February 2012 Funds in Registration

By David Snowball


Conestoga Mid Cap Fund seeks to provide long-term growth of capital.  They will invest in mid-cap (under $10 billion) stocks, including ADRs, convertible securities, foreign and domestic common and preferred stocks, rights and warrants.  They don’t  expect investment in foreign securities to exceed 20% of the fund’s total assets.  William C. Martindale will be the lead manager.  He also manages the exceptionally solid Conestoga Small Cap (CCASX) fund.  The minimum initial investment is $2500, reduced to $500 for accounts with an automatic investment plan. The expense ratio is capped at 1.35%.


Driehaus International Credit Opportunities Fund seeks to provide positive returns under a variety of market conditions.   The fund will hold both long and short positions in debt securities (both sovereign and corporate), equity securities and currencies. The debt securities held in the Fund may be fixed income or floating rate securities.  The portfolio will be concentrated and relatively high turnover (100-300%).  The fund will be managed by Adam Weiner.   Expenses not yet set. $10,000 minimum initial purchase, reduced to $2000 for tax-deferred accounts and ones with an automatic investing plan.  The fund will launch February 23.


Hamlin High Dividend Equity Fund will seek high current income and long-term capital appreciation.  They intend to invest in “sustainable, dividend-paying equity securities,” which might include REITs, royalty trusts and master limited partnerships.  UP to 25% might be invested overseas.  The managers will be Charles Garland and Christopher D’Agnes, both of Hamlin Capital.  The minimum initial purchase is $2500. The initial expense ratio is 1.50% after a very large (165 bps) expense waiver.


Rocky Peak Small Cap Value Fund seeks long-term capital appreciation with a focus on preservation of capital.  They’ll invest in stocks with a capitalization under $3 billion.   The fund is non-diversified and the managers expect a low-turnover, tax-efficient style. Tom Kerr of Rocky Peak Capital will manage the fund.  Expense ratio will be 1.50% with a 2% redemption fee on shares held fewer than 90 days.  The minimum investment is $10,000 but reduced to $1,000 for tax-deferred accounts and those with automatic investing plans.


Sextant Global High Income Fund (SGHIX) will seek high income and capital preservation.  The Global High Income Fund invests in a globally diversified portfolio of income-producing debt and equity securities.  They cap US securities, stocks and investment grade bonds at 50% of the portfolio, and emerging markets securities at 33%.  The fund is clearly risk-conscious but also warns that exploiting a market panic will involve high short-term volatility.  Bryce Fegley, Saturna’s chief investment officer, and John Scott will run the fun.  The minimum initial investment is $1000.  The expense ratio is capped at 0.90%.   The fund launches March 30, 2012.


U.S. Equity High Volatility Put Write Index Fund will seek the match the NYSE Arca U.S. Equity High Volatility Put Write Index which measures the return of a hypothetical portfolio consisting of exchange traded put options which have been sold on each of the 20 largest, most volatile stocks available.  Kevin Rich and Jeff Klearman manage the fund. The expense ratio is 0.95%.


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About David Snowball

David Snowball, PhD (Massachusetts). Cofounder, lead writer. David is a Professor of Communication Studies at Augustana College, Rock Island, Illinois, a nationally-recognized college of the liberal arts and sciences, founded in 1860. For a quarter century, David competed in academic debate and coached college debate teams to over 1500 individual victories and 50 tournament championships. When he retired from that research-intensive endeavor, his interest turned to researching fund investing and fund communication strategies. He served as the closing moderator of Brill’s Mutual Funds Interactive (a Forbes “Best of the Web” site), was the Senior Fund Analyst at FundAlarm and author of over 120 fund profiles. David lives in Davenport, Iowa, and spends an amazing amount of time ferrying his son, Will, to baseball tryouts, baseball lessons, baseball practices, baseball games … and social gatherings with young ladies who seem unnervingly interested in him.