Category Archives: Launch Alert

Launch Alert: T. Rowe Price Capital Appreciation & Income

By David Snowball

On November 29, 2023, T. Rowe Price launched the T. Rowe Price Capital Appreciation and Income Fund (PRCFX) after the longest gestation period in fund history. Normally, there’s a lag of 70 days between a fund’s initial SEC filing and its clearance to launch. In this case, the lag is 2,590 days. The fund was organized in October 2016, filed a full prospectus in September 2017, at which point T Rowe Price bought 10,000 shares, and appeared in all of the subsequent Statements of Additional Information filed annually with the SEC.

It’s clear this has been on the adviser’s mind and Continue reading →

Launch Alert: GMO US Quality Equity ETF

By David Snowball

On November 13, 2023, the Boston-based institutional investment firm GMO, founded in 1977 as Grantham, Mayo, and Van Otterloo, launched their first retail product: GMO US Quality Equity ETF (QLTY). The actively managed fund will invest in a focused portfolio of “companies with established track records of historical profitability and strong fundamentals – high quality companies – are able to outgrow the average company over time and are therefore worth a premium price.” Expect a portfolio of about 40 names, with a 75% weighting in large-cap stocks and 25% in mid-caps. At 0.5%, the ETF charges the same expenses as the Continue reading →

Launch Alert: RiverPark Next Century Growth Fund

By David Snowball

On June 30, 2023, RiverPark Funds launched the RiverPark/Next Century Growth Fund (RPNCX/RPNIX) in collaboration with Next Century Growth Investors, LLC. The Fund’s stated objective is to seek long-term capital appreciation by investing primarily in small-capitalization U.S. equity securities.  NCG was founded in 1998, is headquartered a bit northwest of the Twin Cities in Plymouth, Minnesota, and manages $1 billion in assets. About 40% of those assets are Continue reading →

Launch Alert: Matthews Emerging Markets ex-China Active ETF

By David Snowball

On January 11, 2023, Matthews Asia launched Matthews Emerging Markets ex China Active ETF (MEMX). It is an actively managed ETF that might invest in every country in the world except China, the United States, Australia, Canada, Hong Kong, Israel, Japan, New Zealand, Singapore, and most of the countries in Western Europe.

Our January issue originally, and mistakenly, suggested that the fund had launched on 12/31/2022. That was corrected as soon as Matthew’s representatives let us know of the error. Our regrets!

The fund will be Continue reading →

Launch Alert: Fidelity Hedged Equity (FEQHX)

By David Snowball

On September 1, 2022, Fidelity launched Fidelity Hedged Equity (FEQHX) which is also available in five Fidelity Advisor share classes.

The goal is Fidelity Hedged is to provide capital appreciation. Presumably, it’s also to provide capital appreciation with less volatility than the stock market, hence the “hedged” piece. The strategy is to invest in an S&P 500-like stock portfolio. That means some growth and small value but mostly large cap. The managers then apply “a disciplined options-based strategy designed to provide downside protection” mostly by buying put options, which appreciate when the relevant underlying asset depreciates. Generally, the hope is Continue reading →

Launch Alert: Artisan International Explorer Fund

By David Snowball

On 16 May 2022, Artisan Partners launched the Artisan International Explorer Fund (ARDBX / ARHBX). The fund is the public manifestation of their International Explorer strategy which launched in November 2020. Since inception, the IE strategy is up 41% annualized while its benchmark is up 31%. Currently, the fund is open only to advisors ($250,000 minimum) and institutions.

Artisan Partners is organized into autonomous management teams, each responsible for their own investment strategies and teams. This fund is overseen by the International Value team which is headed by David Samra and which advises the five-star Artisan International Value Fund. The IV team describes itself as Continue reading →

Launch Alert: Grandeur Peak Global Explorer

By David Snowball

On December 16, 2021, Grandeur Peak Global Advisors launched its 10th fund, Grandeur Peak Global Explorer (GPGEX). The fund will pursue long-term capital appreciation through investments in a global portfolio of micro- to mid-cap stocks. Because of its focus on tiny names, the adviser has set a strategy capacity of $35 million for the fund and will close it rather than compromise the ability to execute the strategy.

As a practical matter, Global Explorer pursues Global Reach’s strategy with a management twist. The fund has Continue reading →

Launch Alert: Brown Advisory Sustainable Small-Cap Core (BIAYX)

By David Snowball

On September 30, 2021, Brown Advisory launched their Sustainable Small-Cap Core Fund which is based on their Sustainable Small-Cap Core Strategy, which targets high-net-worth individuals and institutions, launched in July 2017. The goal is long-term capital appreciation. The strategy is to create a concentrated, ESG-screened “best ideas” portfolio populated by small-cap growth and value stocks.

Brown Advisory describes the strategy this way: Continue reading →

Launch Alert: CrossingBridge Pre-Merger SPAC ETF

By David Snowball

On September 17, 2021, CrossingBridge Advisors, LLC, launched their actively managed Pre-Merger SPAC ETF (SPC). CrossingBridge, primarily an institutional/high net worth advisor located in Pleasantville, New York, has approximately $970 million in assets under management and is responsible for the CrossingBridge Low Duration High Yield, CrossingBridge Ultra-Short Duration, and the CrossingBridge Responsible Credit funds.

While the buzz surrounding SPACs is that they are a high-risk, get-rich-quick scheme, the CrossingBridge fund is Continue reading →

Launch Alert: Virtus KAR Small-Mid Cap Value

By David Snowball

On August 3, 2021, Virtus Partners launched their latest collaboration with Kayne, Anderson, Rudnick (KAR), Virtus KAR Small-Mid Cap Value. 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 Continue reading →

Launch Alert: T. Rowe Price Retirement Blend Funds

By David Snowball

On July 28, 2021, T. Rowe Price launched its fourth set of target-date funds, the Retirement Blend Series. The Retirement Blend strategy has been in operation since 2018 but has been available only through collective investment trusts. The new fund series complements the existing Retirement and Target Series (as well as the Retirement Hybrid series that’s available only through a collective investment trust). All four series invest, primarily, in other T. Rowe Price funds. Retirement and Target invest, primarily but not Continue reading →

Launch Alert: First Eagle Small Cap Opportunity Fund

By David Snowball

On July 1, 2021, First Eagle Investment Management launched the First Eagle Small Cap Opportunity Fund (FESAX / FESCX / FESRX). The investable universe is primarily domestic small- and micro-cap value stocks. In general, they’ll own 180 – 300 of them.

The fund pursues an opportunistic small-cap value strategy, investing in companies that the portfolio management team believes to be attractively valued and have the potential to benefit from a catalyst—such as new management, a more favorable business cycle, product innovation and/or margin improvement—for a recovery in earnings growth. Small caps are very sensitive to asset flows and even small changes in underlying economic conditions, as a result, Continue reading →

Launch Alert: AMG Yacktman Global

By David Snowball

On July 1, 2021, AMG Funds and Yacktman Asset Management launched the AMG Yacktman Global Fund (YFSNX).

Sort of.

In reality, Yacktman chose to dump the least attractive name in their stable – AMG Yacktman Focused Fund – Security Selection Only – in favor of the simple “Global” moniker. Yacktman manages two of the most outstanding funds in excellent: Yacktman (five stars, Silver-rated, Great Owl, multi-million dollar investment by the lead managers, top 2% returns over 15 years) and Yacktman Focused (five stars, Silver-rated, Great Owl, multi-million dollar investment by the lead managers, top 1% returns over 15 years). Yacktman Global uses the exact same security selection process Continue reading →

Launch Alert: Semper Brentview Dividend Growth Equity

By David Snowball

On June 1, 2021, Semper Capital Management (semper as in “semper fidelis”) launched Semper Brentview Dividend Growth Equity Fund (SEMBX) in partnership with Brentview Investment Management. Both are minority-owned advisers, with Semper being veteran-owned as well. Brentview has an AUM of $175 million, so they’re a capable firm. They intend to provide both a high level of risk-adjusted current income and the prospect of capital growth.

The fund is currently available only to Continue reading →

Launch Alert: Alger 35 ETF

By David Snowball

On May 4, 2021, Fred Alger Management launched the Alger 35 ETF (ATFV), their second active/nontransparent ETF (known colloquially as an ANT). The fund will invest in 35 stocks, typically US, typically mid- to large-cap (98% of the portfolio), and uniformly high growth.

Alger was founded in 1964 as a growth investor with all of its strategies using the same underlying discipline that focused on Continue reading →

Launch Alert: T. Rowe Price Global Impact Equity

By David Snowball

On March 15, 2021, T. Rowe Price launched T. Rowe Price Global Impact Equity (TGPEX).

Socially responsible investing is all the vogue, and for good reason. The great bulk of such funds have a limited mandate: do no evil. They’re not trying to change the world, they’re just charged with avoiding the worst actors in it.

A minority of funds accept a greater Continue reading →