Sold my TDS preferreds to lock in some TLH offsetting on some large gains this year.
May sell other paper-loss holdings going into year-end too since PRWCX looks to be delivering another large payout as well.

@rforno. So, you did have "TDS", but got over it? lol

I was pleased to note on the M* ownership tab that Fido was not among the top 20 "institutional" owners of Tesla.
FMR is #10 on the list of major institutional owners.
Goede Capital, spun off from Fidelity and the firm sub-advising Fidelity's index funds, is #4.
The largest shareholder is not an institution. It is Musk.

Thank you for the details. I'm always open to correction. I didn't recognize either of those names. I can't say that I'm surprised that Fido is higher on the list than I discerned.
The funny thing--to me anyway--is that when I think of institutions, I think about prisons, asylums, libraries, hospitals, universities, art museums, and other entities with some exposure, or responsibility, to something beyond commerce and gearing.

I was pleased to note on the M* ownership tab that Fido was not among the top 20 "institutional" owners of Tesla.
FMR is #10 on the list of major institutional owners.
Goede Capital, spun off from Fidelity and the firm sub-advising Fidelity's index funds, is #4.
The largest shareholder is not an institution. It is Musk.
https://www.morningstar.com/stocks/xnas/tsla/ownership
https://institutional.fidelity.com/app/funds/managerinformation/667/2365.html (Geode)
From the cited NYTimes article:

Mr. Musk also probably had the support of many smaller investors who retained their stock despite slumping profits and car sales — and as Mr. Musk’s foray into politics in the last year, in support of Mr. Trump, alienated many people.
“The people who have stayed as shareholders after all this are the people who have drunk the Elon Kool-Aid,” said Randall Peterson, a professor of organizational behavior at the London Business School.

Not just a win for Musk and his (current) 15% stake, but apparently a "win" for the small investor as well.

Forge Capital is a private-equity platform that connects buyers and sellers. Interval-funds are also planned.
https://www.barrons.com/articles/charles-schwab-to-buy-forge-global-private-markets-a25c6d56?mod=hp_WIND_A_3_5
Open https://www.msn.com/en-us/money/topstocks/charles-schwab-to-buy-forge-global-boosting-client-access-to-private-markets/ar-AA1PVsI1
https://www.nasdaq.com/articles/charles-schwab-acquire-forge-660-million-all-cash-deal-forge-stock-surges-premarket

M* provides a brief analysis for TCAF.
"T. Rowe Price Capital Appreciation Equity ETF TCAF stands out in the competitive large-blend
Morningstar Category, thanks to a proven manager with a disciplined investment approach
and very low fees for an active strategy."
"This ETF is built on the same disciplined approach that made David Giroux’s management
of T. Rowe Price Capital Appreciation a standout through bull and bear markets, growth rallies,
value revivals, and four US presidents.
His record is impeccable, and we’re confident he can replicate that success here over the long term."
https://www.morningstar.com/funds/an-active-etf-with-star-power

Ah, that chart ends at the end of September.
The data table has two rows with the funds and columns with performances over various time periods through October 31. It shows FDFIX beating FXAIX by 3 basis points annualized (17.65% vs 17.62%) over five years, 3 basis points annualized (22.69% vs. 22.66%) over three years, and 2 basis points (21.45% vs. 21.43%) over the past year (Nov 2024 - Oct 2025).
I would not have taken short-term trading into account.
Agreed. Which is why I would discount the fact that YTD (under a year), through Oct 31, FXAIX has done better (same table).
Best performance is to be inferred in this forum;
Similarly, in this forum one expects to see higher min funds discussed periodically. Even $1M min funds (e.g. Schwab MMF Ultra shares) get a shoutout from time to time.
We're not talking about sector funds or alternative investments here. There are more than a few participants here who likely could handle a core investment of $100K.
For example, FD1000 wrote that his SIL, investing 50/50 in S&P 500 and QQQ can retire now. That sounds like someone who has at least $100K invested in the S&P 500. And masterd wrote "VOO and QQQ (or QQQM) are the only funds I would purchase".
I don't know how to change the endpoint of the Fido comparison performance chart to get it end yesterday close of trading. Will investigate.
I am having trouble in any case delving USPRX,
Try here: https://www.morningstar.com/funds/xnas/fdfix/chart
Enter the tickers for FXAIX and USPRX one at a time in the "Compare" box. One can compare the three funds' total returns over the lifetime of FDFIX by setting the timeframe to max and setting the frequency to daily.
Through Nov 3:
FDFIX: 234.8558%, FXAIX: 234.6069%, USPRX: 236.8972%
To compare FXAIX and USPRX over USPRX's lifetime, you can do the same thing, only using USPRX's M* chart:
https://www.morningstar.com/funds/xnas/usprx/chart
Through Nov. 3:
USPRX: 1685.5348%, FXAIX: 1659.6410%
another 2-3 showed [USPRX] had not been around for 5y

In early Q2 2023, the USAA Mutual Funds will be rebranded as Victory Funds. There will be no changes to the funds’ investment objectives, the investment teams managing the funds or their respective investment processes due to the change in the product branding, and there is no action required on the part of current investors. The Ticker symbols and Cusips are not changing.

https://vcm.com/assets/fund-docs/Mutual Funds Planned Name Changes Feb 23 2023 Final.pdf
USAA Asset Management was sold to Victory Capital in 2018-2019.
https://ir.vcm.com/news/news-details/2019/Victory-Capital-Completes-Acquisition-of-USAA-Asset-Management-Company/default.aspx

Maybe the retaliation for the US vote in 2020 is planned bring down of the entire US population. MAGA may just be a nice sounding con. Who really knows?

There have been a number of manager changes at Vanguard International Explorer (VINEX).
Schroder Investment Management was the sole manager when Vanguard acquired the fund in June 2002.
AUM grew quickly and the fund was forced to close two years later before reopening in October 2008.
It seemed like the fund would close in 2010 but Wellington Management was added as a sub-adviser instead.
AUM exceeded $3.5 billion in late 2017 — breaching the previous asset high-water mark —
and Vanguard added TimesSquare Capital Management as the third sub-adviser.
Baillie Gifford was added as the fourth sub-adviser three years later.
Vanguard fired TimesSquare in 2022 after only five years on the job.
Baillie Gifford was fired in March 2025 after approximately five years.
VINEX now has two sub-advisors — Wellington Management with 60% of the portfolio
and Schroder Investment Management with 40% of the portfolio.
https://www.independentvanguardadviser.com/iva-quick-take-vanguard-reshuffles-international-explorer-again/
Note: Subscription required to access article in its entirety.

History is starting to rhyme a bit, eh? Per BBG this morning:
A distressed-debt fund is seizing control of one of the largest malls in America after a series of moves that wiped out some creditors and even left holders of bonds once rated AAA nursing steep losses.
The trade was set in motion after Black Diamond Capital Management bought more than 70% of the top-ranking slice in a commercial mortgage-backed security tied to the struggling Palisades Center shopping mall in West Nyack, New York. The firm then used its position to acquire the sole mortgage backing the CMBS at a discount, triggering the bond’s liquidation, according to court filings and deal documents reviewed by Bloomberg.
The maneuver puts Black Diamond in control of a roughly 2 million-square-foot (185,806 square-meter) mall in West Nyack, a bedroom community for legions of middle-class New York City commuters. It also cemented about $231 million in losses for bondholders — including a $72 million blow to the AAA tranche — only the second instance since the financial crisis where top-rated CMBS investors have been hit.

Sold my TDS preferreds to lock in some TLH offsetting on some large gains this year.
May sell other paper-loss holdings going into year-end too since PRWCX looks to be delivering another large payout as well.

I would label this portfolio as risky for the age profile and the presumed goals of capital preservation, income generation and minimizing volatility.

The gold miners ETF (GDX) has risen 117.6% YTD, 72.5% over the past year and 49% annually for 3 years
The more subdued gold etf (GLD) is up 56.4% YTD, and has risen 51% over 1 year and 35% over 3 years.
I can’t think of any other asset class (ie equities, energy, real estate) in my lifetime that held those types of short term gains without a significant correction somewhere down the road. Color me skeptical.
Then again - maybe Haggard explained gold’s workings in his Rainbow Stew classic.
* Figures from M* and do not include today’s gains.

@Sven. Moving overseas? As in global stocks and bonds or moving capital offshore? We were living in Mexico a long time ago and one of our ex pat buds decided to become a peso millionaire. He was attracted to the seemingly high interest rates but when he cashed out he lost a ton as the cambio rates had changed.

Budget committee warns that U.S. national debt hits $38 trillion.

Rather, it’s the interest being paid to service it. As of September the U.S. spent $1.21 trillion to maintain the debt— 17% of the total federal spending in fiscal year 2025. That interest rate is also increasing over time. Just a couple of years ago, in 2021, the rate of repayment by the U.S. government was, on average, 1.61%. Now it’s 3.36%.
According to the Congressional Budget Office (CBO), President Trump’s One Big Beautiful Bill Act (OBBBA) will add $3.4 trillion to national debt by 2034. That number is the net of a decrease in spending of $1.1 trillion and a decrease in revenues of $4.5 trillion. The White House has repeatedly argued that the revenues expected to be generated by tariffs, estimated by the CBO at $3.3 trillion over the next decade, will effectively balance the books.

https://msn.com/en-us/money/economy/u-s-national-debt-hits-38-trillion-and-washington-is-numb-to-our-own-dysfunction-budget-committee-warns/ar-AA1P2CuV
The number should be alarming to treasury holders. Future market on gold and silver are moving up again on Thursday, October 23, 2025. What does that reveal ?
https://finviz.com/futures.ashx
Like Capital One commercial said “what is in your wallet?” Mine has been moving oversea.

Per BBG this morning:
"PrimaLend Capital Partners filed for bankruptcy after months of negotiations with creditors following missed interest payments on its debt.
PrimaLend, which provides financing to auto dealerships that cater to subprime borrowers, listed estimated assets and liabilities below $500 million each, according to court documents it filed in the Northern District of Texas. "
A few banks w/debt issues, and now a subprime lender.....sound familiar?

The Nuveen muni CEFs I follow have return of capital as a slug of their monthly dividends. I just don't see the point.

https://www.sec.gov/Archives/edgar/data/1821080/000158064225006629/hkusstocketf497.htm
497 1 hkusstocketf497.htm 497
HUMANKIND BENEFIT CORPORATION
(the “Company”)
Humankind US Stock ETF (HKND)
(the “Fund”)
Supplement dated October 17, 2025
to the Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”),
each dated April 30, 2025
This Supplement contains new and additional information beyond that contained in the Prospectus, Summary Prospectus and SAI and should be read in conjunction with the Prospectus, Summary Prospectus and SAI.
On October 17, 2025, the Board of Directors (the “Board”) of the Company, based upon the recommendation of Humankind Investments, LLC (the “Adviser”), authorized an orderly liquidation of the Fund. After considering all the information presented to the Board by the Adviser, the Board determined that closing, liquidating and terminating the Fund was in the best interests of the Fund and its shareholders. In this regard, the Board has adopted a Plan of Liquidation for the Fund (the “Plan”).
Under the Plan, the last day of trading of the Fund’s shares on the NYSE Arca will be December 1, 2025 (the “Closing Date”), which will also be the last day the Fund will accept creation units from authorized participants. Shareholders may sell their holdings in the Fund prior to the Closing Date and customary brokerage charges may apply to these transactions. The Fund is expected to cease operations, liquidate its assets, and distribute the liquidation proceeds to shareholders of record on December 8, 2025 (the “Liquidation Date”).
From the Closing Date through the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers and there is no assurance that there will be a secondary market for the Fund’s shares during this period. Between the Closing Date and the Liquidation Date, the Fund will seek to convert its portfolio holdings to cash. The Fund may seek to convert its portfolio holdings to cash prior to the Closing Date to the extent it is deemed in the best interests of the Fund and its shareholders. When the Fund moves to cash it will not follow its investment strategy and will not meet its investment objective.
Shareholders of record remaining on the Liquidation Date 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 a payment in exchange for their shares. Upon payment of the liquidating distribution, all outstanding shares of the Fund will be redeemed and cancelled. The liquidation of Fund shares may be treated as a taxable event. Shareholders should contact their tax adviser to discuss the income tax consequences of the liquidation. Once the distributions are complete, the Fund will terminate.
Following the liquidation of the Fund, the Company will be terminated.
Please contact the Fund at (888) 557-6692 if you have any questions.
Please retain this supplement for future reference.

Bought starter in Australian data centre operator NEXTDC. No dividends, but looking for capital appreciation over time.

Understood -- I am far from an expert in BDC's or corporate debt but based on the long history of manias (Tulips, telecom, mortgages, etc..) would not be surprised at all if the gusher of capital into private credit over the last decade turns out badly.

See the CG link below:
https://www.mutualfundobserver.com/discuss/discussion/64622/2025-estimated-capital-gains-estimates-with-links