Re: income funds
Weeel...technically wellesley calls itself the "wellesley income fund".
Wellington is one of the oldest, if not the oldest, mutual fund. Wellesley is its little brother and considered the same sort of fund (high dividend large cap value + shorter-intermediate high quality bonds) only more conservative.
"Old money" hideouts. For some time a 'standard' among the well to do was to start in wellington and slowly shift your money to wellesley as you aged. Sort of a roll-your-own target retirement fund...
Wellesley simply turns in good returns, throws off a lot of income, and hasnt taken any "bad beatings" even during some relatively ugly times.
To be fair, its had some nice runs in large cap value and in the types of bonds its owned. With rising interest rates and a push to growth stocks, it could stodge along for a few years.
Still my largest holding. You have to love the reliability of big bond yields and stock dividends landing in your checking account ever quarter.
I used to own your oakmark fund...one of the better ones...but it charges over 1% management fee IIRC...my wellesley admiral shares charged .19-.20% last year. I get a .80% head start right off the bat.
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.