Ariel Global Equity Fund
Ariel Global Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 stocks, foreign, domestic and emerging. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.
Ariel International Equity Fund
Ariel International Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 developed market stocks outside the US. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.
ASTON/Silvercrest Small Cap Fund
ASTON/Silvercrest Small Cap Fund The manager is Roger Vogel, Managing Director of Silvercrest and lead portfolio manager for Silvercrest’s small cap value investment strategy. Prior to Silvercrest, he co-managed both small-cap and large-cap portfolios for Credit Suisse. His private account composite has returned 6.4% since inception in 2003, while the Russell 2000 Value returned 4%. For better or worse, most of his advantage comes in a dramatic outperformance in 2008. Expense ratio of 1.41%, minimum initial investment of $2500, reduced to $500 for IRAs.
Forward Endurance Fund
Forward Endurance Fund seeks long-term growth by investing, long and short, in a global stock portfolio. Their focus will be “to identify trends that may have large and disruptive impacts on global business markets.” David Readerman and Jim O’Donnell will manage the fund. They recently took over Forward Small Cap as well. Expenses not yet set, $4000 minimum initial investment, reduced to $2000 if you sign up for eDelivery, $500 for accounts with automatic investing plans.
Forward Floating NAV Short Duration Fund
Forward Floating NAV Short Duration Fund seeks maximum current income consistent with the preservation of principal and liquidity. Their investment strategy is generic (investment grade, US and non-US, government and corporate debt), but they’re benchmarked against the three-month T-bill and the prospectus goes to pains to say that they’re not a money market. That, of course, says that they’re trying to market themselves as “better than a money market.” David L. Ruff and Paul Broughton will manage the fund. Both have extensive experience, though not in fund management. Expenses not yet set, $4000 minimum initial investment, reduced to $2000 if you sign up for eDelivery, $500 for accounts with automatic investing plans.
FPA International Value Fund (FPIVX)
FPA International Value Fund (FPIVX) seeks above average capital appreciation while attempting to minimize the risk of capital loss. FPA looks in all their funds for well-managed, financially strong, high quality businesses whose stock sells at a significant discount. The managers, Eric Bokota and Pierre Py, are both former Harris Associate (i.e., Oakmark) analysts. Initial expense ratio of 1.98% (they don’t believe in fee waivers), but at least the minimum initial investment ($1500) is low.
Gerstein Fisher Multi-Factor International Growth Equity Fund
Gerstein Fisher Multi-Factor International Growth Equity Fund will seek long-term capital appreciation. They’ll focus on “smaller growth companies that may also display characteristics typically associated with value-oriented investments.” Gregg S. Fisher, the firm’s chief investment officer, will manage the fund. Expenses of 1.37%, $5,000 minimum initial investment.
Granite Value Fund
Granite Value Fund will seek long-term growth by investing globally in about 40 mid- to large-cap stocks. Scott B. Schermerhorn will manage the fund. Expense ratio of 1.35%, $10,000 minimum initial investment, reduced to $5000 for tax-advantaged accounts.
IASG Managed Futures Strategy Fund (“N” shares)
IASG Managed Futures Strategy Fund (“N” shares) will seek positive long-term absolute returns. The plan is to invest 75% in fixed income and 25% in a combination of “commodity pools” and ETFs. This has “bad idea” written all over it. The strategy is obscure and depends, largely, on investing in a bunch of actively managed “pooled investment vehicles,” each of which has a manager pursued his own commodity strategy, often derivative based or in ETFs that have price momentum. The fund will be managed by Perry Lynn and JonPaul Jonkheer of IASG Capital Management. $2500 investment minimum, expense ratio not yet set.
Kottke Commodity Strategies Fund (“N” shares)
Kottke Commodity Strategies Fund (“N” shares) will seek positive absolute returns. The plan is to invest 75% in cash and 25% in exchange-traded commodity futures and options. The cash – currently offering negative real returns – is collateral for the commodity positions. The fund will be managed by a team led by Michael Crouch (“head trader”). $2500 investment minimum, expense ratio not yet set.
Miller Tabak Merger Arbitrage and Event Driven Fund
Miller Tabak Merger Arbitrage and Event Driven Fund will pursue capital appreciation by investing the stocks of companies that are undergoing, or may undergo, “transformational corporate events” such as “announced merger transactions, announced or have possible spin-offs, split-offs or sales of divisions; businesses that are exploring “strategic alternatives” such as stock buybacks, or sales of the entire companies; companies that may announce or have completed attractive acquisitions; and other special situations.” Michael Broudo will manage the fund, and also manages Miller Tabak’s merger arbitrage and event-driven equity group. Miller Tabak is a heavy weight institutional firm that executes trades for hedge funds and institutions, and this has the feel of a “friends and family” fund for those unable to afford MT’s private accounts. $1000 investment minimum, but an expense ratio (after waivers!) of 2.75%.
Scharf Fund
Scharf Fund will seek long-term capital appreciation. The fund will mostly invest in stocks (daringly, the manager targets stocks which “have significantly more appreciation potential than downside risk over the long term”), might invest up to 50% in international stocks and might invest up to 30% in bonds. Brian A. Krawez, former “Head of Research at Belden and Associates<” will manage the fund. $10,000 investment minimum, reduced to $5000 for tax-advantaged accounts and those with automatic-investing plans, expense ratio of 1.25%.
Sierra Strategic Income Fund
Sierra Strategic Income Fund wants “to provide total return (with income contributing a significant part) and to limit volatility and downside risk.” It will be a fund of income funds, including funds or ETFs which invest in foreign, emerging or domestic bonds, issued by governments or corporations, and REITs. They look with asset classes with price momentum, try to find high-alpha managers in those classes and have a fairly severe stop-loss discipline. The fund will be managed by a team from Wright Fund Management, which has been using this strategy in separate accounts since the late 1980s. Expenses not yet set, $10,000 minimum initial investment.
TFS Hedged Futures Fund
TFS Hedged Futures Fund will pursue long-term capital appreciation. It will be a global long/short equity fund. It will be managed by a six-person team. Expenses, after waivers, of 2.30%, $5000 minimum investment.
Vanguard Emerging Markets Government Bond Index Fund
Vanguard Emerging Markets Government Bond Index Fund will track the performance of the Barclays Capital Emerging Markets Sovereign Index (USD) that measures the investment return of U.S. dollar-denominated bonds issued by governments of emerging market countries. They anticipate a weighted average maturity of 10-15 years. Greg Davis and Yan Pu will manage the fund. Expense ratio of 0.50%, minimum initial investment is $3000.
Vanguard Target Retirement 2060 Fund
Vanguard Target Retirement 2060 Fund will seek to provide capital appreciation and current income consistent with its current asset allocation. It invests in just three underlying funds, Vanguard Total Stock Market Index (63%), Vanguard Total International Stock Index (27%) and Vanguard Total Bond Market II Index (10%). As with all such funds, it was slowly become more conservative as 2060 approaches. (Given that I’m not going to be here to confirm it, I’ll take Vanguard’s word on the matter.) The investment minimum is a remarkably low $1000, expense ratio is equally remarkable, at 0.18%.
Vanguard Total International Bond Index Fund
Vanguard Total International Bond Index Fund will track the Barclays Capital Global Aggregate ex-USD Float-Adjusted Index (Hedged) that measures the investment return of investment-grade bonds issued outside of the US. They anticipate a weighted average maturity of 5-10 years. Greg Davis and Yan Pu will manage the fund. Expense ratio of 0.40%, minimum initial investment is $3000.
William Blair Small-Mid Cap Value Fund
William Blair Small-Mid Cap Value Fund will seek long-term capital appreciation, which they’ll pursue by investing in domestic small- and mid-cap stocks. The management team are the same folks who run Blair Small Cap Value and Mid Cap Value, neither of which is bad. Expenses not yet set, $5000 minimum initial investment, reduced to $3000 for IRAs.
