May be due to currency hedging.
Skipped distribution in 2020.

I don't own it but noticed that the FMI International fund made an income distribution on Friday -- that's income, not capital gains -- amounting to around 13% of its NAV. Can someone suggest how an equity mutual fund could make such a large income distribution? It's not something I've seen before. Maybe I'm missing something.

One more reason to like Roths ….. ISTM
Excerpt: IRMAA is short for income-related monthly adjustment amount. It frequently surprises retirees because it is tacked on to standard Medicare premiums for people with incomes above certain cutoff points. Although it is aimed at higher-income retirees, “you don’t have to be rich to fall into the penalty box,” notes Denver financial planner Phil Lubinski.
This year, IRMAAs hit individuals with modified adjusted gross incomes of more than $91,000, and for couples, more than $182,000. Instead of paying the standard annual Medicare premium of $2,041.20, higher-income individuals are paying from $3,006 to $7,874.40. Couples can pay double that.
Each year, Medicare charges are reset based on the income that people reported two years earlier. Even retirees who never had a problem can be blindsided by an IRMAA after an unusually high-income year.
Ignorance isn’t bliss in such cases. People can often make income adjustments before year end to dodge an IRMAA threshold, such as selling losing investments to offset capital gains. Cutting income by as little as a penny can slice almost $1,000 off an individual’s annual Medicare premiums at the lowest levels, and thousands at higher levels.
Source / Barron’s https://www.barrons.com/articles/medicare-premiums-taxes-irmaa-51671059739
(Link may or may not work.)
Disclaimer - Not an expert on this - or even well informed. Highly recommend the article.

Folks, here is the TBO Capital LLC business information with CEO's name and LLC address however the CEO is NOW in a country north of USA;
https://florida.intercreditreport.com/company/tbo-capital-llc-m14000000822

I agree with Crash, but one thing I’d like to add, which should be self-evident on this board, is that a company’s stock performance is not the same as its performance as a business or its underlying profitability. I haven’t done a deep dive on the Times’ operations, but my impression is its stock is down sharply this year not because of operational disappointments but because it is a highly valued stock and stocks with higher valuations are underperforming as interest rates rise.
The stock is highly valued because as a business the company has significantly outperformed its peers in recent years. That kind of performance would justify a pay raise for employees. In fact, just looking at the stock’s performance, it has completely trounced its peers in the flagging newspaper business and even the market overall in the past five years. So why fixate on 2022, a bad year for all stocks?
Moreover, in an industry where intellectual capital, i.e., content is king, the creators of that content should be well compensated. That content has won the Times several Pullitzers recently.

Capital loss can be used to reduce taxable income. It does not directly reduce the tax owed on a specific source of income. After offsetting capital gains leftover capital loss can be used to reduce overall taxable income. So it indirectly reduces tax by reducing taxable income.
Put another way:
According to my understanding of what the IRS says, your capital loss of $1k would first offset capital gains. If capital gains were less than 1k you will have some leftover loss to work with. It does not get applied directly to any specific area of taxable income, but to taxable income added together from all sources. So if your taxable income before figuring in the capital loss was —let's make it simple — two thousand dollars and your remaining capital loss was 1 dollar, you would owe income tax on $1999 of income. It is not calculated in any way that eleven cents of that dollar got subtracted from an IRA distribution etc
I hope this makes it clear.

Probably I'm not understanding this correctly. I have an IRA, with required distributions. Those distributions of course are taxed. Lets assume that the tax due is $1000.
If I were to sell an asset and take a $1000 loss, would that loss offset the tax on the IRA distribution? Somehow that seems too good to be true.

Unfortunately, 11/30/22 distribution would be WITHIN the +/- 30 day wash sale window.
Good news is that only the distribution amount would be disqualified due to wash sale. In case of partial sale, that amount would be added to cost basis of the remainder, so basically, the wash sale defers the tax loss. If total sale, then there would be no way for the broker to adjust the cost basis and it won't be shown in 1099.

In reporting the losses to the tax person, are the corresponding purchases needed for the tax person (or IRS) to determine what loss is allowed? My Schwab account will show realized losses/gains on a screen and indicates when a loss is not allowed per wash sale. Possibly my year end aggregate 1099 will show all the info required.

The notion of account aggregation services being 100% safe based on the collection of beliefs below is .... [fill in the blank]
- There isn't a detailed hack manual
- There aren't in the public domain dozens of published cases
- Published RH hacks don't count
- Hacks can only happen due to user error, hacks can never happen otherwise
- Large organizations like Microsoft, Experian, Capital One, etc.. can be hacked at scale but account aggregators cannot be hacked
- 2FA cannot be hacked
Whether the probability of a hack is 0.1% or 1% or 10% I have no idea but I know it isn't zero risk.

Thanks. Yes a CG of 5.44 plus a few holdings that went down a bit in value would account for an apparent one-day loss of nearly 7%. Because my M* portfolio didn't show that more shares were bought with the CG it appeared like a substantial loss. But it isn't. :-)

In the MFO list of fund CGs (by @TheShadow), est for MAPOX as of 11/10/22 was in 4.93% - 5.50% range. It came out at 5.44%.
https://www.mutualfundobserver.com/discuss/discussion/60074/2022-year-end-capital-gains-distribution-estimates-vanguard-s-final-estimated-year-end-posted/p1
https://www.mairsandpower.com/about-us/company-news/item/163-estimated-2022-capital-gains-and-dividends

Come on, don't deflect, and don't project. Email and sim hacks and all that are trivially easy to prevent. Send me $500 and I will explain. I will post the explanation here, too.
https://www.cnbc.com/2020/10/14/brokerage-log-ins-for-sale-on-dark-web-robinhood-sees-highest-prices-.html is inexcusably weak, detail-free, fright reporting.
Like so much of the financial press.
So ... Robinhood alone has pisspoor access and authentication control? That alone is a major story.
Inside job? But that would not meet your scare criteria.
I am going to google to see if I can find out what actually happened w poor old Nate Heard.
The last six CNBC paragraphs are shocking, writer-firable for their slop and laziness. Also preposterous as factual narrative reporting.
And while I expect that you are not a working editor, did you notice that CNBC leads with speaking to 4 people but then can list only 3? yoohoo, editors!?
Again, can you recount for all of us the steps for a bad actor to, out of nowhere and without operator error, access and drain a Vanguard (or ML or Fidelity or Schwab ...) investment account?

PersCap is Personal Capital which provides free account aggregation as a hook to get you to subscribe to their paid services.
It's a fantastic product (by far the best aggregation service I have seen and I have used 5+) but not zero risk by any stretch of imagination no matter what anybody states.

In the MFO list of fund CGs (by @TheShadow), est for MAPOX as of 11/10/22 was in 4.93% - 5.50% range. It came out at 5.44%.
https://www.mutualfundobserver.com/discuss/discussion/60074/2022-year-end-capital-gains-distribution-estimates-vanguard-s-final-estimated-year-end-posted/p1
https://www.mairsandpower.com/about-us/company-news/item/163-estimated-2022-capital-gains-and-dividends

https://www.sec.gov/Archives/edgar/data/1124459/000174177322004196/c497.htm
497 1 c497.htm FGT3 P1 121522
FGT3 P1 12/22
SUPPLEMENT DATED DECEMBER 15, 2022
TO THE PROSPECTUS DATED DECEMBER 1, 2022
OF FRANKLIN INTERNATIONAL SMALL CAP FUND
(a series of Franklin Global Trust)
The prospectus is amended as follows:
The following paragraphs are added to the beginning of the “Fund Summaries – Franklin International Small Cap Fund” and “Fund Details – Franklin International Small Cap Fund” sections of the prospectus:
On December 14, 2022, the Board of Trustees of Franklin Global Trust, on behalf of Franklin International Small Cap Fund (the “Fund”), approved a proposal to liquidate and dissolve the Fund. The liquidation is anticipated to occur on or about February 22, 2023 (Liquidation Date); however, the liquidation may occur sooner if at any time before the Liquidation Date there are no shares outstanding in the Fund. The liquidation may also be delayed if unforeseen circumstances arise.
At the close of market on January 17, 2023, the Fund will be closed to new investors, except as noted below. Existing investors who had an open and funded account on January 17, 2023 can continue to invest in the Fund through exchanges and additional purchases after such date. The following categories of investors may continue to open new accounts in the Fund after the close of market on January 17, 2023: (1) clients of discretionary investment allocation programs where such programs had investments in the Fund prior to the close of market on January 17, 2023, and (2) Employer Sponsored Retirement Plans or benefit plans and their participants where the Fund was available to participants prior to the close of market on January 17, 2023. The Fund will not accept any additional purchases after the close of market on or about February 17, 2023. The Fund reserves the right to change this policy at any time.
Shareholders of the Fund on the Liquidation Date will have their accounts liquidated and the proceeds will be delivered to them. For those shareholders with taxable accounts and for Federal, state and local income tax purposes: (a) any liquidation proceeds paid to such shareholder should generally be treated as received by such shareholder in exchange for the shareholder’s shares and the shareholder will therefore generally recognize a taxable gain or loss; (b) in connection with the liquidation, the Fund may declare taxable distributions of its income and/or capital gain; and (c) an exchange out of the Fund prior to the Liquidation Date may be considered a taxable transaction and such shareholders may recognize a gain or loss. Shareholders should consult their tax advisers regarding the effect of the Fund’s liquidation in light of their individual circumstances. Participants in an Employer Sponsored Retirement Plan that is a Fund shareholder should consult with their plan sponsor for further information regarding the impact of the liquidation. In considering new purchases or exchanges, shareholders may want to consult with their financial advisors to consider their investment options.
Please keep this supplement with your Prospectus for future reference.

@carew388,
The drawdown in March 2020 was sharp and short-lived. There was considerable pressure on Powell to rescue the market. Cutting short term rate to near zero, 0,25% to be exact, while increased the quantitative easing policy (buying bullions $ of treasury and mortgage backed bonds on monthly basis). The stock market recovered within 2 -3 months and ended with a positive gain for the year. Not selling near the bottom and let things come back was the best move in that situation.

If your taxable income after deductions was $0, and there were no other capital gains or losses, then $1,000 tax-loss will offset fully taxable $1,000 withdrawal from T-IRA.
But if you had ordinary income from all sources, net of deductions, of $50K, then $1,000 tax loss will reduce it to $49K. It would be hard to say which part of the income (including $1,000 withdrawal from T-IRA) was offset.

+1 Sven I learned that with the ultra-short bond funds in 2020 !

The Primecap funds have certainly endured a few years of bad luck -- POAGX in particular was perfectly positioned to crater when covid struck as it had outsized stakes in things like airlines and cruise lines. Yet the fund is idiosyncratic, that's for sure. All three of the funds have seen significant redemptions, resulting in large capital gains distributions for several years (worsening tax-adjusted performance). Anyone considering a new investment should take a look at the portfolio and be comfortable with the huge chunk of biotech and pharmaceuticals in there. It's almost a healthcare fund.

You bring up some very good points.
Primecap is a benchmark-agnostic firm and tends to favor certain industries.
The following data was gleaned from M* reports published July 2022.
POAGX: ~20% in biotech/pharma, ~13% in semis
VPMAX: ~20% in biotech/pharma, ~13% in semis
VPCCX: ~18% in biotech/pharma, ~11% in semis
Primecap-managed funds may underperform common benchmarks for several consecutive calendar years.
Investors should be prepared for this possibility.
POAGX: lagged Russell Mid-Cap Growth from 2018 - 2021
VPMAX: lagged Russell 1000 and S&P 500 from 2019 - 2021
VPCCX: lagged Russell 1000 and S&P 500 from 2018 - 2021
All three funds had top-decile 10 Yr. and 15 Yr. fund category returns through 11/30/2022.
Primecap-managed funds can generate large capital gains distributions
and are best held in tax-deferred or tax-exempt accounts.

If your loss exceed $3,000, the remaining balance gets carry over next year.
Back in 2008, I incurred capital loss that covered next several years. If I would be more patient, these funds would have recovered in several years. In the retrospect, I should be patient just like Warren Buffet.

Tax-loss will offset capital gains first, and then up to $3,000 of ordinary income (earned, unearned, from IRA/pension distributions, etc).

Hi how many of you who lost money are from CA? maybe we can all get together and file a lawsuit against TBO Capital LLC, TBO CEO and HMC Trading LLC