Sold ETRN for a 15% gain in 45 days on news EQT is buying them back.
It's been trending higher in recent days and I didn't get the huge pop I was expecting on the news, but I primarily bought it for a 'trade' on the possibility of a sale. (I was hoping it would've been bought by WMB, which I also own.)
On the upside I could use the gains to offset some losses anyway, so it's still a win-win for me, just not a WIN-win. :)

From today's Wall Street Journal:

One of crypto's erstwhile doubters is helping to take bitcoin mainstream. Larry Fink, CEO of BlackRock, called bitcoin "in index of money laundering" back in 2017 ... today he says he is a big believer in bitcoin. His firm managers the fastest-growing bitcoin fund and has forged partnerships with some of the largest players in the digital-assets industry. (Vicky Ge Huang, "BlackRock Does U-Turn on Bitcoin," 3/11/2024)

John Stark, a former SEC enforcement chief, cuts to the chase:

The irony is transparent and glaring in that it's supposed to be decentralized, yet what is more decentralized than a Wall Street behemoth who is taking fees from every single possible angle and peddling something that nobody understands.

(N.B. he might be speaking ironically when he asks "what is more decentralized than BlackRock" or the article might contain a typo, which the intent is the bitter but non-ironic "which is more centralized than BlackRock?")
BlackRock's ETF gathered $10 billion in assets faster than any other OEF or ETF ever.
- - - - -
On the flipside, remember the days of “climate-proofing portfolios is a key consideration for all asset owners” and "climate risk is investing risk" (2020)?
Yeah, about that: BlackRock is liquidating sustainability funds, withdrawing from the Climate Action coalition, banning the use of the term "ESG" ... and is "the top institutional investor in fossil fuels, holding about $133 billion in shares and bonds of the top oil and gas companies, and at least $85 billion in coal" ("BlackRock's climate actions are so milquetoast they're making no one happy," QZ.com, 12/8/2022).
Which is, at base, the argument for government action. Even the largest corporations live in deathly fear of missing out on $1.50 in potential profits. The lazy defense of which is to cite Milton Friedman's 50-year-old declaration that the only legit purpose of a corporation is to maximize profits, the so-called "shareholder theory." Rather a number of people (paywall, sorry) have since noted that Friedman's political preference isn't actually law, much less eternal law. (Google "Milton Friedman was wrong" if you want the potpourri.) Likewise, there is no legal obligations (i.e., fiduciary requirement) to maximize profits. Corporate decisions are driven by executive compensation (the average compensation package for the CEO of an S&P 500 company is about $15 million/year, up 1500% since I graduated Pitt in 1978) which is tied to corporate profits.

From my following and researching CGBL, I have been pleased with its behavior. Its fixed income sleeve Core Plus. The only reason I have not invested in it is because of potential high distributions from its fixed income sleeve (bonds with market discounts) if I were to put it in a taxable account. But may be with good inflows, some of that distribution will be picked up by shareholders coming in later. Any thoughts?

Morningstar reports that its fixed income securities have an average discount (weighted) of under 1%. That is, its average weighted fixed income price is 99.27. That's essentially par. In comparison, on average, moderate allocation ETFs have portfolios with an average discount of 7% (92.90 weighted fixed income price).
https://www.morningstar.com/etfs/arcx/cgbl/portfolio
(select "Bond" next to "Portfolio" toward upper left)
What is your concern with CGBL discount bonds? It looks like the ETF's high interest is coming from the coupons, not any discount. Average coupon yield is 5.32% vs. 3.90% for its peers. It's coupon, not discount, accounting for high YTM.
For whatever discount is due to OID, the fund declares and distributes accretion (progression toward par value/reduction of discount) annually. Consequently at maturity all OID is accounted for. In short, OID bonds do not realize a big gain at maturity or sale.
Market discount is different. The rule is that investors (whether individuals or funds) can treat it the same way as OID (declaring it as annual income, gradually accreting), or defer all accretion (gain) until maturity or sale. It sounds like the latter is what you are concerned about.
However, this portfolio has a roughly counterbalancing amount of premium bonds (weighted average price is 99.27). So ISTM gains on discount bonds (generally treated as ordinary income) could be balanced out by losses on premium bonds (sometimes treated as negative ordinary income).
The links below give details on taxation of discount and premium bonds and how funds are required to handle OID "phantom interest" - what the last reference calls a "situation".
Schwab, When Should You Pay Taxes on Discount Bonds?
Baird, Tax Treatment of Bond Premium and Discount
K&L Gates, Introduction to Original Issue Discount
(last couple of slides describe how OID bonds in a mutual fund portfolio creates a "situation")

Here's a companion reading from JP Morgan:

At this interesting juncture, we are pleased to launch the 2024 edition of J.P. Morgan Asset Management’s Long-Term Capital Market Assumptions (LTCMAs). In our 28th year of producing capital market estimates, we incorporate more than 200 asset and strategy classes; our return assumptions are available in 17 base currencies.
Over the years, many investors and advisors have come to depend on our assumptions to inform their strategic asset allocation, build more resilient portfolios and establish reasonable expectations for risks and returns over a 10- to 15-year time frame. Additionally, with each passing year, we aim to readjust our long-run approximations, incorporating new information presented by markets, policymakers and economic data.
In this edition of our LTCMAs, our economic and asset class forecasts generally hold steady.
While the 60/40 stock-bond portfolio remains at the core, it requires extension, expansion and enhancement. The insights presented here aim to help clients identify the right adaptations for their risk and return objectives as they build smarter portfolios for a world in transition.

Assumptions on Bond Returns:
Fixed Income Return Projections
Outlook for Real Estate:

Despite some well-flagged issues in some segments of U.S. commercial real estate and persistent weakness in China, we believe that the outlook for core real estate is strong. In the wider real assets complex, the return outlook remains resilient, with core transport forecasts rising 20bps to 7.7% and core infrastructure up 50bps to 6.8%. In addition to attractive returns, real assets offer a diversifying potential that is especially welcome, given the greater volatility in inflation that we anticipate over our forecast horizon.

On Cash LT:

While high cash rates appear compelling, investors should remember that sitting in Treasury bills might mean collecting 5% for limited risk today, but it misses
out on compounding of returns over the longer run. In short, extending out of cash is imperative. We estimate that a dollar invested in cash will be worth, in real terms,
USD 1.04 a decade from now, whereas in a simple public market 60/40 it would grow to USD 1.54, and in a 60/40 with 25% alts it would be worth over USD 1.60.
So for investors that have already extended out of cash, the capacity to extend further within their asset opportunity set – factor allocation, international diversification, currency overlays, etc. – is not constrained by higher cash rates. Compared with last year, equity valuations are higher and translate to a modest cyclical headwind for stocks. By contrast, elevated starting
yields are a cyclical tailwind for bonds.

Capital & Active Management:

when capital is provided by asset buyers with a financial stability objective, they buy indiscriminately, but when capital is provided by investors with a return objective, they buy selectively. More selective investment means more differentiated asset performance and greater potential for active styles of investing.

Industrials:

The tax incentives in the U.S. Inflation Reduction Act (IRA) support greener commercial buildings and more efficient air conditioning units, which will benefit U.S. electrical and air conditioning companies. Electricity providers will also benefit from reshoring supply chain policies, as electric grids need to be strengthened. More broadly, reshoring supply chains will stimulate the use of U.S.-made inputs across the U.S. industrial sector, potentially benefiting U.S. manufacturers relative to their competitors in Europe and China. In addition, reshoring should fuel global spending on factory automation to offset higher domestic production costs, a boon to global suppliers of factory-automation software. Finally, rising geopolitical tension is increasing global spending on combat readiness, a clear benefit to defense companies.

Utilities:

The U.S. Inflation Reduction Act (IRA) will benefits renewable...most of the largest renewables developers in the U.S. are European.

Semi-Conductors:

Over the near term, expanding chip manufacturing should benefit the tech companies that provide the required equipment, software and design that support chip production. However, chip tech equipment companies may face competition in the longer term as Chinese companies are incentivized to develop their own equipment.

2024 Long-Term Capital Market Assumptions
Asset Allocation Chart:
Robust portfolio optimization

Sold PIMIX for modest positions in RSIIX, RCTIX, and the bulk of funds into VG mmkt. Shifted funds from a singular focus on income to funds that include capital appreciation/preservation.

https://www.sec.gov/Archives/edgar/data/1540305/000089418924001568/defianceevxx-liquidationst.htm
497 1 defianceevxx-liquidationst.htm 497
Filed Pursuant to Rule 497(e)
File Nos. 333-179562; 811-22668
Defiance Pure Electric Vehicle ETF (EVXX)
March 5, 2024
Supplement to the Summary Prospectus, Prospectus, and Statement of Additional Information (“SAI”), each dated June 7, 2023
The Board of Trustees of ETF Series Solutions, upon a recommendation from Defiance ETFs, LLC, the investment adviser to the Defiance Pure Electric Vehicle ETF (the “Fund”), has determined to close and liquidate the Fund immediately after the close of business on March 28, 2024 (the “Liquidation Date”). Shares of the Fund are listed on the NYSE Arca, Inc.
Effective on or about March 8, 2024, the Fund will begin liquidating its portfolio assets. This will cause the Fund to increase its cash holdings and deviate from the investment objective and strategies stated in the Fund’s prospectus.
The Fund will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Fund will be halted prior to market open on the Liquidation Date. Prior to 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 market for the Fund’s shares during that time period. Customary brokerage charges may apply to such transactions.
On or about the Liquidation Date, the Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders. These distributions are taxable events. Distributions made to shareholders should generally be treated as received in exchange for shares and will therefore generally give rise to a capital gain or loss depending on a shareholder’s tax basis. Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation. As calculated on the Liquidation Date, the Fund’s net asset value will reflect the costs of closing the Fund, if any. Once the distributions are complete, the Fund will terminate. Proceeds of the liquidation will be sent to shareholders promptly after the Liquidation Date.
For additional information, please call 1-833-333-9383.
Please retain this Supplement with your Summary Prospectus, Prospectus, and SAI for future reference.
It didn't have enough charge....

I will have cash available after selling out of my Schwab intelligent portfolio account. I'd like to put at least most of it to work as soon as the transaction takes place. My thought was to put the money into an existing fund I already hold, CGBL, Capital Group Core Balanced ETF. It's a pretty new fund run by a very experienced management team and I've been very happy so far with this fund. Thanks to @Mark for bringing it to my attention a while back.
I thought I'd ask the question though, are there other ETF balanced funds out there in the 50-70% equity holding category that are worth comparing CGBL too?
A couple funds that popped out on an initial filter search:
OCIO ClearShares OCIO ETF
AOR iShares Core Growth Allocation ETF
RISN Inspire Tactical Balanced ETF
LEUTHOLD CORE ETF, LCR is also an option I'm considering for some of the $. I've held that one before.

Yes, I see that Schwab and TRP have some sort of affiliation. Dunno how old the arrangement is.

The T. Rowe deal went into effect "on or about Feb. 1" [2022]. ... [The annual fee paid by TRP, anticipated to be around $10M] far surpasses the fees that other firms pay to be part of Schwab's OneSource. ... A T. Rowe Price spokeswoman says ... "Our I Class is now available at no-transaction-fee for RIAs who custody with Schwab. This share class is not currently available commission-free at any other custodian."

RIABiz, April 22, 2022
More generally, Schwab has created a second, cheaper platform (12-19 basis point fee vs. 40 basis points for OneSource) called INTF that 18 families including TRP participate in.
https://advisorservices.schwab.com/institutional-no-transaction-fee
The actual fee that TRP paid in 2022 (partial year) to Schwab was $5.9M. This was in addition to the usual platform fees paid to Schwab for shelf space. What TRP gets from Schwab is promotion of "actively managed T. Rowe Price mutual funds and ETFs to Schwab's clients and the clients of Registered Investment Advisors that custody assets at Schwab, and ... additional mutual fund and ETF marketing support". Schwab acknowledges the arrangement creates a conflict of interest (it benefits from pushing TRP funds).
https://www.schwab.com/legal/financial-and-other-relationships#panel--text-44781

The fees and restrictions are different for each platform, but are expensive.

Unless a fund family is so popular that a brokerage finds value in offering the funds without charging a platform fee. Vanguard, D&C, Fidelity.

Caution: You may be limited to doing such a within-60-days rollover only once every 365 days. It depends on what form of IRA is moving to what form of IRA.
See pub 590a, p. 22. (Pub 590a for tax year 2022.)
A direct fund-to-fund transfer of proceeds from sale of shares is better.

The rule is actually pretty simple now. With the exception of Roth conversions, the one rollover a year limit is for all IRAs combined, regardless of form. Roth conversions are unlimited.

You can make only one rollover from an IRA to another (or the same) IRA in any 1-year period regardless of the number of IRAs you own. The limit will apply by aggregating all of an individual's IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit. However, trustee-to-trustee transfers between IRAs aren’t limited and rollovers from traditional IRAs to Roth IRAs (conversions) aren’t limited

Pub 590a, p. 24

In taxable accounts at least, without rebalancing your gains in successful positions can become so high that it is psychologically almost impossible to sell.
With a fund or ETF you have some automatic rebalancing (unless you own Barons Partners 50% TSLA) but with single stocks it becomes a problem.
I have owned Berkshire for decades and only sold it once. It is sorta another exception because it is so diversified. If I hadn’t “rebalanced” CSCO near the peak I would not be very happy.

In all our accounts, ie retirement and non retirement about 31% stocks, mostly US
YTD up 1.5% with almost all gains of course in Large Caps. Rotation to my Energy, International etc has stalled out

Goldman Sachs says this tech stock rally is grounded in reality
https://www.marketwatch.com/story/goldman-sachs-says-this-tech-stock-rally-is-grounded-in-reality-9ee03ea6
David Kostin, in a note to clients, says companies that have an enterprise value-to-sales ratio of at least 10 account for 24% of the total U.S. stock market cap, versus 28% in 2021 and 35% in the late 90s tech bubble.
...
Kostin notes the number of stocks with those elevated valuation ratios has declined very sharply. “Unlike the broad-based ‘growth at any cost’ in 2021, investors are mostly paying high valuations for the largest growth stocks in the index. This dynamic more closely resembles the Tech Bubble than 2021. However, in contrast with the late ’90s, we believe the valuation of the Magnificent 7 is currently supported by their fundamentals

(he also says the cost of capital is lower now, which is good for stocks)
... that said, my reading is that they're essentially saying "this time is different" -- which often are the 4 most dangerous words in investing & finance. And this being a prognostication by Goldman, my continuing reaction is to 'fade' such advice if I want to preserve capital and/or make money for ME.
My own sense? There's a bullish euphoria starting to build in the markets/financialp0rn punditry -- FOMO is keeping stocks elevated these days and my sense* is that this run doesn't go on too much longer before consolidation. IMO, the only thing that will goose stocks significantly higher is if/when rates come down and the purported trillions in cash and cash-like assets move back into equities. But Valuation? WCoC? Not going to do it by itself.
* somewhat more accurate than a 'Magic Eight Ball'

I recently added FETKX-Fidelity Equity Dividend Income (K shares) to broaden my holdings which I felt were getting too concentrated. To complement the following (K shares):
FGCKX-Fidelity Growth Company
FCNKX-Fidelity Contrafund
FLPKX-Fidelity Low Priced Stock
Outside Fido:
VMNFX-Vanguard Market Neutral Fund
TRAIX-TRP Capital Appreciation (I shares)

Barron’s BEST FUND FAMILIES. They were evaluated in 5 categories to produce overall weighted scores – US equity, world equity, mixed assets, taxable bonds, muni bonds. Only active funds were considered, but that meant factor- and active- ETFs. Excluded were Janus Henderson, Dodge & Cox, etc, as they didn’t have enough funds within the 5 categories. Some funds from last year were merged into others, so skipped (but Putnam/Franklin Templeton was too recent). Listed here are Annual and 5-yr rankings; see the online/paper issue for 10-yr and category-wise rankings.
ANNUAL Ranking: #1-Putnam, #2-Fidelity, #3-PGIM, #4-Virtus, #5-Touchstone, #6-Nuveen/TIAA, #7-Rowe Price,…, #10-BlackRock,…, #12-Pimco, #13-State Street, #14-Vanguard,…,#17-DFA,…, #26-Morgan Stanley,…, #30-BNY Mellon,…, #32-Franklin Templeton,…, #34-Capital Group/AF,…, #38-Invesco,…, #45-J P Morgan.
5-YEAR: #1-Putnam, #2-Fidelity, #3-Sit, #4-Amundi, #5-Virtus, #6-State Street, #7-DFA, #8-Nuveen/TIAA,…, #10-Pimco,…, #13-PGIM, #14-J P Morgan,…, #17-Vanguard,…, #25-Morgan Stanley, #26-BlackRock, #27-Rowe price,…, #29-BNY Mellon, #30-Capital Group/AF,…, #39-Invesco,…, #43-Franklin Templeton.
LINK1 LINK2

Hi guys!
Hope all is well with you and yours.
So, what a run since 23, no?
Finally, healthcare rises this year. Fido numbers say FSMEX 6.39%, FSPHX 5.49%. These funds I wanted to sell but they were so bad. So now they rise in a bad time....the election.....but this time, I hope it's different....lol. Bigger things to worry about.
All I hear about is AI. So tired of it, really. Have we nothing else but the 7? Really, I guess not since we're back to the 2020 election. Have we no one else??? Anyway, back to topic...have any of you kept your holdings in healthcare??? I know some sold. I understand that. I stand at 11% in the space, so I hope for a turn. It's something that I thought was core to hold to the end with the aging boomers and all. Saying that, does anyone know any retirement home REITs?
The Brown One on our walks is very pro health, saying, "You people will spend what it takes to stay alive." Yes, I said, it would stand to reason. No one wants someone to die. At that point, money is not important.
What the Dukester said next stunned me. "Would you spend money on me to save me to live longer, Pudd?" Being out in the cold and having 2 cups of coffee, I said, "Yes" right away. With a smile looking back at me, he said, "Now, tell me why healthcare is not core forever?"
I hate long cold walks in the morning with Brown. It tends to not end well. Drats! Drats! and double Drats!!!!
God bless
the Pudd

https://www.sec.gov/Archives/edgar/data/889284/000139834424004960/fp0087395-1_497.htm
STERLING CAPITAL FUNDS
SUPPLEMENT DATED FEBRUARY 29, 2024
TO THE
CLASS A AND CLASS C SHARES PROSPECTUS AND THE
INSTITUTIONAL AND CLASS R6 SHARES PROSPECTUS,
EACH DATED FEBRUARY 1, 2024
This Supplement provides new and additional information beyond that contained in the Class A and Class C Shares Prospectus (the “Retail Prospectus”) and the Institutional and Class R6 Shares Prospectus (the “Institutional Prospectus”), each dated February 1, 2024:
On February 2, 2024, Guardian Capital Group Limited (“Guardian”) announced that it had entered into a unit purchase agreement under which Guardian’s wholly owned subsidiary, Guardian Capital LLC, will acquire 100% of the ownership interests of Sterling Capital Management LLC (“Sterling Capital”) from Truist Financial Corporation (“Truist”) (the “Acquisition”). The closing of the Acquisition (the “Closing”) is subject to certain conditions and is expected to take place in the second quarter of 2024.
Guardian has indicated that, following the Closing, it plans to operate Sterling Capital as a standalone entity, led by the current team of management and senior professionals, providing continuity, stability and continued excellence for Sterling clients.
The Acquisition will result in a change of control of Sterling Capital effective as of the Closing. Pursuant to the terms of the current investment advisory agreement between Sterling Capital and Sterling Capital Funds, on behalf of each of its series (the “Funds”), the Acquisition may be deemed an assignment of the investment advisory agreement and result in its automatic termination. In anticipation of the termination of the existing investment advisory agreement, it is expected that the Board will consider a new investment advisory agreement containing substantially similar terms as the current investment advisory agreement with Sterling, including identical advisory fees.
At a special meeting of shareholders of the Funds expected to be held prior to the Closing, shareholders will be asked to consider and approve the new investment advisory agreement. Shareholders of record of each Fund as of the record date will be entitled to vote at the meeting and should expect to receive a proxy statement providing more information about the Acquisition and the new investment advisory agreement.
SHAREHOLDERS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE.

Debt/Capital Ratio. M* Quote/Portfolio tab has this info.
https://www.morningstar.com/funds/xnas/mrfox/portfolio

AAII Sentiment Survey, 2/28/24
BULLISH remained the top sentiment (46.5%; above average) & bearish remained the bottom sentiment (21.3%, low); neutral remained the middle sentiment (32.2%, above average); Bull-Bear Spread was +25.2% (high). Investor concerns: Elections, budget, inflation, economy, the Fed, dollar, Russia-Ukraine (105+ weeks), Israel-Hamas (20+ weeks), geopolitical. For the Survey week (Th-Wed), stocks were up, bonds up, oil up, gold up, dollar flat. Sentiments remain good & stable. Markets may digest gains since 10/2023. #AAII #Sentiment #Markets
https://ybbpersonalfinance.proboards.com/post/1370/thread

Link to the annual report.
https://prospectus-express.broadridge.com/summary.asp?doctype=ann&clientid=trowepll&fundid=77954M105
Giroux discusses AI and utilities.
Sees value in:
1) GARP stocks.
2) Utilities
3) High quality high yield and loans.
4) Software.
5) Healthcare.
6) Energy. (Unusual for the fund)
Does not see value in:
1) Growth & tech that does not benefit from AI.
2) Staples. He REALLY dislikes staples.

NOTE: This fund (PRCFX & PRCHX) was only recently available in December, 2023.
PDF Report

https://www.sec.gov/Archives/edgar/data/897111/000089843224000164/form497.htm
497 1 form497.htm FORM 497
CARILLON SERIES TRUST
Carillon Chartwell Short Duration Bond Fund
SUPPLEMENT DATED FEBRUARY 26, 2024 TO
THE PROSPECTUS, SUMMARY PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION DATED
MAY 1, 2023, AS PREVIOUSLY AMENDED OR SUPPLEMENTED
The Board of Trustees of Carillon Series Trust has approved a Plan of Liquidation and Dissolution pursuant to which the Carillon Chartwell Short Duration Bond Fund (“Fund”) will be liquidated and terminated on or about April 19, 2024 (the “Liquidation Date”) based upon the recommendation of Carillon Tower Advisers, Inc. (“Carillon”), the Fund’s investment adviser.
In anticipation of the liquidation, effective on or about April 5, 2024, the Fund will be closed to new shareholders. To prepare for the liquidation, Carillon and/or Chartwell Investment Partners, LLC, the Fund’s subadviser, may need to increase the portion of the Fund’s assets held in cash and similar instruments in order to pay for Fund expenses and to meet redemption requests. As a result, the Fund may no longer be pursuing its investment objective during this transition. The Fund will distribute cash pro rata to all remaining shareholders who have not previously redeemed or exchanged all of their shares on or about the Liquidation Date. These distributions may be taxable events. Once the distributions are complete, the Fund will terminate.
Liquidation proceeds will be delivered in accordance with the existing instructions for your account. No action is needed on your part.
Please note that you may exchange your shares of the Fund at net asset value at any time prior to the Liquidation Date for the Class Chartwell shares of the Carillon Chartwell Income Fund, Carillon Chartwell Short Duration High Yield Fund, Carillon Chartwell Mid Cap Value Fund, Carillon Chartwell Small Cap Value Fund or Carillon Chartwell Small Cap Growth Fund. You may also redeem your shares of the Fund at any time prior to the Liquidation Date. No sales charges, redemption or termination fees will be imposed in connection with such exchanges and redemptions. In general, exchanges and redemptions are taxable events for shareholders.
In connection with the liquidation, the Fund may declare taxable distributions of its net investment income and net capital gains in advance of the Liquidation Date, which may be taxable to shareholders.
You should consult your tax adviser to discuss the Fund’s liquidation and determine its tax consequences.
For more information, please contact us at 1.800.421.4184.
* * * * *
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH
THE PROSPECTUS, SUMMARY PROSPECTUS AND STATEMENT OF ADDITIONAL
INFORMATION FOR FUTURE REFERENCE