Approach with caution, perhaps mixed with mild annoyance. Brown Brothers, Harriman announced a series of moves this month:
on September 9, 2019, they launched BBH Select Series – Large Cap Fund (BBLRX/BBLIX)
on September 20, 2019, they announced the closing of BBH Core Select (BBTEX) to new investors
on September Continue reading
Three advisers are vying for this month’s “they’re doing what? Did I read this right?” award for moves where we were, literally, reading the filings aloud, slowly, to be sure we weren’t missing something.
BlackRock Focus Growth (MAFOX) will undergo “a reorganization with another BlackRock-advised fund” in the fourth quarter of 2019. In the reorganization, the $1 billion, Continue reading
The ETF industry has continued to distinguish itself for its almost laughable me-tooism. The themes of the day are marijuana (ETFMG Alternative Harvest ETF MJ, AdvisorShares Pure Cannabis ETF YOLO, AdvisorShares Vice ETF ACT which splits time between tobacco, pot and alcohol, The Cannabis ETF THCX, Cambria Cannabis ETF TOKE, Amplify Seymour Cannabis ETF CNBS, Cannabis Growth Opportunity Corp CWWBF) and pets (and pet parents). There are even articles now on the top marijuana ETFs for 2019 and the best marijuana ETFs for conservative portfolios. Uhhh … note to conservative investors, (1) the oldest and largest of these ETFs substantially trails the Vanguard Total Stock Market over the past three years yet has triple the volatility and (2) possession of marijuana is still a federal crime. Continue reading
Chip and I aspire to travel internationally once every two years. Our hope, in part, is to get far away from the noise long enough that we actually manage to unwind. Our ideal trips feature cool sites, the opportunity to sit and talk with people, and one outstanding meal a day. Two years ago that took place in Scotland, this year Ireland, and two years hence, Italy. Continue reading
“At a special meeting held on June 7, 2019, shareholders of Nuveen High Income Bond Fund did not approve the proposed reorganization of the Fund into TIAA-CREF High-Yield Fund that was previously approved by the Board of Directors of the Fund in December 2018 … the Board will review and take such action as it deems to be in the best interests of the Fund, including continuing to operate the Fund as described in the prospectus, liquidating the Fund, or such other options the Board may consider. Fund shareholders will be notified when the Board approves a course of action for the Fund.”
Shareholder democracy in action! The shareholders say “no” and Continue reading
The Balter Invenomic Fund (BIVIX) is in the process of shedding Balter. As a practical matter, that will translate to a name change, Invenomic Fund, and little more. BIVIX is, as we noted in our May 2019 profile, an exceptionally strong performer with steady asset growth. The manager is both talented and self-assured, so I’m not particularly concerned though I am curious. The proxy document offers this somewhat cryptic explanation for the change:
BLA (i.e., Balter Liquid Alts) informed the Board that it was making this request because it is currently exiting the investment advisory business due to uncertainty involving a “seed investor” which could potentially affect its ability to provide services to the Fund and other funds in the future. BLA believes that this transition is in the best interest of the Fund and its shareholders as it will provide continuity for the Fund and create a more direct relationship between shareholders and Invenomic. The seed investor currently holds a non-voting equity interest in BLA and initially contributed seed capital for the Fund.
It’s both significant and depressing that over three-quarters of the space we devote to industry news, the special provenance of this feature, focuses on funds (and ETFs) that are being liquidated. Continue reading
Each month we share developments in the industry that are, individually, to minor to warrant their own story. Since about three-quarters of it are stories of failure and the subsequent thrashing about, it mostly gets downplayed. This month saw, in particular, the liquidation of a lot of funds that were trying to deal with a low-interest rate, high stock valuation world: their names invoke global allocations and global bonds, alternative and unconstrained income, flexible opportunities and the occasional quantamental bent. Continue reading
The Ghost Ship sails every onward. Voya Corporate Leaders (LEXCX, once Lexington Corporate Leaders) continues its skipperless voyage. The fund was launched in 1935 with a simple strategy (buy an equal number of shares of what were then America’s best companies, and never sell) and no manager. Right: no manager changes in more than 83 years ‘cause it’s had no manager in more than 83 years. How’s that working for Continue reading
Effective January 1, 2019, Castle Financial & Retirement Planning Associates discontinued its voluntary fee waiver for All-Terrain Opportunity (TERIX) and will not seek reimbursement of any fees it voluntarily waived.
Welcome back to our readers employed by the Securities and Exchange Commission! The whole “shut the government down” thing struck me as unproductive lunacy and ended up with a number of our readers (most visibly the SEC folks) furloughed. Continue reading