April 2012 Funds in Registration

By David Snowball

Black Select Long/Short

Black Select Long/Short will seek long-term capital appreciation over a full market cycle.  They invest both long and short in a focused, global portfolio of mid- to large-cap companies. Gary Black, president of the adviser, will manage the fund.  This is the same Gary Black who was president, CEO and/or chief investment officer of Janus from 2004-2009. During his watch, at least 15 equity managers left Janus and one won a multi-million dollar suit against the company.  Despite a war on the star managers, he’s credited with an important reorganization of the place.  Before that he was chief investment officer for Goldman Sachs’ global equities group. Minimum initial investment will be $2500. Expenses for the Investor share class are capped at 2.25%.

Braver Tactical Equity Opportunity Fund

Braver Tactical Equity Opportunity Fund will seek capital appreciation with low volatility and low correlation to the broad domestic equity markets.  The plan is to both time the market (they may go 100% to cash in order to avoid market declines) and to rotate among sectors using ETFs.  It will be managed by a team led by Andrew Griesinger, Braver’s chief investment officer. The team uses the same strategy in their separate accounts.  Information in the prospectus shows those accounts trailing the S&P500 and a hedge fund benchmark for the trailing year, three years and period since inception (though leading over the trailing five years).  They provide no volatility data. $1000 minimum initial investment.  Expenses capped at 1.5%.

Global X

Global X Top Hedge Fund Equity Holdings, Top Value Guru Holdings, Top Activist Investor Holdings, Listed Hedge Funds ETFs will all invest in indexes designed to track the activities of the mythically talented.  They will all be managed by Global X’s top two executives, Bruno del Ama and Jose C. Gonzalez. Expenses not yet set.

ProShares Listed Private Equity and ProShares Merger Arbitrage

ProShares Listed Private Equity and ProShares Merger Arbitrage ETFs.  With great conviction, ProShares reports: “ProShares Merger Arbitrage (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the [            ] Merger Arbitrage Index (the “Index”). The Index was created by [            ] (the “Index Sponsor”).” Trans: we’re going to track some index (we don’t  know which), created by somebody (we don’t know who).  Trust us, this is a compelling idea whose time has come.  Alexander Ilyasov will manage the ETFs.  Expenses not yet set.

Reinhart Mid Cap Private Market Value Fund

Reinhart Mid Cap Private Market Value Fund will seek long-term capital appreciation by purchasing a diversified portfolio of mid-cap stocks which are selling at a 30% discount to their “true intrinsic value.”  Brent Jesko, Principal and Senior Portfolio Manager of the Adviser, is the Fund’s lead portfolio manager.  $5000 minimum initial investment.  Expenses not yet set.

T. Rowe Price Emerging Markets Corporate Bond Fund

T. Rowe Price Emerging Markets Corporate Bond Fund will pursue high current income, with a secondary goal of capital appreciation.  The plan is to buy bonds, primarily dollar-denominated and primarily intermediate-term, that are issued by companies that are located or listed in, or conduct the predominant part of their business activities in, emerging markets. Michael J. Conelius will manage the fund. $2500 investment minimum for regular accounts, $1000 for various tax-advantaged products. Expenses are capped at 1.15%.  They intend to launch on May 24, 2012.

USAA Cornerstone Funds

USAA Cornerstone Funds (Conservative, Moderately Conservative, Aggressive, Equity) will each invest in other funds.  Each has a set asset allocation, ranging from 20 – 100% equities.  Two existing funds will be rebranded as Moderate and Moderately Aggressive to round out the collection.  Each will be team managed, with John P. Toohey and Wasif A. Latif, Vice President of Equity Investments being present on all of the teams.  Expenses vary, but are uniformly low.  The minimum initial investment is $3000, reduced to $500 for accounts established with automatic investment plans. They anticipate launch in June 2012.


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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.