Adding to @Junkster and his note about the (14 day RSI in the 90s). The "teal" color at the top of this chart is the RSI section above the 70 number. One finds the available range of 100 (overbought, too hot to handle/buy) to 0 (oversold, dying or dead) for a FULL RSI scale.
3 year IOFIX chart
--- A more typical chart for a well performing fund, being FSMEX, and one will see the periodic moves above the "70". I reference this particular fund for its long term performance overview and typical bumps in the road. The 10 year annualized = 19.3%.
3 year chart, FSMEX
I suspect that Junkster will agree that the IOFIX chart and the implication is very exceptional to the rule.
Regards,
Catch

Darn, Junkster, you play around only with the institutional versions? Big-time player.
I had sold 90% of my IOFIX a few weeks back, and today I sold that last 10%. Not sure what comes next, so sitting in cash (FZDXX).
Eyeballing RCRFX (RCRIX). RCRIX has been really steady, and the retail version is new.

Big time player? I wish. More like a small time player who is old enough to have accumulated enough and more for the institutional shares. Very early January may set the tone on where to be in Bondland for 2019. Maybe the formerly crowded trades such as PTIAX and PIMIX will return to the fore?

Darn, Junkster, you play around only with the institutional versions? Big-time player.
I had sold 90% of my IOFIX a few weeks back, and today I sold that last 10%. Not sure what comes next, so sitting in cash (FZDXX).
Eyeballing RCRFX (RCRIX). RCRIX has been really steady, and the retail version is new.

The primary allure to IOFIX was its amazing trend persistensy with little to no drawdown / ability to get overbought and stay overbought months at a time (14 day RSI in the 90s). That all went out the window Tuesday with its largest daily decline in its short history, Not so sure it was some quarterly reset as several funds in the non agency category had out of the ordinary declines that day ala RCTIX and DPFNX. Even PIMIX got hit that day from its legacy non agencies.
I had posted elsewhere before Tuesday that FMPXX was my largest holding. It is now 100% my only holding. I can live with its current 2.31%/2.34% yield. If this was much ado about nothing with the non agencies will be using BDKNX but never again IOFIX. Maybe even CADTX albeit much of its YTD performance was from one day. I won’t expose myself to any bond fund in a bull trend that can tank 1.29% in one day. As an aside, I am hoping the pundits ( too many to name) finally get it right and there is a debacle brewing ( or already upon us) in junk corporates and bank loan funds.

Since 10/1, equities are off 8-14%, HY -3%, IG -1%, while IOFIX, even after yesterday’s move, is -1.0%. Hopefully [IOFIX] can get that back soon.c

IOFIX got some of that (4c) back Wednesday. If Tuesday's dump was in the mode of the usual pattern of repricing (every 3m, the last week of the second month of the quarter), it came a week early. From here to the end of Nov. may be kinda enlightening.

From a friend of the fund ...
Since 10/1, equities are off 8-14%, HY -3%, IG -1%, while IOFIX, even after yesterday’s move, is -1.0%. Hopefully [IOFIX] can get that back soon.
c

Ouch ... first substantial drop in a long while.

I also have hold positions in SEMPX and IOFIX.

I use these two funds to fill in my bond portion of the portfolio along with a short-term bond fund. 30-35% total

@ Bobpa, are you saying you have 65-70% is in stocks? If so, and you're roughly retirement age like a lot of us around here, you've got quite a bit in equity/credit risk already, so I'd put relatively more in SEMPX (more balanced risk; see the holdings on the Semper site). If it were me, in retirement as I am, I'd strongly consider adding to IOFIX and reducing equity a bit.
Of course, I may not be interpreting your brief posts correctly; if not, what I'm saying shouldn't play any part in your decisions.
Good luck, AJ

Lightening up on FI CEFs, concentrating now on Pimco multisectors with significant non-agency mortgage stakes (PCI, PDI, PKO), and adding to FI credit OEFs that are working (loans, mortgages), mainly IOFIX, SEMPX, and EAFAX. Modest equity exposure now, most of it in JENSX, and barely any rate-sensitive fare.
P.S. Of the funds in John's earlier post, be aware that the mortgage fund PMRAX is almost entirely agency mortgages, which are rate sensitive - with little in the still-excellent non-agencies.
P.P.S. Don't tend to post as much at MFO now, given that the retirement-investing style I generally prefer these days -- lots of FI, mostly credit, overall with some equity correlation but lower than equity risk, combined with low equity exposure -- is a pretty rare bird here, so there's not much discussion around it. I just don't spend very much time researching stocks/stock funds -- at least for now.

@bee ... Sounds like it to me. The article includes a reference to the floating rate segment of this market which forms a significant component of the IOFIX portfolio...
alphacentricfunds.com/funds/IncomeOpp/presentation.pdf

Thanks @Old_Skeet, appreciate the kind words. I know the Highlands area having hiked there a few times. But I am up in the the northwest corner of the state around Boone/Banner Elk. All I hold now in addition to money market is IOFIX which I have on a tight leash. With both short and long term rates riding I don’t want to go too far out with CDs hoping for higher yields there further down the road. Also, don’t want to get too tied up there whenever the next market debacle comes along. I am hoping that debacle will be in junk bonds
@Hank, I was advised by most everyone to rent and not buy a vacation home. But I have been renting for many years now during the summers and just don’t enjoy the “feel” of a rental. I want something I can put my own personal touch on and feel more at home. Also, seeing far too many of my friends succumb to this disease or that and figured I better spend some of my money while I can still enjoy it.
@Ted. Since I won’t be around here for awhile, if the S@P does hit 3000 this year let me in advance bow down from afar at your feet. Great call if if comes to pass as we are very close.
Otherwise best of health and good fortune to everyone else. Will be back after the next market debacle however long thst may be before it occurs.

What would be the case for investing in SEMPX when you have IOFAX?

Here's the latest fact sheet; see holdings info on p. 2. SEMPX is also a mortgage fund, but as you can see, it's a lot more diversified than IOFIX ... which is almost entirely legacy non-agency RMBS.

@ Junkster: I stand corrected. Cumulative 1 yr. IOFAX (-.38) That included sales charge.
Derf

IOFAX ( 1 yr 7.10 YTD 4.76) is NTF ( no load/sales charge) at a few firms ala Schwab, JPMorgan, etc. IOFIX the institutional shares ( 1 yr 7.44 YTD 4.92) are available at almost all firms for a small transaction fee. $17 at TD Ameritrade for former Scottrade customers such as myself.

Everyone thank me for not buying IOFIX. If I buy it will tank. Be nice to me.

There's a new (to me, anyway) fund "presentation," as the IOFIX guys call it, up on the site, dated July. Just about everything you ever wanted to know about it, all there in living color ...
Here's a tidbit I'd forgotten: the holdings are almost entirely floating rate (95% in this report).
The one thing I can't find is the current price to par of the holdings (M*'s 68.31 is at least five months stale, and my default position these days is not to trust any M* data without some sort of corroboration). There's a nice graph of purchase price to par on p. 16 of the IOFIX presentation, the average being 67.50, which imho is still pretty decent considering the AUM runup.
P.S. Good info on the manager call, Junkster.

https://seekingalpha.com/article/4146697-perfect-mutual-fund-volatile-times
Thanks Andy. The crew at Garrison Point Capital have always been very detailed in their presentations. As you allude to, a wealth of information. Above is a link that I don’t believe has been previously posted here on their strategy. I thought Charles had a more thorough analysis. But what I like about this one is the analogy with the old geezer and his bankrupt railroad bonds and the discounted legacy non agencies IOFIX specializes in. Yes, I know, comparing apples to oranges but you get the drift.
By the way, here is the analysis by Charles
https://www.mutualfundobserver.com/2018/02/lightning-in-a-bottle-alphacentric-income-opportunities-fund-iofix-february-2018/

Great discussion.
However, I am now puzzled by how IOFIX portfolio increased in value by almost 1% in one day, given that it "did not come from any specific event or the repricing of any illiquid bonds".
Thanks

There's a new (to me, anyway) fund "presentation," as the IOFIX guys call it, up on the site, dated July. Just about everything you ever wanted to know about it, all there in living color ...
Here's a tidbit I'd forgotten: the holdings are almost entirely floating rate (95% in this report).
The one thing I can't find is the current price to par of the holdings (M*'s 68.31 is at least five months stale, and my default position these days is not to trust any M* data without some sort of corroboration). There's a nice graph of purchase price to par on p. 16 of the IOFIX presentation, the average being 67.50, which imho is still pretty decent considering the AUM runup.
P.S. Good info on the manager call, Junkster.

Spoke with fund manager Brian Loo today. Friday’s out of the ordinary move did not come from any specific event or the repricing of any illiquid bonds. But simply a broad based move up in a large number of positions. I feel more confident in the strategy of IOFIX and how it will play out in the coming years. Brian is really a nice and down to earth guy and I have enjoyed my conversations with him since IOFIX came to my attention last year.

Impressive performance for 3y, but I might be jittery going forward about a fund comprising "securities backed by credit card receivables, automobiles, aircraft, student loans, and agency and nonagency residential and commercial mortgages ... also ... corporate debt securities".

Altho the AUM's climbing, the trade's not going to last forever, and IOFIX lives in the junkier end of it, it's still primarily a legacy RMBS fund, the debt trade of the decade; see p. 2 of this fact sheet.
The credit card, student loan, auto etc. debt makes up 0.5% of the portfolio. No reason to be complacent, but the non-mortgage ABS stake won't likely be a reason to worry about it for a while, anyway.