February 2013, Funds in Registration

By David Snowball

Artisan Global Small Cap Fund

Artisan Global Small Cap Fund (ARTWX) will pursue maximum long-term capital growth by investing in a global portfolio of small-cap growth companies.  “Small” means “under $4 billion.”  The fund will be managed by Mark L. Yockey, Charles-Henri Hamker and David Geisler.  Yockey & co. manage three other funds for Artisan and do so with considerable and consistent distinction.  The plan is to apply the same investing discipline here as they do with Artisan International Small Cap (ARTJX) and their other funds.  The investment minimum is $1000 and expenses are capped at 1.5%. Given that Artisan has yet to launch a dud, this will be particularly worth following.

ASTON/LMCG Emerging Markets Fund

ASTON/LMCG Emerging Markets Fund  will pursue long-term capital appreciation by investing in emerging markets stocks, both directly and through ETFs.   It’s a quant stock selection methodology focusing on market dynamics, value and quality.  Gordon Johnson, PhD, CFA, is the lead portfolio manager of the LMCG Emerging Markets strategy.  Before working for Munder (the “M” of LMCG) he served seven years as a portfolio manager for Evergreen. He’s assisted by Shannon Ericson. Expenses not yet set.  The minimum initial investment is $2500, reduced to $500 for various tax-advantaged accounts. 

CV Asset Allocation Fund

CV Asset Allocation Fund will seek maximum real return, consistent with preservation of real capital and prudent investment management.  It’s a fund of funds with a particularly squishy explanation of its plan.  At base, it will construct an asset allocation plan and then buy the best funds available to execute it, and will sell those funds “when a more attractive investment opportunity is identified.” Brenda A. Smith will be running the show.  The minimum is a cool million.  Expenses capped at 1.77%.

Driehaus Event Driven Fund

Driehaus Event Driven Fund seeks to provide positive returns over full-market cycles. They  will employ event-driven strategies designed to exploit disparities or inefficiencies in U.S. and foreign equity and debt markets. Investment opportunities will often center on corporate events such as bankruptcies, mergers, acquisitions, refinancings and earnings surprises as well as government and regulatory agency rulings. They intend to have a proscribed volatility target for the fund, but have not yet released it.  They anticipate a concentrated portfolio and turnover of 100-200%.  K.C. Nelson, Portfolio Manager Driehaus Active Income Fund and Driehaus Select Credit Fund, will manage the fund.  The minimum initial investment is $10,000, reduced to $2000 for IRAs.  Expenses not yet set.

First Trust Enhanced High Income ETF

First Trust Enhanced High Income ETF will seek to provide current income.  The Fund will invest primarily in U.S.-listed equity securities. The Fund will also sell exchange-listed call options on the Standard & Poor’s 500 Index in order to seek additional cash flow (in the form of premiums on the options) that may be distributed to shareholders monthly. The managers will be John Gambla and Rob A. Guttschow, both of First Trust.  Expenses are not yet set and investment minimums don’t apply.

First Western Short Duration Bond Fund

First Western Short Duration Bond Fund will seek a high level of income consistent with preservation of capital and liquidity.  They’ll invest in a diversified portfolio of short duration fixed-income securities.  “Short duration” translates to 90 days to three years.    Greg Haendel, and Barry P. Julien, both of First Western, will manage the fund.  The minimum initial investment is $1000.  Expenses are capped at 0.60%.

Gerstein Fisher Multi-Factor Real Estate Securities Fund

Gerstein Fisher Multi-Factor Real Estate Securities Fund will seek total return by investing in income-producing common stocks and other real estate securities, including real estate investment trusts.  They may invest through ETFs, buy put or call options and invest up to 20% in high-yield bonds. Gregg S. Fisher, President and Chief Investment Officer of the Adviser since 1993, is the Lead Portfolio Manager, and Sheridan Titman is the other one.  The minimum initial investment is $2500.  Expenses capped at 0.90%.

McKinley Diversified Income Fund

McKinley Diversified Income Fund will seek “substantial current income and long-term capital appreciation.” They can invest in common and preferred stock and convertible securities with up to 25% in Master Limited Partnerships and up to 60% in REITs.  The fund will be managed by a team from McKinley Capital. The minimum initial investment is $2500, reduced to $1000 for tax-advantaged accounts.  Investor share class expenses are 1.46% after waivers.

Perkins International Value Fund

Perkins International Value Fund will seek capital appreciation. The plan is to invest in “companies that have fallen out of favor with the market or that appear to be temporarily misunderstood by the investment community.”  They look for strong balance sheets and free cash flows, attractive valuations and a “favorable reward-to-risk” profile. Gregory R. Kolb of Perkins Investment Management will run the fund.  Perkins is the value arm of Janus and they’ve got a strong track record. The retail minimum investment is $2500.  Expenses are not yet set for any of the six proposed share classes.  You can’t, by the way, purchase the “D” class shares.  In a singularly freakish announcement, Janus declares that  *CLASS D SHARES ARE CLOSED TO NEW INVESTORS even before the fund is launched.

Templeton Emerging Markets Bond Fund

Templeton Emerging Markets Bond Fund will seek current income with capital appreciation as a secondary goal. The portfolio will be non-diversified and will maintain, it seems, a substantial currency hedge. Michael Hasenstab, PH.D. and Alpha Male, and Laura Burakreis  will manage the fund. Expenses will range from 0.97 – 1.66%, depending on share class.

TIAA-CREF International Opportunities Fund

TIAA-CREF International Opportunities Fund will seek a favorable long-term total return by investing in companies in the early stages of a structural growth opportunity driven by differentiated products and/or services that maintain strong barriers to entry, continue to outgrow peers and demonstrate accelerating top-line growth with margin expansion.  Jason Campbell, presumably not the former Washington quarterback, will manage the fund.  Like that Campbell, this one seems to be a journeyman who was one of the lower-level managers at Nicholas-Applegate Global Tech (NGTIX) when it rocketed up 500% in 1999 and one of the remaining managers when it crashed and was merged away.  The minimum initial investment is $2500, reduced all the way to $2000 for various tax-advantaged accounts.  The expenses for the Retail share class will be 1.09% after a pointless five basis point fee waiver.

William Blair Global Small Cap Growth Fund

William Blair Global Small Cap Growth Fund seeks long-term capital appreciation by investing in a diversified global small cap stock portfolio.  “Small” means “under $5 billon.”  Under normal market conditions at least 35% of the Fund’s assets will be invested in companies located outside the United States. Normally, the Fund’s investments will be divided among the United States, Continental Europe, the United Kingdom, Canada, Japan and the markets of the Pacific Basin. The Fund may invest the greater of 35% of its net assets or twice the emerging markets component of the MSCI All Country World (ACW) Small Cap Index (net) in emerging markets, which include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries.  Andrew G. Flynn, who also managed William Blair International Leaders (WILNX) and Matthew A. Litfin co-manage the Fund. The minimum initial investment is $2500.  Expenses are not yet set.

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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.