On December 2, 2009, Harbor Funds launched six new offerings, including four overtly “conservative equities” funds. Those funds are:
All four are being advised by a team from Continue reading →
On December 4, 2019, Frontegra launched Frontier Caravan Emerging Markets Fund (FCESX / FCEMX). The fund is sub-advised by Caravan Capital Management and managed by Cliff Quisenberry.
There are two arguments for paying Continue reading →
On October 1, 2019, Virtus launched Virtus KAR International Small-Mid Cap Fund (VKIAX). The fund is managed by the KAR of the title: Kayne, Anderson Rudnick Investment Management, Virtus’s largest wholly-owned subsidiary. KAR, based in Los Angeles, manages rather more than $17 billion in assets. Across all of their portfolios, KAR emphasizes two core attributes Continue reading →
Between September 17 – September 24, 2019, Avantis Investors launched a series of five actively-managed ETFs. They are:
Avantis Emerging Markets Equity ETF AVEM, e.r. 0.33%
Avantis International Equity ETF AVDE, e.r. 0.23%
Avantis International Small Cap Value ETF AVDV, e.r. 0.36%
Avantis U.S. Equity ETF AVUS, e.r. 0.15%
Avantis U.S. Small Cap Value ETF AVUV, e.r. 0.25%
Because of the fundamental Continue reading →
Grandeur Peak Global Contrarian Fund (GPGCX) launched on Tuesday, September 17, 2019. It is Grandeur Peak’s first fund launch since 2015. Like the other core Grandeur Peak funds, Global Contrarian is capacity-constrained and will, in all likelihood, be closed to new investors in relatively short order. The exact strategy capacity, the Grandeur Peaks folks tell us, is hard to pin down because it’s affected by the liquidity of the names in the portfolio and the demands from some of the other GP funds whose portfolio overlaps it. Certainly more than $100 million, likely well under $300 million.
Of the seven Continue reading →
On May 31, 2019, Harbor Funds launched Harbor Focused International (HNFIX/HNFSX). Harbor has eight international and global funds, of which three were either launched or relaunched this year. HNFIX is the most recent of those innovations.
Harbor Focused International will pursue capital appreciation. The fund will invest in 25-40 stocks from developed and emerging international markets. It will be an all-cap portfolio (minimum cap is just $1.5 billion) that is benchmark-agnostic. As a result, it might substantially overweigh some regions, sectors or styles if that’s what Continue reading →
On May 21, 2019, Vanguard launched its Global ESG Select Stock Fund (VEIGX/VESGX). The fund is subadvised by Wellington Management. It is Vanguard’s fourth socially-screened product after FTSE Social Index (VFTSX), ESG U.S. Stock ETF (ESGV) and ESG International Stock ETF (VSGX). Vanguard funds sponge up money pretty promptly: Social Index, launched in 2000, has $5.6 billion but the domestic and international ETFs are under a year old and have gathered $570 million and $380 million, respectively. Morningstar likes them all.
Matthew Brancato of Vanguard claims the fund “is taking a distinctive approach to ESG investing, seeking long-term outperformance through the selection of companies that integrate leading ESG practices into Continue reading →
On May 23, 2019, Harbor Capital Advisors did a hard reset on Harbor International Small Cap (HIISX). Over its first three years, the fund’s returns trailed nearly three-quarters of its peers with only a tiny bit less volatility. Harbor chose to empanel a new subadvisor, Cedar Street Asset Management which was founded in April of 2016, is an employee-owned investment management firm and has $220 million in assets under management as of May 31, 2019. Since Cedar Street brings a distinct strategy that has little in common with their predecessors, MFO classifies this as Continue reading →
On April 30, 2019, Palm Valley Capital Management launched their first, and likely only, fund: Palm Valley Capital Fund (PVCMX). The managers are seeking long-term total return. The plan is to invest in a compact portfolio of high-quality, substantially undervalued small cap stocks.
Their goal is to provide “an attractive Continue reading →
On May 31, 2019, Zeo Capital Advisors launched Zeo Sustainable Credit Fund (ZSRIX). The fund seeks to provide risk-adjusted total returns consisting of income and moderate capital appreciation. This marks the launch of Zeo’s second fund, after Zeo Short Duration Income (ZEOIX).
ZEOIX has performed exceedingly well over its eight years. The fund’s risk-adjusted returns have been best-in-class and its expenses have fallen. The limitation perceived by some of its major investors is that it is duration-constrained; that is, it doesn’t have the flexibility to pursue many attractive longer-duration opportunities. ZSRIX is designed to Continue reading →
On February 22, 2019, Foothill Capital Management launched the Cannabis Growth Fund (CANNX/CANIX). The fund seeks to provide long-term capital appreciation through investing globally in companies “engaged exclusively in legal cannabis activities under applicable national and local laws, including U.S. federal and state law.” This marks the launch Continue reading →
On December 17, 2018, DoubleLine launched the DoubleLine Colony Real Estate and Income Fund. It seeks capital appreciation and income with returns in excess of its benchmark, the Dow Jones U.S. Select REIT Index over a full market cycle. The managers will use derivatives to create investment returns that approximate the returns of the newly-launch Colony Capital Fundamental US Real Estate Index. To the extent that there’s additional capital available, they will also invest in an Continue reading →
On December 31, 2018, FPA launched FPA Flexible Income Fund (FPFIX). The fund seeks to provide long-term total return, which includes income and capital appreciation, while considering capital preservation. This marks FPA’s first new bond fund since becoming adviser to FPA New Income (FPNIX) in 1984. Morningstar celebrates New Income for “a strong management, process, and risk/reward profile and has been a safe haven from losses and bond-market excess.” FPA hopes to leverage those virtues by applying them to a fund that has permission, but not the obligation, to follow a modestly more aggressive path.
FPA tends to be the home of absolute Continue reading →
Effective 4 December 2018, the Artisan Partners officially rechristened Artisan International Small Cap as Artisan International Small-Mid Fund. Four other consequential changes were attendant to it:
On 15 October 2018, the fund reopened to new investors
On that same date, a new manager, Rezo Kanovich, took control of the fund. Mr. Kanovich and his analyst team, all of whom resigned on rather short notice, have guided Oppenheimer International Small-Mid Company (OSMAX) since early 2012.
On 4 December 2018, the fund’s investment guidelines formally changed to broaden the investable universe, though Continue reading →
On November 1, 2018, the Board of Trustees of the Centaur Total Return Fund announced an epochal change: Zeke Ashton, Centaur Fund’s longest-tenured manager and one of its four founding managers, had notified the Board that he intended to resign after a run of 13.5 years. The Board announced an interim management agreement, effective November 15, 2018, under which DCM Advisors, LLC, would assume responsibility for the fund.
While the fund will Continue reading →
It is rare that we issue a Launch Alert for a seventeen year old fund. Then again, it is rare that we find a 17 year old fund as remarkable as Seven Canyons World Innovators (WAGTX / WIGTX). World Innovators was launched on December 19, 2000 as Wasatch World Innovators. The fund, with its sibling Strategic Income Fund (WASIX), was rechristened with the new Seven Canyons identity on September 10, 2018.
Seven Canyons Advisors was formed in September 2017 with Continue reading →
On November 12, 2018, RiverPark Funds launches RiverPark Floating Rate CMBS Fund (RCRFX/RCRIX). Like several of RiverPark’s funds, RCRIX began life as a hedge fund (2010-2016). Unlike any of its predecessors, it originally converted into an interval fund, a sort of closed-end fund under which structure it operated for two years (RiverPark Commercial Real Estate Fund, 2016-2018) where investors only had quarterly liquidity. That fund began begin life with $50 million in assets from its private predecessor, of which $10 million is the manager’s own money. The newest package presents the fund as a traditional open-end mutual fund with daily liquidity and both retail (RCRFX) and institutional (RCRIX) share classes.
(Why “2A”? This is not only the second Continue reading →
On May 30, 2018, AMG launched AMG TimesSquare Global Small Cap (TSYNX / TSYIX), the fifth AMG fund sub-advised by TimesSquare Capital Management. TimesSquare is a growth-equity firm that works primarily with institutional clients. They manage about $18 billion in assets.
The fund is managed by Continue reading →
We’ve got Coke Zero. We’ve got Pepsi Zero. I guess it’s reasonable to wonder, why not Fidelity Zero?
Wait, we don’t have Coke Zero or Pepsi Zero. They both failed in the marketplace and had to be reformulated, renamed and relaunched.
But we do have Fido Zero.
On August 3, 2018, Fidelity launched two zero/zero index funds sporting zero Continue reading →
On February 23, 2018, T. Rowe Price launched Multi-Strategy Total Return (TMSRX / TMSSX) which combines six liquid-alt strategies in a single package. These multi-strategy or multi-alternative funds function in the way that hedged funds were originally envisioned to: they combine strategies whose returns are not dependent on the movements of the broad equity and bond markets and, ideally, are not correlated with each other. The goal is to produce the Continue reading →
