Portfolio Review - Seeking Better Simplification

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TinyElvis
Posts: 324
Joined: Mon Jul 27, 2015 2:33 pm

Portfolio Review - Seeking Better Simplification

Post by TinyElvis »

Hi all. In 2015, I moved away from UBS and transferred to Vanguard (with the help of the fine folks on this board). I used a local fee-only financial adviser who helped me put together my portfolio and have engaged his services each year to adjust as needed. I'm at a point where I am getting comfortable enough to do more of this on my own and would like to take full control.

Emergency Funds: Yes
Debt: No
Filing Status: Married-Jointly
Tax Rate: 24% Fed, 0% State (TN)
Age: 47, 41
Desired Allocation: 70,30
Portfolio is lower 7 figures (begins with a 1).

Current Portfolio (which is hovering at my desired allocation):
HER - HSA
0.14% Dodge & Cox Income Fund (DODIX) (0.43)
0.15% Vanguard Equity-Income Fund Admiral Shares (VEIRX) (0.17)
1.15% Vanguard LifeStrategy Conservative Growth Fund Investor Shares (VSCGX) (0.12)

HER - IRA
0.82% Vanguard Selected Value Fund Investor Shares (VASVX) (0.39)
1.82% Vanguard STAR Fund (VGSTX) (0.32)

HER - Roth IRA
2.36% Vanguard Target Retirement 2035 Fund Investor Shares (VTTHX) (0.14)

HER - Simple IRA
5.11% Vanguard Target Retirement 2020 Fund (VTWNX) (0.13)

HIS - Taxable
4.83% American Funds AMCAP Fund Class A (AMCPX) (0.68)
2.94% American Funds American Mutual Fund Class A (AMRMX) (0.60)
2.82% American Funds New Perspective Fund Class A (ANWPX) (0.75)
5.25% American Funds The Growth Fund of America Class A (AGTHX) (0.64)
2.56% Columbia Seligman Communications and Information Fund Class A (SLMCX) (1.27)
1.99% Oppenheimer Mid Cap Value Fund Class A (QVSCX) (1.16)
0.02% Vanguard Federal Money Market Fund Investor Shares (VMFXX)
4.20% Vanguard Prime Money Market Fund Investor Shares (VMMXX) (0.16)
5.45% Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) (0.09)

HIS - HSA
0.37% Dodge & Cox Income Fund (DODIX) (0.43)
0.40% Vanguard Equity-Income Fund Admiral Shares (VEIRX) (0.17)
3.06% Vanguard LifeStrategy Conservative Growth Fund Investor Shares (VSCGX) (0.12)

HIS - IRA
3.07% FMI International Fund (FMIJX) (0.91)
1.55% Oakmark Global Select Fund Class I (OAKWX) (1.19)
2.02% PRIME CAP ODYSSEY GROWTH (POGRX) (0.67)
1.49% Seafarer Overseas Growth and Income Fund Investor Class (SFGIX) (0.97)
5.26% Vanguard Short-Term Investment-Grade Fund Admiral Shares (VFSUX) (0.10)
1.77% Vanguard Small Cap Value Index Fund Admiral Shares (VSIAX) (0.07)
8.47% Vanguard Target Retirement 2020 Fund (VTWNX) (0.13)
5.23% Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) (0.10)
2.36% Vanguard Value Index Fund Admiral Shares (VVIAX) (0.05)

HIS - Roth IRA
0.89% FMI International Fund (FMIJX) (0.91)
0.95% Oakmark Global Select Fund Class I (OAKWX) (1.19)
1.23% PRIME CAP ODYSSEY GROWTH (POGRX) (0.67)
1.48% Seafarer Overseas Growth and Income Fund Investor Class (SFGIX) (0.97)
5.36% Vanguard Dividend Growth Fund Investor Shares (VDIGX) (0.26)
4.83% Vanguard Selected Value Fund Investor Shares (VASVX) (0.39)
1.15% Vanguard Small Cap Value Index Fund Admiral Shares (VSIAX) (0.07)
2.36% Vanguard Value Index Fund Admiral Shares (VVIAX) (0.05)

HIS - Simple IRA
5.09% Vanguard Target Retirement 2020 Fund (VTWNX) (0.13)

In my taxable account, I have non-Vanguard funds that have relatively high amount of capital gains so I've been hesitant to sell. I am thinking of keeping the American Funds and ditching the other two. Thoughts? Should I even worry about those small tilts?

The portfolio has performed well. I understand the slicing & dicing on the bonds and small/mid-caps as it meets the recommend objective. The adviser was more comfortable with actively managed funds for the international/developing markets.

Should I continue on cruise-control, or pare this down?
Last edited by TinyElvis on Mon Oct 15, 2018 4:28 pm, edited 1 time in total.
"Give a cat a fish and it will eat for a day. Teach a cat to fish and it will just sit there waiting for you to give it a fish."
bloom2708
Posts: 9855
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Re: Portfolio Review - Seeking Better Simplification

Post by bloom2708 »

Only simplifying taxable will have immediate tax consequences. Note your long/short term gains and losses.

IRA, Roth IRA, 401k. Simplfy.

I would sell any fund with an expense ratio over .2%. No reason to pay more than that.

Taxable: US and International stocks
401k/Traditional IRA: All your bond fund allocation. Balance in Total market index funds
Roth: US, International, small cap (if low cost)

If you want to simplify, toss sector funds, high yield, dividend funds. Stick with Total US, Total International, Small cap value and Total US Bond.

Think 1-2 funds in each area max. Less is more.

Hopefully others add their ideas.
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Peter Foley
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Re: Portfolio Review - Seeking Better Simplification

Post by Peter Foley »

I'm in agreement with bloom2708. A rule of thumb is that holdings of less than 5% do not add much diversification and are not large enough to impact the yield of one's total portfolio. Paring down your IRA and Roth to a couple low cost funds each would be a good start.
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TinyElvis
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Re: Portfolio Review - Seeking Better Simplification

Post by TinyElvis »

Thank you for the input.

Excluding the American Funds, I would like to try and get the rest down to 3 or 4 funds.

I've been following the bond and TIPS threads which have made me somewhat hesitant go simplify down to the Total Bond Fund. I feel like I *need* TIPS instead of (or a companion) to the bond funds but I'm not completely comfortable with my understanding.
"Give a cat a fish and it will eat for a day. Teach a cat to fish and it will just sit there waiting for you to give it a fish."
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TinyElvis
Posts: 324
Joined: Mon Jul 27, 2015 2:33 pm

Re: Portfolio Review - Seeking Better Simplification

Post by TinyElvis »

Any additional feedback from the community? Or, should I crawl back into my hole? ;-)
"Give a cat a fish and it will eat for a day. Teach a cat to fish and it will just sit there waiting for you to give it a fish."
stan1
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Re: Portfolio Review - Seeking Better Simplification

Post by stan1 »

I sold an actively managed fund in a taxable account a number of years ago to fund a new car purchase. I then put the money I would have used to pay for the new car into taxable index funds. You could do the same with a home improvement or an expensive trip. When you consider the expense ratio and prospect of many more years of capital gains distributions the one time tax cost of selling an active fund in taxable isn't that bad. If you live in a state with low or no tax capital gains tax even better. Calculate the amount of tax you would owe if you were to sell. Once you do that you may say "It's not as bad as I thought".

Make sure you aren't reinvesting dividends or capital gains distributions into the active funds. Use the dividends and capital gains distributions to buy index funds.
Last edited by stan1 on Fri Oct 05, 2018 7:56 am, edited 1 time in total.
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retiredjg
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Re: Portfolio Review - Seeking Better Simplification

Post by retiredjg »

Which accounts are getting contributions each year? How much?


I would get rid of the American Funds as well, after getting rid of the other two. Just set a goal of something like 3 or 4 years to get rid of it all. Why? The higher expense ratios are costing you money each year. Also, those funds are not tax-efficient - costing you in taxes each year.

Don't be afraid of paying taxes. It simply means you have made money.

https://www.bogleheads.org/wiki/Paying_ ... itch_funds
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TinyElvis
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Re: Portfolio Review - Seeking Better Simplification

Post by TinyElvis »

retiredjg wrote: Fri Oct 05, 2018 7:55 am Which accounts are getting contributions each year? How much?
Simple IRAs and HSAs are maxed each year. We cannot contribute to our Roth IRAs so I just invest in taxable (instead of non-deductible IRA contributions).

I am trying to find a good Vanguard replacement(s) for the 4 non-VG funds in my retirement accounts. I'm not sure if I should go all in with the Vanguard Total International or try to slice-n-dice in some emerging markets and other comparable funds to the existing holdings.
"Give a cat a fish and it will eat for a day. Teach a cat to fish and it will just sit there waiting for you to give it a fish."
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Peter Foley
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Re: Portfolio Review - Seeking Better Simplification

Post by Peter Foley »

My personal approach - not necessarily one endorsed by BH philosophy. I think a minimum is 4 funds. Domestic equity, international equity, a well diversified US bond fund and a non equity fund that provides some inflation protection. That fund can be a stable value fund or TIPs. If you are thinking about taxable account options, I-bonds would be my first choice.
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TinyElvis
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Re: Portfolio Review - Seeking Better Simplification

Post by TinyElvis »

I modified my original post to the recommended format in hopes of additional feedback. Thx.
"Give a cat a fish and it will eat for a day. Teach a cat to fish and it will just sit there waiting for you to give it a fish."
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ruralavalon
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Location: Illinois

Re: Portfolio Review - Seeking Better Simplification

Post by ruralavalon »

TinyElvis wrote: Wed Oct 03, 2018 12:34 pm Hi all. In 2015, I moved away from UBS and transferred to Vanguard (with the help of the fine folks on this board). I used a local fee-only financial adviser who helped me put together my portfolio and have engaged his services each year to adjust as needed. I'm at a point where I am getting comfortable enough to do more of this on my own and would like to take full control.

Emergency Funds: Yes
Debt: No
Filing Status: Married-Jointly
Tax Rate: 24% Fed, 0% State (TN)
Age: 47, 41
Desired Allocation: 70,30
Portfolio is lower 7 figures (begins with a 1).

Current Portfolio (which is hovering at my desired allocation):
HER - HSA
0.14% Dodge & Cox Income Fund (DODIX) (0.43)
0.15% Vanguard Equity-Income Fund Admiral Shares (VEIRX) (0.17)
1.15% Vanguard LifeStrategy Conservative Growth Fund Investor Shares (VSCGX) (0.12)

HER - IRA
0.82% Vanguard Selected Value Fund Investor Shares (VASVX) (0.39)
1.82% Vanguard STAR Fund (VGSTX) (0.32)

HER - Roth IRA
2.36% Vanguard Target Retirement 2035 Fund Investor Shares (VTTHX) (0.14)

HER - Simple IRA
5.11% Vanguard Target Retirement 2020 Fund (VTWNX) (0.13)

HIS - Taxable
4.83% American Funds AMCAP Fund Class A (AMCPX) (0.68)
2.94% American Funds American Mutual Fund Class A (AMRMX) (0.60)
2.82% American Funds New Perspective Fund Class A (ANWPX) (0.75)
5.25% American Funds The Growth Fund of America Class A (AGTHX) (0.64)
2.56% Columbia Seligman Communications and Information Fund Class A (SLMCX) (1.27)
1.99% Oppenheimer Mid Cap Value Fund Class A (QVSCX) (1.16)
0.02% Vanguard Federal Money Market Fund Investor Shares (VMFXX)
4.20% Vanguard Prime Money Market Fund Investor Shares (VMMXX) (0.16)
5.45% Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) (0.09)

HIS - HSA
0.37% Dodge & Cox Income Fund (DODIX) (0.43)
0.40% Vanguard Equity-Income Fund Admiral Shares (VEIRX) (0.17)
3.06% Vanguard LifeStrategy Conservative Growth Fund Investor Shares (VSCGX) (0.12)

HIS - IRA
3.07% FMI International Fund (FMIJX) (0.91)
1.55% Oakmark Global Select Fund Class I (OAKWX) (1.19)
2.02% PRIME CAP ODYSSEY GROWTH (POGRX) (0.67)
1.49% Seafarer Overseas Growth and Income Fund Investor Class (SFGIX) (0.97)
5.26% Vanguard Short-Term Investment-Grade Fund Admiral Shares (VFSUX) (0.10)
1.77% Vanguard Small Cap Value Index Fund Admiral Shares (VSIAX) (0.07)
8.47% Vanguard Target Retirement 2020 Fund (VTWNX) (0.13)
5.23% Vanguard Ultra-Short-Term Bond Fund Admiral Shares (VUSFX) (0.10)
2.36% Vanguard Value Index Fund Admiral Shares (VVIAX) (0.05)

HIS - Roth IRA
0.89% FMI International Fund (FMIJX) (0.91)
0.95% Oakmark Global Select Fund Class I (OAKWX) (1.19)
1.23% PRIME CAP ODYSSEY GROWTH (POGRX) (0.67)
1.48% Seafarer Overseas Growth and Income Fund Investor Class (SFGIX) (0.97)
5.36% Vanguard Dividend Growth Fund Investor Shares (VDIGX) (0.26)
4.83% Vanguard Selected Value Fund Investor Shares (VASVX) (0.39)
1.15% Vanguard Small Cap Value Index Fund Admiral Shares (VSIAX) (0.07)
2.36% Vanguard Value Index Fund Admiral Shares (VVIAX) (0.05)

HIS - Simple IRA
5.09% Vanguard Target Retirement 2020 Fund (VTWNX) (0.13)

In my taxable account, I have non-Vanguard funds that have relatively high amount of capital gains so I've been hesitant to sell. I am thinking of keeping the American Funds and ditching the other two. Thoughts? Should I even worry about those small tilts?

The portfolio has performed well. I understand the slicing & dicing on the bonds and small/mid-caps as it meets the recommend objective. The adviser was more comfortable with actively managed funds for the international/developing markets.

Should I continue on cruise-control, or pare this down?
TinyElvis wrote: Thu Oct 04, 2018 7:51 am Thank you for the input.

Excluding the American Funds, I would like to try and get the rest down to 3 or 4 funds.

I've been following the bond and TIPS threads which have made me somewhat hesitant go simplify down to the Total Bond Fund. I feel like I *need* TIPS instead of (or a companion) to the bond funds but I'm not completely comfortable with my understanding.
TinyElvis wrote: Fri Oct 05, 2018 8:42 am
retiredjg wrote: Fri Oct 05, 2018 7:55 am Which accounts are getting contributions each year? How much?
Simple IRAs and HSAs are maxed each year. We cannot contribute to our Roth IRAs so I just invest in taxable (instead of non-deductible IRA contributions).

I am trying to find a good Vanguard replacement(s) for the 4 non-VG funds in my retirement accounts. I'm not sure if I should go all in with the Vanguard Total International or try to slice-n-dice in some emerging markets and other comparable funds to the existing holdings.
Are all of the accounts at Vanguard?

How much are you contributing annually to the taxable account?

I suggest using Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) instead of slicing and dicing international stocks. That could replace the international stock funds in his IRAs.

At your ages (47 and 41) I would not suggest a TIPS fund. I would not suggest a TIPS fund until retirement age, if then.

Instead for bonds I suggest Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) , or another intermediate-term or short-term bond fund like Vanguard Intermediate-term Bond Index Fund Admiral Shares (VBILX).
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link: Bogleheads® investment philosophy
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TinyElvis
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Re: Portfolio Review - Seeking Better Simplification

Post by TinyElvis »

Hi.
ruralavalon wrote: Mon Oct 15, 2018 5:15 pm Are all of the accounts at Vanguard?

How much are you contributing annually to the taxable account?

I suggest using Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) instead of slicing and dicing international stocks. That could replace the international stock funds in his IRAs.

At your ages (47 and 41) I would not suggest a TIPS fund. I would not suggest a TIPS fund until retirement age, if then.

Instead for bonds I suggest Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) , or another intermediate-term or short-term bond fund like Vanguard Intermediate-term Bond Index Fund Admiral Shares (VBILX).
Except for the HSAs, all of the accounts are at Vanguard.

Annual contributions to the taxable account varies but it's generally around 24k.

I am thinking of:

1. Selling the non-American funds in taxable and exchange into VTSAX.
2. Selling the non-Vanguard funds in the retirement accounts and exchange into VTIAX.
3. Selling the target-date fund in my IRA and allocate VTSAX and VBTLX.

That seems like it would simplify things quite a bit and save on some expenses.
"Give a cat a fish and it will eat for a day. Teach a cat to fish and it will just sit there waiting for you to give it a fish."
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ruralavalon
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Re: Portfolio Review - Seeking Better Simplification

Post by ruralavalon »

TinyElvis wrote: Tue Oct 16, 2018 7:15 am Hi.
ruralavalon wrote: Mon Oct 15, 2018 5:15 pm Are all of the accounts at Vanguard?

How much are you contributing annually to the taxable account?

I suggest using Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) instead of slicing and dicing international stocks. That could replace the international stock funds in his IRAs.

At your ages (47 and 41) I would not suggest a TIPS fund. I would not suggest a TIPS fund until retirement age, if then.

Instead for bonds I suggest Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX), or another intermediate-term or short-term bond fund like Vanguard Intermediate-term Bond Index Fund Admiral Shares (VBILX).
Except for the HSAs, all of the accounts are at Vanguard.

Annual contributions to the taxable account varies but it's generally around 24k.

I am thinking of:

1. Selling the non-American funds in taxable and exchange into VTSAX.
2. Selling the non-Vanguard funds in the retirement accounts and exchange into VTIAX.
3. Selling the target-date fund in my IRA and allocate VTSAX and VBTLX.

That seems like it would simplify things quite a bit and save on some expenses.
Have you calculated the benefit of reduced expenses versus the tax cost in possibly selling the American Funds in your taxable account, as suggested by retiredjg? Wiki article, "Paying a tax cost to switch funds". That wiki article contains a spreadsheet you could use.

"If you decide not to switch, or will take some time deciding, do not reinvest any dividends or capital gains in the old fund; you do not want to buy more shares of a fund which is costing you in taxes."
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link: Bogleheads® investment philosophy
megabad
Posts: 3638
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Re: Portfolio Review - Seeking Better Simplification

Post by megabad »

TinyElvis wrote: Wed Oct 03, 2018 12:34 pm In my taxable account, I have non-Vanguard funds that have relatively high amount of capital gains so I've been hesitant to sell. I am thinking of keeping the American Funds and ditching the other two. Thoughts? Should I even worry about those small tilts?
Only you can make this decision. However, I would point out that you are already exposed to tax drag via distributions in some of these holdings in addition to ERs that are a factor of 10 larger than most index funds. You are likely in 15% LTCG bracket and since you contribute $60k/yr, I would predict you are not likely to ever drop below this unless your expenses are much lower than typical. As such, I do not see the disadvantage of selling now unless you are estate planning for basis step up.

The portfolio has performed well. I understand the slicing & dicing on the bonds and small/mid-caps as it meets the recommend objective. The adviser was more comfortable with actively managed funds for the international/developing markets.
Your advisor has chosen some rather expensive actively managed funds (as you have noted). I am obviously a proponent of index funds. Please see the numerous reports regarding active vs passive management to know why (even in international markets). Additionally, this portfolio does not appear to have a coherent plan. You are currently invested in both Growth and Value in a significant manner which seems counterintuitive to me. There is significant overlap and tilts toward large, mid and small cap. If you wanted to own the entire market, than why not own an index fund and pay 10 times less expenses? The differing Target Date Funds confuse me a bit as well. I like fewer holdings personally because it confuses me less.
I have a simple rule, if I can't explain why I own it in one sentence than I probably shouldn't.


Should I continue on cruise-control, or pare this down?
TinyElvis wrote: Fri Oct 05, 2018 8:42 am
retiredjg wrote: Fri Oct 05, 2018 7:55 am Which accounts are getting contributions each year? How much?
Simple IRAs and HSAs are maxed each year. We cannot contribute to our Roth IRAs so I just invest in taxable (instead of non-deductible IRA contributions).

I am trying to find a good Vanguard replacement(s) for the 4 non-VG funds in my retirement accounts. I'm not sure if I should go all in with the Vanguard Total International or try to slice-n-dice in some emerging markets and other comparable funds to the existing holdings.
This depends on your goal and if you want to have similar allocation to what you currently have. FMIJX in international value, Primecap Od Growth is domestic growth large, Seafarer Overseas Growth & Income is emerging growth. There are much cheaper ETF alternatives for all of these, but I would question whether you need these exact exposures and review your plan first.
TinyElvis wrote: Thu Oct 04, 2018 7:51 am Thank you for the input.

Excluding the American Funds, I would like to try and get the rest down to 3 or 4 funds.

I've been following the bond and TIPS threads which have made me somewhat hesitant go simplify down to the Total Bond Fund. I feel like I *need* TIPS instead of (or a companion) to the bond funds but I'm not completely comfortable with my understanding.
Personally not a fan of TIPS for most folks in their 40s, but everyone is different. Why do you feel like you "need" TIPS?
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TinyElvis
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Re: Portfolio Review - Seeking Better Simplification

Post by TinyElvis »

Hi.
ruralavalon wrote: Tue Oct 16, 2018 10:36 am Have you calculated the benefit of reduced expenses versus the tax cost in possibly selling the American Funds in your taxable account, as suggested by retiredjg? Wiki article, "Paying a tax cost to switch funds". That wiki article contains a spreadsheet you could use.

"If you decide not to switch, or will take some time deciding, do not reinvest any dividends or capital gains in the old fund; you do not want to buy more shares of a fund which is costing you in taxes."
I have some other private investment losses that should help offset my tax-burden. I am going to discuss with my accountant further before liquidating the American funds. I switched off the dividend reinvestment earlier this year and have been putting those into the money market fund. :)
"Give a cat a fish and it will eat for a day. Teach a cat to fish and it will just sit there waiting for you to give it a fish."
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TinyElvis
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Re: Portfolio Review - Seeking Better Simplification

Post by TinyElvis »

Thank you for the response and thought-provoking questions. :)
megabad wrote: Tue Oct 16, 2018 11:37 am Additionally, this portfolio does not appear to have a coherent plan. You are currently invested in both Growth and Value in a significant manner which seems counterintuitive to me. There is significant overlap and tilts toward large, mid and small cap. If you wanted to own the entire market, than why not own an index fund and pay 10 times less expenses? The differing Target Date Funds confuse me a bit as well. I like fewer holdings personally because it confuses me less.

I have a simple rule, if I can't explain why I own it in one sentence than I probably shouldn't.
It is supposed to be a "moderate growth" asset allocation strategy:

Large-cap U.S. stocks(25)
Mid/small-cap U.S. stocks(15)
Foreign stocks(15)
Real estate/alternative/HY bonds(15)
Investment-grade fixed income/cash(30)

It's just a little too confusing for me to reconcile my current portfolio to that allocation.
megabad wrote: Tue Oct 16, 2018 11:37 am ..but I would question whether you need these exact exposures and review your plan first.
Yes, I am questioning my need for those as well, and am leaning towards a the total international index fund.
megabad wrote: Tue Oct 16, 2018 11:37 am Personally not a fan of TIPS for most folks in their 40s, but everyone is different. Why do you feel like you "need" TIPS?
Probably from reading too many threads on this forum about it probably! ;-) It just seemed like another fixed income area I should be in.
"Give a cat a fish and it will eat for a day. Teach a cat to fish and it will just sit there waiting for you to give it a fish."
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