@sea: Hold you healthcare fund !
Regards,
Ted

Thank you Ted, I will (they are ETFs).

@sea
When" things level out" is when I feel that it is the right time for me whenever that is. It is when I think the downturn may have hit bottom. Will I be right. Maybe yes maybe not, but so far my gut,research,and some luck let me retire at the age of 54. I do not sweat this sort of stuff anyhow. How about you?

I'm not sweating, because I need such downturns to get in some funds and buy on the cheap, and in the belief that the market will inevitably go back up. What I regret is not taking profit in my EM fund at the peak when I had 40%+ gains. I'm learning a lesson not to own too many funds, so that I can keep an eye on each and every one I own and take action when called for.

“I plan to let my year end capital gains distributions that will soon be coming from my equity funds plus most of my fourth quarter portfolio income fund this movement over the next couple of months.”

@Old_Skeet, Is there a word missing in there somewhere?
Since I’m getting old and am basically committed at this time to a static allocation, I plan to just go down with the ship if she sinks.

Looking over a friends 401K plan recently I tried to decipher what his employer was offering for investment choices. In his case, he was mandatorily enrolled in what appeared to be a T. Rowe Price 2020 Retirement Fund, yet it did not have the investor share class ticker symbol TRRBX. Instead it was a CIT (Collective Investment Trusts) fund option that carried an ER (expense ratio) of 1.18% compared to TRRBX's ER of (0.61 %).
I attempt to monitor my weighted expense ratio of my entire portfolio. Funds in my portfolio that have an ER above this weight average will be scrutinized more closer for lower ER comparative options. In some rare cases, paying a high ER is legitimized by manager out performance.
Article explores these expenses:
https://humbledollar.com/2018/08/separated-at-birth/

"Where to now?" Well, that depends on your perspective and what you want to achieve. I'm thinking this will vary from investor to investor. For me, I'm in the process of increasing both my cash and fixed income allocations while reducing my equity allocation. In my cash area I'm adding to my money market funds (mostly PCOXX) and expanding my cd ladder from three steps to four by adding a two year step. In the fixed income area I'm adding to LBNDX, NEFZX and CTFAX plus adding a new position BLADX. This will expand my fixed income sleeve from six funds to seven. I plan to let my year end capital gains distributions that will soon be coming from my equity funds plus most of my fourth quarter portfolio income fund this movement over the next couple of months. I'm thinking this movement will lower my equity allocation by about two to three percent and raise my fixed income allocation by about two percent and cash allocation by about one percent over the next couple of months. Come the first of the year both my wife and I will be taking our RMD's and this money is currently planned to be used towards funding this movement. Naturally, I will reassess this planned movement quarterly and make changes if felt necessary. So, for me, this is where I'm heading within my portfolio; and, where I'm heading might not be right for you as this is an aged based rebalance of sorts.

FYI: U.S. stocks fell the most since last week’s rout as investors continue to grapple with higher rates at the same time the Trump administration’s trade war with China adds to concern over global growth. Treasuries rose with gold.
The S&P 500 slid back below its 200-day moving average, the Dow Jones Industrial Average shed more than 320 points and the Nasdaq 100’s rout topped 2 percent as the latest batch of corporate earnings added to concern that global growth may be slowing. The weakness in American stocks comes after China sank overnight, bringing losses in its major benchmark to 30 percent since January highs.
The dollar touched the highest in more than a week, while the 10-year Treasury yield fell to 3.17 percent. Italy’s yield spread over Germany’s hit the highest level since 2013 as European Union officials questioned the country’s budget plan.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-10-18/your-evening-briefing
Bloomberg:
https://www.bloomberg.com/news/articles/2018-10-17/asia-stocks-look-mixed-yuan-steady-on-fx-report-markets-wrap?srnd=premium
WSJ:
https://www.wsj.com/articles/european-stocks-shrug-off-weakness-in-asia-1539848879
MarketWatch:
https://www.marketwatch.com/story/us-stocks-poised-to-book-first-back-to-back-decline-in-a-week-as-fed-seen-hawkish-in-minutes-2018-10-18/print
IBD:
https://www.investors.com/market-trend/stock-market-today/growth-stocks-hit-market-correction-gains-steam/
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-slides-on-weak-earnings-hawkish-fed-saudi-concerns-idUSKCN1MS1QI
CNBC:
https://www.cnbc.com/2018/10/18/wall-street-futures-point-to-a-muted-open-as-investors-digest-fed-minutes.html
Europe:
https://www.marketwatch.com/story/european-bourses-edge-mostly-higher-as-strong-earnings-remain-in-focus-2018-10-18/print
Asia:
https://www.marketwatch.com/story/asian-markets-pull-back-led-by-sharp-declines-in-china-2018-10-17/print
Bonds:
https://www.cnbc.com/2018/10/18/us-treasury-yields-move-higher-ahead-of-fresh-data-earnings.html
Currencies:
https://www.cnbc.com/2018/10/18/forex-markets-dollar-fed-minutes-brexit-in-focus.html
Oil:
https://www.cnbc.com/2018/10/18/oil-markets-us-crude-stocks-saudi-journalist-disappearance-in-focus.html
Gold
https://www.cnbc.com/2018/10/18/gold-markets-dollar-fed-minutes-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

Look like there will be some major butt kicking... Everyone fav uncle is in the mix
https://www.cnn.com/2018/10/17/politics/biden-2020-run/index.html

Are we trying to create a record for oldest elected president or something? I for one have this one issue. Government should also have retirement age. You maybe continue in your job as long as you don't lose it, but getting elected for new job you should be under 67. This is not discriminating against old people. This is just leveling the playing field for everyone.

Look like there will be some major butt kicking... Everyone fav uncle is in the mix
https://www.cnn.com/2018/10/17/politics/biden-2020-run/index.html

FYI: Small-cap companies and funds have been buoyed for much of this year by the view that smaller, domestically focused companies were safe from the negative consequences of a trade war. But last week, as the stock market focused on rising interest rates and their impact on growth, small caps tanked.
Click through to see the five best performers last week and then the five worst performers among small-cap funds with more than $100 million in assets. All are in negative territory for the week, it’s just a matter of how negative they are.
Data are from CFRA.
Regards,
Ted
https://www.investmentnews.com/gallery/20181016/FREE/101609999/PH
Best:
1. Ivy Micro Cap Growth Fund
2. Wasatch Ultra Growth Fund
3. WV Concentrated Equities Fund
4. Royce Special Equity Fund
5 .Cove Street Capital Small Cap Value Fund
Worst
1. Osterweis Emerging Opportunity Fund
2. Towle Deep Value Fund
3. Harbor Small Cap Value Fund
4. Invesco Small Cap Value Fund
5. Undiscovered Managers Behavioral Value Fund

Unfortunately, Kanovich's fund (whichever) keeps getting more expensive. OSMAX charged 1.2% in 2015. Oppenheimer then closed the fund in 2016 and raised its ER to 1.3% (the increase came entirely from a higher management fee). Then in 2017 the ER went up to 1.4%.
Now in 2018 Kanovich is moving to a fund with an ER approaching 1.6%. His returns have been great, but at what point does one say "enough"?
I'm not saying that Kanovich will earn more here. ARTJX is a small fraction of the size of OSMAX. What matters to investors is how much comes out of their pockets.
Also, I wonder whether the tax hit due to turnover will all be seen this tax year or the next, or both. He takes over Oct 15th, and generally mutual fund cap gains distributions are based on net realized gains for the twelve months ending Oct 31.
See, e.g. question 5 in this Wisdom Tree FAQ:
https://www.wisdomtree.com/-/media/us-media-files/capital-gains-estimates-schedule/cap-gains-faq-2016.pdf
P.S. Nice to see a post from @LewisBraham

Longleaf Partner Funds (PDF):
https://longleafpartners.com/sites/default/files/categories/Documents/Longleaf-Partners-Funds-Capital-Gain-Distribution-Estimate-2018.pdf
Distributions Page
https://longleafpartners.com/investment-offerings/longleaf-partners-fund/distributions

@Old_Skeet, I hold AOFAX in taxable and in my Roth, and since I use only my taxable account for modest withdrawals, I am not concerned too much about the cap gains, will just take it as ordinary income and leaves more cash in account :). Besides, half of my taxable account is in muni bond. AOFAX has taken a big hit over the last 2 months, but holding, I like the manager and everything is getting hit.
Regarding the two funds you mentioned, I always like Gabelli, but I am sure he will retire soon, and although it has a large management team, I get the impression he is the master of his universe. It has been around a while, and have heard about it for years, but never sought to buy it since I liked others I had better. Regarding the Ivy fund, used to own its tech fund, but had to sell it when I moved from ML to Fido, they did not carry their funds at the time, bought PRGTX to replace it. I see they do sell them now, with IGWAX load free and ntf. Morningstar gives it only one star based on its fees, not taking into account it is sold some places without the high fees. That fund looks like it would be a nice complement to aofax, with larger amount of microcap and no mid cap, but it sure can be volatile, but with your diversification, it most likely would not bother you too much :)

Hi @slick: That sounds like a nice cruise you took, My wife and I will be taking a weekender soon to the North Carolina mountains to view the fall folage. I've been thinking of adding to AOFAX myself. However, I hold this fund in one of my taxable accounts and I'm thinking I'll be buying a capital gains distribution should I purchase equity funds in the nearterm. With this, I probally wait till after capital gains season to add to AOFAX and possibly a couple of others. Still thinking on adding a micro cap fund to my portfolio. Looking at WMMAX and IGWAX. Do you have any thoughts on this?

FYI U.S. stocks dropped sharply Wednesday as an ongoing surge in Treasury yields pulled the Dow Jones Industrial Average down nearly 500 points and put the S&P 500 on pace for its longest losing streak in nearly two years.
The selloff put both indexes on track for their biggest losses in a single day since April, while the S&P 500 was poised to slide for a fifth straight session. The pullback sent a measure of stock-market volatility, the Cboe Volatility Index, up 19% in recent trading, suggesting investors were bracing for further swings in the market.
Fast-rising bond yields and signs of inflation have spooked investors that profit margins could narrow, sparking one of the biggest downturns of the year among shares of fast-growing companies that have benefited from a decade of near-zero interest rates.
The selling undercut the strong gains companies like Amazon.com , Netflix and Salesforce.com have contributed to the stock market this year and left some investors who hold those shares flat-footed.
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-10-10/your-evening-briefing
Bloomberg:
https://www.bloomberg.com/news/articles/2018-10-09/asia-stocks-point-to-mixed-start-treasuries-rise-markets-wrap?srnd=premium
WSJ:
https://www.wsj.com/articles/global-stocks-pause-amid-doubts-over-growth-1539158283
Reuters:
https://www.investors.com/market-trend/stock-market-today/utilities-defensive-stocks-buck-drop-is-it-time-to-sell-microsoft-stock/
IBD:
https://www.investors.com/market-trend/stock-market-today/stock-market-today-dow-breaks-support-nasdaq-worst/
MarketWatch:
https://www.marketwatch.com/story/stock-futures-fall-sp-500-could-notch-longest-losing-streak-since-november-2016-2018-10-10/print
CNBC:
https://www.cnbc.com/2018/10/10/us-markets-bond-yields-and-data-in-focus.html
Europe:
https://www.reuters.com/article/us-europe-stocks/tech-selloff-causes-sharpest-fall-in-three-and-a-half-months-for-european-stocks-idUSKCN1MK0ZV
Asia:
https://www.marketwatch.com/story/stocks-in-hong-kong-china-try-to-stay-afloat-nikkei-slips-2018-10-09/print
Bonds:
https://www.cnbc.com/2018/10/10/us-bonds-and-fixed-income-key-economic-data-eyed.html
Currencies:
https://www.cnbc.com/2018/10/10/forex-markets-dollar-us-treasury-yields-british-pound-in-focus.html
Oil:
https://www.cnbc.com/2018/10/10/oil-markets-imf-global-growth-outlook-hurricane-michael-in-focus.html
Gold
https://www.cnbc.com/2018/10/10/gold-markets-us-treasury-yields-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

@MFO Members: Sold PFF last year for a nice profit. I held it since 2007, bought it around $16.00 a share. I presently holding three preferred's.
1. Dillard's Capital Trust I, 7.50% Capital Securities (DDT)
2. Chimera Investment Corp. 8.00% Series A Cumulative Redeemable Preferred (CIM-A)
3. GMAC Capital Trust I, 8.125% Fixed Rate/Floating Rate Trust Pfd Sec, Series 2
(ALLY-A)
Regards,
Ted
Resources:
WSJ Preferred Stock Tables:
http://www.wsj.com/mdc/public/page/2_3024-Preferreds.html?mod=mdc_uss_pglnk
Quantumonline.Com:
http://www.quantumonline.com/QuickStart.cfm

FYI: U.S. stocks losses deepened early Friday afternoon as investors struggled to reconcile rising rates, and digested the September jobs report, which pointed to strength in the labor market but also underlined concerns about inflation.
Major equity indexes are coming off one of their worst sessions in months as Treasury yields climbed to the highest level since 2011, forcing a broad reassessment of assets that are seen as risky, including stocks.
Technology stocks extended their declines Friday, dragging major U.S. stock indexes lower and putting the tech-heavy Nasdaq Composite on track for its worst week since early spring.
Investors sold shares of the year’s best performers, rotating out of top-returning sectors, such as tech and consumer companies, to instead buy up shares of so-called safety stocks, such as utilities.
The rotation sent the tech-heavy Nasdaq Composite down more than 1.6%. For the week, the index is off 3.7%, on track for its worst performance since the week ended March 23. The Dow Jones Industrial Average fell 245 points, or 0.9%, to 26382, while the S&P 500 dropped 0.8%.
“Tech is definitely pulling back this week, but given the backdrop of strong earnings, it’s just a pullback after a run-up earlier this year, not a reversal,” said Jeff James, portfolio manager at Driehaus Capital Management, who added that he had reduced his tech exposure recently.
Shares of technology companies in the S&P 500, which have been the best performers in 2018 as investors chased growth, slumped 1.6%.
Friday’s selling continued Thursday’s steep declines. One reason for the drop: the recent slide in U.S. government bonds sparked by a crescendo of positive news on the U.S. economy and easing trade tensions. The recent bond-market selloff has sent Treasury yields to multiyear highs.
S&P 500 Sectors: Up/Down: Consumer Discretionary (D) Consumer Staples (D) Communication Services (D) Energy (D) Financials (D) Healthcare (D) Industrials (D) Materials (D) Real Estate (U) Technology (D) Utilities (U)
Regards,
Ted
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-10-05/your-evening-briefing
Bloomberg:
https://www.bloomberg.com/news/articles/2018-10-04/asian-stocks-set-to-slide-on-bond-sell-off-concern-markets-wrap?srnd=premium
WSJ:
https://www.wsj.com/articles/global-stocks-weaken-ahead-of-u-s-jobs-report-1538725849
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-hit-as-bond-yields-climb-after-jobs-data-idUSKCN1MF1HW
IBD:
https://www.investors.com/market-trend/stock-market-today/stocks-pare-losses-cap-awful-week-market-leaders/
MarketWatch:
https://www.marketwatch.com/story/stock-futures-steady-after-thursdays-rout-with-fridays-jobs-report-in-focus-2018-10-05/print
CNBC:
https://www.cnbc.com/2018/10/05/us-markets-jobs-report-and-rates-in-focus.html
Europe:
https://www.marketwatch.com/story/europe-stocks-head-for-weekly-losses-as-investors-grapple-with-rising-us-bond-yields-2018-10-05/print
Asia:
https://www.marketwatch.com/story/asian-markets-continue-to-sink-led-by-tumbling-tech-stocks-2018-10-04/print
Bonds:
https://www.cnbc.com/2018/10/05/us-bonds-and-fixed-income-nonfarm-payrolls-in-focus.html
Currencies:
https://www.cnbc.com/2018/10/05/forex-markets-dollar-us-treasury-yields-in-focus.html
Oil:
https://www.cnbc.com/2018/10/05/gold-markets-us-treasury-yields-us-jobs-report-in-focus.html
Gold
https://www.cnbc.com/2018/10/05/gold-markets-us-treasury-yields-us-jobs-report-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.sec.gov/Archives/edgar/data/935015/000119312518292835/d623182d497.htm
497 1 d623182d497.htm ARTISAN PARTNERS FUNDS, INC.
Filed pursuant to Rule 497(e)
File Nos. 033-88316 and 811-08932
ARTISAN PARTNERS FUNDS, INC.
ARTISAN INTERNATIONAL SMALL CAP FUND (the “Fund”)
SUPPLEMENT DATED 4 OCTOBER 2018
TO THE FUND’S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
Important Notice Regarding Changes in the Portfolio Manager, Name, Investment Policies and Non-Fundamental Restrictions of the Fund
Effective 15 October 2018, Rezo Kanovich is the portfolio manager of the Fund and the Fund will open to new investors. In connection with the appointment of Mr. Kanovich as the Fund’s portfolio manager, the board of directors of the Fund approved changes to the Fund’s name, certain investment policies and non-fundamental restrictions. The changes are expected to reposition the Fund as a small- and mid-capitalization fund with greater degrees of freedom than permitted by the Fund’s current investment strategies. As a result of these changes, the Fund is expected to experience significant portfolio turnover as it transitions its holdings to be consistent with the Fund’s new investment policies, resulting in increased transaction costs, including brokerage commissions and other transaction costs, and the realization and/or distribution to shareholders of higher capital gains than might generally be expected under normal circumstances. In addition, the Fund may hold higher than normal cash during the transition period.
Accordingly, effective 15 October 2018, the following changes will take effect:
1. Mr. Kanovich is appointed as the portfolio manager of the Fund and all references and information relating to Messrs. Yockey and Hamker with respect to the Fund are removed.
2.The Fund will open to new investors and all references to the closure of the Fund are removed.
3.The Fund’s limit on how much cash it tries to maintain is increased from no more than 5% of its total assets to no more than 10% of its total assets.
In addition, effective on or about 4 December 2018, the following additional changes will take effect:
1.The Fund is renamed “Artisan International Small-Mid Fund.”
2.The Fund’s non-fundamental policy related to its name adopted in accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended, is replaced with the following, which cannot be changed unless shareholders are notified at least 60 days prior:
Under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in common stocks and other securities of small- and mid-cap companies.
3. The following policies are adopted, which can be changed without notifying shareholders:
Small- and mid-cap companies for this purpose are those companies with a market capitalization below $30 billion or having a market capitalization similar to the constituents of the MSCI All Country World (ACWI) ex-U.S. SMID Index at the time of the Fund’s investment. Under normal market conditions, the Fund will invest at least 65% of its total assets at market value at the time of purchase in securities of non-U.S. companies. The Fund may invest in developed markets and emerging and less developed markets.
4.The Fund’s benchmarks are changed from “MSCI EAFE Index” and “MSCI EAFE Small Cap Index” to “MSCI ACWI ex USA SMID Net Index” and “MSCI ACWI ex USA Small Cap Net Index.”
5. The Fund’s limit on investing more than 50% of its total assets in emerging and less developed markets is removed and the Fund may invest in debt instruments to the extent consistent with the Fund’s other investment policies and restrictions.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
___________________________Manager change info from Artisan Partners------------------------------
https://www.artisanpartners.com/content/dam/documents/press-releases/mf/Kanovich-Announcement-4-Oct-2018-vR.pdf
or
https://www.artisanpartners.com/individual-investors/news-insights/news/press-releases/2018/kanovich-announcement.html

It seems like you are suggesting that some RMD funds be withdrawn from a Roth account ...

I don't think that's what I said. I'm saying that I take my RMD first every year from a Traditional (taxable) IRA. In my case it satisfies roughly 50% of my annual needs - sometimes less than 50%. The remaining annual needs for funds are met by pulling from my Roth (which is exempt from both RMD and taxation).
Everybody's situation is different. But in this case my tax hit is roughly 50% of what it would be if all my needs were being met by Traditional IRAs. Maybe a good CPA or tax attorney would recommend pulling everything from the Traditional and leaving the Roth untouched. I wouldn't understand viewing it that way - especially with the big gains the Roth has amassed since '09. But I will concede there's another side to the argument.
Hope this helps?

FYI: Investors can defer paying capital gains taxes on profits earned on the sale of stocks and real property by participating in a new federal program that promotes investment in municipalities across the nation.
Created to encourage long-term investment of unrealized capital gains in low-income urban and rural communities, the Opportunity Zone Program was signed into law late last year under the Tax Cuts and Jobs Act of 2017. Under the program, investors who sell appreciated assets can invest the proceeds within 180 days of the sale into qualified opportunity funds to defer paying capital gains taxes. Three new funds started this year under the program, but they aren’t without some risks.
Regards,
Ted
https://www.fa-mag.com/news/a-new-way-for-clients-to-postpone-capital-gains-taxes-41115.html?print

This article suggests this segment of the bond market still offers attractive returns....

“There’s a significant double-digit return in the legacy market that will exist for the foreseeable future,"

https://bloomberg.com/news/articles/2018-10-01/beaten-down-subprime-mortgage-bonds-offered-a-decade-of-gains?srnd=fixed-income

FYI: At Barron’s, we try to look beyond any momentary chaos in the markets to anticipate what might move them in the future. So, too, with our coverage of Washington. There was plenty of chaos at Thursday’s Supreme Court nomination hearing, and we don’t expect the turmoil to end before the Nov. 6 midterm elections, or after. Our concern is with the longer-term impact of these historic races—specifically, what the outcomes will mean for the capital markets and investors. The stakes are particularly high in this election season, given America’s tariff battle with China, a growing federal budget deficit, and an aging bull market, not to mention the partisan slugfest consuming the country.
Regards,
Ted
https://www.barrons.com/articles/what-a-pivotal-midterm-election-could-mean-for-investors-1538181587