Wow. Finally, a lot of intriguing new investment opportunities. David Sherman, whose RiverPark Short-Term High Yield (RPHYX) fund has both a one-star rating and the universe’s best Sharpe ratio (by a lot) over the past five years, is launching a CrossingBridge Low Duration. Polen Capital, which runs three splendid funds – large growth, global and international – is adding a small cap offering. Thrivent, which has very solid, low-profile funds, offers up a no-load, no-minimum international fund with 0.09% expenses. And Mark Wynegar, whose Tributary Small Company Fund (FOSCX) has a great record for low risk, low turnover, low drama performance, adds a small-to-midcap fund to his portfolio.
And, oh yeah, you can also track price changes in bitcoin now without actually buying a bitcoin.
CrossingBridge Low Duration High Yield Fund
CrossingBridge Low Duration High Yield Fund will seek high current income and capital appreciation consistent with the preservation of capital. The plan is to invest in corporate bonds, zero-coupon bonds, commercial paper, ETNs, distressed debt securities, bank loan assignments, private placements, mortgage- and asset-backed securities, government bonds, and corporate bank loans. They’ll target a duration of three years or less, depending on conditions. They can invest, without limit, in 144A private placements. The fund will be managed by David K. Sherman, President of CrossingBridge Advisors, and Michael DeKler. That’s the same winsome David K. Sherman who serves as president of Cohanzick and manages two very fine fixed-income funds for RiverPark. Investor shares, with an initial expense ratio of 1.75% and $2500 minimum are authorized by the prospectus but will not be immediately available. Institutional shares will carry a 1.47% e.r. and $250,000 minimum.
CrossingBridge Tactical Credit Fund
CrossingBridge Tactical Credit Fund will seek absolute total returns over a complete market cycle. The plan is to invest long and short in a global fixed-income portfolio. The fund will be subadvised by Pinebank Asset Management, with day-to-day management by Oren M. Cohen. Mr. Cohen is also a principal at, and portfolio manager for, Cohanzick. Investor shares, with an initial expense ratio of 1.27% and $2500 minimum are authorized by the prospectus but will not be immediately available. Institutional shares will carry a 0.99% e.r. and $250,000 minimum.
Harbor High-Yield Opportunities Fund
Harbor High-Yield Opportunities Fund will seek total return. The plan is to buy junk bonds issued by high-quality corporations. The selection process is risk-sensitive, credit-sensitive, rigorous and comprehensive, with a dash of “flexible and opportunistic.” The fund will be managed by John A. Fekete of Crescent Capital Group who, the prospectus helpfully informs us, “began his career in 19XX at Philadelphia-based CoreStates Bank.” What a coincidence! I began my career at Augustana College in 19XX, too! The initial expense ratio is 1.10% for Investor shares and 0.66% for Retirement shares. The minimum initial investment will be$2,500.
JOHCM Global Income Builder Fund
JOHCM Global Income Builder Fund will seek a level of current income that is consistent with the preservation and long-term growth of capital in inflation-adjusted terms. The plan is to build a flexible, global, multi-asset portfolio. The portfolio manager hasn’t been named. The initial expense ratio is 0.89% for Institutional shares whose minimum initial investment will be $1,000,000. I mention the fund for two reasons: (1) JOHCM does good work and (2) two other share classes, with higher expenses and presumably lower minimums, are authorized by the portfolio even though they might not be initially offered.
PhaseCapital Dynamic Multi-Asset Growth Fund
PhaseCapital Dynamic Multi-Asset Growth Fund will seek long-term capital growth. The plan is to manage a global, unconstrained, multi-asset portfolio guided by “a disciplined, risk-based tactical risk management allocation methodology.” I guess I’m reassured that their risk management allocation methodology is risk-based. The fund will be managed by Michael DePalma and Michael Ning of PhaseCapital LP. The initial expense ratio hasn’t been disclosed and the minimum initial investment will be $1,000.
Polen U.S. Small Company Growth Fund
Polen U.S. Small Company Growth Fund will seek long-term growth of capital. The plan is to identify high quality small companies (“consistent and sustainable high return on capital, vibrant earnings growth, robust free cash flow generation, strong balance sheets and competent and shareholder-oriented management teams”) then buy their stock. The fund will be non-diversified. The fund will be managed by Tucker Walsh, the Head of the Small Company Growth Team at Polen. The initial expense ratio is 1.50% and the minimum initial investment will be $3,000, reduced to $2,000 for IRAs and accounts established with an AIP.
REX Bitcoin Strategy Fund
REX Bitcoin Strategy Fund will seek provide investors with long exposure to the price movements of bitcoin. The plan is “to directly or indirectly in an actively managed portfolio of financial instruments providing long exposure to movements in the value of bitcoin, together with an actively managed portfolio of fixed income instruments.” (sigh) The fund will be managed by Denise M. Krisko of Vident Investment Advisory. Neither the initial expense ratio nor the minimum initial investment have been disclosed.
Thrivent Core International Equity Fund
Thrivent Core International Equity Fund will seek long-term capital appreciation. The plan is to invest, primarily, in international mid- to large-cap stocks. The fund will be managed by Noah J. Monsen, and Brian W. Bomgren of Thrivent Financial. The initial expense ratio is 0.09% and the minimum initial investment will be $50.
Tributary Small /Mid Cap Fund
Tributary Small /Mid Cap Fund will seek long-term capital appreciation. The plan is to ask you to trust the managers; the disclosed strategy is to buy small- and mid-cap stocks that are selling for less than what they’re worth. The fund will be managed by Mark Wynegar and Donald Radtke. Mr. Wynegar also co-manages the very fine Tributary Small Company fund. In our profile, we described it as a fund “that gets the job done, quietly and well, year after year.” For the “Institutional” shares, the initial expense ratio is 1.24% and the minimum initial investment will be $1,000. Why call retail class “institutional”? My recollection is that it’s a corporate legacy: they had another “institutional” fund and found cause to reduce its minimum is $1,000. Now, by default, the $1,000 share class is “Institutional” and the $5 million share class is “Institutional Plus.”
VanEck Morningstar Wide Moat Fund
VanEck Morningstar Wide Moat Fund will seek track the Morningstar Wide Moat Index. Van Eck already runs an ETF (MOAT) that tracks the same index. The fund will be managed by Peter Liao. The initial expense ratio has not been disclosed (the ETF’s is 0.49%) and the minimum initial investment will be set by the intermediary rather than the adviser.
WCM Alternatives: Credit Event Fund
WCM Alternatives: Credit Event Fund will seek attractive risk-adjusted returns, through a combination of current income and capital growth, independent of market cycles. The plan is to build a fixed-income portfolio around “special situations” securities: capital structure arbitrage, merger and acquisitions, spin-offs, credit restructurings, IPOs of debt, re-financings, debt maturities, asset monetizations, and other restructurings. The fund will be managed by Roy Behren, Michael Shannon, and Steven Tan of Westchester Capital Management. The initial expense ratio hasn’t been disclosed and the minimum initial investment for “Investor” shares will be $1,000.
