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Post by chang on Mar 1, 2022 1:39:33 GMT
I thought there was a separate thread on River Canyon, but it seems not … just a few posts on the DODIX thread.
Anyway, like basically every other bond fund on the planet, this one is failing. Dump it?
Frankly, 2022 is not looking like a good year for FI. Maybe not for another ten years or so. I am almost out of FI. I am starting to think of my investment portfolio / AA in terms of stocks and cash, with no role for FI in the foreseeable future.
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Post by Chahta on Mar 1, 2022 2:24:26 GMT
I am not yet. The distribution took me to even. It's on a short leash. As short a duration as it is they claim it's made for rising rates. This year may be tough, but you are accumulating shares and lowering your cost for a rebound. It will happen. Each man for himself now.
I am wondering about RPHIX too. Super small payout today so at least the price didn't drop.
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Post by chang on Mar 1, 2022 4:37:10 GMT
Chahta I own both funds too; they're the only taxable bonds I have left. Keep us/me advised your thoughts as time goes on.
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RCTIX
Mar 1, 2022 22:56:24 GMT
Post by mozart522 on Mar 1, 2022 22:56:24 GMT
RCTIX was my last bond fund. I'm now in a small amount of equity, VMCDX, and tons of cash. I fully expect the FED to raise the next meeting as inflation is more important to everyday Americans than the stock market. Remember, the FED raised several times in 2018 and it did not result in a recession. Of course, we are due for a recession anyway. No clue where we are going in the next year at least.
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RCTIX
Mar 2, 2022 0:41:37 GMT
via mobile
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Post by chang on Mar 2, 2022 0:41:37 GMT
I haven’t sold yet. Unlike more conventional FI that yields nothing, this one (maybe) stands a chance of balancing price declines with income, making it no worse than cash. Bonds should be subject to a kind of Hippocratic oath - do no more harm than cash.
If it starts to look really ugly, though, then it’s gone.
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RCTIX
Mar 9, 2022 15:06:30 GMT
via mobile
Post by Chahta on Mar 9, 2022 15:06:30 GMT
A post made by FD1000 had an article by Seeking Alpha. The point was the downside of rising rates is the worst before the FED starts raising. They expect once the FED implements the 25BP raise bonds will start offering opportunities after March 15. Not sure I can wait.
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RCTIX
Mar 12, 2022 1:11:08 GMT
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Post by Chahta on Mar 12, 2022 1:11:08 GMT
Chahta I own both funds too; they're the only taxable bonds I have left. Keep us/me advised your thoughts as time goes on. RPHIX dropped a penny today. That and RCTIX are gone come Monday. A bond OEF is a bond OEF is a bond OEF….. Since RPHIX is closed I am not sure if I can leave a “toe hold” position.
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Post by FD1000 on Mar 12, 2022 22:52:23 GMT
Chahta I own both funds too; they're the only taxable bonds I have left. Keep us/me advised your thoughts as time goes on. RPHIX dropped a penny today. That and RCTIX are gone come Monday. A bond OEF is a bond OEF is a bond OEF….. Since RPHIX is closed I am not sure if I can leave a “toe hold” position. Yes, I leave 1+ share. I have done many times in the past for funds I may buy in the future. Suppose I have 3455.67 shares, I sell 3454 shares.
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RCTIX
Mar 18, 2022 5:47:15 GMT
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Post by chang on Mar 18, 2022 5:47:15 GMT
Pretty disgusted with this fund. Can anyone give me a reason to keep it? If not, it’s gone today.
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RCTIX
Mar 18, 2022 12:31:50 GMT
Post by FD1000 on Mar 18, 2022 12:31:50 GMT
Pretty disgusted with this fund. Can anyone give me a reason to keep it? If not, it’s gone today. Unfortunately, it's a trader market + most categories have not done well YTD, even commodities are down lately. But, RCTIX compared to PIMIX looks great. Attachments:
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RCTIX
Mar 18, 2022 12:42:15 GMT
Post by Chahta on Mar 18, 2022 12:42:15 GMT
Pretty disgusted with this fund. Can anyone give me a reason to keep it? If not, it’s gone today. I think bonds will turn around soon. The FED added some certainty. The last couple of days has been better for many bond funds. Munis and HY (except RPHIX) are perking up. But I got rid of mine as posted above.
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RCTIX
Mar 18, 2022 16:08:16 GMT
Post by chang on Mar 18, 2022 16:08:16 GMT
Pretty disgusted with this fund. Can anyone give me a reason to keep it? If not, it’s gone today. Unfortunately, it's a trader market + most categories have not done well YTD, even commodities are down lately. But, RCTIX compared to PIMIX looks great. Dog poo compared to PIMIX looks great.
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Post by anitya on Mar 19, 2022 7:13:11 GMT
Unfortunately, it's a trader market + most categories have not done well YTD, even commodities are down lately. But, RCTIX compared to PIMIX looks great. Dog poo compared to PIMIX looks great. Not sure my reply would satisfy you more than FD's reply. M* shows RCTIX YTD percentile rank #2. Its ER, one of the metrics important to you, is 0.66%. I am not sure what more the manager can do to earn one's business if one were a buy and hold fixed income investor. I think it is probably good to severe the relationship. P.S.: I sold this fund when I consolidated all my fixed income (incl CEFs) into my then largest fixed income holding, which was later liquidated into cash.
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RCTIX
Mar 26, 2022 8:17:25 GMT
Post by chang on Mar 26, 2022 8:17:25 GMT
My bad for not selling it. I need to trust my instincts and first ideas more. I'm more convinced than ever that bonds are DEAD until yields get back to 10%. I'll look for a dead-cat bounce (probably won't get it) and then sell this piece of dreck.
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RCTIX
Mar 26, 2022 9:03:58 GMT
Post by Norbert on Mar 26, 2022 9:03:58 GMT
Down 0.83% on Friday? No dividend payment that I can see.
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Post by fred495 on Mar 26, 2022 14:09:16 GMT
FYI, the Supplement to the RCTIX Prospectus, dated 3/25/2022, states the following:
"The following changes are being made to the Prospectus and Statement of Additional Information (“SAI”) of the River Canyon Total Return Bond Fund (the “Fund”).
The information identifying the Fund’s portfolio manager on page 4 of the prospectus in the subsection entitled “Portfolio Management” is deleted in its entirety and replaced with the following:
Portfolio Managers
Todd Lemkin Portfolio Manager Length of Service: Since March 2022
Sam Reid Portfolio Manager Length of Service: Since March 2022"
George Jikovski, the manager since the inception of the fund in 2014, has apparently been replaced. Hopefully, yesterday's fund performance is not a sign of things to come under the new managers.
Fred
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RCTIX
Mar 26, 2022 16:58:20 GMT
via mobile
Post by chang on Mar 26, 2022 16:58:20 GMT
Thanks Fred. I hadn’t noticed that. Another reason to get out. It’s done. Order placed.
I usually don’t re-enter funds that I have exited. Therefore, it is of little interest to me how the fund performs in the future.
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RCTIX
Mar 26, 2022 18:57:12 GMT
Post by roi2020 on Mar 26, 2022 18:57:12 GMT
There's an RCTIX thread on the MFO board.
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RCTIX
Mar 28, 2022 18:22:25 GMT
Post by fasaad on Mar 28, 2022 18:22:25 GMT
I viewed a conference call with River Canyon co-founder Joshua Friedman, who had partners Todd Lemkin (Chief Investment Officer) and Sam Reid (Head Debt Trader), on either side of him. They were introduced as the new PMs.
Mr. Friedman provided no reason that Portfolio Manger George Jikovski left the firm, other than intimating that he was 'surprised.'
Mr. Lemkin basically espoused the River Canyon playbook, saying they would use all the elements in the toolkit to continue doing what they do. Mr. Reid didn't speak.
To my knowledge, in the webcast they were not characterized as 'interim' PMs, although citywire quotes a River Canyon spokesperson as saying they are 'actively recruiting' Jikovski's replacement. I thought they should have been more transparent on why Jikovski stepped off a successful (RCTIX) fund, and stated clearly the two guys were interim PMs.
I believe that Mr. Friedman also mentioned an Asset Backed Security (ABS) holding in Russia took a chunk out of its NAV...
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Post by fred495 on Mar 28, 2022 21:49:45 GMT
Thanks for the information, fasaad.
Not a very promising start. RCTIX was an excellent bond OEF under George Jikovski's management. Sorry he left, I left a few weeks ago and don't expect to look back. In the current rising interest rate environment I am not holding any bond OEFs in my portfolio.
Good luck,
Fred
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RCTIX
Mar 28, 2022 22:08:31 GMT
Post by anitya on Mar 28, 2022 22:08:31 GMT
George Jikovski was originally from TCW which has produced a number of good alumni. It would be good to keep an eye out to see where he pops up. I am sure he is not just retiring and disappearing from the money / asset management business.
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RCTIX
Mar 28, 2022 22:14:40 GMT
via mobile
Post by Chahta on Mar 28, 2022 22:14:40 GMT
I am very suspicious of bond fund NAV pricing. Why all of a sudden when rates have been rising for some time does RCTIX tank? If we get the Q&A off the ground with David Sherman, I would like to understand NAV pricing.
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RCTIX
Mar 28, 2022 23:17:58 GMT
Post by FD1000 on Mar 28, 2022 23:17:58 GMT
I am very suspicious of bond fund NAV pricing. Why all of a sudden when rates have been rising for some time does RCTIX tank? If we get the Q&A off the ground with David Sherman, I would like to understand NAV pricing. It's not the first or last time we have seen this movie. IOFIX+SEMMX lost over 40% in March 2020. They all have unique, non-rated securitized that behave very well until they don't and then, the collapse arrives. This is why they call them NOT RATED bonds. It can be no big deal OR a huge pile of junk. This is why when it smell, I sell ( link) Attachments:
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RCTIX
May 18, 2022 8:43:26 GMT
via mobile
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Post by chang on May 18, 2022 8:43:26 GMT
RCTIX has continued its steady decline over the last few months. Looks like I was right to get out. The 1Y chart is pretty ugly.
On the other hand, RPHIX appears to be stabilizing. I still have a chunk of money there earmarked for a house purchase in June.
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RCTIX
May 19, 2022 1:14:57 GMT
Post by roi2020 on May 19, 2022 1:14:57 GMT
RCTIX has performed better YTD (-3.23%) than other multisector funds (PIMIX, PDIIX, PTIAX, PUCZX) that I track. I previously owned RCTIX but sold it after George Jikovski left.
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