No funds were up, but nice day to initiate a position in TCAF in our taxable account.
Our Mastercard (MA) stock was up though. First bought in summer of 2020.

I wouldn't be surprised if the market drops back another 5-10% from today. Heck, the S&P 500 is still up ~15% since the start of Nov. If I buy anything it will probably be adding to balanced fund CGBL, Capital Group Core Balanced. A limit order buy kicked in today, but I'll wait a bit to place another.
I think my only up-tick today was SPC, CROSSINGBRIDGE PRE MERGR SPAC ETF, managed by David Sherman. It was up ~.2% on this crappy day. I won't pretend to understand it completely, but I've owned it since early 2022 and it is one heck of a steady trend upward.
By the way, my 5-10% predicted drop from here will likely spur the markets to new highs :) tomorrow.

https://www.sec.gov/Archives/edgar/data/1217286/000119312524033066/d778126d497.htm
497 1 d778126d497.htm JPMORGAN TRUST I
J.P. MORGAN U.S. EQUITY FUNDS
JPMorgan Small Cap Sustainable Leaders Fund
(the “Fund”)
(All Share Classes)
(a series of JPMorgan Trust I)
Supplement dated February 13, 2024
to the current Summary Prospectuses, Prospectuses
and Statement of Additional Information, as supplemented
NOTICE OF LIQUIDATION OF THE JPMORGAN SMALL CAP SUSTAINABLE LEADERS FUND. The Board of Trustees (the “Board”) of JPMorgan Trust I has approved the liquidation and dissolution of the Fund on or about May 21, 2024 (the “Liquidation Date”). Effective immediately, the Fund may depart from its stated investment objective and strategies as it increases its cash holdings in preparation for its liquidation. On the Liquidation Date (for settlement the day after the Liquidation Date), the Fund shall distribute pro rata to its shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for any proceeds from any securities that cannot be liquidated on the Liquidation Date, cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Fund deem appropriate subject to ratification by the Board. Income dividends and capital gain distributions, if any, may be paid on or prior to the Liquidation Date.
If you have a Fund direct IRA account, your shares will be exchanged for Morgan Shares of the JPMorgan U.S. Government Money Market Fund unless you provide alternative direction prior to the Liquidation Date. For all other IRA accounts, the proceeds will be invested based upon guidelines of the applicable Plan administrator. Upon liquidation, shareholders may purchase any class of another J.P. Morgan Fund for which they are eligible with the proceeds of the liquidating distribution. Shareholders will be permitted to use their proceeds from the liquidation to purchase Class A Shares of another J.P. Morgan Fund at net asset value within 90 days of the liquidating distribution, provided that they remain eligible to purchase Class A Shares. If shareholders of Class C Shares purchase Class C Shares of another J.P. Morgan Fund within 90 days of the liquidating distribution, no contingent deferred sales charge will be imposed on those new Class C Shares. At the time of the purchase, you must inform your Financial Intermediary or the J.P. Morgan Funds that the proceeds are from the Fund.
PURCHASES OF FUND SHARES BY NEW SHAREHOLDERS WILL NO LONGER BE ACCEPTED ON OR AFTER FEBRUARY 19, 2024.
PURCHASES OF ADDITIONAL SHARES BY EXISTING SHAREHOLDERS WILL NO LONGER BE ACCEPTED ON OR AFTER MAY 15, 2024.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENT OF ADDITIONAL
INFORMATION FOR FUTURE REFERENCE
SUP-SCSL-LIQ-224

SOLD a bunch of stuff at the close yesterday, shaving off outperformance gains primarily achieved over the past 3 1/2 months. Effectively reduced stock exposure by about 25%. The old DI exit door reference by @Graust had changed from a ringing to a pounding in my ear.
Parked proceeds in FZDXX awaiting possible lower re-entry points and/or a ST play on NVDA after earnings later this month. Did however add to position we started in SCG NEAGX and may start dumping in there IF (when?) SCs start to Rock the Casbah.

https://www.sec.gov/Archives/edgar/data/1527428/000158064224000931/arrow-rc500etf_497.htm
497 1 arrow-rc500etf_497.htm 497
Arrow Reverse Cap 500 ETF
Ticker: YPS
A series of Arrow Investments Trust
Shares of the Fund are listed and traded on CBOE BZX Exchange
Supplement dated February 12, 2024 to the
Prospectus, Summary Prospectus, and Statement of Additional Information (“SAI”) each dated December 1, 2023
The Board of Trustees (the “Board”) of Arrow Investments Trust (the “Trust”) has determined that it is in the best interests of shareholders to liquidate the Arrow Reverse Cap 500 ETF (the "Fund"), a series of the Trust, following a recommendation by the Fund's investment adviser, Arrow Investment Advisors, LLC, and the Board has authorized an orderly liquidation of the Fund.
The last day of trading of the Fund’s shares on CBOE BZX Exchange, Inc. (the “Exchange”) will be February 26, 2024 (“Closing Date”), which will also be the last day the Fund will accept creation units from authorized participants. Shareholders should be aware that while the Fund is preparing to liquidate, it will not be pursuing its stated investment objective or engaging in any business activities except for the purposes of winding up its business and affairs, preserving the value of assets, paying its liabilities, and distributing its remaining assets to shareholders. Shareholders may sell their holdings in the Fund prior to the Closing Date and customary brokerage charges may apply to these transactions. Authorized Participants may redeem baskets of shares for a pro rata portion of the Fund’s portfolio on hand through the Closing Date.
The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders on or about March 1, 2024 (the “Liquidation Date”). From the Closing Date (February 26, 2024) through the Liquidation Date (March 1, 2024), shareholders may only be able to sell their shares to certain broker-dealers and there is no assurance that there will be a market for the Fund’s shares during this time period.
Shareholders remaining on the Liquidation Date (March 1, 2024) will receive cash at the net asset value of their shares as of that date, which will include any capital gains and dividends as of such date. The liquidating cash distribution to shareholders will be treated as payment in exchange for their shares. The liquidation of the Fund’s shares may be treated as a taxable event. Shareholders may wish to consult with their tax adviser about their particular situation. Once the distributions are complete, the Fund will terminate.
For additional information regarding the liquidation, shareholders of the Fund may call (877) 277-6933.
______________________________________________________________________
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus, and SAI each dated December 1, 2023 and should be read in conjunction with those documents. The Summary Prospectus, Prospectus and SAI have each been filed with the Securities and Exchange Commission and are incorporated by reference. Copies of these documents may be obtained without charge by visiting Fund’s website at www.ArrowFunds.com or by calling the Fund at (877) 277-6933.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

I was about to open a new thread when I saw this one. I guess I'm not the only investor to have serious issues with TRP. I initially had a TRP Joint Tenant account which I converted to a Living Trust account without problems. When my wife died, I established an irrevocable Disclaimer Trust. TRP wanted a Medallion Signature Guarantee just to MOVE a few of the Living Trust funds into the Disclaimer Trust! It required a senior officer in TRP to give the go-ahead.
Now the problem is that I cannot view the trust tax forms online. "The Social Security Number (SSN) or Tax Identification Number (TIN) associated with the account is different from that of the logged-in user." Well of course it is! I used my SS# for the Joint Tenant account.
I spoke to a TRP rep who had me fill out a new account application with a separate Letter of Instruction. They emailed me saying it was impossible! I replied that Vanguard and Fidelity had no problems with it, and I can view their forms. Am I the first investor to convert from a Joint Tenant to a Trust account?
Why does TRP find simple requests impossible when other brokerage firms handle them on a daily basis? If it wasn't for the Capital Gains hit I would liquidate my TRP account today.
Anyway, she offered to mail me all of my tax forms, and I said sure - from 2013 onward!

additional thoughts re MRFOX...
It is NOT a long/short fund. It is NOT a tactical allocation fund. Nada, nope.
Composite record, going back 30+years from 1990 thru 2020 is ~ 283 bps above SPY
Low beta, ~30% less volatile and less correlation vs major indexes.
What does give me pause is that the managers have done an excellent job investing, they have done so thru key holdings such as ORLY, ROST and ACGL, etc...very "resilient" to market ups and down, well run companies...look at their stock charts, OMG...
Do wonder, what happens, like if an AKREX scenario unfolds...very concentrated, top holdings performed great until they didn't, brought in some newbies without as much experience at AKREX who invested in Snowflake and got schooled...kinda got stuck in their top holding conviction...that is what is interesting about Ravi Jain, GQEPX, that "NOT pale and stale, "his words, not mine" slick dude is NOT afraid to trade and pull the trigger...he's been mostly on target.
Hey your monies, invest it the way you are comfortable...Good Luck to ALL
Baseball Fan

MFROX
First test for me, can I buy it at Fidelity or Schwab? I can buy it at Schwab at $1000 min in IRA and $10K min in taxable. It has a$49.95 fee (that is waived for me). But, This fund has a 2 % redemption fee if sold within 90 days.
MFROX is an excellent risk-reward fund and how you should look at funds.
First question: how many stock funds do you know that were not down in 2018 + 2022 + beat the SP500 in the last 8 years? I bet not many
Let's go deeper
Using portfolio V and comparing SPY,MFROX,PRWCX (link) shows that MFROX has better Sharpe (risk/reward) than PRWCX(one of the best allocation funds). MFROX max draw is better than SPY+PRWCX. MFROX Sortino(down volatility) is great at 2. If a stock fund can compete on down volatility with an allocation fund, it's a good testimony.
Next test: I screened the Schwab database for all funds that have Sharp > 0.9 + average annual performance over 15%...and I got only 3 MFROX, FSPCX(Fidelity select insurance), BIVIX(Invenomic Fund Institutional ). BIVIX had Sharpe>1.6 + Performance>16% = extremely good.
Questions about FSELX
If every fund you are going to compare to FSELX, why are you holding anything else, or why not at least 30% of your portfolio, after all, hindsight is great.
Do most investors should own a unique fund like FSELX? No. FSELX had an amazing run, congrats to anyone who owned it.
MFO rating
Again, pretty good, see (https://www.member.mfopremium.com/riskprofile/)
OWL=yes
Composite MFO Rating:5-Best...
Fund Alarm Risk: -2 - Lowest Risk
Yield, 12-mo %: 0.46 (this is great for a taxable account because you don't pay a lot of taxes, VFIAX(SP500) TTM yield = 1.4%)
Can MFROX be a core fund for your portfolio? IMO, yes. But, a fund like this is based on great calls and trading. Will the future be as good as since inception? nobody knows.
BIVIX: why has everyone did not hold it from 01/2020 to 12/31/2023, see the chart (https://schrts.co/TXRrcXuN)
Do you know why only thru 12/31/2023 because hindsight is great and BIVIX lost 8% for YTD. Regardless it made 245% since 01/2020 while SPY made only 66% and QQQ only 111%. And as I said before it's risk/reward since 2020 is pretty good.

Plain old vanilla balanced funds (with good management of course) are doing pretty good YTD. CGBL (Capital Group Core Balanced ETF) is up ~3%. Other notables, PRWCX 2.4%, FPACX 1.8%. Even more conservative PRCFX is up 1.2%.

”Individual stock returns listed on M* and other sites(YTD, various average annual time periods) would be less annual dividends, correct?”

@Roy - I think you are incorrect. Pretty sure those M* annual return numbers (and those from similar sources) reflect average returns with dividends reinvested. Also, the numbers reflect the effect of compounding - especially important in the multi-year numbers. I’m less certain when it comes to graphs at Google & elsewhere. ISTM those are raw NAV numbers w/o dividends factored in. Fund prospectuses also provide a similar presentation of a fund’s return out to 10 years. ISTM they are required to provide that data. (Woe is Hussman)
Here’s what Chat GPT answered when I asked using Bing’s website:
”Published mutual fund returns typically do include the effect of reinvested dividends and compounding. Let me explain further:
1. Reinvested Dividends:
When you invest in a mutual fund, some of the companies held within that fund may pay out dividends to their shareholders. If you choose to reinvest these dividends, they are used to purchase additional shares of the mutual fund. The reinvested dividends contribute to the overall growth of your investment over time. Therefore, the published returns of a mutual fund usually account for the reinvestment of dividends.
2. Compounding:
Compounding refers to the process where your investment earns returns, and those returns themselves generate additional returns. In the context of mutual funds, compounding occurs when both the capital appreciation (increase in the fund's value) and reinvested dividends work together to boost your overall return. Published returns typically reflect this compounding effect.
3. Total Return:
The total return of a mutual fund includes both capital gains (price appreciation) and any income generated (such as dividends). It considers the reinvestment of dividends and the compounding effect. This total return is what you'll find in published reports or when researching mutual funds.
In summary: When you see published mutual fund returns, they already incorporate the impact of reinvested dividends and the power of compounding. Keep in mind that fees and expenses may also affect the actual returns you receive. Always review the fund's prospectus and consult with a financial advisor for personalized advice.”

@mrc70, Well. If Turkish bottlers of soda and beer are what you're looking for in a mutual fund, 1.25 might seem cheap.
I shouldn't be snotty about it. I pay 1.22 for GLOFX in my taxable. But everything I bought on March 18, 2020 looks lovely to me now.
OTOH, QLTY is looking better and better at .50, if helping "regular" investors is the goal.
I wonder how much Dodge and Cox and Albert Nicholas charged when they were getting started.

To add to @BenWP point:
QLTY - GMO U.S. Quality ETF - holds 5 in their top10 positions
CGDV - Capital Group Dividend Value ETF - holds one
JQUA - Jpmorgan US Quality Factor ETF - holds 5
And the discussion board honey
TCAF - T. Rowe Price Capital Apprec Eq ETF - holds 6

@Baseball_Fan ...you might want to take a listen to Josh Brown on today's CNBCs Halftime Report via podcast or other means. He did the best job I've recently heard describing the difference between NVDA and the dot.com bunch. And there IS a significant difference.
BTW, while I don't own NVDA or any of the MAG 7 directly other than in various funds, I did pick up AVGO in spring of 2020, and it's now my 2nd largest holding....

https://www.sec.gov/Archives/edgar/data/1587982/000139834424002210/fp0087097-1_497.htm
497 1 fp0087097-1_497.htm
AXS Cannabis ETF
Ticker: THCX
A series of Investment Managers Series Trust II (the “Trust”)
Supplement dated February 7, 2024 to the currently effective
Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”).
The Board of Trustees of the Trust has approved a Plan of Liquidation for the AXS Cannabis ETF (the “Fund”). The Plan of Liquidation authorizes the termination, liquidation and dissolution of the respective Fund.
The Fund will create and redeem creation units through February 21, 2024 (the “Closing Date”), which will also be the last day of trading on NYSE Arca, Inc. (the “Exchange”), the Fund’s principal U.S. listing exchange. On or about February 28, 2024 (the “Liquidation Date”), the Fund will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record as of the Liquidation Date. Shareholders of record on the Liquidation Date will receive cash at the net asset value of their shares as of such date. While Fund shareholders remaining on the Liquidation Date will not incur transaction fees, any liquidation proceeds paid to a shareholder should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on the shareholder’s tax basis. Shareholders (including but not limited to shareholders holding shares through tax-deferred accounts) should contact their tax advisers to discuss the income tax consequences of the liquidation. Under certain circumstances, liquidation proceeds may be subject to withholding taxes.
In anticipation of the liquidation of the Fund, AXS Investments LLC, the Funds’ advisor, may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising 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. Shareholders of the Fund may sell their holdings on the Exchange on or prior to the Closing Date. Customary brokerage charges may apply to such transactions. After the Closing Date, we cannot assure you that there will be a market for your shares.
Please contact the Fund at 1-303-623-2577 if you have any questions or need assistance.
Please file this Supplement with your records.

BTW, Scott McNealy (69) has been laying low & spending quiet time with family, friends and personal hobbies. After he left as the CEO of Sun Micro in 2006 at age 52, and its Board in 2010 at age 56, he dabbled with some startups, but nothing came of those.
Interesting that Vinod Khosla recruited 28-yr old Scott to Sun Micro in 1982, and VK still remains very active in venture-capital.
https://en.wikipedia.org/wiki/Scott_McNealy

I stay as far away as I can from them.
Dot-com bubble of 1999-2000
“During the late 1990s, the values of internet-based stocks rose sharply. As a result, the technology-dominated NASDAQ Composite Index (NASDAQINDEX:^|XIC) surged from 1,000 points in 1995 to more than 5,000 in 2000. But in early 2001, the dot-com stock bubble started to burst. The NASDAQ peaked at 5,048.62 points on March 10. The index would go on to plummet by 76.81% until it reached a low of 1,139.90 points on Oct. 4, 2002. The primary cause of this crash was overvalued internet stocks. Many investors speculated that dot-com companies - even those without revenues - would one day become extremely profitable. As a result, they poured money into the sector, driving up the valuation of every company with "dot-com" in its name. The stock market bubble burst when the Federal Reserve Board tightened its monetary policy, constraining the flow of capital. The NASDAQ did not again rise to its 2001 peak until 15 years later”
Source
I have vivid memories of that period. Wasn’t pretty for those that had drunk the Kool Aid.
Most dangerous words in investing: “This time it’s different …”

Initiated new position in BIZD and ETRN in my income (and some growth) portfolio.
Shifted some stuff around to consolidate positions a bit as well, but nothing major.

Ron,
ETRN is an interesting midstream co. M* FV is about 50% above current price, though its FV estimate is marked as highly uncertain. One thing that caught my eye in M* report is that they give a “poor” grade for capital allocation - I have to look into this.
Is this a trade or a long term hold buy? Anything you are able to share why you chose this company would be appreciated. Thanks.

M* doesn't factor into my thinking. This just seemed like an interesting play on a new pipeline (not many of them) due to open soon that could easily be snapped up by another larger player in the area (eg, WMB). If that happens, sure, I will 'sell on the news' whenever (or if) that happens as I do whenever a merger is announced on something I hold. Otherwise will be happy to watch, maybe trade around it, and presumably pocket a solid dividend along the way.

Initiated new position in BIZD and ETRN in my income (and some growth) portfolio.
Shifted some stuff around to consolidate positions a bit as well, but nothing major.

Ron,
ETRN is an interesting midstream co. M* FV is about 50% above current price, though its FV estimate is marked as highly uncertain. One thing that caught my eye in M* report is that they give a “poor” grade for capital allocation - I have to look into this.
Is this a trade or a long term hold buy? Anything you are able to share why you chose this company would be appreciated. Thanks.

GQG Partners US Quality Dividend Income Investor Class. GQHPX. Hello, Rajiv Jain.
I see good things, upon examination. But the portfolio is super-dooper concentrated. Dividends, quarterly. So, we get cap gains opportunity and the income. This would be a replacement for BRUFX (T-IRA,) which has fallen down on the job. Not serving our purposes anymore.
The folks at Murklestar do have compliments for the firm. The fund is quite young, still. LOTS of portfolio turnover. Probably best in a retirement account?
https://www.morningstar.com/funds/xnas/gqhpx/quote

Hard pass, no thank you.
Said it on here a couple years ago, stated back then I wouldn't invest a dime in China and that was the right call.
Why would you risk moving monies and investing in places where most couldn't pick them out on a map, don't have the same governance related to capital markets and rule of law and what exactly are you investing in other than some of kind of view on currency rates that you cannot invest in an American company and get the exposure that you are looking for?
Maybe, just maybe I would invest in an overseas holding company like Jardine to get exposure to a large and growing population but even then, nah, probably not..