8, 2020, the Board of Trustees (the “Board”) of Financial Investors Trust (the “Trust”), based upon the recommendation of Emerald Mutual Fund Advisers Trust (the “Adviser”), the investment adviser to the Fund, a series of the Trust, determined to close and liquidate the Fund on or about January 11, 2021. The date for such liquidation is now expected to be on or about January 29, 2021 (the “Liquidation Date”).
If the Fund has not received your redemption request or other instruction prior to the close of business on the Liquidation Date, your shares will be redeemed, and you will receive proceeds representing your proportionate interest in the net assets of the Fund as of the Liquidation Date, subject to any required withholdings. As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE