When I first added this fund to the Recommended List I really liked its risk adjusted return profile. While it often lagged the broader market on an absolute basis, it’s lower than average volatility and excellent downside protection more than made up for it. This time however, it sold off more severely than the market and the overall volatility profile was also increasing. Looking deeper into the portfolio, valuations, according to Morningstar, look rather extended when compared to the broader market. This leads me to believe that more volatility is likely, which is in direct contrast to the main reason I liked the fund. Considering the above, I have decided to remove the fund from my Recommended List effective immediately. Instead, in most cases, I believe an investor is likely better served using a low cost index fund or ETF to gain U.S. equity exposure.