This is a fascinating and lengthy look at the markets past and present. I highly encourage folks to obtain and read the full text. While I quote a few lines from different participants, realize each had a unique point of view. And, sometimes those viewpoints diverged sharply.
Participants:
Todd Ahlsten - Parnassus
Rupal Bhansali - Ariel
Scott Black - Delphi
Abby Cohen - Columbia Univ.
Sonal Desai - Franklin Templeton
Henry Ellenbogen - Durable Capital
Mario Gabelli - Gamco
David Giroux - T. Rowe Price
William Priest - Epoch
Meryl Witmer - Eagle
Quotable Quotes:
Cohen: “Unlike in recent years past, we will see that diversification, stock selection, and risk control matter.” She terms 2022 “the revenge of the nerds”.
Bhansali: “My (year-end) forecast implies a double-digit decline in U.S. markets (S&P 500 and Nasdaq 100) …”
Giroux: “The asset class today with the most attractive risk/reward profile is leveraged loans. I’ve taken leveraged loans to 12% of my portfolio …”
Giroux: “I would make a bet that the 10-year doesn’t get above 2.5% in the next year.”
Witmer: “What has been noticeable in the past year is extreme volatility in individual stocks.”
Witmer: “If the music stops and crypto tanks, there could be a contagion into the stock market. It could set up a good buying opportunity.”
Black: “The NTF craze in the art market is reaching the heights of delirium.”
Black: “I would avoid fixed income like the plague.”
Desai: “With TIPS, you end up taking on duration risk. If there is a selloff in Treasuries, TIPS won’t deliver …”
Priest: “There is also an existential political risk to the market around the question, ‘Does market efficiency require a democracy in order to operate optimally?’ “
Some of the funds mentioned favorably by various panelists at different points in the interview:
GLFOX, PAVE, EAPCX, SRLN, FRIAX, FEIFX, MPACX, CPREX (closed end)
From Barrons - January 17, 2022

My alternatives sucked. Combined 1 week return = -1.45% (neg)
4 Funds included: TMSRX, ABRZX, PRPFX, QED
My equity & balanced sleeve did better. Combined 1 week return = -.0.56% (neg)
4 Funds included : PRWCX, DODBX, RPGAX, FLJP
I’ve never viewed alternatives as “defensive”. But, over the past, they’ve held up much better than the equity & balanced funds in rough markets. I should note that two equity funds owned (the larger being GLFOX) and 2 stocks owned are not included in the above totals. Those are part of a separate “real assets” sleeve.
For comparison, here’s a few I track (1-week / Lipper)
HSGFX +3.44%
PRFDX +2.61%
PRAFX 0
HSTRX -1.43%
VFINX -1.83%
TRREX -3.32%
TRBCX - 6.19%
PRMTX -7.18%
ARKK -10.75%
Some factors that affected markets this week:
- Interest rates shot up. This hurt most bond holdings. It helped funds with outsized exposure to banks / financials. This is evident in the positive return for PRFDX - TRP’s Equity and Income fund. However, rate sensitive sectors / funds were hurt. Price’s real estate fund, TRREX, fell 3.32%.
- Minutes from last FOMC meeting were released indicating a more hawkish Fed stance / Ditto above.
- Data released showed accelerating wage growth. / Ditto above.
- Gold and p/m miners got slammed, though they’re still above their lowest levels of the past 12 months.
- Tech got whacked.
- Price’s PRAFX, their real asset fund, appears to have suffered from Schizophrenia, ending the week flat - caught between the plunge in gold and precious metals mining stocks and the whirlwind upside for many other metals. This one holds a lot of real estate, which also hurt.
One interesting tidbit ….. DFND, an intriguing looking defensive long-short fund I’ve been watching, tumbled more than 5% in the week. Now, how do you accomplish that?

GLIFX is institutional. Appears to have a low minimum initial investment of $10,000.
GLFOX (open shares) was recommended to me 6-7 months back by a board member. I substituted it in my real assets sleeve for a commodities fund I felt was getting too expensive. Yes - it is largely outside the U.S. That’s one reason I like it, as I’ve been consciously trying to diversify away from U.S. equities.
As the snippet from Lipper shows, the fund has some moderate exposure to the energy sector. As @KHaw24 notes, the Lazard funds are invested largely (about 75%) outside the U.S. So they aren’t the best choice if you’re trying to play the U.S. infrastructure package. Also - higher than normal expenses might deter some.
GLFOX HOLDINGS - Lipper*
46% Utilities
24% Industrials
8% Oil & Gas
22% Remainder
* http://www.funds.reuters.wallst.com/US/funds/holdings.asp?YYY622_4YK/sRXYOuCHME0X/pCQzhuZTH3KwZb8EX/lL+8rQLdjCHFyfBxMJiSgAFiqzNOF

(November 24) “Today I sold one, NGLOY, after a quick 14% run-up since they recommended it roughly 2 months ago. Still like it - but have been trimming risk wherever I can of late.”

NGLOY lost 7.54% today.
Edit 11/27 (To be completely honest here) I moved the proceeds from NGLOY into an existing holding, GLFOX. It lost about 2.4% yesterday - so am only two thirds as smart (or lucky) as might at first appear. :)

I have owned general global funds in the past. And I have been getting rid of them. The last to go will be DODWX from my IRA sometime very soon. Then VMNVX from my taxable account just as soon as I can harvest a tax loss.
My feeling now is that global funds dampen any opportunity to rebalance from foreign to domestic, or vice versa. Then too, it is not unusual to find a few foreign stocks in my domestic funds, and a few domestic stocks in my foreign funds.
The funds that breaks this rule are GPGCX and GGSYX. I couldn't buy any more of GISYX, or any of their other funds at my IRA broker. So I bought what was open to me.
I am not averse to buying global funds in sectors that appeal to me. I am happy with GLFOX. And in the near future I will be buying some globally oriented funds in the green economy. Anyone interested can read my comments here:
https://www.mutualfundobserver.com/discuss/discussion/58867/climate-change-funds#latest

Stocks per MarketWatch
https://www.marketwatch.com/discover?stackid=d848c2a2876e40432768c273f5448e67&siteid=nwhpm#https://www.marketwatch.com/amp/story/5-infrastructure-stocks-to-buy-now-that-bidens-bill-has-been-passed-according-to-jefferies-11636386524?mod=dist_mw_email
I DO NOT endorse these USN&WR rankings, but for
MFs:
https://money.usnews.com/funds/search?category=infrastructure&mutual-funds=true
ETFs:
https://money.usnews.com/funds/etfs/rankings/infrastructure
Stock and Bond Infrastructure MFs per Fido
Fund Name (63 matches)View a detailed profile of the fund.
FNSTX Summary - Fidelity ® Infrastructure FundNo Transaction Fee
AIAFX Summary - Aberdeen Global Infrastructure Fund Class ANo Transaction Fee
AIFRX Summary - Aberdeen Global Infrastructure Fund Institutional Class
BGLAX Summary - Brookfield Global Listed Infrastructure Fund Class A
BGLCX Summary - Brookfield Global Listed Infrastructure Fund Class C
MLXAX Summary - Catalyst Energy Infrastructure Fund Class A
MLXCX Summary - Catalyst Energy Infrastructure Fund Class C
MLXIX Summary - Catalyst Energy Infrastructure Fund Class I
RGIVX Summary - ClearBridge Global Infrastructure Income Fund Class I
DHINX Summary - Centre Global Infrastructure Fund Institutional Class
DHIVX Summary - Centre Global Infrastructure Fund Investor ClassNo Transaction Fee
CSUAX Summary - Cohen & Steers Global Infrastructure Fund, Inc. Class ANo Transaction Fee
CSUIX Summary - Cohen & Steers Global Infrastructure Fund, Inc. Class I
NXGAX Summary - Cushing ® NextGen Infrastructure Fund Class A Shares
NXGNX Summary - Cushing ® NextGen Infrastructure Fund Class I Shares
BILDX Summary - DoubleLine Infrastructure Income Fund Class I
BILTX Summary - DoubleLine Infrastructure Income Fund Class NNo Transaction Fee
TOLLX Summary - DWS RREEF Global Infrastructure Fund - Class ANo Transaction Fee
TOLCX Summary - DWS RREEF Global Infrastructure Fund - Class C
TOLIX Summary - DWS RREEF Global Infrastructure Fund - Class Inst
ECOIX Summary - Ecofin Global Renewables Infrastructure Fund Institutional Class
FMSSX Summary - Frontier MFG Select Infrastructure Fund Service Class
FMGIX Summary - Frontier MFG Core Infrastructure Fund Institutional Class
FCIVX Summary - Frontier MFG Core Infrastructure Fund Service Class
GLEAX Summary - Goldman Sachs Energy Infrastructure Fund Class A SharesNo Transaction Fee
GLPAX Summary - Goldman Sachs MLP Energy Infrastructure Fund Class ANo Transaction Fee
GLPCX Summary - Goldman Sachs MLP Energy Infrastructure Fund Class C
ICBMX Summary - ICON Natural Resources and Infrastructure Fund Institutional
ICBAX Summary - ICON Natural Resources and Infrastructure Fund Investor ClassNo Transaction Fee
GIZAX Summary - Invesco Global Infrastructure Fund Class ANo Transaction Fee
GIZCX Summary - Invesco Global Infrastructure Fund Class C
JEEBX Summary - JHancock Infrastructure Fund Class ANo Transaction Fee
JEEIX Summary - JHancock Infrastructure Fund Class I
KARIX Summary - Kayne Anderson Renewable Infrastructure Fund Class I
KARRX Summary - Kayne Anderson Renewable Infrastructure Fund Class RetailNo Transaction Fee
GLFOX Summary - Lazard Global Listed Infrastructure Portfolio Open SharesNo Transaction Fee
GLIFX Summary - Lazard Global Listed Infrastructure Portfolio Institutional Shares
VCRAX Summary - MainStay CBRE Global Infrastructure Fund Class ANo Transaction Fee
VCRCX Summary - MainStay CBRE Global Infrastructure Fund Class C
VCRIX Summary - MainStay CBRE Global Infrastructure Fund Class I
MGVAX Summary - MainStay MacKay U.S. Infrastructure Bond Fund Class ANo Transaction Fee
MCSGX Summary - MainStay MacKay U.S. Infrastructure Bond Fund Class B
MGVCX Summary - MainStay MacKay U.S. Infrastructure Bond Fund Class C
MGOIX Summary - MainStay MacKay U.S. Infrastructure Bond Fund Class I
MTIPX Summary - Morgan Stanley Institutional Fund, Inc. Global Infrastructure Portfolio Class ANo Transaction Fee
MTIIX Summary - Morgan Stanley Institutional Fund, Inc. Global Infrastructure Portfolio Class I
NMFIX Summary - Northern Multi-Manager Global Listed Infrastructure Fund
FGIAX Summary - Nuveen Global Infrastructure Fund Class ANo Transaction Fee
FGNCX Summary - Nuveen Global Infrastructure Fund Class C
PXDIX Summary - Pax Global Sustainable Infrastructure Fund Institutional Class
PGJAX Summary - PGIM Jennison Global Infrastructure Fund- Class A
PGJCX Summary - PGIM Jennison Global Infrastructure Fund- Class C
PGJZX Summary - PGIM Jennison Global Infrastructure Fund- Class Z
RMLPX Summary - Recurrent MLP & Infrastructure Fund Class I
SMAPX Summary - Salient MLP & Energy Infrastructure Fund Class A
SMFPX Summary - Salient MLP & Energy Infrastructure Fund Class C
SMLPX Summary - Salient MLP & Energy Infrastructure Fund Class I
TMLAX Summary - Transamerica Energy Infrastructure Class ANo Transaction Fee
TMCLX Summary - Transamerica Energy Infrastructure Class C
TMLPX Summary - Transamerica Energy Infrastructure Class I
PGUAX Summary - Virtus Duff & Phelps Global Infrastructure Fund Class ANo Transaction Fee
PGUCX Summary - Virtus Duff & Phelps Global Infrastructure Fund Class C
PGIUX Summary - Virtus Duff & Phelps Global Infrastructure Fund Class I

@newgirl …
When we add the qualifier you omitted (“on occasion”) the suggestion of Ed’s you’ve identified is placed into its proper perspective - that being just 1 in a series of suggestions for investing in uncertain times and where asset valuations generally appear high.
“On occasion; pay attention to the opportunities in real assets throwing off an income stream that are selling for less than their replacement cost (e.g. pipelines and various kinds of shipping).”
It seems to me Ed is of the belief serious inflation will make a comeback at some ill-defined, but not too distant, point. I suspect he’s worried that the conventional “safe havens” (ie - gold, energy, real estate, commodities) aren’t really that “safe” as they are prone to drastic price swings and may already be priced to reflect future inflation expectations. As an alternative (perhaps “adjunct” is the better word here) he suggests looking at infrastructure investments (like pipelines, ports, transportation facilities in general) that benefit indirectly from rising materials prices but which may be undervalued by investors at this point.
“I would love to hear more details on this topic”
Yep - So would I. Maybe folks have suggestions for funds that qualify. Personally, a board member mentioned GLFOX to me sometime ago and I bought a small chunk while cutting back on my commodities fund which I felt had flown too high at the time.

@msf -Thanks. I’ll continue to learn. Experience is a great teacher - but it can be expensive.
Umm … Just to clarify … Fido doesn’t appear to call those “short term trading fees” when you sell a NTF fund early. In my case, they called them “deferred sales commissions.” So, on 2 of my NTF funds they force-sold (after the transfer of cash fizzled) the commission assessed was $100 each. (later reversed.) Reading their online lit, it appears that had I sold the funds online the commission would have been $50 each instead of $100.
Where I think the short term fee might be assessed is on Fido’s own in-house funds if you sell shares inside of 30 days. But I’m not entirely clear on that or how much might be. Fido’s Lit. makes clear that “first in / first out” does not apply if you sell one of their own funds inside of 30 days. What I’m not clear on is whether it simply goes down as a violation, or whether a fee is also attached.
(I’d check, but they seem to have expunged those charges from my account after I had them reversed.)
FWIW - That question came up in a slightly different context when I asked a Fido rep about PRIHX (also transferred to Fido). My concern: I tend to use it as a “go-between” between longer term investments and cash for current consumption. I asked about what if I purchase additional shares of the fund (NTF), than unexpectedly have a need to withdraw some? Answer: It’s first-in / first out … However, “you should phone us first” and specify that you want us to redeem the “earlier purchased” shares. Seems odd to me that it would necessitate a phone call. Will comply.
Thanks again. I recently answered a question from @Crash in 1-minute’s time. (see “delete”) Thought that was pretty good. But you did even better by calling Fido before I even asked the question. :)
PS @msf wrote: “The short term trading fee applies to non-Fidelity NTF funds purchased and then sold within 60 days. There's no restriction or fee on the repurchase. (Unlike, say, Vanguard funds where Vanguard generally doesn't permit a repurchase within 30 days. )”
I have to assume both are correct. But not sure how I got hit with 2 $100 commissions when they force-sold two ntf funds (CVSIX and GLFOX). However, I was able to repurchase a bit of GLFOX without trouble after selling shares of PRWCX - So the second part is absolutely correct.

There are other actors in the water "space," including my favorite FIW. According to the index author, "FIW, is based on the ISE Clean Edge Water Index and is sponsored by First Trust Advisors." ISTM that companies that make money selling water are generally in the business of protecting what they sell, so they meet sustainability critetia ipso facto. In the event, a 5-year investment in FIW would have outperformed SPY and MOAT and would have left GLFOX grabbing air. All that glitters might be H2O.

@hank: GLFOX, a global infrastructure favorite, has several of its 27 holdings domiciled in Europe, with Spain and Italy well represented among the utilities.

@BenWP - Yes. Thanks! Taking a serious look at that one.

@hank: GLFOX, a global infrastructure favorite, has several of its 27 holdings domiciled in Europe, with Spain and Italy well represented among the utilities.

I have pretty much given up on most "global" funds. At the moment I still own GLFOX.
Global never seems to add the extra sauce. Just seems to make everything mushy. At this point I'ld rather own foreign or US in most scenarios.
The other problem I had with VMVFX was the high turnover due to chasing whatever seems to be least volatile at the moment. So you never really know where the portfolio is going to be.

Hi VintageFreak,
Great post! Most people only want to talk about their winners, so this longneck's for you, big guy! So,.....to the losers.....
FMIJX: the best part of this fund is the quarterly reports 'cause the fund stinks! GLFOX: I owned this for years. Right now, it sucks. Also sold ROGSX. It's a lagger. It got new PMs......still lags. One I still hold down 10+% right now. FSDAX: will buy more as it falls. Funds I would own again, just not now: FNSTX, GIBLXX, PTIAX, YCGEX, FARMX, RAANX. Moves that paid off. Many on buying the crash......lol. I want another one, please.
God bless
the Pudd

Some attributes that you've mentioned or implied:
hedged international
utilities
value leaning, mid-to-large cap (TBGVX was midcap until drifting into large cap)
GLFOX would seem to check these boxes. A value leaning, 3/4 foreign, hedged fund, sitting between midcap and large cap, 50% utility (with much of the rest in industrials, like railroads and airports). It's slightly less volatile than TBGVX.

@Sven Interestingly, VWELX/VGWLX now own lots of stocks in blend category. I wanted VGWLX as my largest holding in the tax deferred space is a growth-oriented target date fund.
@WABAC like @rforno, I used to own GLFOX and FSMEX in Roth. One thing I find it hard is if I should change/transition my portfolio from accumulation to income. I'll revisit them.
@rforno Can't get in PRWCX. Sold it when Giroux took over. Should have stayed put. I've been watching VLAIX and find it a reasonable choice. VLAIX managers do adjust equity allocation, now at 55%, more than other allocation funds.
@Mark Mr. Heugh has been a good surprise. I went with MIOPX over VWIGX.

Also held GLFOX at times; I need to revisit that one and see how it's currently positioned.

Waterworks, Electric Company, Shortline, Reading, Pennsylvania, B&O, the usual

WABAC, I've always liked BRLIX as a cheap eq-wt proxy for the Dow and have held it off and on over the years. Also held GLFOX at times; I need to revisit that one and see how it's currently positioned.

@WABAC I used to slice and dice (or collect) funds am comfortable dealing with complexity. That said, my spouse has no interest managing portfolio and I'm leaning towards holding a core or two and building around it with a few specialties.
@Irwilliams VTMFX would be a good core if available at Fidelity. (TAIAX) American Funds Tax-Aware Conservative Growth and Income is okay, but trails VTMFX pretty much all periods.

Keep an eye out for FSMEX re-opening, and jump on it. If you've spent anytime around a hospital you'll know they run through a tremendous amount of stuff. Until then check out the other health care fund he runs for Fido.
I'ld get a good utility fund, a good consumer staple fund. Fido has all those flavors, although the turnover is a little high for my taste. I like GLFOX for my infrastructure fund. The expense ratio has been declining slowly but steadily. The turnover is a reasonable 33%. And the yield is often north of 6%. I should have bought a NASDAQ 100 fund for my taxable back in March while I was shopping.
I have a few other oddballs. It's really hard to beat the performance of indexes after taxes. But I break them down into small, medium, and large. I use BRILX as a surrogate "index" for large caps. It keeps the sectors and holdings relatively balanced.
Lots of fund collectors here. You'll probably get an earful.

Hi Skeeter,
Yeah I think, too, things are a bit expensive. Have done some selling this week......
PRDGX: it's a tracker; FXIAX: is cheaper; GLFOX: too much Italy and England for me anymore. I don't see infrastructure money coming. FAMEX has only 32 holdings and has not recovered from its fall. Time to move on.
Old news:
Bought BFTHX, FBGRX. Sold value and bought these. Also bought FDFAX. Will hold 'til we get a vaccine. Also ECOLX is one I've been watching for a while. TEFQX had 31% cash, so I'm in.
God bless
the Pudd
p.s., In The Economist this week, a most excellent read called, "Like a Ton of Bricks." Also, happy 4th!

GLFOX is more like owning the railroads, electric company, and waterworks from Monopoly. All the infrastructure is already built. And half of that is utilities.
YTD performance is in the same league as Vanguard's utility index (VUIAX), but pays a 5.2 yield vs. 2.52. I have been a happy owner for five years in the IRA. And I added it to the taxable during the recent excitement.
While reviewing their portfolio I noticed they are nearly 18% cash.