Re-balance Cycle Reminder All MyPlanIQ’s newsletters are archived here.
Regular AAC (Asset Allocation Composite), SAA and TAA portfolios are always rebalanced on the first trading day of a month. the next re-balance will be on Monday August 1, 2023.
As a reminder to expert users: advanced portfolios are still re-balanced based on their original re-balance schedules and they are not the same as those used in Strategic and Tactical Asset Allocation (SAA and TAA) portfolios of a plan.
ETFs In Asset Classes For Portfolio Construction
ETFs have gained widespread usage. Except for a few asset classes, we hold the belief that ETFs have the potential to supplant mutual funds as the primary investment instruments to construct asset allocation portfolios.
The recently launched web page ETFs in Asset Classes has been created with the intention of enabling investors to utilize the carefully select suitable and sufficiently liquid ETFs for their investment portfolios. The ETFs are categorized into various asset classes, facilitating investors in their choices for asset allocation within their portfolios. In this newsletter, we delve into some specific details on how to effectively utilize the tables on the page for portfolio construction.
Background
In general, when constructing a long-term investment portfolio, one can follow a two-step approach:
Step 1: Asset Allocation. This step can be further divided into two sub-steps:
-
Identify your growth expectations and your preferred level of risk. Once this is established, determine your target allocation for risk assets (which encompass stocks, REITs, and other alternative assets like commodities) as well as your fixed income (bond) target allocation.
-
Decide whether to employ a strategic asset allocation (SAA) or a tactical asset allocation (TAA) strategy. SAA maintains a consistent risk asset allocation regardless of market conditions, while TAA allows for tactical adjustments to the risk asset allocation based on prevailing economic and market circumstances. It’s worth noting that you aren’t restricted to just one strategy; you can opt for both strategies, each for different investment accounts. MyPlanIQ offers both types of strategies. See MyPlanIQ Strategic Asset Allocation (SAA) and(Asset Allocation Composite (AAC).
We have written several articles on this subject. Specifically, we recommend the article we published in AAII (American Association for Individual Investors) Asset Classes for Retirement Investments and the following:
- March 6, 2017: Asset Classes for Retirement Investments
- July 31, 2017: Asset Classes And Fund Choices: A Primer
Step 2:Fund Selection:
-
Index Funds for Stock Assets
In the Asset Classes for Retirement Investments we compared some of the best actively managed mutual funds with index funds for stock asset classes. Here is the latest return comparison for one of the tables:
Ticker/Portfolio Name | YTD Return** |
1Yr AR | 3Yr AR | 5Yr AR | 10Yr AR | 15Yr AR |
---|---|---|---|---|---|---|
SEQUX (Sequoia) | 18.6% | 5.8% | 4.1% | 7.7% | 7.0% | 8.5% |
LMVTX (Legg Mason Cap Mgmt Value C) | 12.4% | 11.7% | 17.4% | 9.6% | 9.2% | 7.8% |
FAIRX (Fairholme) | 51.8% | 40.6% | 23.7% | 15.8% | 8.1% | 7.4% |
LLPFX (Longleaf Partners) | 22.8% | 9.4% | 14.4% | 4.6% | 5.6% | 5.7% |
TAVFX (Third Avenue Value Instl) | 14.2% | 34.0% | 31.9% | 11.2% | 8.1% | 6.9% |
DODGX (Dodge & Cox Stock) | 13.2% | 10.4% | 17.6% | 10.3% | 11.3% | 10.0% |
OAKMX (Oakmark I) | 22.3% | 15.9% | 20.0% | 11.6% | 11.9% | 11.8% |
VFINX (Vanguard 500 Index Investor) | 18.2% | 9.5% | 12.6% | 11.7% | 12.4% | 10.9% |
Only Oakmark fund was able to outperform VFINX (S&P 500) for the past 15 years. If we extend to 1992 (more than 30 years), we look at the best funds and compare with VFINX:
In this case, the three active funds have been able to outperformed VFINX. But the outperformance is due to their outperformance before 2007. Granted, since 2009, US stocks, especially S&P 500, have been exceptionally strong because of US central bank’s aggressive monetary policies.
-
Actively Managed Total Return Bond Funds for Fixed Income
We have again and again proved that index bond funds have underperformed excellent actively managed bond funds. Please refer to our Income Investors page for more details.
ETFs in Asset Classes
We go through a few tables on the page ETFs in Asset Classes for major asset classes.
US stocks
There are many excellent choices in this asset class. There are several ultra low cost index funds such as IVV, VOO, VTI. Furthermore, we have ETFs from two famed investment houses: DFAC and DFAU from Dimensional funds and CGUS from Capital Group. See:
- February 27, 2023: Dimensional Fund Advisors and Capital Group ETFs
- October 18, 2021: Dimensional Fund Advisors DFA ETFs
for more discussions. In general, we feel comfortable with going to ultra low S&P 500 index ETFs or Vanguard VTI in US stocks. We also want to comment that for US small cap stocks ETFs, Dimensional Funds DFAS, DFSV could be good choices.
Foreign stocks
For foreign stocks, based on the above newsletters, DFA (Dimensional Funds Advisor) funds have track record to outperform Vanguard index funds. ETF DFAI, DFIC are good choices, in addition to the usual index funds like VEA and SCHF.
Similarly, for emerging market stocks, DFA ETFs can be strong challengers to Vanguard ETF VWO.
US REITs
Vanguard VNQ seems to be a clear leader. However, when comparing with Cohen & Steers actively managed REIT mutual fund like CSRIX (Cohen & Steers Instl Realty Shares) , past returns indicate that C&S does have some slight edge over index funds in REITs:
Ticker/Portfolio Name | YTD Return** |
1Yr AR | 3Yr AR | 5Yr AR | 10Yr AR | 15Yr AR |
---|---|---|---|---|---|---|
VNQ (Vanguard REIT ETF) | 4.7% | -9.2% | 6.4% | 5.3% | 6.6% | 6.6% |
CSRIX (Cohen & Steers Instl Realty Shares) | 4.9% | -11.3% | 6.5% | 6.4% | 7.7% | 7.4% |
Notice also the CSRIX is an institutional share class.
US bonds (Fixed Income)
The total return bond ETFs table is relevant to our MPIQ ETF Fixed Income which is on Income Investors page:
US Total Return Bonds ETFs (as of 8/14/2023)
Ticker/Portfolio Name | YTD Return** |
1Yr AR | 3Yr AR | 5Yr AR | 10Yr AR | 15Yr AR |
---|---|---|---|---|---|---|
BOND (PIMCO Total Return Active ETF) | 4.3% | 1.3% | -2.9% | 1.4% | 2.2% | |
TOTL (SPDR® DoubleLine Total Return Tact ETF) | 4.3% | 2.3% | -2.0% | 1.0% | ||
FBND (Fidelity Total Bond ETF) | 4.2% | 1.6% | -1.8% | 2.4% | ||
HTRB (Hartford Total Return Bond ETF) | 3.9% | 0.5% | -2.4% | 1.9% | ||
GTO (Invesco Total Return Bond ETF) | 2.8% | 0.3% | -3.5% | 1.8% | ||
CGCP (Capital Group Core Plus Income ETF) | 2.3% | -2.5% | ||||
CGMS (Capital Group US Multi-Sector Income ETF) | 8.1% | |||||
BKAG (BNY Mellon Core Bond ETF) | 2.7% | -1.0% | -3.6% | |||
STOT (SPDR DoubleLine® Short Duration Total Return Tactical ETF) | 6.0% | 7.9% | 1.9% | 2.5% | ||
PTRB (PGIM Total Return Bond) | 5.0% | 3.2% | ||||
BND (Vanguard Total Bond Market ETF) | 2.7% | -0.7% | -3.4% | 1.3% | 1.8% | 2.8% |
For 5 years, we can see that other than TOTL, all other ETFs have outperformed BND. We are also impressed by STOT (SPDR DoubleLine® Short Duration Total Return Tactical ETF), which has the best returns for the past 1,3,5 years. Though one might attribute the outperformance to its short term bond nature, we believe it can be a very good candidate fund for our tactical total return bond ETF portfolio MPIQ ETF Fixed Income as it can become a good fund to go to in a rising rate environment.
Regardless, we are still seeing that total return bond mutual fund based tactical portfolio (such as Schwab Total Return Bond) is still outperforming ETF based portfolio MPIQ ETF Fixed Income. This indicates that excellent total return bond mutual funds are still not replaceable, for now. Refer to Income Investors page for more details.
Ultra short term bond ETFs
This table is again of interest to many investors as it includes several outstanding ‘money market ETFs’ like BIL, USFR, TFLO, SGOV. Furthermore, adding ICSH, NEAR, MINT, JPST as candidate funds, we can effectively construct a tactical ETF portfolio MPIQ Ultra ST Bond ETFs that can outperform many prime money market mutual funds.
Other ETF tables
Other tables such as High yield bond ETFs and Active ETFs could be of interest to experienced investors. Specifically, we highlight ANGL (Market Vectors® FallenAngel HiYld Bd ETF) in high yield bonds. This fund has outperformed many high yield index funds such as HYG, JNK. In active ETFs, PDBC (Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF) is an interesting actively managed (tactical) commodity ETF and RPAR (RPAR Risk Parity ETF) is a reasonable risk parity ETF. These funds, along with others, deserve another article for further discussion.
In conclusion, investors could find many excellent ETFs on ETFs in Asset Classes page. These can help them to construct a good asset allocation portfolio. We will continue to keep the page up to date.
Market overview
As of 8/4/2023 (Factset didn’t publish the update on 8/11/2023), for Q2 2023 (with 84% of S&P 500 companies reporting actual results), the blended earnings growth was -5.2%, better than -7% expected on 6/30/2023. Though stocks have been jittery since last week, in general, investors are still very optimistic about the ‘good’ inflation outcome (i.e. inflation has slowed and the Federal Reserve might stop rate hike soon). On the other hand, the rising oil price and the still strong job market are presenting conflicting signals. Markets are again making short term moves based on investors collective guesses.
As always, we call for staying the course which is guided by the well defined and sound strategic and tactical strategies:
- For strategic allocation (buy and hold) investors, ignore the current market behavior. Remember, as what we have emphasized numerous times, when you choose and commit to a strategic portfolio, you essentially know and commit that your investment horizon (or the time you need to utilize this capital) is 20 years or preferably much longer given the current high valuation. As we pointed out, if your investments are those diversified (index) funds such as an S&P 500 index fund (VFINX, for example), you know your money is in some solid ‘business’ that eventually (20 years later and preferably many more years later) will deliver some reasonable returns. As long as you are comfortable with this thesis, you should sit tight and forget about the current gyration.
- For tactical investors, again, you have to ignore the current market noise. Furthermore, you should follow your strategy rigorously, especially in a time like this. Human emotion, both optimistic and pessimistic, and human desire, both greedy and fearful, are your worst enemies. This has been shown to be true time and time again.
Stock valuation has dropped and now valuation is becoming less hostile. However, it is still not cheap by historical standard. For the moment, we believe it’s prudent to be extra cautious. However how serious a correction might be, we have confidence in the US economy in the long term and thus in the stocks in aggregate. We just need to manage through interim losses carefully.
We again would like to emphasize that for any new investor and new money, the best way to step into this kind of markets is through dollar cost average (DCA), i.e. invest and/or follow a model portfolio in several phases (such as 2 or 3 months) instead of the whole sum at one shot.
Struggling to Select Investments for Your 401(k), IRA, or Brokerage Accounts?
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- July 24, 2017: Total Return Bond Fund Portfolios And Cash
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- June 26, 2017: How To Beat The Best Balanced Allocation Fund
- June 19, 2017: Newsletter Collection Update
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- May 22, 2017: Summer Seasonality And Portfolio Management
- May 15, 2017: Cash: Banking Or Investing?
- May 8, 2017: Holding Period of Long Term Timing Portfolios
- May 1, 2017: Debate on Risk vs. Volatility
- April 24, 2017: The Long Term Stock Market Timing Return Since 1871
- April 17, 2017: Risk vs. Volatility: Long Term Stock Market Returns
- April 10, 2017: Total Return Bond ETFs And Portfolios
- April 3, 2017: Quarter End Asset Trend Review
- March 27, 2017: Practical Consideration For IRAs And 401k Accounts
- March 20, 2017: Fund Fees: That’s (Still) Outrageous
- March 13, 2017: Long Term Stock Valuation Review
- March 6, 2017: Asset Classes for Retirement Investments
- February 27, 2017: Fidelity Total Bond Fund Review
- February 20, 2017: Long Term Stock Timing Based Portfolios And Their Roles
- February 13, 2017: Alternative Investment Portfolios Review
- February 6, 2017: Tax Free Municipal Bond Investments Review
- January 30, 2017: Brokerage Specific Conservative Portfolios
- January 23, 2017: Fixed Income Portfolio Review
- January 16, 2017: Long Term Trend Following Portfolio Review
- January 9, 2017: Tactical Asset Allocation Review
- January 3, 2017: Strategic Asset Allocation Review
- December 12, 2016: Enhanced Index Funds
- December 5, 2016: Review Of Broad Base Core Mutual Funds For Brokerages
- November 28, 2016: Core Index ETFs Review
- November 21, 2016: International Exposure Of U.S. Large Companies
- November 14, 2016: Asset Trends After The Election
- November 7, 2016: Rising Rate And Current Bond Trend
- October 31, 2016: Economy Power And Long Term Stock Returns
- October 24, 2016: Current Commodity Trend And Managed Futures
- October 17, 2016: Investment Mistakes And Good Or Bad Investment Strategies
- October 10, 2016: Momentum Investing Review
- October 3, 2016: Survey & Feedback
- September 26, 2016: Fixed Income Investing: Actively Managed Funds vs. Index Funds
- September 19, 2016: Stock Investing: Actively Managed Funds vs. Index Funds
- September 12, 2016: Newsletter Update
- September 5, 2016: Overvalued Markets And Long Term Timing Strategies
- August 29, 2016: Your 401K Finally Draws Attention
- August 22, 2016: Inflation Protected Securities TIPS For Current Overvalued Markets
- August 15, 2016: Risk On: Emerging Market Stocks And Small Cap Stocks
- August 8, 2016: Portfolio Construction Using Stock ETFs And Bond Mutual Funds
- August 1, 2016: Adding Value To Your Own Investments
- July 25, 2016: Tactical Asset Allocation Funds Review
- July 18, 2016: Strategic Asset Allocation & Lazy Portfolio Review
- July 11, 2016: Asset Trend Review
- June 27, 2016: Secular Cycles For Tactical And Strategic Investment Strategies
- June 20, 2016: A World of Debt
- June 13, 2016: Managed Futures For Portfolio Building
- June 6, 2016: Newsletter Summary
- May 30, 2016: Swensen Portfolio And Permanent Portfolios
- May 23, 2016: AAII Article And Some Web Changes
- May 16, 2016: The PIMCO (Dis)Advantages
- May 9, 2016: Boost Your Dull Summer Investments
- May 2, 2016: Low Cost Index Fund Investing
- April 25, 2016: Tax Free Municipal Bond Funds & Portfolios
- April 18, 2016: Asset Class Trend Review
- April 11, 2016: Construction of Sound And Conservative Portfolios
- March 28, 2016: Total Return Bond ETFs Review
- March 21, 2016: Small And Large Company Stock Performance In Different Economic Expansion Cycles
- March 14, 2016: Are Tactical And Timing Strategies Losing Steam?
- March 7, 2016: Defined Maturity Bond Fund Analysis
- February 29, 2016: Smart Strategic Asset Allocation Rebalance When Market Trend Changes
- February 22, 2016: Be Cash Smart
- February 15, 2016: Bond ETF Portfolios
- February 8, 2016: Newsletter Collection Update
- February 1, 2016: Total Return Bond Fund Portfolios In A Volatile Period
- January 25, 2016: Alternative Portfolios Review
- January 18, 2016: Strategic Asset Allocation: A Cautious Outlook
- January 11, 2016: Review Of Trend Following Tactical Asset Allocation
- January 4, 2016: What Worked And Didn’t In 2015
- December 21, 2015: Distressed Assets
- December 14, 2015: High Yield Bonds And Their Correlation With Stocks
- December 7, 2015: Diversification And Global Allocation
- November 30, 2015: Investors and Speculators Combined
- November 23, 2015: Active Stock Fund Performance Consistency
- November 16, 2015: Permanent, Risk Parity And Alternative Portfolios Review
- November 9, 2015: Broad Base Core Mutual Fund Review
- November 2, 2015: Broad Base Index Core ETFs Review
- October 26, 2015: Total Return Bond Fund Review
- October 19, 2015: Advanced Portfolio Review
- October 12, 2015: What About Commodities?
- October 5, 2015: Core Satellite Portfolios In A 401k Account
- September 28, 2015: Risk Managed Strategic Asset Allocation Portfolios Revisited
- September 21, 2015: Quest For The Best Investment Strategy
- September 14, 2015: Core Satellite Portfolios In Market Turmoil
- September 7, 2015: Market Rout Creates An Opportunity to Reposition Your Portfolios
- August 31, 2015: Review of Asset Allocation Funds and Portfolios
- August 24, 2015: Market Rout And Your Portfolios
- August 17, 2015: ETF or Mutual Fund Based Portfolios
- August 10, 2015: Updated Newsletter Collection
- August 3, 2015: Slippery Asset Trends
- July 27, 2015: Performance Dispersion Among Momentum Based Portfolios
- July 20, 2015: Global Balanced Portfolio Benchmarks
- July 13, 2015: Pain in Tactical Portfolios
- July 6, 2015: Fixed Income Total Return Bond Funds In Strategic Asset Allocation Portfolios
- June 29, 2015: Core ETF Commission Free Portfolios
- June 22, 2015: Secular Asset Trends
- June 15, 2015: Giving Up Bonds?
- June 1, 2015: Summer Blues?
- May 26, 2015: Cash, Bonds and Stocks In A Rising Rate Environment
- May 18, 2015: Portfolio Update
- May 11, 2015: Pain in Fixed Income?
- May 4, 2015: The Balanced Stock and Long Term Treasury Bond Portfolios
- April 27, 2015: Long Term Treasury Bond Behavior
- April 20, 2015: 529 College Savings Plan Rebalance Policy Change
- April 13, 2015: Total Return Bond Funds As Smart Cash
- April 6, 2015: The Low Return Environment
- March 30, 2015: Brokerage Specific Core Mutual Fund Portfolios 2
- March 23, 2015: Investment Arithmetic for Long Term Investments
- March 16, 2015: Brokerage Specific Core Mutual Fund Portfolios
- March 9, 2015: Newsletter Collection Update
- March 2, 2015: Total Return Bond ETFs
- February 23, 2015: Why Is Global Tactical Asset Allocation Not Popular?
- February 16, 2015: Where Are Permanent Portfolios Going?
- February 9, 2015: How Have Asset Allocation Funds Done?
- February 2, 2015: Risk Management Everywhere
- January 26, 2015: Composite Portfolios Review
- January 19, 2015: Fixed Income Investing Review
- January 12, 2015: How Does Trend Following Tactical Asset Allocation Strategy Deliver Returns
- January 5, 2015: When Forecast Fails
- December 22, 2014: Long Term Asset Returns: How Long Is Long?
- December 15, 2014: Beaten Down Assets
- December 8, 2014: Implementing Core Asset Portfolios In a Brokerage
- December 1, 2014: Two Key Issues of Investment Strategies
- November 24, 2014: Holiday Readings
- November 17, 2014: Retirement Spending Portfolios Update
- November 10, 2014: Fixed Income Or Cash
- November 3, 2014: Asset Trend Review
- October 27, 2014: Investment Loss, Mistakes And Market Cycles
- October 20, 2014: Strategic Portfolios With Managed Volatility
- October 13, 2014: Embrace Volatility
- October 6, 2014: Tips For 401k Open Enrollment
- September 29, 2014: What Can We Learn From Bill Gross’ Departure From PIMCO?
- September 22, 2014: Why Total Return Bond Funds?
- September 15, 2014: Equity And Total Return Bond Fund Composite Portfolios
- September 8, 2014: Momentum Based Portfolios Review
- September 1, 2014: Risk & Diversification: Mint.com Interview
- August 25, 2014: Remember Risk
- August 18, 2014: Consistency, The Most Important Edge In Investing: Tactical Case
- August 11, 2014: What To Do In Overvalued Stock Markets
- August 4, 2014: Is This The Peak Or Correction?
- July 28, 2014: Stock Musings
- July 21, 2014: Permanent Portfolios & Four Pillar Foundation Based Framework
- July 14, 2014: Composite Portfolios Review
- July 7, 2014: Portfolio Behavior During Market Corrections
- June 30, 2014: Half Year Brokerage ETF and Mutual Fund Portfolios Review
- June 23, 2014: Newsletter Collection Update
- June 16, 2014: There Are Always Lottery Winners
- June 9, 2014: The Arithmetic of Investment Mistakes
- June 2, 2014: Tips On Portfolio Rebalance
- May 26, 2014: In Praise Of Low Cost Core Asset Class Based Portfolios
- May 19, 2014: Consistency, The Most Important Edge In Investing: Strategic Case
- May 12, 2014: How To Handle An Elevated Overvalued Market
- May 5, 2014: Asset Allocation Funds Review
- April 28, 2014: Now The Economy Backs To The ‘Old Normal’, Should Our Investments Too?
- April 21, 2014: Total Return Bond Investing In The Current Market Environment