I bought into BIVRX in early-mid 2020. Fund has done really well! Fund is up 57% according to this link (long-short equity) category.
https://www.morningstar.com/funds/screener-rank
Initial investment is $5K for investor class, but must maintain minimum balance of $1K afterwards in a taxable account (prospectus link below).
https://www.sec.gov/Archives/edgar/data/1518042/000158064221000788/invenomic485b.htm.
Check out the prior assessments by David:
https://www.mutualfundobserver.com/2019/05/balter-invenomic-bivrx-bivix-bivsx/
which changed to Invenomic:
https://www.mutualfundobserver.com/2019/10/invenomic-fund-bivrx-bivix-bivsx/
From one of the assessments:
The manager is Ali Motamed. Before launching Invenomic Capital, Mr. Motamed was a Senior Analyst and a Portfolio Manager with Robeco Investment Management (2003-15) where he co-managed Boston Partners Long/Short Equity Fund (BPLEX) and a related strategy. He was awarded Portfolio Manager of the Year in the Alternatives Category by Morningstar in 2014.
Found this link from Ted back in September 2019:
https://www.fa-mag.com/news/mining-the-short-side-51224.html?print

Was anyone aware at the time that DODBX has been shorting the S&P 500? Just uncovered that tidbit last evening in reading their December 31, 2020 report. Helps explain why the fund’s been stomping a lot of otherwise fine competitors this year.
“Given our analysis, we initiated a short S&P 500 futures position in the first half of 2020 which had a notional value of approximately -6.6% of the Fund’s total net assets by year end. We are excited about the prospects for the Fund’s equity portfolio, but less excited about the overall equity market (e.g., the S&P 500). In shorting equity index futures, we are able to manage the overall equity exposure of the Fund while still maintaining idiosyncratic exposure to the companies we favor.”
https://www.dodgeandcox.com/pdf/shareholder_reports/dc_balanced_annual_report.pdf
- Excuse D&C’s self-promotion here. Hard to edit it out without distorting the underlying meaning.

Mr. Swenson transformed the institutional investment community.
His "Yale Model" allocated considerable capital to alternative assets and was widely imitated by other endowments. He mentored numerous investment professionals who are now associated with other university endowments (Princeton, MIT, Univ. of Penn., Bowdoin, Wesleyan). Mr. Swenson could have pursued a very lucrative career on Wall Street, but his loyalty to Yale and its students was a higher priority.
May he rest in peace...

@JD_co : Thanks for the link. I would like to see some of Fido's data when the last market dropped in Feb. 2020. Did ETF's or MF's lead the way.
Derf

Carew, just came across your $10K threshold. "You were right." Had to google it, could not locate directly on Fido's website.
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/mutual-funds/2020-08-31-Excessive-Trading-Policy-Web-Post.pdf

What will I do if the stock market declines by 20% or more? Nothing except maybe reallocate some $'s from cash/bonds to stocks/other. What -- if anything -- gets sold will depend on the reasons for the decline and tax considerations. What gets bought will depend on what the market presents when the pullback occurs.
Gains have already been harvested a couple of times this year to get back to the January allocation %'s. That has resulted in significant increases to the $'s allocated to cash and bonds . That process will continue as the year progresses if the risk markets continue to shine.

I surely have better use of my time and not wasting electrons that are about to travel the communications path from my house to the MFO server. However, the thread is almost a SNL pre-write skit unto itself.
I've not more time to provide right now, as I am establishing the needed trajectory web sites so that I am able to track, in real time; the fully accurate path of the incoming Chinese rocket remains this evening. Of some benefit, is that the arrive time; if the path is over Michigan, is that the night sky will be able to provide a visual observation of the debris. The longest side of our house is 91 feet, so I have this reference for the size of the debris. The current problem is that if I have an inbound visual in the night sky, what is the exact path and at 18,000 mph, would I be able to relocate with sufficient speed to avoid the impact.
Although we use a very stable and fast broadband connection, I remain concerned about the "ping" time involved with tracing sites I will be using.
Definition: Ping amounts of 100 ms and below are average for most broadband connections. In gaming, any amounts below a ping of 20 ms are considered exceptional and “low ping,” amounts between 50 ms and 100 ms range from very good to average, while a ping of 150 ms or more is less desirable and deemed “high ping.”Jan 29, 2020
So, I have to find a math calculation site that will allow me to determine how to enter a visual siting distance in miles, using 18,000 mph for speed and whether ping time will affect my ability to get the hell out of the way of impact at my community or street address.
Note: Hopefully, there will not be a "Breaking News" scroll during SNL.
May the force or any force you choose, be with you.
Where's Scotty when I really need him for the beam up and away??? :):):)
Thank you for your time. I do believe I need another cup of coffee on this cold spring morning in Michigan.
Catch

@JohnN - It’s all tied to SNL tonight.
“The cryptocurrency dogecoin, one of Musk's favorite market playthings, has been trading higher in anticipation of the SNL appearance.” STORY
Depends. Do you have good low latency broadband and TV reception? Are you fast on a keyboard or with a mouse? The Dogecoin market is keying on Elon Musk’s appearance on SNL tonight (Saturday). Also make sure your TV provider is low latency. Anything could happen. And you’ll be gaming with some of the smartest and best equipped gamblers as Musk either: (A) addresses / promotes Dogecoin, (B) performs a comedy skit related to Dogecoin, or (C) fails to address Dogecoin at all.
Choice C would probably be bearish for the crypto. I’d sell. Choice B Is the trickiest, as the humor might run in either direction. And humor is always hard to judge or interpret. Your best bet is choice A - an all out endorsement (Buy!). But I’m thinking that’s unlikely as it might land him in hot water with the SEC.
If not certain whether your keyboarding skills and equipment are up to snuff on all of this, consider selling your investment around 11:28 PM (Eastern Daylight Savings Time) - just seconds before the show airs. If you’ve ever tried betting during a sporting event telecast on “live” TV, you know the importance of low latency (real time viewing). A lot of events experience a time delay due to the time it takes the signal to make its way through the infrastructure to you. (Worst are the satellite providers like DirecTV.) Imagine betting during a fast-paced basketball game when what you’re viewing on-screen actually occurred 30 seconds earlier. A team might score 8 or 10 points during that time and you’d be oblivious to it when submitting a bet.
Ironically, Musk’s Starlink internet is known for having very low latency due to the satellites being so close to Earth. So users of his broadband network might actually have an edge in this case. LINK
Good luck. (Please don’t bet the ranch.)

I'm 71yo and have my Scheißfest plan all set. The plan is to do almost nothing.
My AA is almost 70% equities, all in mutual funds and ETFs. I keep 5 years of expenses in my credit union savings account. I am a low spender.
March 2020, I sold some ETFs in my taxable account where I could TLH. Anything that had gains, stayed. Within a few weeks, all that loose money was invested in new ETFs. So I'm fiddling with my taxes.
Since I likely won't need the money in my investment accounts, it doesn't matter what they do in the near term. I'm able to weather the storm, it seems. In March 2020, the value of my portfolio went down by more than my house is assessed, and I shrugged and did something else. This was part of my written plan. In late 2019, after a great year, I restated what do when the Scheiß hit the fan. Didn't know I would have to implement it so soon.

Yes, the investor share at 1.22% is not cheap, but other alternative funds could cost even more. Don't recall that the fund ever took aggressive short equity position greater than 5%. Nevertheless 2020 drawdown was -8%, whereas Vanguard balanced index was down 2x as much. The fund did well by year end. The 100% turnover indicated very active trading of the positions in the fund. These days AI or machine learning algorithms is used in these type of funds.
BTW, I also invested in it too since the inception. It will be interesting to see how this fund held up today as the market pullback.

Good link.
Even better, if your software was flaky and did true-up the premiums, the IRS will fix it for you. From the cited page:

Taxpayers who have already filed their 2020 tax return and who have excess APTC for 2020 do not need to file an amended tax return or contact the IRS. The IRS will reduce the excess APTC repayment amount to zero with no further action needed by the taxpayer. The IRS will reimburse people who have already repaid any excess advance Premium Tax Credit on their 2020 tax return.

Hey folks!
I filed my taxes electronically - and then realized the provider did not true-up my ACA premiums. Turns out, that was correct. The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020. A taxpayer's excess APTC is the amount by which the taxpayer's advance payments of the Premium Tax Credit (APTC) exceed his or her Premium Tax Credit (PTC).
https://www.irs.gov/newsroom/irs-suspends-requirement-to-repay-excess-advance-payments-of-the-2020-premium-tax-credit-those-claiming-net-premium-tax-credit-must-file-form-8962

This fund is being completely changed. When it reopens, it will be with a new subadvisor, Clearbridge (Legg Mason, now owned by Franklin Templeton). Until then, the fund (with its 1* rating) will continue to be managed by Franklin Templeton.
Based on the managers named, one may expect it to be a sibling, if not a clone, of 3* Clearbridge Int'l Small Cap (LCOAX). F-T is significantly reducing fees on the Franklin fund to roughly match that of the Clearbridge fund.

It is always fascinating to me that during market peaks, the level of cash in most mutual funds, even value funds, drops to near zero. I am always surprised these managers seem to be willing to buy at any price. In the past LLPFX always seems to be the poster child for "If we can't find anything worth buying we won"t) but they have clearly seen better days and are struggling.
Given the rapid run up in Value funds, I am reluctant to add more capital to funds that seem to have thrown caution to the wind.
A search of M* for cash levels over 10% in funds of four stars or more, turns up only a few candidates Yacktman funds YACKX, Brandes small cap BACSX, our friends QRSVX, Neuberger Berman NPNAX, Olstein OFSAX ( I thought he retired!) and a firm I have never heard of, Clarkston CILGX. ( I tried a similar search on MFO but it turned up nothing. Not sure the "Cash Allocation" criteria is the same)
Clarkston seems like an interesting group; the kind of funds many members are interested in. Small out of the way, owned by the employees, managers heavily invested (over $1,000,000) in their cooking, available at Schwab and Fido.. A great Owl, also. There fund reports have a fair amount of detail about their processes.
Anybody know any more about them?

If you look at the indeces, rotation from growth to value started in fall 2020 as the Fed came to the rescue in March. As the economy recovered, the stock market broadened to include the smaller cap stocks. For diversification purpose, it would be good to hold both growth and value funds. The key is to be patient as @Crash suggested.

Bottom line: I [Ed Slott] believe this will be corrected by IRS to show that the 10-year rule means no required distributions until the end of the 10-year post-death period, and no RMDs will be required for years one through nine. However, RMDs can be taken voluntarily by beneficiaries at any time within the 10 years based on their own tax situations.

I keep looking through the Pub to find a statement that one must take RMDs.
p. 12 says that "if the deceased beneficiary was an eligible beneficiary, any remaining balance in the account must be distributed within 10 years of the beneficiary's date." The Pub then gives an example of how you might use standard RMD calculations for the first nine years without ever saying that you must draw money out this way. This is the example that Ed Slott refers to.
Other Pub writing says more even clearly that you must either start taking RMDs or take full distributions under the 10 year rule:
p. 10: "[Death in 2020] Any ... individual beneficiary of an owner who dies before the required beginning date ... must start taking distributions in 2021 based on his or her life expectancy (or elect to fully distribute the account under the 10 year rule by the end of 2030).
p. 11: "The terms of most IRA plans require individual designated beneficiaries, who are eligible designated beneficiaries, to take required minimum distributions using the life expectancy rules (explained later) unless such beneficiaries elect to take distributions using the ... 10-year rule.
Finally, worth noting is that IRS Pubs are just writing for the masses. They are not regs or legal interpretations of regs. (Though often, the IRS just carbon copies the regs into the Pubs, which defeats the purpose of making the regs clear to the general public.) As Slott notes, "IRS has not yet released official regulations." So it's absurd to think that this Pub could be presenting the IRS interpretation of regs that don't yet exist.
In the immortal words of Douglas Adams:

“Professional money managers are turning up the heat on Warren Buffett’s Berkshire Hathaway Inc. California Public Employees’ Retirement System and Neuberger Berman have demanded that the Omaha, Neb., conglomerate bring in new directors and provide more disclosures on climate risks and executive pay.
Leading up to Berkshire’s annual meeting on Saturday, proxy advisers Glass Lewis & Co. and Institutional Shareholder Services Inc. have recommended that investors withhold their votes for board members. While many of the complaints aren’t new and none of the shareholder proposals are likely to pass, Berkshire’s lackluster returns in recent years have made it more vulnerable to criticism amid a growing wave of investor interest in corporate sustainability issues …
Under Mr. Buffett’s leadership, the firm boasts 20% compounded annualized gains from 1965 to 2020, outperforming the S&P 500’s 10.2% gains including dividends during the period. Berkshire’s total returns over the past three- and five-year periods were 12% and 14%, respectively, compared with the index’s 19% and 18%.”
Link: The Wall Street Journal - May 1, 2021
Lengthy article. While I’ve excerpted portions relevant to Berkshire’s investment returns, other areas of contention are also addressed, including Berkshire’s commitment to fighting climate change,

The 10 year RMD rule for non-spousal inherited IRA's was part of the legislation in the Secure Act of early 2020. This rule is now subject to a language interpretation and also will have a new public comment period to formalize "the rule".
The below article provides some information; as well as a link to the current IRS Pub. 590-B.
I will attempt to keep track of this rule change going forward, but solicit others here to provide information as discovered.
Note example: For our house, part of a written plan instruction was that: One has 10 years to "take" all of the monies from a non-spousal inherited IRA; meaning that all of the money could taken in year 10, if desired. The "new" rule meaning would require RMD's for years 1-9, with the balance taken in year 10.

Secure Act, Ed Slott article
Regards,
Catch

https://www.sec.gov/Archives/edgar/data/1587982/000139834421009220/fp0065000_497.htm
497 1 fp0065000_497.htm
Cannabis Growth Fund
Investor Class Shares
(Ticker Symbol: CANNX)
Class I Shares
(Ticker Symbol: CANIX)
A series of Investment Managers Series Trust II (the “Trust”)
Supplement dated April 30, 2021, to the
Prospectus and Statement of Additional Information (“SAI”),
each dated June 1, 2020, as supplemented.
Important Notice Regarding Investor Class Shares
Upon the recommendation of the Cannabis Growth Fund’s (the “Fund”) advisor, Foothill Capital Management, LLC, the Board of Trustees of the Trust has approved the conversion of the Fund’s Investor Class Shares into Class I Shares and the subsequent termination of the Fund’s Investor Class Shares. Effective immediately, the Investor Class Shares are closed to all new investment. The Fund’s Investor Class Shares will be converted into Class I Shares and the Investor Class Shares will be terminated on or about May 14, 2021 (the “Effective Date”). Accordingly, as of the Effective Date, all references to the Fund’s Investor Class Shares in the Prospectus and SAI are deleted in their entirety. The Fund’s Investor Class Shares and Class I Shares have the same fee structure, except that Class I Shares are not subject to distribution and service fees pursuant to a Rule 12b-1 plan and the expense limitation cap for Class I Shares is lower. Shareholders of Investor Class Shares converted into Class I Shares will not be subject to a redemption fee.
Please file this Supplement with your records.

I looked at AVUV awhile back and decided against it. The 2020 drawdown of AVUV was over -42% that took over 12 months to recover. That is somewhat worse than its benchmark, Vanguard small cap value index ETF, VIOV: -37% and 12 months recovery period.