I write, frequently, with admiration and gratitude, about the contributions TheShadow makes both to our discussion board and to our final double-check of coverage in each month’s Briefly Noted column. For those wondering exactly how much cool stuff one person might extract from the swamp of SEC filings each month, here are The Shadow’s contributions for the month of June 2019.
The live, clickable version Continue reading
Before funds and ETFs can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. In general, advisers try to launch just before year’s end because that allows them to have clean “year to date” and calendar year results to share. The funds on-file this month will be eligible to launch in September, though not required to do so. A surprising number of advisors filed virtual “red herring” prospectuses: substantially incomplete documents that were pushed through to meet some self-imposed deadline but that fail to stipulate strategy, manager and costs.
There are a series of intriguing Continue reading
Each month, dozens of funds report manager changes to the SEC. The vast majority of those are inconsequential: one MBA-yielding member of a 12-person management team is popped out and another is popped in. This month’s compendium covers manager changes at 122 funds. That’s a larger-than-normal report mostly because we shared only a compressed list in our June issue, which reflected the competing time demands that Chip faced as she prepared for Ireland.
This month sees few blockbuster moves, though several “A” tier managers are 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
Dear friends,
Oops … I did it again!
On May 19, 2019, I helped launch my 35th cohort of Augustana grads on an unsuspecting world. With modest pomp, stirring music, one thoughtful address (that no one will remember) and one clunky one (likewise, thank God), I participated in the college’s 159th commencement. Afterward, by long tradition, the graduates filtered through the throng of faculty, exchanging tears and laughter, thanks and hugs.
And then they were gone. It’s bittersweet to have a career forever predicated upon bidding farewell to amazing young folks just as they hit their stride. They were a challenge, and they’re Continue reading
“Bureaucracy is a giant mechanism operated by pygmies.”
Honoré de Balzac, Epigrams (trans. Jacques Leclercq, 1959)
When last our heroes met at the end of April, the market had been on a tear pretty much since the beginning of the year. Many domestic funds were showing total returns in the high teens. International funds were likewise showing total returns in the vicinity of twenty percent at April 30th. Active fund managers, to the background music of “Happy Days are Continue reading
When people have no choice, life is almost unbearable …
But as the number of choices keeps growing, negative aspects of having a multitude of options begin to appear …
the negatives escalate until we become overloaded.
At this point, choice no longer liberates, but debilitates.
Barry Schwartz in Paradox of Choices
If last year’s Morningstar Investment Conference, which consolidated the once separate ETF venue, was one of the worst in memory, this year’s was one of the best.
Once again, it occurred in the beautiful and vibrant city of Chicago, where the 35-year old company Morningstar is headquartered, on May 8-10 at the sprawling but impressively run McCormick Place, which happens to be the largest convention center in North America. The conference’s 1350 registered Continue reading
At the time of publication, this fund was named Index Funds S&P 500® Equal Weight.
The fund equally weights all of the stocks in the S&P 500 index and rebalances its portfolio quarterly.
The Index Group, LLC, headquartered in Colorado Springs, Colorado. While they are Continue reading
On May 31, 2019, Zeo Capital Advisors launched Zeo Sustainable Credit Fund (ZSRIX). The fund seeks to provide risk-adjusted total returns consisting of income and moderate capital appreciation. This marks the launch of Zeo’s second fund, after Zeo Short Duration Income (ZEOIX).
ZEOIX has performed exceedingly well over its eight years. The fund’s risk-adjusted returns have been best-in-class and its expenses have fallen. The limitation perceived by some of its major investors is that it is duration-constrained; that is, it doesn’t have the flexibility to pursue many attractive longer-duration opportunities. ZSRIX is designed to Continue reading
Since the number of funds we can cover in-depth is smaller than the number of funds worthy of in-depth coverage, we’ve decided to offer one or two managers each month the opportunity to make a 300 word pitch to you. That’s about the number of words a slightly-manic elevator companion could share in a minute and a half. In each case, I’ve promised to offer a quick capsule of the fund and a link back to the fund’s site. Other than that, they’ve got a few hundred words and precisely as much of your time and attention as you’re willing to share. These aren’t endorsements; they’re opportunities to learn more.
Virtus Newfleet Dynamic Credit ETF (BLHY) is an Continue reading