Thanks @Ted for posting the article. I found it to be of good interest.
I'm thinking Mr. Tabes is correct in his thinking about most of the damage has already been done with respect to rising interest rate damange to bond prices. And, since stocks are now feeling the heat form rising interest rates I've been adding to my fixed income positions while trimming some equity positions by taking their capital gain and dividend distributions in cash. I've also been thinking of adding some new income funds as well. Although, I don't own this fund I do own MFS Diversified Income (DIFAX); and, now after reading this article I plan to consider PIOBX while I am in the look see phase and review process for new income fund additions. He and his team seem to be skilled in their craft.

FYI: U.S. stock futures pointed to a negative open on Friday as investors digested the latest comments from the Federal Reserve.
As of 4:30 a.m. CT, Dow Jones Industrial Average futures were seen down by 90 points, indicating a negative open of -57 points. S&P 500 and Nasdaq futures were also in the red.
The Fed on Thursday decided to leave its benchmark interest rate unchanged, as was expected, but comments by the U.S. central bank suggested it was on course to continue hiking rates. Although a statement released by the institution noted a moderation in business investment, it said the bank still expects “further gradual increases” in the prime lending rate. Traders had been on edge last month due to concerns over the Fed’s rate hiking path.
Several Fed members will deliver speeches throughout the day on Friday. New York Fed President John Williams is holding a speech at 8:30 a.m. ET, Philadelphia Fed President Patrick Harker is making a speech at 8:50 a.m. ET, and Fed Vice Chairman of Supervision Randal Quarles is speaking at 9 a.m. ET.
Premium: Jerome Powell Fed Chair confirmation hearing 171128-002
Regards,
Ted
WSJ:
https://www.wsj.com/articles/global-stocks-drop-as-oil-extends-declines-1541755092
Bloomberg:
https://www.bloomberg.com/news/articles/2018-11-08/asian-stocks-seen-lower-dollar-gains-on-fed-markets-wrap?srnd=premium
MarketWatch:
https://www.marketwatch.com/story/dow-looks-set-to-sink-by-triple-digits-after-fed-update-as-oil-extends-fall-2018-11-09/print
IBD:
https://www.investors.com/market-trend/stock-market-today/nasdaq-sell-off-bears-ibd-50-stock/
Reuters:
https://www.reuters.com/article/us-global-markets/stocks-poised-for-biggest-drop-in-two-weeks-on-u-s-and-china-concerns-idUSKCN1NE01R
CNBC:
Europe:
https://www.cnbc.com/2018/11/09/europe-markets-italy-in-focus.html
Asia:
https://www.marketwatch.com/story/asian-markets-drop-as-investors-jitters-return-2018-11-08/print
Bonds:
https://www.cnbc.com/2018/11/08/bond-market-investors-focus-on-the-federal-reserve.html
Currencies:
https://www.cnbc.com/2018/11/09/forex-markets-dollar-the-fed-yen-in-focus.html
Oil:
https://www.cnbc.com/2018/11/09/oil-markets-crude-supply-global-economy-in-focus.html
Gold:
https://www.cnbc.com/2018/11/09/gold-markets-federal-reserve-global-trade-in-focus.html
Current Futures:
https://finviz.com/futures.ashx

FYI: U.S. stocks rose Wednesday, following closely watched midterm elections that saw Democrats take control of the House, as expected, delivering a divided Congress.
The Dow Jones Industrial Average surged 542 points as U.S. stocks extended a recent rebound Wednesday, surging as a congressional power divide eased worries about swift policy changes that could hurt large companies.
The blue-chip index was up 2.12% at 26180. The S&P 500 rose 2.11%, heading for one of its best sessions of 2018 as all 11 sectors posted gains. Both indexes were on track for their sixth advance in the past seven sessions. The Dow is about 3% below its recent record, while the S&P 500 is roughly 4.5% off its September peak.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-11-07/your-evening-briefing
Bloomberg:
https://www.bloomberg.com/news/articles/2018-11-06/asia-stocks-to-start-mixed-before-u-s-poll-result-markets-wrap?srnd=premium
WSJ:
https://www.wsj.com/articles/as-midterm-election-results-come-in-u-s-futures-asian-stocks-rise-1541559473
MarketWatch:
https://www.marketwatch.com/story/us-stock-futures-climb-after-midterm-elections-fall-in-line-2018-11-07/print
IBD:
https://www.investors.com/market-trend/stock-market-today/dow-soars-midterm-election-brings-relief-wall-street/
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-rallies-on-u-s-elections-tech-health-stocks-lead-idUSKCN1NB1MX
CNBC:
https://www.cnbc.com/2018/11/06/stock-futures-open-flat-as-investors-await-midterm-elections-results.html
U.K.:
https://www.marketwatch.com/story/london-stocks-climb-amid-lack-of-surprises-in-us-midterms-2018-11-07/print
Europe:
https://www.marketwatch.com/story/europe-stocks-hop-on-global-rally-driven-by-relief-over-us-midterms-2018-11-07/print
Asia:
https://www.marketwatch.com/story/asian-markets-higher-as-investors-keep-eye-on-us-midterm-elections-2018-11-06/print
Bonds:
https://www.cnbc.com/2018/11/07/bond-market-treasury-yields-fall-amid-midterm-results-fed-meeting.html
Currencies:
https://www.cnbc.com/2018/11/07/forex-markets-dollar-us-midterm-elections-in-focus.html
Oil:
https://www.cnbc.com/2018/11/07/gold-markets-us-midterm-election-in-focus.html
Gold
https://www.cnbc.com/2018/11/07/gold-markets-us-midterm-election-in-focus.html
WSJ: Markets At A Glance:
https://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures:
https://finviz.com/futures.ashx

https://www.mysanantonio.com/business/local/article/USAA-selling-investment-management-company-to-13367930.php
San Antonio-based USAA announced it’s selling its investment-management business to Ohio-based Victory Capital Holdings Inc. for at least $850 million.

“For all the market’s gyrations in the past few weeks, the S&P 500 is roughly flat this year. If we stay on script, we should expect the market to surge in November after the uncertainty of the elections is behind us.”
See this from Capital also =>>
https://www.thecapitalideas.com/articles/midterm-elections-outlook-3-scenarios
“U.S. politics will be a key focus of uncertainty for investors until November, when the results of important midterm elections should provide some answers. Both houses of Congress are in play and the parties are pulling out all the stops to turn out their voters. The election results could have significant short-term ramifications for investors.”
This one also=>>
https://www.thecapitalideas.com/articles/midterm-elections-markets-5-charts
Cheers!

Hey Crash, ignore the subtext and focus on Mike's suggestion. Anytime you wonder about a fund's performance vs. the market, first order of biz is to look at individual holdings. Also, sector concentrations can sometimes help suss out the differences.
On holdings, M* shows the top 25 on the Portfolio/Holdings pages (the top 100 if you pay the premium). The Equity View tab shows YTD gains/losses of each one, and the Equity Prices tab shows that day's results. Here's PRWCX.

FYI: While stock and bond market volatility has buffeted most investors in 2018, some shrewd global macro managers are posting stellar numbers this year. For instance, Jeffrey Talpins’ $17.5 billion Element Capital Fund has soared 25% through the first three quarters. Said Haidar’s $428 million Haidar Jupiter Fund is up nearly 25% in that time. And Nigol Koulajian’s $1.5 billion AlphaQuest Original program has gained 17%. All of these managers already hold strong long-term track records.
Regards,
Ted
https://www.barrons.com/articles/global-macro-fund-returns-1541042960?mod=djem_b_Weekly barrons_daily_newsletter

Glenmede Funds
https://www.glenmede.com/files/2018-glenmede-funds-capital-gains.pdf

Just turned 70½, so have to take my first RMD by year end (don't want to double up next year). Since it's a fixed $ amount, I'd love to take it at a high to sell the least # of shares, but I know that kind of timing is unpredictable. However, I wonder whether the capital gain distribution date is important to consider. They're both Vanguard IRA's ( VIMAX and VSEQX) which distribute in mid-Dec. Adding a little complication, I want to make QCD's from part of the RMD proceeds, which could make for a busy holiday season. Any thoughts?

FYI: Being too far ahead of your time is indistinguishable from being wrong.”
That’s what Howard Marks, chairman and co-founder of Oaktree Capital Group LLC, wrote in a memo to clients about 11 years ago. Around that same time in late 2007, banking analyst Meredith Whitney made a prescient negative call on Citigroup Inc. that exacerbated a market sell-off and, she said, prompted death threats. Perhaps emboldened by that experience, she made another headline-grabbing prediction in a December 2010 broadcast of CBS Corp.’s “60 Minutes” program: There would be “50 to 100 sizable defaults” in the U.S. municipal market in the coming year, totaling “hundreds of billions of dollars.”
Regards,
Ted
https://www.fa-mag.com/news/meredith-whitney-was-flat-out-wrong-about-municipal-bonds-41662.html?print
Meredith Whitney 60 Minutes Interview 12/19/2010:

FYI: RiverNorth Capital Management, LLC (“RiverNorth”), an investment management firm specializing in opportunistic strategies, announced the launch of the RiverNorth Opportunistic Municipal Income Fund, Inc. (the “Fund”), a new municipal bond focused closed-end fund. RiverNorth will act as the investment adviser to the Fund, and MacKay Shields, LLC ("MacKay Shields") will act as subadviser. The Fund was priced at $20.00 per share, and trading on the New York Stock Exchange began on October 26, 2018 under the symbol "RMI.”
Regards,
Ted
https://www.businesswire.com/news/home/20181030006050/en/RiverNorth-Launches-Opportunistic-Municipal-Income-Fund-MacKay

FYI: Stocks on Tuesday traded higher as comments from President Donald Trump gave investors some hope that the U.S. is ready to reach a deal to ease trade tensions with China, giving the market some much-needed relief.
The Dow Jones Industrial Average on Monday had staged an ugly reversal to end the session with a triple-digit loss, partly on the back of tariff worries amid fears about global growth and peak earning.
Trump said during an interview with Fox News he thought there could be an agreement with China on trade, but said he had billions of dollars worth of new tariffs ready to be imposed if a deal was not possible.
With results in from 277 of the companies in the S&P 500, profits are expected to increase 23% from a year earlier, according to FactSet. That marks one of the highest growth rates since 2011, but the results have done little to stabilize stock markets.
Regards,
Ted
Bloomberg Evening Breifing:
https://www.bloomberg.com/news/articles/2018-10-30/your-evening-briefing
Bloomberg:
https://www.bloomberg.com/news/articles/2018-10-29/asia-stocks-set-to-drop-on-fresh-trade-strife-markets-wrap?srnd=premium
WSJ:
https://www.wsj.com/articles/global-stocks-pause-after-shaky-start-to-the-week-1540889042
MarketWatch:
https://www.marketwatch.com/story/dow-poised-for-slight-bounce-after-mondays-gut-wrenching-reversal-2018-10-30/print
IBD:
https://www.investors.com/market-trend/stock-market-today/dow-jones-today-jumps-432-points/
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-moves-higher-as-chip-stocks-rebound-idUSKCN1N41IS?il=0
CNBC:
https://www.cnbc.com/2018/10/30/stock-markets-dow-futures-point-to-triple-digit-gains-amid-earnings.html
U.K.:
https://www.marketwatch.com/story/ftse-100-struggles-despite-earnings-beat-from-bp-2018-10-30/print
Europe:
https://www.marketwatch.com/story/europe-stocks-decline-amid-mixed-earnings-results-downbeat-data-2018-10-30/print
Asia:
https://www.marketwatch.com/story/asian-markets-mixed-as-us-china-trade-tensions-rear-up-again-2018-10-29/print
Bonds:
https://www.cnbc.com/2018/10/30/us-bonds-treasury-yields-move-higher-as-investors-await-economic-data.html
Currencies:
https://www.cnbc.com/2018/10/30/forex-markets-us-china-trade-dollar-yen-in-focus.html
Oil:
https://www.cnbc.com/2018/10/30/oil-markets-crude-supply-stock-markets-us-china-trade-war-in-focus.html
Gold
https://www.cnbc.com/2018/10/30/gold-markets-us-china-trade-war-dollar-in-focus.html
WSJ: Markets At A Glance:
https://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures:
https://finviz.com/futures.ashx

The author makes a worthwhile point. The “YTD return” a lot of us focus on is based on an arbitrary 12-month Earth year beginning January 1st. I find YTD return a curiosity, but don’t get too bent out of shape when it’s negative. Viewing 3 or 4 successive years’ total returns together yields a better perspective. And when you get out to 10 years and beyond, total cumulative return (often viewed as a yearly average) becomes quite important.
In a sense, we’re locked-in to paying attention to the 12-month calendar year. Not only is it the “language” most analysts and market observers communicate in, but there are some practical considerations. Foremost, Uncle Sam takes notice. He constructs your RMD (if over 70.5) so that distributions must be taken on a yearly basis. If you do a Roth conversion there’s normally a 5-year holding period before gains can be withdrawal penalty free. Income taxes are based on yearly income / gains & losses. In preparing a household budget, the 12-month year is easiest to work with. Some household expenses, like insurance premiums or newspaper subscriptions, come due on a yearly basis. College tuitions may be paid on a yearly or semi-yearly schedule. Expensive vacations (think: sun-belt) are best planned / funded according to the yearly calendar. And our automobiles become one model year older roughly every 12 months - affecting depreciation, resale value and insurance considerations.
So in a nutshell, in terms of significance, YTD and 12-month calendar numbers are pretty baked in the cake and it’s entirely natural for Earthlings to take notice. If you inhabited Mars or one of Jupiter’s intriguing moons you would probably subscribe to some alternative way of viewing short term investment performance.

FYI: (As Barry Ritholtz said in his Bloomberg article, Trump needs to learn the difference between a hawk and a dove. As Barry stated in his column, he could have kept Yellen.)
The biggest risk is the Fed,” President Donald Trump charged again last week in an interview with The Wall Street Journal.
A growing number of economists and investment professionals are beginning to agree with him. To be sure, they are still in the minority, but their voices are increasingly being heard as the U.S. stock market surrenders all of its 2018 gains.
Regards,
Ted
https://www.barrons.com/articles/why-trump-may-be-right-about-the-fed-1540601023?mod=djem_b_Weekly Feed for Barrons Magazine

FYI: The S&P 500 ended at -1.7% to 2658, after earlier falling nearly 3% and breaching the 2637.68 level that would place it 10% below its last record. That would put it in correction territory for the first time since February’s selloff.
The Nasdaq Composite fell 2.0%, paring much of Thursday’s rebound and putting it down about 10% for the month, while the Dow Jones Industrial Average declined 1.1% to 24688. A close below 24145.55 would put the blue-chip index in correction territory.
Markets around the world have been caught up in a whirlwind week marked by intraday drops and sharp rebounds. Worries about corporate revenue slowing and whether a slowdown in China and Europe growth could spill over into the U.S. economy have sent U.S. stocks into a tailspin, putting major indexes on course for their worst month in several years.
The recent stampede by investors has erased about $5 trillion in value from global stock and bond markets in October alone. But that shouldn’t be severe enough to affect the economy, for now, according to economists at Deutsche Bank.
Still, unless the markets regain their footing soon, the pressure for the Federal Reserve to reassess their monetary policy will continue to mount, they said.
“Academic studies of the wealth effect find that households and companies don’t react to short-term fluctuations in their wealth but instead react to a moving average of where their wealth levels are,” said Torsten Slok, chief international economist at Deutsche Bank Securities, said in a note to clients.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-10-26/your-evening-briefing
Bloomberg:
https://www.bloomberg.com/news/articles/2018-10-25/asia-stocks-set-to-rally-on-u-s-gains-bonds-slip-markets-wrap?srnd=premium
WSJ:
https://www.wsj.com/articles/global-stocks-resume-declines-1540541081
MarketWatch:
https://www.marketwatch.com/story/us-stock-futures-under-pressure-after-amazon-google-disappoint-2018-10-26/print
IBD:
https://www.investors.com/market-trend/stock-market-today/stock-news-today-amazon-earnings-alphabet-earnings/
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-resumes-selloff-sp-flirts-with-correction-idUSKCN1N01JN
CNBC:
https://www.cnbc.com/2018/10/26/stock-market-us-futures-show-drop-for-dow.html
U.K.:
https://www.marketwatch.com/story/ftse-100-tumbles-to-near-2-year-low-as-global-stock-rout-resumes-2018-10-26/print
Europe:
https://www.marketwatch.com/story/european-stock-markets-tumble-sharply-lower-to-end-an-ugly-week-2018-10-26/print
Asia:
https://www.cnbc.com/2018/10/26/asia-markets-wall-street-ecb-currencies-in-focus.html
Bonds:
https://www.cnbc.com/2018/10/26/us-bonds-treasury-prices-higher-amid-market-volatility.html
Currencies:
https://www.cnbc.com/2018/10/26/forex-markets-dollar-yen-stock-markets-in-focus.html
Oil:
https://www.cnbc.com/2018/10/26/oil-markets-saudi-arabia-crude-supply-in-focus.html
Gold
https://www.cnbc.com/2018/10/26/gold-markets-stock-markets-ecb-in-focus.html
WSJ: Markets At A Glance:
https://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures:
https://finviz.com/futures.ashx

FYI: It's been often said that music never dies. Now investors are taking notice of one other fact: Music revenues also last a darn long time.
Although still a niche market, investments in music royalties are growing, helped along by online marketplace Royalty Exchange of Denver. The company, which acts as the middleman for buyers and sellers of royalties, has raised close to $50 million in investment capital through mostly music royalties since 2016, including a $3.4 million sale of private syndicate shares last month that gave investors royalty rights to the catalog of British rock group Dire Straits.
Regards,
Ted
https://www.fa-mag.com/news/sick-of-reits--check-out-the-yield-on-justin-bieber-41555.html?print
Royalty Exchange Website:
https://www.royaltyexchange.com/about-royalty-exchange

I'm going to see where I am for capital gains toward the end of the year. If necessary, I may sell one or two losers to offset the gains. It looks like my international holdings are sell candidates.

FYI: Below is a check-up on the performance of the “Dogs of the Dow” strategy so far in 2018. For those unfamiliar with the strategy, it’s a simple portfolio allocation and re-balance at the start of each year into the 10 highest yielding stocks in the Dow Jones Industrial Average.
As shown in the table, the 2018 Dogs are currently up an average of 4.77% YTD on a total return basis compared to a total return of 5.11% for the 20 non-Dogs. Coming into the month, the non-Dogs were outperforming the Dogs by a much wider margin, however. With investors shifting out of cyclicals and into more defensive names, the lower-yielding non-Dogs have fallen 4.61% in October, while the Dogs are down just 0.61%. If it weren’t for IBM’s 13.91% drop this month due to another bad earnings report, the Dogs would actually be up 87 basis points MTD.
Merck (MRK) and Pfizer (PFE) have been the best performing Dogs of the Dow this year with total returns of more than 25%. Apple (AAPL) and Microsoft (MSFT) have been the best performing non-Dogs with gains of more than 30%.
If we were to re-balance the strategy now, Merck (MRK) would be removed and JP Morgan (JPM) would enter the Dogs. Note that IBM is now the highest yielding stock in the Dow at 4.82%!
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/2018-dogs-of-the-dow/

Fidelity Investments
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/mutual-funds/capital-gains-estimates.pdf
Guggenheim
https://www.guggenheiminvestments.com/mf/distributions
Invesco
https://www.invesco.com/portal/site/us/template.PAGE/investors/newsroom/?javax.portlet.tpst=9bbd3cd7967de86de9e3cc31524e2ca0&javax.portlet.prp_9bbd3cd7967de86de9e3cc31524e2ca0_FilterList=FCLASS_SUBJECT_MATTER&NOOP_FIELD_VALUE&javax.portlet.prp_9bbd3cd7967de86de9e3cc31524e2ca0_action=&javax.portlet.prp_9bbd3cd7967de86de9e3cc31524e2ca0_FilterGGA=I6 &javax.portlet.prp_9bbd3cd7967de86de9e3cc31524e2ca0_firstResult=&javax.portlet.begCacheTok=com.vignette.cachetoken&javax.portlet.endCacheTok=com.vignette.cachetoken
Knowledge Leaders Funds
http://knowledgeleadersfunds.com/
Nationwide
https://www.nationwide.com/mutual-funds-distributions.jsp
Oppenheimer Funds
https://www.oppenheimerfunds.com/advisors/funds/distributions/all

FYI, OppenheimerFunds history:

OppenheimerFunds’ beginnings can be traced back to the late 1950s and the brokerage firm Oppenheimer & Co. (OpCo). Near the end of that decade, OpCo entered the mutual fund business, first offering the Oppenheimer Fund to the public on May 15, 1959. Shortly after, OpCo created a subsidiary, Oppenheimer Management Corporation, to serve as the investment advisor to the Oppenheimer Fund. In 1996, Oppenheimer Management Corporation was renamed OppenheimerFunds, Inc.

https://www.allianzlife.com/new-york/annuities/variable-investment-options/money-managers/oppenheimerfunds
In 1983, Oppenheimer sold Oppenheimer Capital (apparently including Oppenheimer Management Corporation, later called OppenheimerFunds) to Mercantile House Holdings. In 1986, the management of Oppenheimer & Co. and the management of Oppenheimer Capital bought back Oppenheimer Capital, but not OppenheimerFunds.
http://managerreview.com/su_companydetails.php?iCompanyId=2914&CompanyName=Oppenheimer Capital LLC
"Mercantile had had little success in trying to create synergy between Oppenheimer and its London businesses." (NYTimes, Aug 21, 1985). Perhaps a lesson for Invesco?
In 1990, Oppenheimer Management Corporation was acquired by Massachusetts Mutual Life Insurance Co (MassMutual).
https://www.upi.com/Archives/1990/08/01/Massachusetts-Mutual-to-purchase-Oppenheimer/6609649483200/
To make matters more confusing, in 1995, Oppenheimer Management Corp (by then owned by MassMutual) acquired a dozen of Oppenheimer Capital's Quest for Value funds. The two companies were not related (having split in 1986, see above).
https://www.thefreelibrary.com/Oppenheimer+Management+Corp.+agrees+to+acquire+the+assets+of+12+Quest...-a017195335