Year-end portfolio tinkering.
Me thinks perhaps the market forces the Fed unleashed in March 2020 will continue to play out in 2021 as vaccines get distributed. With that in mind, a couple of "exotic" funds were added to the fund portfolio.
Bond Pot: Added SVARX. Sold PFOAX. Pot includes PTIAX, PONAX, RCTIX, SVARX, IOFIX. IOFIX will probably be eliminated as it continues to recover in 2021 (replace with GIBLX or ?).
Mixed I Pot: Added GBLMX. Sold HBLAX. Pot includes VWINX, GBLMX, DHHIX, PFANX, TRECX.

You are right, @davidmoran, to question a description of a strategy that includes the pointless use of jargon. If the manager sells a lot of shares for a gain, he does not "unlock" capital gains. How, for instance, can a mutual fund "approximate" a benchmark? The former editor in you must cringe when you read this tripe.
My bête noire these days is NPR reporters being interviewed about almost any subject (grave or frivolous) who respond to each question with "Yeah, so, I mean..."

@davidrmoran - not that it matters but Fidelity states this about account historical rate of return:
"The returns shown on the Historical Returns card are Investment Rate of Return values. Your Investment Rate of Return uses a time-weighted formula that measures the performance of underlying investments and takes into account fees, but does not take into account the size and timing of any deposits or withdrawals to your account during the defined time period. The Investment Rate of Return is subject to change and should not be used solely in making investment decisions. Fidelity will not provide notification that past data may have been inaccurate, or that it has been corrected. Rates of return include changes in share price and reinvestment of dividends and capital gains, if applicable." (emphasis mine)

https://seekingalpha.com/article/4396920-amplify-cwp-enhanced-dividend-income-etf-5-distribution
The Amplify CWP Enhanced Dividend Income ETF seeks to deliver cash flow of 4% to 7% gross of fees and commissions plus the potential for capital appreciation.
Since inception in 2016, DIVO has an average annual return of 12.5% with a beta of 0.78 compared to the S&P 500. TTM distributions are about 5%.
DIVO is strategically designed to offer high levels of total return on a risk-adjusted basis.
Mutual Fund Observer classifies DIVO as a Great Owl Fund in the Equity Income Category with a MFO Rating of 5 (Best) and MFO Risk of 4 (Similar to S&P 500).
Morningstar's new Crowd Sense metric rates DIVO as "High Attention" and "High Appeal". It gives DIVO a quantitative Five Star Rating and Bronze Medal Performance.

Fascinating to track how it remains the barest hair ahead of VONE over all large intervals from 10y on in --- so consistent. How dey do dat?

From M* Fund Report by Venkata Sai Uppaluri:
"The fund samples the Russell 1000 Index to
minimize taxable dividends while approximating the
composition of the Russell 1000 Index. To do this, the
fund invests in stocks that pay lower dividends within
the index, harvests tax losses when available to offset
capital gains, and minimizes turnover that can unlock
capital gain taxes. The portfolio managers are
constrained by strict tracking-error limits to the Russell
index. Consequently, the fund closely approximates that
benchmark, with a low active share of 14%."

wrapup and more
https://www.washingtonpost.com/business/2020/12/31/stock-market-record-2020/

The other noteworthy AQR fund is Diversified Arbitrage (market neutral), ADANX, but the expense ratio keeps on rising; now at 2.32%. The rest of AQR funds are getting expensive to own. This fund, however, is leading two competitive funds in the same asset class:
AQR Diversified Arbitrage, ADANX YTD 25.5%
Arbitrage, ARBFX, 5.4%
Merger, MERFX, 5.0%
While the AQR funds are having high expense ratio, their performance in 2020 have not been consistently good versus their peers. The founder of AQR funds, Cliff Asness, a former hedge fund manager, lets his politics spill over his business in recent years. Wish he stay focus on the AQR funds and brings them to be more competitive in the mutual fund universe. Performance-wise, as note by AndyJ above, they are not consistently good.
Think I will stick with T. Rowe Price funds.

As I am getting close to retirement next year, I will complete conversion of DSEEX to PHSKX & VLAAX (reason - DSEEX March 2020 performance, too volatile).

Year end cleanup:
Sold T for tax purposes. I'll take a capital gains loss but I'm fairly certain I can repurchase the shares next year at the same or possibly lower cost.
Added to my ARK stable by buying a small position in ARKF. Strictly a small bet on Ms. Woods thesis for digital transactions.

https://www.sec.gov/Archives/edgar/data/1261788/000089418920010078/infinityq497etempclosure.htm
497 1 infinityq497etempclosure.htm 497
Infinity Q Diversified Alpha Fund
Investor Class - IQDAX
Institutional Class IQDNX
A series of Trust for Advised Portfolios
Supplement dated December 30, 2020, to the
Prospectus and Statement of Additional Information (“SAI”)
each dated December 31, 2019
IMPORTANT NOTICE ON PURCHASE OF FUND SHARES
Effective as of the close of business on December 31, 2020, the Infinity Q Diversified Alpha Fund (the “Infinity Q Fund”) is closed to all new investment, including through dividend reinvestment, and the Infinity Q Fund’s transfer agent will not accept orders for purchases of shares of the Infinity Q Fund from either current Infinity Q Fund shareholders or new investors. Current shareholders, however, may continue to redeem Infinity Q Fund shares. If all shares of the Infinity Q Fund held in an existing account are redeemed, the shareholder’s account will be closed.
Shareholders will be notified when the Infinity Q Fund is re-opened for all investment.
Please retain this Supplement with the Prospectus and SAI.

This year 5 stocks in the S&P 500 accounted for a 35% gain. The other 495 stock together accounted for a collective 5% loss. That's changing...see article linked below:
the-biggest-market-comeback-of-the-year

This article was just published today:
https://www.bloomberg.com/news/articles/2020-12-29/bruce-berkowitz-scores-big-with-decade-long-bet-on-florida-land

DODBX was shorting the S&P500 as of September 2020 ?
Or, was that a pure hedge...
D.S.

The Gospel of Hydrogen Power (NYT Article):

You can make (hydrogen) fuel using water and solar power, as he does. The byproduct of making hydrogen is oxygen, and the byproduct of burning it is water. Hydrogen is among the most plentiful elements on earth, so you don’t have to go to adversarial countries or engage in environmentally destructive extraction to get it. The car is as quiet to drive as any other electric, it requires little maintenance, and because it doesn’t carry 1,200 pounds of batteries, it has a performance edge.

hydrogen-power-cars
The comments at the end of the article are more informative than the article.

Here are some other explanations from Bloomberg and BusinessInsider:
https://www.bloomberg.com/news/articles/2020-12-28/cathie-wood-buys-back-option-that-had-threatened-control-of-ark
https://markets.businessinsider.com/news/stocks/cathie-wood-retains-majority-ownership-ark-invest-after-bid-control-2020-12-1029921823

FPA Capital still needs more votes to ratify the fund merger. Meeting was adjourned to January 27, 2021.
https://www.sec.gov/Archives/edgar/data/99188/000110465920139878/tm2039435d1_defa14a.htm

I always liked this flow chart. It shows the magnitude of the task to change the country’s energy sources. According to this, solar supplies a tiny amount of electrical generation and a minuscule (1%) of the total consumption. I’m not saying don’t change, just pointing out what a heavy lift it will be.

https://www.visualcapitalist.com/visualizing-americas-energy-use-in-one-giant-chart/
Original source: https://flowcharts.llnl.gov

I'm assuming that @Crash means that PTIAX's R² calculated relative to Bloomberg Barclays U.S. Aggregate Bond Index is substantially higher than the category's R² calculated relative to that same index.
While 39% is certainly higher than 16%, the numbers are so low as to provide little insight. At best (i.e. assuming that the linear regressions are even meaningful), it says that 2/5 of PTIAX's gains/losses can be explained by movements in the "bond market".
Multisector bond funds don't resemble the bond market and so comparing performance with the broad market doesn't offer much insight. M* doesn't even benchmark the category against this index. Instead it uses Bloomberg Barclays U.S. Universal Bond Index. (See the footnotes under the Risk and Volatility Measures table cited.)
https://www.morningstar.com/articles/864498/a-more-complete-bond-index-fund
FWIW, the index that M* finds to be the best fit to the fund is a 65/35 blend of Barclays High Grade and Barclays High Yield indexes. Which isn't all that surprising given that the fund has about 10% BB or below and another 8% unrated. That's less junk than the category average (40% BB or below and 5% unrated), which also explains its higher but still small correlation with the (investment grade) aggregate bond index.
http://performance.morningstar.com/fund/ratings-risk.action?t=PTIAX
Compare this with a multisector fund like TSIIX which comes close to category average allocations: 36% BB or below and 4% unrated). With more junk, its R² relative to the investment grade aggregate bond index of 15.30% is nearly the same as the category average 16%.
http://performance.morningstar.com/fund/ratings-risk.action?t=TSIIX

rickrmf If I'm not mistaken, the new mandate took effect in June or July 2020. During the March swoon, the fund followed the old mandate, so its stock allocation was only 10-20 %, when the decline started.