Category Archives: Funds in Registration

Funds in Registration

By David Snowball

Before funds and ETFs can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. In general, advisers try to launch just before year’s end because that allows them to have clean “year to date” and calendar year results to share. The funds on-file this month will be eligible to launch in September, though not required to do so. A surprising number of advisors filed virtual “red herring” prospectuses: substantially incomplete documents that were pushed through to meet some self-imposed deadline but that fail to stipulate strategy, manager and costs.

There are a series of intriguing Continue reading →

Funds in Registration

By David Snowball

Before funds and ETFs can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. In general, advisers try to launch just before year’s end because that allows them to have clean “year to date” and calendar year results to share. In general, launching new funds in July and August is a dumb idea. Investment returns in summer are, in general, miserable and you lose the advantage of being able to report a full calendar quarter.

Happily, not many fall victim to that trap. Well, these guys Continue reading →

Funds in Registration

By David Snowball

Before funds and ETFs can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. In general, advisers try to launch just before year’s end because that allows them to have clean “year to date” and calendar year results to share. These launches will likely occur in late June so that they’ll at least have full-quarter results for 2019 Q3.

The dominant themes this month seem to be enhanced risk-management (Aptus, Horizon, Hussman, Quadratic, RG) and ESG emphasis (Horizon, Kennedy, Wahed). Also cannabis. Continue reading →

Funds in registration

By David Snowball

Before funds and ETFs can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. In general, advisers try to launch just before year’s end because that allows them to have clean “year to date” and calendar year results to share. These launches will likely occur in late May or June so that they’ll at least have full-quarter results for 2019 Q3.

The team behind Harbor Focused International has been recognized as one of the best asset managers in Europe, while the advisers behind DoubleLine Emerging Markets Local Currency Bond Fund and Vanguard Global ESG Select Stock Fund are among the best in US fixed income and equity investing, respectively. And yet, the Kensington Managed Income Fund might have the best underlying performance of them all. That makes it a Continue reading →

Funds in Registration

By David Snowball

Before funds can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. In general, advisers try to launch just before years end because that allows them to have clean “year to date” and calendar year results to share. These launches will likely occur in late April or May.

Palm Valley Capital Fund is sort of a stand-out here, despite the name that vaguely calls a retirement community (with golf!) to mind. It will be a small cap stock fund managed by Continue reading →

Funds in registration

By David Snowball

Just a handful of new funds were registered with the SEC this month, perhaps in response to the disruption caused by the government shutdown which affected the SEC. In any case, we’ve chosen to highlight just two funds from that list; both are guided by first-rate managers whose long careers and other funds should engender considerable interest and respect. Continue reading →

Funds in registration

By David Snowball

Before funds can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. In general, advisers try to launch just before years end because that allows them to have clean “year to date” and calendar year results to share. These launches will likely occur in late February or March.

Many prospectuses were still incomplete but a couple stand out for offering services from well-respected advisors: Diamond Hill, which has a Continue reading →

Funds in Registration

By David Snowball

Before funds can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. In general, advisers try to launch just before years end because that allows them to have clean “year to date” and calendar year results to share. That means that funds hopeful of launching by December 30th needed to be filed by October 15th. Since few firms are interested in launching funds in late January or early February, this month’s filings are not-surprisingly thin. On face, the most promising is likely an actively-managed ETF from a team with a strong track record in funds: Virtus Seix Senior Loan ETF.

AB Multi-Manager Select 2060 Fund

AB Multi-Manager Select 2060 Fund will seek highest Continue reading →

Funds in registration

By David Snowball

Before funds can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. That means that funds hopeful of launching by December 30th needed to be filed by October 15th. We’re looking for funds that might be accessible to the average investor or advisor; we include active ETFs but not passive ones. That last restriction allows me to pretend that neither ProShares Pet Care ETF nor the US Vegan Climate ETF is about to be inflicted on us. Continue reading →

Funds in Registration

By David Snowball

Before funds can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. That means that funds hopeful of launching by December 30th need to be filed by October 15th. This month’s 15 new funds, including offerings from both DoubleLine and T. Rowe Price, represent the first part of that year-end wave. Continue reading →

Funds in Registration

By David Snowball

A surprising number of interesting funds have quietly entered the SEC’s new-fund pipeline. While we don’t cover passive ETFs or funds not available to the general public, even there there were interesting developments. DFA Emerging Markets Targeted Value Portfolio will target small and mid-cap EM value stocks, which is consistent with DFA’s research bent and validates the increasing interest in EM value. Impact Shares YWCA Women’s Empowerment ETF will target firms whose values align with the YWCA’s long-time public goals. Of more direct interest, Rajiv Jain of GQG Partners is launching a fund focusing on US equities, a long-time AllianzGI manager is adding an EM value fund to the mix, The Great Gabelli is seizing the helm of his 15th fund and a team from France is offering a direct challenge to the ideology of market-cap-weighted indexes. Continue reading →

Funds in Registration

By David Snowball

VanEck has registered a launch a video-gaming and e-sports ETF, which strikes me as silly in the extreme but at least doesn’t include cryptocurrencies. “Silly in the extreme” means we’re not saying anything more about it. Happily, a bunch of really solid offerings – a new Litman Gregory, a bond fund run by ex-PIMCO guys, an emerging markets offering from LSV and the ETF version of several four-star funds – were filed at the same time. All of these funds and active ETFs are likely available by the end of September. Continue reading →

Funds in Registration

By David Snowball

Lately, new fund and active ETF launches have been rare – only seven new retail funds launched in the first five months of 2018 – and occasionally silly. Last month saw a registration filing for an active “pet parents” fund; this month saw a filing for a passive “pet care” ETF. You need neither (and should avoid both), so we’ll say no more about them. While this is a slow month for new fund registrations, at least it’s not a silly one. In the main, these funds will be available for purchase by August 1.

Adler Value Fund

Adler Value Fund, will seek Continue reading →

Funds in Registration

By David Snowball

Proposed new funds and ETFs have to be submitted for review by the Securities and Exchange Commission, which has 75 days to raise any concerns. During those 75 days, the so-called “quiet period,” advisors are forbidden from discussing the fund in registration. Advisors hoping for a fund launch by New Years have their funds in registration by October; those seeking a mid-year launch get the papers filed in April. A lot of the filings were rushed and incomplete. That said, the BBH and Metropolitan West income funds are apt to be entirely reasonable additions; for income-seeking investors, they bear Continue reading →

Funds in Registration

By David Snowball

The SEC requires advisers to give them 75 days to review and comment upon any proposed new fund offering. During those 75 days, the advisers aren’t permitted to say anything about the funds except “please refer to our public filing with the SEC.” This month there are 17 no-load retail funds and actively managed ETFs in the pipeline. I’m most intrigued by two funds that aren’t actually new: Seven Canyons Strategic Income and Seven Canyons World Innovators are the rechristened versions of two Wasatch funds, both managed by Wasatch founder Samuel Stewart. Mr. Stewart, now 75, appears to be distancing himself from the firm, though we don’t know the circumstances behind it. The Wasatch website, including Mr. Stewart’s most recent shareholder letter, offers no hints concerning the change. Wasatch has seen steady outflows every quarter since Q2 2014, with a net outflow of around $5.5 billion. One could imagine the departure of these funds, and the merger of Wasatch Long/Short into Wasatch Global Value (see this month’s “Briefly Noted” for details), as attempts to Continue reading →

Funds in Registration

By David Snowball

The SEC requires advisers to give them 75 days to review and comment upon any proposed new fund offering. During those 75 days, the advisers aren’t permitted to say anything about the funds except “please refer to our public filing with the SEC.” At peak times of the year, there might be a couple dozen no-load retail funds and active ETFs in registration. This month the offerings are few but intriguing: a health sector fund from Baron, Matisse Capital’s second fund targeting discounted CEFs, the re-emergence of a successful Scout manager at Oberweis and an intriguing (but unexplained) active ETF that’s Continue reading →

Funds in Registration

By David Snowball

The SEC requires advisers to give them 75 days to review and comment upon any proposed new fund offering. During those 75 days, the advisers aren’t permitted to say anything about the funds except “please refer to our public filing with the SEC.” At peak times of the year, there might be a couple dozen no-load retail funds and active ETFs in registration. Midwinter, not so much. Fidelity’s ESG bond index might be a useful option for investors looking to express their concerns about shaping a more humane world. Beyond that, mostly nice people who don’t yet have a public track record or striking competitive advantage. They might do very well, but we’ll have to watch for a bit. Continue reading →

Funds in registration

By David Snowball

Fund advisers are required to file prospectuses for proposed funds with the SEC; the SEC has 75 days to review the filing. If the SEC doesn’t object, then the adviser is free to launch – or to not launch, which is more common than you think – the proposed fund. Funds placed in registration in December will “go live” in February or March 2018. This month’s filings include three actively-managed ETFs, two conversions of existing funds and one Continue reading →

Funds in Registration

By David Snowball

Relatively few funds enter registration in November or December. Advisers really want to go live by December 30th, so that they will be able to show full-year results for 2018. As a result, lots of funds go into registration in October so that they can emerge from the SEC’s “quiet period” by the end of December. As a result, this month’s filings are limited to a handful of institutional funds that might offer retail shares, and a pack of high-visibility active ETFs from Vanguard. Continue reading →

Funds in Registration

By David Snowball

A great month, especially if you’re rich. AQR has two new bonds funds tagged for $1,000,000 and $5,000,000 minimums. DFA has registered to launch Emerging Markets Sustainability Core 1 Portfolio and Global Core Plus Fixed Income Portfolio, kept so far from the hoi polloi that they don’t even list investment minimums. Rather, we suppose, like the restaurants that don’t list prices on the menu. Likewise, the Martin Currie Emerging Markets SMA Shares Fund will only be available to Legg Mason’s SMA customers. Joel Greenblatt has filed his latest fund, Gotham 500 Plus Fund, with a quarter million dollar minimum. It’ll invest long in large caps and long/short in small- to mid-caps. 17 of his 19 other funds have peer-beating returns since inception. RMB International Small Cap Fund has a $100,000 minimum for now, though an Investor class might come along one day. The advisor has no other international funds; remember, these used to be the Burnham Funds. The RQSI GAA Systematic Global Macro Fund will set you back 2.48% and $5,000,000. Continue reading →