It's a sad fact, but mutual-fund investors really get a raw deal when it comes to taxes.

It's to promote the beauty and power of math. It is beautiful and powerful and how it shouldn't be a scary thing.

I don't think the conflicts completely disappear but the transaction certainly helps alleviate some of that.

I'm very glad to see it close. We've been cautioning investors not to expect as much from it because its asset base has significantly limited its flexibility. At a certain level, it's going to lose its ability to distinguish itself from an index fund.

If a manager's being inundated with cash, it can make his job difficult. This is an attempt to let things cool off. Once they do, I'd look for this one to reopen.

The new fund will be playing in different space, but you can make some assumptions about how it might perform by looking at Strategic Equity Fund.