https://www.sec.gov/Archives/edgar/data/890540/000139834418013451/fp0035807_497.htm
497 1 fp0035807_497.htm
THE ADVISORS’ INNER CIRCLE FUND II (the “Trust”)
RSQ International Equity Fund (the “Fund”)
Supplement dated September 11, 2018 to the
Prospectus dated March 1, 2018 (the “Prospectus”) and
the Statement of Additional Information, dated March 1, 2018 (the “SAI”)
This supplement provides new and additional information beyond that contained in the Prospectus and SAI, and should be read in conjunction with the Prospectus and SAI.
The Board of Trustees of the Trust, at the recommendation of R Squared Capital Management L.P. (the “Adviser”), the investment adviser of the Fund, has approved a plan of liquidation providing for the liquidation of the Fund’s assets and the distribution of the net proceeds pro rata to the Fund’s shareholders. In connection therewith, the Fund is closed to new investments. The Fund is expected to cease operations and liquidate on or about October 26, 2018 (the “Liquidation Date”).
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in the manner described in the “How to Sell Your Fund Shares” section of each Prospectus. For those Fund shareholders that do not redeem (sell) their shares prior to the Liquidation Date, the Fund will distribute to each such shareholder, on or promptly after the Liquidation Date, a liquidating cash distribution equal in value to the shareholder’s interest in the net assets of the Fund as of the Liquidation Date.
In anticipation of the liquidation of the Fund, the Adviser may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by holding cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
The liquidation distribution amounts will include any accrued income and capital gains, will be treated as a payment in exchange for shares and will generally be a taxable event for shareholders investing through taxable accounts. You should consult your personal tax advisor concerning your particular tax situation. Shareholders remaining in the Fund on the Liquidation Date will not be charged any transaction fees by the Fund. However, the net asset value of the Fund on the Liquidation Date will reflect costs of liquidating the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
RSQ-SK-004-0100

LOL - You had me believing Sir. :)
Naw - No good ideas where to invest your gains from weed at this time. I was going to suggest (only in jest) maybe “roll” it into a few bottles of JW Black. Sells for $40 here in Michigan. $200 would net ya 5 of them.
I think it’s a good blend. Haven’t found any single malts in that price range I like all that much. Dewars has a blend out they call “12-Year” that’s also very good. It’s $40 now, but picked up a couple for $30 when they cut the price briefly over the summer. Interestingly, their White Label is also a 12-year - but not as good (or expensive).
Great deal on that single malt. Yep - You shoulda “backed up the truck” to their door on that one. :). Out here, if you watch the prices closely, they’ll sometimes drop them for a few weeks and than jack them back up again. Chivas does that once in a while too - not a bad flavor.

The exceptionally strong U.S. Dollar is crushing most non-dollar denominated assets. The most likely reason for the Dollar’s strength is the series of Fed tightening moves which are well ahead of what most foreign central banks have done. I occasionally venture cross-border into neighboring Ontario - and when I looked today, the CAD was at 77 cents to the U.S. Dollar (great for American travelers).
Other assets hit hard are gold (off big-time) and foreign equities. PIEQX (International Equity Index Fund), which I sold near the top last fall, is off about 5.5% YTD. Price’s EM bond fund, PREMX, is off over 8%. Unfortunately, I waded into the latter one about 75-85 days ago and am down a bit over 3.5% in that time. As long as the Dollar stays at this level there’s little hope for gains in the non-Dollar assets.
Fortunately, currencies do move in both directions. At some point those non-dollar assets will rebound. No telling when. I remain widely diversified as always. So a 3-4% hit to one asset means little to me. Willing to ride the markets and take what I can. I understand the conundrum faced by some of the more opportunistic investors looking for entry points. Honestly, nothing looks cheap to me at this point. Perhaps gold - but it’s also a good way to lose both your shirt and your pants if you guess wrong. Wouldn’t advise it.
Added Note: - The Prez has been “arm-wrestling” Fed Chair Powell a bit to try and keep the rate hikes subdued. As the 2020 election draws closer, the pressure on the Fed to ease-up on the hikes will grow more intense. So, a big surprise - which could turn these markets upside down - would be if he succeeds in getting the Fed to ease up. Currency markets could turn on a dime if they detected that scent in the wind. At this point it’s anybody’s guess. “Ya pays your money and ya takes your chances.”

FYI: U.S. stocks mostly rose Monday, with the S&P 500 and the Nasdaq snapped their four-day losing streak on the back of a recovery in technology shares.
The Dow Jones Industrial Average slipped 57 points, however, as Apple lost more than 1 percent. Transports, meanwhile, rallied 1.9 percent to an all-time high.
The benchmark S&P 500 and the Nasdaq edged higher lead by industrial stocks, on optimism for further tax relief, although a drop in Apple kept gains in check
Republicans in the U.S. House of Representatives plan to unveil tax cuts this week, intended to augment President Donald Trump’s 2017 tax overhaul that added $1.5 trillion to the federal deficit through permanent tax cuts for U.S. companies.
The day’s gains were fairly broad-based, with nine of the 11 primary S&P 500 industry groups in positive territory led by utilities and real estate. Financials and healthcare had a down day.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2018-09-09/asia-stocks-point-to-drop-dollar-holds-advance-markets-wrap
Bloomberg Evening Briefing:
https://www.bloomberg.com/news/articles/2018-09-10/your-evening-briefing
Barron's After The Bell:
https://www.barrons.com/articles/dow-loses-59-points-as-trade-talk-takes-a-toll-1536614237
WSJ:
https://www.wsj.com/articles/trade-barbs-pressure-global-stocks-1536566752
Reuters:
https://www.reuters.com/article/us-usa-stocks/wall-street-rises-on-tax-optimism-despite-apple-drag-idUSKCN1LQ1I8
IBD:
https://www.investors.com/market-trend/stock-market-today/apple-sinks-on-trade-war-fear-will-this-sector-help-dow-beat-the-nasdaq-in-q3/
MarketWatch:
https://www.marketwatch.com/story/us-stocks-set-to-bounce-higher-after-last-weeks-drop-2018-09-10/print
CNBC:
https://www.cnbc.com/2018/09/10/us-markets-us-china-trade-frictions-in-focus.html
Europe:
https://www.cnbc.com/2018/09/10/european-markets-trade-concerns-take-center-stage.html
Asia:
https://www.reuters.com/article/japan-stocks-close/nikkei-snaps-6-day-losing-streak-on-upbeat-japan-gdp-trade-worries-remain-idUSL3N1VW33R
Bonds:
https://www.cnbc.com/2018/09/10/us-bonds-and-fixed-income-us-china-trade-dispute-in-focus.html
Currencies:
https://www.cnbc.com/2018/09/10/forex-markets-us-dollar-china-us-trade-in-focus.html
Oil:
https://www.cnbc.com/2018/09/10/oil-markets-us-energy-us-sanctions-on-iran-china-us-trade-in-focus.html
Gold
https://www.cnbc.com/2018/09/10/gold-fed-interest-rate-policy-us-china-trade-tensions-in-focus.html
WSJ: Markets At A Glance:
http://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: Positive
https://finviz.com/futures.ashx

I got in EM fund beginning of last year, was really happy with the gain, kept adding until this summer. Now it has given back almost all the gains, am barely positive (may soon be negative). Should I do nothing or sell it, while waiting for the rebound?

It's certainly fun to pile on, but what exactly are people piling on to?

Bruce Berkowitz, head of Fairholme Capital Management, has cut his personal exposure ...

Get a grip. This is "just" a half million of his own shares shares, give or take. That's peanuts compared to what he dumped from the Fairholme Funds (FAIRX, FAAFX) combined - around three million shares.
https://www.gurufocus.com/news/731092/berkowitz-sells-20-of-sears-near-historic-low-
I doubt there's any way to find out how much Berkowitz paid for his personal shares.
As to what Fairholme paid for its shares, you can get a pretty good sense by reading through the latest semiannual and annual statements.
The annual shows that:
FAAFX held 1,425,398 shares at a cost of $53,325,603 (acquired between 12/16/11 and 12/11/14[sic])
FAIRX held 13,535,991 shares at a cost of $810,536,627 (between 11/26/07 and 12/11/15)
[Shares purchased outside these periods had obviously already been disposed of prior to the end of the reporting period of the statement, 11/30/17.]
The subsequent semiannual statement shows that FAIRX sold 4,397,400 shares at a loss of $318,744,149, sometime between 11/30/17 and 5/31/18, leaving FAIRX with 9,138,591 shares.
It's easy to estimate the proceeds, since the price of SHLD ranged roughly between $2 and $4 over that period. Given the loss, you know roughly how much those shares cost. Subtract that from the total cost of the Fairhome shares in the annual report, and you'll have the cost of the pool of shares from which the latest 3M were sold.
The fact that over four million shares were sold earlier this year (or late last year) shows that this recent sale of roughly 3M shares is neither the first nor the largest disposal of shares that the funds have made.
Here are the two SEC latest 13G filings I could find showing Berkowitz and/or Fairholme changes in the number of shares owned:
January 11, 2018
https://www.sec.gov/Archives/edgar/data/1056831/000091957418000429/d7793325_13g-a.htm
August 21, 2018
https://www.sec.gov/Archives/edgar/data/1056831/000091957418005887/d8057736_13g-a.htm

FYI: Bruce Berkowitz, head of Fairholme Capital Management, has cut his personal exposure to Sears Holdings by selling a little more than half a million dollars in stock.
Berkowitz disclosed in filings with the Securities and Exchange Commission that he sold 444,800 shares of the struggling department store between Aug. 21 and Aug. 27 for a total of $517,100, or an average of $1.16 each.
Regards,
Ted
https://www.barrons.com/articles/big-sears-shareholder-slashes-stake-1536147001?mod=hp_highlight_2
M* FAIRX Holdings:
http://portfolios.morningstar.com/fund/holdings?t=FAIRX&region=usa&culture=en-US

There's a M'star piece on the debt/capital ratio of S&P 500 corps up now.
Short FWIW version: over the past 3y, it's grown beyond the 2009 GFC peak (43% vs. 37.5%). Mid/small caps and foreign have smaller but still fairly significant ratios.
The disclaimer in the article: "... average debt/capital is limited in its utility to a degree. What matters as much as a company’s debt/capital is its interest coverage and cash flows. Some companies, such as utilities, tend to have fairly high debt/capital ratios, but they can generally afford to given their predictable cash flows."

@Davidrmoran
Good grief, acknowledge that you ARE atypical first and stop with the obnoxious good griefs. (You're not talking to Charlie Brown.) Look at the damn stats about savings for most Americans and tell me how you are typical when half have nothing saved for retirement! Our definitions of atypical are not dissimilar and you know it. I suspect from your post history you rank fairly high on the spectrum of amount saved for your age group--nothing at all typical about that. Are you next going to lecture about Americans drinking too many lattes and eating too much avocado toast and that's why they have no savings? Because I also suspect you know that is largely bs. So extrapolating your personal success with the retirement system as some sort of evidence of its larger success for the general or "typical" population is absurd.
What's the government to do? Nothing this government would ever do, but it would be to dramatically increase Social Security payments and/or create a Basic Guaranteed Income, and yes, raise income taxes/estate taxes/corporate taxes and capital gains taxes to pay for it. And it would be to finally acknowledge that some problems in post-industrial highly developed economies can't be solved via GDP growth and that that outmoded way of thinking has disastrous environmental consequences. So yes free markets, but tax appropriately to save people from their worst instincts--buying lattes, avocado toast and big screen TVs if you read the usual asinine arguments--but in reality their general poverty resulting from that massive drain of wealth caused by technology and globalization.
But assuming that the government will never do this, which is the correct assumption, the simplest path would be to leave the current system alone and not make the regressive retirement system we currently have even worse than it already is by getting rid of RMDs at age 70 1/2.
And what is the point of the original provisions?--ostensibly as MFS already spelled out quite clearly to get ordinary Americans to save. What was the other unspoken point? To create a new savings system that allowed companies to eliminate their pension plans and put the burden of retirement on employees' shoulders. And it was to foster the growth of the industry to which this board is dedicated. The ostensible goal of getting Americans to save has proven a complete failure for half of America--because apparently they like cheese and cigarettes--and largely a failure for millions of other Americans who still haven't saved enough. And yes, I know the previous pension plan system had many flaws too--another reason to take that pension system out of corporate hands and extend, expand, increase Social Security, which is the exact opposite of what our current government plans. Anything else or must I expect another sarcastic good grief directed my way?

Generally speaking, funds are allowed to make only one capital gains distribution per year, plus "fix up" distributions for residual amounts that they didn't get in the first distribution.
Funds would risk incurring serious tax "penalties" by making their single cap gains distribution before the end of October (that's just the way the regs work). They are not allowed to use the "fix up" distributions to make major corrections.
I don't know exactly how the Fidelity funds manage it, but several routinely make two primary cap gains distributions per year - in Sept and Dec. Surely there are some FLPSX aficionados here who are familiar with this annual distribution schedule? From its prospectus: "The fund normally pays dividends and capital gain distributions in September and December."
For comparison, here's HAINX's prospectus verbiage:

Each Fund declares and pays any dividends from net investment income and capital gains at least annually in December. Each Fund may also pay dividends and capital gain distributions at other times if necessary to avoid federal income or excise tax.

If any fund suddenly, without warning or announcement, were to make a distribution outside of what its prospectus stated (other than a "fix up" distribution), I could envision it immediately receiving a spate of lawsuits.
Here's the clearest writing I can find on the rules covering fund distributions. This really is relatively clear, it's just that the rules are not simple.
http://www.klgates.com/files/Upload/DC_IM_14_014_Dividends_Distributions.PDF

Incidentally, here are the July 31, 2018 distribution estimates for the Acorn Funds:
https://www.columbiathreadneedleus.com/content/columbia/pdf/2018-YE-CAPITAL-GAIN-DISTRIBUTIONS.PDF

@BenWP,
While funds do make distributions either quarterly of semi-annually, you conveyed my point that this year will probably see significant distributions due the stock market gains of the last couple of years as well as what @msf pointed out above, new portfolio management has resulted in the cleaning-house of many long/short term holdings resulting in significant realizations of stock gains.

@The Shadow: What I'd like to see is for you to be the only one with the ability to link funds capital gains to the message board. Members would report distributions by sending them to your inbox and your would put them in fund company alphabetical order.
Regards,
Ted

@MFO Members: TheShadow maintains a simple list of links to capital gains information, which can be found on our discussion forum. Lets let him do his thing, and not randomly link fund distributions all over the place. As a resource The Shadow uses Mark Wilson's cap gains valet which will be available in October.
Regards,
Ted
http://www.capgainsvalet.com/

These are not very early estimates of the annual distributions, but of Sept. distributions. Some Fidelity funds typically distribute gains in Sept and again in December.
It seems that in addition to HAINX, we have a couple more examples of what can happen when a new manager (even from the same management company) takes over a fund and turns its portfolio upside down. (I thought Fidelity was trying to get away from that.)
FDGFX - 14.75% distribution - M* writes "Gordon Scott officially took over in January 2018"
FCPVX - 18.82% distribution - M* writes: "The fund has undergone two manager transitions in recent years."

"the prosperity was strongly skewed in favor of the earnings of business and the incomes of the rich. In consequence, continued prosperity depended on continuing high investment expenditures by business, continuing high consumer expenditures by the affluent.
As share volumes came rushing down, prudence in all investment decisions rose as a reciprocal. Solid enterprises began to reconsider their investment commitments. Banks were suddenly cautious. Borrowers had been caught in the market. Better to have plenty of cash. And individual investors, their fingers badly scorched, were also poor prospects for the new issues of securities.
The blight on consumer expenditures was equally severe. Those who had been spending capital gains no longer had them. Many not directly affected thought it prudent to behave as though they had been."
John Kenneth Galbraith: Money, Whence It Came, Where It Went
(Houghton Mifflin Company, Boston, 1975, pg 184).
[Lightly edited for brevity and to accent relevance to the present time.]

To me that proposed order is just another way for those who already have way more than they need to shelter even more of their gains from the undeserving masses. As if offshore accounts and slimy accounting weren't enough.

I wasn’t soliciting advice. Just sharing something that hasn’t worked. Hope there’s room in the thread for some of those types of submissions as well. (The “hope is not a plan” was meant in jest. Nobody needs to tell me that.)
If somebody wants to start a thread on only what funds have been rising lately, that’s possible. (I think @Catch22 has in the past posted a very detailed chart which shows the hottest sectors.)
I’ve never been a momentum investor. That’s not to take away from those who subscribe to it. I do have a plan suitable for someone of my age, temperament, situation, and life expectancy. Intend to stay with the plan that’s served me well over the years.
-
* What I will suggest here, however, that the experience I shared might point to very narrow (maybe even narrowing) market breadth. Is it possible that only a few hot sectors are driving those gains in the major indexes?

https://www.sec.gov/Archives/edgar/data/1494928/000139834418013039/fp0035706_497.htm
SUPPLEMENT TO SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 25, 2018
On August 30, 2018, the Board of Trustees (the “Board”) of RiverPark Funds Trust approved a Plan of Liquidation for the RiverPark Focused Value Fund (the “Fund”) pursuant to which the Fund will be liquidated on or about September 28, 2018 (the “Liquidation Date”). In approving the liquidation, the Board determined that the liquidation of the Fund is in the best interests of the Fund and its shareholders. To arrive at this decision, the Board considered factors that have adversely affected, and will continue to affect adversely, the ability of the Fund to conduct its business and operations in an economically viable manner, including factors such as low asset levels and limited future prospects for growth.
Accordingly, the Adviser may begin positioning the portfolio of the Fund for liquidation, which may cause the Fund to deviate from its stated investment objective and strategies. It is anticipated that the Fund's portfolio will be positioned into cash on or some time prior to the Liquidation Date.
Effective as of the close of business on September 10, 2018, the Fund will be closed to new investors and investments by existing shareholders.
Any shares outstanding at the close of business on the Liquidation Date will be automatically redeemed. Such redemption shall follow the procedures set forth in the Fund's Plan of Liquidation. Final dividends will be paid in advance of the Liquidation Date. Any capital gains will be distributed to shareholders, if necessary, prior to the Liquidation Date.
Any time prior to the Liquidation Date, the shareholders of the Fund may redeem their shares of the Fund pursuant to the procedures set forth in the Fund's Prospectus. Shareholders may also exchange their shares of the Fund into shares of the same class of another RiverPark fund if the shareholder meets the eligibility criteria and investment minimum for such fund.
Any income or capital gains distributed to shareholders prior to the Liquidation Date or as part of the liquidation proceeds will be subject to tax. All investors should consult with their tax advisor regarding the tax consequences of this liquidation.