By David Snowball

AQR Long-Short Equity Fund

AQR Long-Short Equity Fund will seek capital appreciation through a global long/short portfolio, focusing on the developed world.  “The Fund seeks to provide investors with three different sources of return: 1) the potential gains from its long-short equity positions, 2) overall exposure to equity markets, and 3) the tactical variation of its net exposure to equity markets.”  They’re targeting a beta of 0.5.  The fund will be managed by Jacques A. Friedman, Lars Nielsen and Andrea Frazzini (Ph.D!), who all co-manage other AQR funds.  Expenses are not yet set.  The minimum initial investment for “N” Class shares is $1,000,000 but several AQR funds have been available through fund supermarkets for a $2500 investment.  AQR deserves thoughtful attention, but their record across all of their funds is more mixed than you might realize.  Risk Parity has been a fine fund while others range from pretty average to surprisingly weak.

AQR Managed Futures Strategy HV Fund

AQR Managed Futures Strategy HV Fund will pursue positive absolute returns.   They intend to execute a momentum-driven, long/short strategy that allows them to invest in “developed and emerging market equity index futures, swaps on equity index futures and equity swaps, global developed and emerging market currency forwards, commodity futures, swaps on commodity futures, global developed fixed income futures, bond futures and swaps on bond futures.”  They thoughtfully note that the “HV” in the fund name stands for “higher volatility.” The fund will be managed by John M. Liew (Ph.D!), Brian K. Hurst and Yao Hua Ooi (what a cool name), who all co-manage other AQR funds.  Expenses are not yet set.  The minimum initial investment for “N” Class shares is $1,000,000 but several AQR funds have been available through fund supermarkets for a $2500 investment. 

Barrow SQV Hedged All Cap Fund

Barrow SQV Hedged All Cap Fund will seek to generate above-average returns through capital appreciation, while reducing volatility and preserving capital during market downturns. The plan is to use their Systematic Quality Value discipline to identify 150-250 long and the same number of short positions. The fund will be managed by Nicholas Chermayeff and Robert F. Greenhill, who have been managing separate accounts using this strategy since 2009.  The prospectus provides no evidence of their success with the strategy. Neither expenses nor the minimum initial investment are yet set. 

Barrow SQV Long All Cap Fund

Barrow SQV Long All Cap Fund will seek long-term capital appreciation. The plan is to use their Systematic Quality Value discipline to identify 150-250 spiffy stocks. The fund will be managed by Nicholas Chermayeff and Robert F. Greenhill, who have been managing separate accounts using this strategy since 2009.  The prospectus provides no evidence of their success with the strategy. Neither expenses nor the minimum initial investment are yet set. 

Calamos Long /Short Fund

Calamos Long /Short Fund will pursue long term capital appreciation.  Here’s the secret plan: the fund will take “long positions in companies that are expected to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets.”  They’ll focus on US what they describe as mid- to large-cap US stocks, though their definition of midcap encompasses most of the small cap space.  And they might put up to 40% in international issues.  The fund will be managed by John P. Calamos, Sr., Gary D. Black and Brendan Maher.  While one can’t say for sure that this is Mr. Black’s fund, he did file for – but not launch – just such a fund in the period between being excused from Janus and being hired by Calamos.  Expenses ranged from 2.90 – 3.65%, depending on share class.  The minimum initial investment is $2500. 

Gratry International Growth Fund

Gratry International Growth Fund will seek long-term capital appreciation by investing in an international, large cap stock portfolio.  Nothing special about their discipline is apparent except that they seem intent on building the portfolio around ADRs and ETFs. The fund will be managed by a team headed by Jerome Gratry.  Expenses are not yet set.  The minimum initial investment is $2500. 

M.D. Sass Equity Income Plus Fund

M.D. Sass Equity Income Plus Fund seeks to generate income as well as capital appreciation, while emphasizing downside protection.  The plan is to buy 25-50 large cap, dividend-paying stocks and and then sell covered calls to generate income.  The managers have the option of buying puts for downside protection and they claim an “absolute return” focus.  Martin D. Sass, CIO and CEO of M.D. Sass, will manage the fund.  The expense ratio for the Retail class is 1.25% and the minimum initial investment is $2500.

RiverPark Structural Alpha Fund

RiverPark Structural Alpha Fund will seek long-term capital appreciation while exposing investors to less risk than broad stock market indices.  Because they believe that “options on market indices are generally overpriced,” their strategy will center on “selling index equity options [which] will structurally generate superior returns . . . [with] less volatility, more stable returns, and reduce[d] downside risk.  This portfolio was a hedge fund run by Wavecrest Asset Management.  That fund launched in September, 2008 and will continue to operate under it transforms into the mutual fund, on June 30, 2013.  The fund made a profit in 2008 and returned an average of 10.7% annually through the end of 2012.  Over that same period, the S&P500 returned 6.2% with substantially greater volatility.  The Wavecrest management team, Justin Frankel and Jeremy Berman, have now joined RiverPark and will continue to manage the fund.   The opening expense ratio with be 2.0% after waivers and the minimum initial investment is $1000.

Schroder Emerging Markets Multi-Cap Equity Fund

Schroder Emerging Markets Multi-Cap Equity Fund seeks long-term capital growth by investing primarily in equity securities of companies in emerging market countries.  They’re looking for companies which are high quality, cheap, or both.  The fund will be managed by a team headed by Justin Abercrombie, Head of Quantitative Equity Products.  Expenses are not yet set.  The minimum initial investment for Advisor Class shares is $2500. 

Schroder Emerging Markets Multi-Sector Bond Fund

Schroder Emerging Markets Multi-Sector Bond Fund seeks to provide “a return of capital growth and income.”  After a half dozen readings that phrase still doesn’t make any sense: “a return of capital growth”?? They have the freedom to invent in a daunting array of securities: corporate and government bonds, asset- or mortgage-backed securities, zero-coupon securities, convertible securities, inflation-indexed bonds, structured notes, event-linked bonds, and loan participations, delayed funding loans and revolving credit facilities, and short-term investments.  The fund will be managed by Jim Barrineau, Fernando Grisales, Alexander Moseley and Christopher Tackney.  Expenses are not yet set.  The minimum initial investment for Advisor Class shares is $2500. 

Segall Bryant & Hamill All Cap Fund

Segall Bryant & Hamill All Cap Fund will seek long-term capital appreciation by investing in a small-cap stock portfolio.  Nothing special about their discipline is apparent. The fund will be managed by Mark T. Dickherber.  Expenses are not yet set.  The minimum initial investment is $2500. 

Segall Bryant & Hamill Small Cap Value Fund

Segall Bryant & Hamill Small Cap Value Fund will seek long-term capital appreciation by investing in an all-cap stock portfolio.  Nothing special about their discipline is apparent. The fund will be managed by Mark T. Dickherber.  Expenses are not yet set.  The minimum initial investment is $2500.

SilverPepper Commodities-Based Global Macro Fund

SilverPepper Commodities-Based Global Macro Fund will seek “returns that are largely uncorrelated with the returns of the general stock, bond, currency and commodities markets.”  The plan is to maintain a global, long-short, all-asset portfolio constructed around the sub-advisers determination of likely commodity prices. The fund will be managed by Renee Haugerud, Chief Investment Officer at Galtere Ltd, which specializes in managing commodities-based investment strategies, and Geoff Fila, an Associate Portfolio Manager.  The expenses are not yet set (though they do stipulate a bunch of niggling little fees) and the minimum investment for the Advisor share class is $5,000.

SilverPepper Merger Arbitrage Fund

SilverPepper Merger Arbitrage Fund  wants to “create returns that are largely uncorrelated with the returns of the general stock market” through a fairly conventional merger arbitrage strategy.  The fund will be managed by Jeff O’Brien, Managing Member of Glenfinnen Capital, LLC, and Daniel Lancz, its Director of Research.  Glenfinnen specializes in merger-arbitrage investing and their merger arbitrage hedge fund, managed by the same folks, seems to have been ridiculously successful. The expenses are not yet set and the minimum investment for the Advisor share class is $5,000.

TCW Emerging Markets Multi-Asset Opportunities Fund

TCW Emerging Markets Multi-Asset Opportunities Fund will pursue current income and long-term capital appreciation.  The plan is to invest in emerging markets stocks and bonds, including up to 15% illiquid securities and possible defaulted securities.  The fund will be managed by Penelope D. Foley and David I. Robbins, Group Managing Directors of TCW.  Expenses are not yet set.  The minimum initial investment is $2000, reduced to $500 for IRAs.

Toews Unconstrained Fixed Income Fund

Toews Unconstrained Fixed Income Fund will look for long-term growth of capital and, if possible, limiting risk during unfavorable market conditions. It’s another “trust me” fund: they’ll be exposed to somewhere between -100% and 125% of the global fixed-income and alternative fixed-income market.  As a kicker, it will be non-diversified. The fund will be managed by Phillip Toews and Randall Schroeder.  There’s no record available to me that suggests these folks have successfully executed this strategy, even in their private accounts.  There only other public fixed-income offering (hedged high yield) is undistinguished. Expenses are not yet set.  The minimum initial investment is $10,000, though the prospectus places [10,000] in square brackets as if they’re not quite sure of the matter yet.  “Unconstrained” is an increasingly popular designation.  This is the 13^th (lucky them!) unconstrained income fund to launch.

Visium Catalyst Event Driven Fund

Visium Catalyst Event Driven Fund will pursue capital growth while maintaining a low correlation to the U.S. equity markets.  The plan is to pursue a sort of arbitrage strategy involved both long and short positions, in both equities and debt, both foreign and domestic, of companies that they believe will be impacted by pending or anticipated corporate events.  “Corporate events” are things like mergers, acquisitions, spin-offs, bankruptcy restructurings, stock buybacks, industry consolidations, large capital expenditure programs, significant management changes, and self-liquidations (great, corporate suicides).  The mutual fund is another converted hedge fund.  The hedge fund, with the same managers, has been around since January 2001.  Its annual return since inception is 3.48% while the S&P returned 2.6%.  That’s a substantial advantage for a low correlation/low volatility strategy. The fund will be managed by Francis X. Gallagher and Peter A. Drippé.  Expenses, after waivers, will be 2.04%. The minimum initial investment is $2500.

By David Snowball

DoubleLine Equities Growth Fund

DoubleLine Equities Growth Fund (DLEGX) will invest mostly in U.S. companies and in foreign ones which trade on American exchanges through ADRs.  The managers profess a “bottom up” approach to identify investment.  They’re looking for a set of reasonable and unremarkable characteristics: consistent and growing earnings, strong balance sheet, good competitive position, good management and so on.  The fund will be managed by Husam Nazer and Brendt Stallings, former TCW managers recently recruited to DoubleLine.  The minimum initial investment in the retail class is $2,000, reduced to $500 for IRAs.  The expense ratio will be 1.31% after waivers.

DoubleLine Equities Global Technology Fund

DoubleLine Equities Global Technology Fund (DLETX) intends to invest in global, all-cap equity portfolio of techn-related companies including those involved the development, marketing, or commercialization of technology or products or services related to or dependent on tech. The managers profess a “bottom up” approach to identify investment.  They’re looking for a set of reasonable and unremarkable characteristics: consistent and growing earnings, strong balance sheet, good competitive position, good management and so on.  The fund will be managed by Husam Nazer and Brendt Stallings, former TCW managers recently recruited to DoubleLine.  The minimum initial investment in the retail class is $2,000, reduced to $500 for IRAs.  The expense ratio will be 1.36% after waivers.

Geneva Advisors International Growth Fund

Geneva Advisors International Growth Fund will pursue long-term capital appreciation by investing in high-quality companies from around the world.  (I know it says “International” but the statement of investing strategies says “investing primarily in common stocks of U.S. and foreign issuers”).  The fund will be managed by Robert C. Bridges, John P. Huber and Daniel P. Delany.  Bridges and Huber run two other very solid, low expense funds for Geneva.  All three guys are former Wm. Blair employees; Bridges and Huber left in 2003 to found Geneva, Delaney joined in 2012. The minimum initial purchase is $1000.  Expense ratio will be 1.45%.

Pear Tree PanAgora Risk Parity Emerging Markets Fund

Pear Tree PanAgora Risk Parity Emerging Markets Fund will invest in emerging markets stocks, using a proprietary risk parity strategy.  A risk parity strategy attempts to balance risk across the countries, sectors and issuers.  The model assigns a country-, sector-, and issuer-risk value to each emerging market security and then builds a portfolio of securities that balances those risks, rather than relies on the securities’ market weights.  The fund will be managed by Edward Qian, Chief Investment Manager and Head of Multi Asset Research at PanAgora and Bryan Belton, a PanAgora manager.  The minimum initial investment in the retail class is $2,500, reduced to $1000 for IRAs.  The expense ratio will be 1.37% after waivers.

Robeco Boston Partners Global Long/Short Fund

Robeco Boston Partners Global Long/Short Fund will seek long-term growth of capital through a global long/short equity strategy and some cash.  They expect to be 50% long and 40-60% short.  Robeco is, in case you hadn’t heard, really good at long/short investing.  They expect at least 40% international exposure (compared to 10% in their flagship long/short fund and 15% in the new long/short Research fund.  There are very few constraints in the prospectus on their investing universe.   The fund will be managed by Jay Feeney, an original Boston Partner, co-CEO and CIO-Equities, and Christopher K. Hart, Equity Portfolio Manage.  Mr. Feeney comanages Robeco Boston Partners Long/Short Research and John Hancock3 Disciplined Value Mid Cap, both of which are very strong funds.  Mr. Hart comanages Robeco Boston Partner’s global and international funds, which have shorter records which are good rather than great. The minimum initial investment in the retail class is $2,500.  The expense ratio will be 3.77% after waivers.  Let me just say: “Yikes.”  At the risk of repeating myself, “Yikes!”

T. Rowe Price Global Allocation Fund

T. Rowe Price Global Allocation Fund will seek long-term capital appreciation and income through a broadly diversified global portfolio of stocks, bonds, cash and alternative investments.  The baseline asset allocation will be 60% stocks, 30% bonds and cash and 10% alternative investments.  They’ll actively adjust those allocations based on its assessment of U.S. and global economic and market conditions, interest rate movements, industry and issuer conditions and business cycles, and so on. They may invest in publicly-traded assets, but also derivatives, Price funds, unregistered hedge funds or other private or registered investment companies.   Normally half of its stocks and one third of its bonds will be non-US, though the managers will hedge their currency exposure.  The fund will be managed by Charles Shriver. He joined Price in 1991 and is the lead manager for their Balanced, Personal Strategy and Spectrum funds.  He has between $500,000 and $1 million invested in those funds.  The minimum initial purchase is $2500, reduced to $1000 for IRAs.  Expense ratio will be 1.05%.

Teton Westwood Mid-Cap Equity Fund

Teton Westwood Mid-Cap Equity Fund will pursue to provide long-term capital growth of capital and future income. They’ll buy mid-cap stocks which have good growth potential, strong balance sheets, attractive products, strong competitive positions and high quality management so long as they’re selling at reasonable prices. The fund will be managed by Diane M. Wehner and Charles F. Stuart. They’ve been managing mid-cap portfolios for GE Asset Management for more than a decade. “AAA” shares should be available without a load through fund supermarkets. The minimum initial purchase is $1000, reduced to $250 for various tax-advantaged products.  The minimum is waived for accounts set up with an AIP. Expense ratio will be 1.50%.

Villere Equity Fund

Villere Equity Fund will seek long-term growth by investing in 20-30 US stocks. They use a bottom-up approach to select domestic equity securities that they believe will offer growth regardless of the economic cycle, interest rates or political climate.  It will be an all-cap portfolio with no more than 10% investing internationally. The fund will be managed by George V. Young and Sandy Villere, the team behind Villere Balanced (VILLX). Mr. Villere, cousin to Mr. Young, just became a co-manager of VILLX in December, 2012. The minimum initial purchase is $2000. Expense ratio will be 1.26%.

By David Snowball

Barron’s 400 ETF

Barron’s 400 ETF will try to duplicate the returns of the Barron’s 400.  What is that, you ask?  An equal-weighted index of the 400 fundamentally-strongest companies in America, give or take the effects of later screens for liquidity, diversification and such.  Over the past decade, the Barron’s index has returned 10.3% per year while the Dow Jones US Total Stock Market returned 5.9%.  Michael Akins, Senior Vice President, Director of Index Management & Product Oversight for ALPS, will manage it.  Expenses not yet set.

CV Sector Rotational Fund

CV Sector Rotational Fund seeks to provide long-term growth of capital by investing in stocks, including “special situations.”  Surprisingly, the prospectus says very little about sector rotation except that they have an “aggressive strategy of portfolio trading to respond to changes in the marketplace.” It will be managed by a four person team from ICC Capital Management.  Nothing in the prospectus suggests that they’re particularly accomplished.  The minimum initial investment is $2000.  Expenses of 1.75% after waivers. 

Grandeur Peak Emerging Markets Opportunities Fund

Grandeur Peak Emerging Markets Opportunities Fund will seek long-term growth of capital by investing in small and micro-cap companies domiciled in emerging or frontier markets.  They’re willing to consider common stock, preferred and convertible shares.   Up to 90% of the fund might be microcaps and up to 35% might be mid-cap or larger.  Heck, they may also invest in “early stage companies with limited or no earnings history if the Adviser believes they have outstanding long-term growth potential” and IPOs.  And, too, it’s non-diversified.  It will be managed by Grandeur Peak’s founders, Robert Gardiner & Blake Walker, since inception.  The minimum initial investment is $2,000, reduced to $1,000 for accounts with an automatic investing plan and $100 for UGMA/UTMA or a Coverdell Education Savings Accounts.  Expenses not yet set but this fund lists at 12(b)1 marketing fee and a higher management fee than does Global Reach.  Odd.

Grandeur Peak Global Reach Fund

Grandeur Peak Global Reach Fund will invest mostly in in foreign and domestic small and micro cap companies, but could put up to 35% in mid- to large cap names.   Typically 50% in the emerging markets.   They might invest in some IPOs and new companies.  The Fund is diversified and will typically have between 200 and 500 holdings.  Like a number of folks on the Observer’s discussion board, it’s not clear how exactly this will differ from the existing Global Opportunities fund.  It will be managed by Grandeur Peak’s founders, Robert Gardiner & Blake Walker, since inception.  The minimum initial investment is $2,000, reduced to $1,000 for accounts with an automatic investing plan and $100 for UGMA/UTMA or a Coverdell Education Savings Accounts. Expenses not yet set.

KKR Alternative Strategies Fund

KKR Alternative Strategies Fund will seek to generate capital appreciation by giving money to teams of as-yet-unnamed outside managers who might invest using some combination of Relative Value, Event Driven, Global Macro/Managed Futures, Equity Hedge and/or Opportunistic Strategies.  For these services they will charge an as-yet-undisclosed amount and will require a so-far-secret minimum investment.  Their Alternative High Yield fund has expenses which are high but not criminal and a $2500 minimum.

Manning & Napier Global Fixed Income

Manning & Napier Global Fixed Income will try to provide long-term total return by investing in government and corporate fixed income securities of issuers located anywhere in the world.  They may also invest “a substantial portion of its assets” (it appears to be 20%) in junk bonds.  They can also invest in emerging markets bonds.  The fund will be managed by the same gang that manages all of the other M&N funds.  This is actually a fund that’s climbed out of “the dustbin of history.”  It operated back in 2002, was liquidated in 2003 and remained dormant until now.  The minimum initial investment is $2000.The expense ratio is 0.85%.

Matthews Asia Focus Fund

Matthews Asia Focus Fund seeks long-term capital appreciation by investing in 25-35 common or preferred stocks issued by firms in developed, emerging, and frontier countries and markets in the Asian region (except Japan).   They will look for a high quality management team, strong corporate governance standards, sustainable return on capital over an extended period, strong free cash flow generation and an attractive valuations.   They’ll mostly target mid- to large-cap stocks.  Kenneth Lowe will be the lead manager, assisted by Michael Oh and Sharat Shroff.   Mr. Lowe also helps manage Matthews Asian Growth & Income.  Prior to joining Matthews in 2010, he was an Investment Manager on the Asia and Global Emerging Market Equities Team at Martin Currie Investment Management in Edinburgh, Scotland.  The minimum initial investment in the fund is $2500, reduced to $500 for IRAs and Coverdell accounts. Expenses for both Investor and Institutional shares are capped at 1.90%.

Matthews Emerging Asia Fund

Matthews Emerging Asia Fund will pursue long-term capital appreciation by investing in common and preferred stock and convertible securities of companies that have “substantial ties” to the countries of Asia, except Japan.  Under normal conditions, you might expect to see companies from Bangladesh, Cambodia, China, India, Indonesia, Laos, Malaysia, Mongolia, Myanmar, Pakistan, Papua New Guinea, Philippines, Sri Lanka, Thailand and Vietnam.  They’ll run an all-cap portfolio which might invest in micro-cap stocks.   The manager looks for “companies capable of sustainable growth based on the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management’s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health.”  Taizo Ishida  will be the lead manager, assisted by Robert Harvey.  Ishida also manages Matthews Asia Growth and Japan funds. Prior to joining Matthews in 2006, he spent six years on the global and international teams at Wellington Management Company. The minimum initial investment in the fund is $2500, reduced to $500 for IRAs and Coverdell accounts. Expenses for both Investor and Institutional shares are capped at 1.90%.

Parnassus Asia Fund

Parnassus Asia Fund will seek capital appreciation by investing in Asia stocks of all sizes.  Equities include common and preferred stocks, convertible preferred stocks, warrants, and ADRs.  They will take environmental, social and governance factors, in light of local culture, into account.  Jerome L. Dodson, Parnassus’ president and founder, will manage the fund.   The minimum initial investment is $2000, reduced to $500 for various tax-advantaged accounts.  Expenses are capped at 1.45%.  They intend to launch on May 1, 2013.  

Vanguard Emerging Markets Government Bond Index Fund

Vanguard Emerging Markets Government Bond Index Fund (and ETF) will launch in the second quarter of 2013.  The fund was originally proposed in 2011 but never launched.  The fund will the Barclays USD Emerging Markets Government RIC Capped Index, which features approximately 540 government, agency, and local authority bonds from 155 issuers.   The fund will invest solely in emerging markets bonds that are denominated in U.S. dollars (USD).  Gregory Davis and Yan Pu will manage the fund. The minimum initial purchase is $3000 for investor class shares.  The expense ratio is 0.50% (rather higher than what was proposed 15 months ago) for the investor shares and 0.35% for the ETF.

Vanguard TIPS Transition Fund

Vanguard TIPS Transition Fund “seeks to transition a portfolio of long-, intermediate-, and short-term inflation-indexed bonds contributed by six Vanguard funds into a portfolio of short-term inflation-indexed bonds that resembles the Barclays U.S. Treasury Inflation-Protected Securities 0-5 Year Index. Upon completion of the transition, it is expected that the Fund will merge into Vanguard Short-Term Inflation-Protected Securities Index Fund, which seeks to track the Index.”   I thought I’d offer that as a fun fact to know and tell since the only possible purchasers of the shares of this fund are six other Vanguard funds.

WisdomTree Global Corporate Bond Fund

WisdomTree Global Corporate Bond Fund will seek a high level of total return consisting of both income and capital appreciation.  They’ll invest in both dollar-denominated and local currency issues, but they will hedge all of their currency exposure back to the dollar.  They can invest in both investment grade and high-yield debt. Up to 25% of the assets might be in emerging markets debt and 20% may be in derivatives.  They haven’t selected the management team yet which says a lot about how funds like this get created.  Expenses not yet set.

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.

By David Snowball

AdvisorShares Recon Capital Alternative Income ETF

AdvisorShares Recon Capital Alternative Income ETF (PUTS) will seek consistent, low volatility returns across all market cycles. The managers will do that by selling put options on equities in each of the ten sectors of the S&P 500 Index, using a proprietary selection process.  Kevin Kelly and Garrett Paolella of Recon Capital Partners have managed the fund “since 2011” (an intriguing claim for a fund launched in 2013).  Expenses not yet set.

Avatar Capital Preservation Fund

Avatar Capital Preservation Fund seeks to preserve capital while providing current income and limited capital appreciation.  The fund will invest primarily in ETFs and ETNs.  Their investment universe includes short-, intermediate-, and long-term investment grade, taxable U.S. government, U.S. Agency, and corporate bonds, common and preferred stocks of large capitalization U.S. companies and, to a lesser extent, international companies.  In addition, the Fund may use leverage to hedge portfolio positions and manage volatility, and/or to increase exposure to long positions.  The managers use a Global Tactical Asset Allocation model to select investments.  Much of the “investment strategies” strikes me as regrettable mumbling (“The adviser’s investment decision-making process is grounded in the use of comprehensive tactical asset allocation methodology”).  Ron Fernandes and Larry Seibert, co-CIOs of Momentum Investment Partners are co-managers of the fund.  The minimum initial investment $1,000 for regular accounts and (here’s an odd and, I think, unprecedented move) $2500 for tax-qualified accounts such as IRAs and 401(k) plans.  Expenses are not yet set.

Avatar Tactical Multi-Asset Income Fund

Avatar Tactical Multi-Asset Income Fund seeks current income. The fund will invest primarily in ETFs and ETNs.  Their investment universe includes short-, intermediate-, and long-term investment grade, taxable U.S. government, U.S. Agency, and corporate bonds, common and preferred stocks of large capitalization U.S. companies and, to a lesser extent, international companies.  In addition, the Fund may use leverage to hedge portfolio positions and manage volatility, and/or to increase exposure to long positions.  The managers use a Global Tactical Asset Allocation model to select investments.  Much of the “investment strategies” strikes me as regrettable mumbling (“The adviser’s investment decision-making process is grounded in the use of comprehensive tactical asset allocation methodology”).  Ron Fernandes and Larry Seibert, co-CIOs of Momentum Investment Partners are co-managers of the fund.  The minimum initial investment $1,000 for regular accounts and (here’s an odd and, I think, unprecedented move) $2500 for tax-qualified accounts such as IRAs and 401(k) plans.  Expenses are not yet set.

Avatar Absolute Return Fund

Avatar Absolute Return Fund seeks a positive total return in all market environments.  The fund will invest primarily in ETFs and ETNs.  Their investment universe includes short-, intermediate-, and long-term investment grade, taxable U.S. government, U.S. Agency, and corporate bonds, common and preferred stocks of large capitalization U.S. companies and, to a lesser extent, international companies.  In addition, the Fund may use leverage to hedge portfolio positions and manage volatility, and/or to increase exposure to long positions. The percentage of the Fund’s portfolio invested in each asset class will change over time and may range from 0%-100%, and the Fund may experience moderate volatility.  The managers use a Global Tactical Asset Allocation model to select investments.  Much of the “investment strategies” strikes me as regrettable mumbling (“The adviser’s investment decision-making process is grounded in the use of comprehensive tactical asset allocation methodology”).  Ron Fernandes and Larry Seibert, co-CIOs of Momentum Investment Partners are co-managers of the fund.  The minimum initial investment $1,000 for regular accounts and (here’s an odd and, I think, unprecedented move) $2500 for tax-qualified accounts such as IRAs and 401(k) plans.  Expenses are not yet set.

Avatar Global Opportunities Fund

Avatar Global Opportunities Fund will seek maximum capital appreciation through exposure to global markets. The fund will invest primarily in ETFs and ETNs.  Their investment universe includes short-, intermediate-, and long-term investment grade, taxable U.S. government, U.S. Agency, and corporate bonds, common and preferred stocks of large capitalization U.S. companies and, to a lesser extent, international companies.  In addition, the Fund may use leverage to hedge portfolio positions and manage volatility, and/or to increase exposure to long positions.  The managers use a Global Tactical Asset Allocation model to select investments.  Much of the “investment strategies” strikes me as regrettable mumbling (“The adviser’s investment decision-making process is grounded in the use of comprehensive tactical asset allocation methodology”).  Ron Fernandes and Larry Seibert, co-CIOs of Momentum Investment Partners are co-managers of the fund.  The minimum initial investment $1,000 for regular accounts and (here’s an odd and, I think, unprecedented move) $2500 for tax-qualified accounts such as IRAs and 401(k) plans.  Expenses are not yet set.

Investors Variable NAV Money Market Fund

Investors Variable NAV Money Market Fund will seek to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing exclusively in high-quality money market instruments.  The fund is managed by Northern Trust Investments, though no individuals are named. The expense ratio is 0.35% and minimum initial investment is $2500, $500 for an IRA and $250 for accounts established with an automatic investment plan. They are simultaneously launching three other variable-NAV money market funds: Investors Variable NAV AMT-Free Municipal Money Market, Variable NAV U.S. Government Money Market and Variable NAV Treasury Money Market Fund.

LSV Small Cap Value Fund

LSV Small Cap Value Fund will seek long-term growth by investing in stocks with a market cap under $2.5 billion (or the highest market cap in the Russell 2000 Value Index, whichever is greater).  Their goal is to find stocks which are out-of-favor but show signs of recent improvement.  They use a quant investment model to match fundamentals with indicators of short-term appreciation potential.   The fund will be managed by Josef Lakonishok, Menno Vermeulen, and Puneet Mansharamani.   Lakonishok is a reasonably famous academic who did some of the groundbreaking work on behavioral finance, then translated that research into actual investment strategies.  His LSV Value Equity Fund (LSVEX) turned $10,000 in $22,000 since launch in 1999; its average peer would have earned $16,200 and the S&P, $14,200. The minimum initial investment is a bracing $100,000. The expense ratio is 0.85%.

SMI Dynamic Allocation Fund

SMI Dynamic Allocation Fund seeks total return through a “dynamic asset allocation investment strategy” in which it invests in the most attractive three of six major asset classes:  U.S. equities, international equities, fixed income securities, real estate, precious metals, and cash.  They’ll look at momentum, asset flows and historical volatility, among other things. The asset allocation and equity sleeve is managed by a team from Sound Mind Investing (Mark Biller, Eric Collier and Anthony Ayers).  The two Sound Mind funds tend to below average returns but low volatility. The fixed income sleeve is managed by Scout Investment’s Reams Asset Management Division.  The Reams team (Mark M. Egan, Thomas M. Fink, Todd Thompson, and  Steven T. Vincent) are really first-rate and were nominated by Morningstar as a 2012 Fixed Income Manager of the Year. The minimum initial investment is $2500. Expenses not yet set.

SPDR SSgA Large Cap Risk Aware ETF

SPDR SSgA Large Cap Risk Aware ETF seeks to provide competitive returns compared to the large cap U.S. equity market and capital appreciation.  I’ll let the managers speak for themselves: “invests in a diversified selection of equity securities included in the Russell 1000 Index that [they] believes are aligned with predicted investor risk preferences. . .  During periods of anticipated high risk, the Adviser will adjust the Portfolio’s composition to be defensive and may increase exposure to value companies.” (The assumption that “value” and “low-risk” are interchangeable seems, to me, to be debatable.)   In low risk periods, they’ll emphasize riskier assets and in periods of moderate risk they’ll look more like the Russell 1000.  The fund is non-diversified.  The fund will be managed by Gary Lowe, Simon Roe and John O’Connell, all of SSgA. Expenses not yet set.

SPDR SSgA Risk Aware ETF

SPDR SSgA Risk Aware ETF seeks to provide competitive returns compared to the broad U.S. equity market and capital appreciation.  I’ll let the managers speak for themselves: “invests in a diversified selection of equity securities included in the Russell 3000 Index that [they] believes are aligned with predicted investor risk preferences. . .  During periods of anticipated high risk, the Adviser will adjust the Portfolio’s composition to be defensive and may increase exposure to large cap and/or value companies.”  In low risk periods, they’ll emphasize riskier assets and in periods of moderate risk they’ll look more like the Russell 3000.  The fund is non-diversified.  The fund will be managed by Gary Lowe, Simon Roe and John O’Connell, all of SSgA. Expenses not yet set.

SPDR SSgA Small Cap Risk Aware ETF

SPDR SSgA Small Cap Risk Aware ETF seeks to provide competitive returns compared to the small cap U.S. equity market and capital appreciation.  I’ll let the managers speak for themselves: “invests in a diversified selection of equity securities included in the Russell 2000 Index that [they] believes are aligned with predicted investor risk preferences. . .  During periods of anticipated high risk, the Adviser will adjust the Portfolio’s composition to be defensive and may increase exposure to value companies.”  In low risk periods, they’ll emphasize riskier assets and in periods of moderate risk they’ll look more like the Russell 2000.  The fund is non-diversified.  The fund will be managed by Gary Lowe, Simon Roe and John O’Connell, all of SSgA. Expenses not yet set.

Stone Toro Relative Value Fund

Stone Toro Relative Value Fund will seek capital appreciation with a secondary focus on current income by investing, primarily, in US stocks.  Up to 40% of the portfolio may be invested in ADRs.  The managers warn us that “The Fund’s investment strategy involves active and frequent trading.”  They don’t say much about what they’re up to and they use a lot of unnecessary quotation marks when they try: “The Adviser employs a unique proprietary process, the Relative Value Process (the ‘Process’), to identify ‘special investment value’.”  The Process is managed by Michael Jarzyna, Founding Partner and CIO of Stone Toro.  He spent a year or so (2008-09) as Associate Portfolio Manager of Blackrock Value Opportunity Fund. From 1998-2006, he managed the technology portions of Merrill Lynch’s small and mid-cap value funds. The minimum initial investment is $1,000.  The expense ratio is 1.57%.

By David Snowball

DoubleLine Floating Rate Fund

DoubleLine Floating Rate Fund will seek a high level of current income by investing in floating rate loans and “other floating rate investments.”  The “other” includes “floating rate debt securities; inflation-indexed securities; certain mortgage- and asset-backed securities, including those backed by collateral that carry an adjustable or floating rate of interest, such as adjustable rate mortgages; certain collateralized loan obligations; certain collateralized debt obligations; certain collateralized mortgage obligations; adjustable rate mortgages; floaters; inverse floaters; money market securities of all types; repurchase agreements; and shares of money market and short-term bond funds”.  The fund will be managed by Bonnie Baha and Robert Cohen.  Ms. Baha was part of Mr. Gundlach’s original TCW team.  No word on Mr. Cohen’s background. The minimum initial investment is $2000, reduced to $500 for IRAs. Expenses not yet set.

Epiphany FFV Global Ecologic Fund

Epiphany FFV Global Ecologic Fund will seek long-term capital growth by investing in a global portfolio of common and dividend-paying preferred stocks.  They seek “to encourage environmentally responsible business practices and a cleaner environment by investing … in environmentally responsible and sustainable companies.”  They anticipate holding about 50 names and, they assure us, they’ll invest no more than 5% in “pure play renewable energy.”  The managers will be  Frank Morris, founder and CEO of Ecologic Advisors andSamuel J. Saladino, CEO of Trinity Fiduciary Partners and the manager of Epiphany FFV Fund and Latin America Fund.  The former is a tiny, perfectly respectable US large cap fund.  The latter is new but doing well so far.  FFV refers to Faith and Family Values and represents the underlying theme of the social and moral screening.  The minimum initial investment is $1000, reduced to $100 for accounts set up with an automatic investing plan. The expense ratio is 1.56%.

Lyrical U.S. Value Equity Fund

Lyrical U.S. Value Equity Fund will seek to achieve long-term capital growth by buying “the stocks of companies that the Adviser believes are undervalued, the undervaluation to be temporary, the underlying business to have sufficient quality and durability, and the estimated discount in the stock price to be large enough to compensate for the risks of the investment.”  Good companies temporarily down.  Got it.  The fund will be managed by Andrew Wellington, Chief Investment Officer of Lyrical Asset Management.  The manager ran a hedge fund for a while, managed institutional midcap value money for Neuberger and was a founding member of Pzena Investment Management. The minimum investment is $10,000, reduced to $1,000 for IRAs.  The expense ratio is 1.45%.

Market Vectors High-Yield/Treasury Bond ETF

Market Vectors High-Yield/Treasury Bond ETF will track an index that invests in global high yield bonds and shorts U.S. Treasuries in order “to hedge interest rate sensitivity.”  Michael Mazier and Francis Rodilosso of Van Eck will manage the fund.  Expense not yet set.

MCM All-Cap Growth Fund

MCM All-Cap Growth Fund (MCAEX) will seek capital appreciation by investing in 25-50 smaller cap US growth stocks.  The fund will be managed by Rich Jones and Jonn Wullschleger, both of Mitchell Capital Management.  Their separate account composite, for accounts managed in this style, modestly outperformed the Russell 3000 Growth Index pretty consistently. The minimum initial investment is $2500.  Expenses are capped at 1.0%.

PIMCO Emerging Markets Full Spectrum Bond Fund

PIMCO Emerging Markets Full Spectrum Bond Fund will pursue maximum total return, consistent with prudent investment management. The plan is to invest in “a broad range of emerging market fixed income asset classes, such as external debt obligations of sovereign, quasi-sovereign, and corporate entities; currencies, and local currency-denominated obligations of sovereigns, quasi-sovereigns, and corporate issuers.”  The managers will actively manage both the asset allocation and security selection.  The benchmark asset allocation is 50% JPMorgan Global Bond Index Emerging Markets- Global Diversified, 25% JPMorgan Emerging Markets Bond Index Global and 25% JPMorgan Corporate Emerging Market Bond Index Diversified.  They can implement their allocation plan directly by buying securities or indirectly by investing in funds and ETFs.  The manager has not yet been named.  There will be a $1000 investment minimum for the no-load “D” shares.  Expenses have not yet been set.

Shelton Green Alpha Fund

Shelton Green Alpha Fund will seek a high level of long-term capital appreciation by investing in stocks “in the green economy.”  The prospectus is bereft of potentially useful details, such as what they’ll charge and who’ll manage the fund.  We do know that it’s a no-load fund, that the minimum investment is $1000, and that “green” funds have largely been a disaster for both sponsor and investor.  I wish them well.

By David Snowball

Advisory Research Value Income Fund

Advisory Research Value Income Fund will seek high current income and long term capital appreciation.  Interesting plan: they intend to invest primarily in preferred securities, but retain the option of buying “other income producing securities including convertible securities, debt securities, common stocks, and securities of other investment companies.”  No more than 20% of the portfolio will be non-U.S. This fund represents a conversion of two hedge funds (Advisory Research Value Income Fund, L.P. and Advisory Research Value Income Fund II, L.P.) into one mutual fund.  The hedge fund returned an average of 4.7% per year from 2003 to 2011, vastly better than the 1.2% registered by its benchmark (Merrill Lynch US Preferred Fixed Rate Index).   Brien M. O’Brien, James M. Langer and Bruce M. Zessar will manage the portfolio.  The minimum initial investment is $2,500.  The expense ratio is not yet set.

BBH Global Core Select

BBH Global Core Select will seek to provide investors with long-term growth of capital by investing in mid- and large-cap stocks around the world.  They describe themselves as “buy and own” investors.  They intend to invest mostly in developed markets, but can invest without limit in emerging markets as well.  At least 40% of the portfolio will be non-US and they can hedge their currency exposure.  Regina Lombardi and Timothy E. Hartch will manage the portfolio.  BBH recently described Lombardi as part of their team of media and consumer analysts.  Hartch comanages the excellent, recently closed BBH Core Select (BBTRX) fund.  The minimum initial investment is $10,000.  The expense ratio is not yet set.

BRC Large Cap Focus Equity Fund

BRC Large Cap Focus Equity Fund (Advisor Class Shares) wants to achieve long-term capital appreciation that will exceed the S&P 500 Index over a three- to five-year time horizon.  They’ll invest in 30-35 large cap stocks.  BRC stands for “Bounded Rationality Concepts.”  These guys believe in behavioral economics and think that they can anticipate events like positive earnings surprises and upgrades.  John R. Riddle will head the portfolio team.  The three managers previously worked for Duff & Phelps which, like Leuthold, is known for its investment research and analysis. The minimum initial investment is $2,500.  The expense ratio, after waivers, will be 1.24%.

Drexel Hamilton Multi-Asset Real Return Fund

Drexel Hamilton Multi-Asset Real Return Fund will seek (duh) real return which they define as “total return that exceeds U.S. inflation over a full [five-year] inflation cycle.”  They plan to invest, mostly, in other Drexel Hamilton funds, in TIPs and in commodity-linked ETFs and ETNs.  The other two Drexel funds in which it will invest have been around less than a year.  Andrew Bang, a West Point grad and the firm’s founder, is the portfolio manager.  Before founding Drexel, he was a Senior Vice President at Shinhan Investment America, a Vice President at AIG Global Investments, and a Portfolio Manager for GE Asset Management (GEAM).  In that latter role he managed $2.5 billion or so. The minimum initial investment is $10,000.  The expense ratio is 1.81% after waivers.

First Trust High Yield Long/Short ETF

First Trust High Yield Long/Short ETF will be an actively-managed ETF which will invest most of its portfolio (long and short) in high yield U.S. and non-U.S. corporate debt obligations, bank loans and convertible bonds. It may invest in “special situations” including defaulted securities and common stocks; companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructurings.  Finally, the manager expects routinely to short U.S. Treasuries and some investment grade U.S. corporate debt; the fund “intends to use the proceeds from the Fund’s short positions to purchase high yield debt securities, thereby creating a form of financial  leverage.” William Housey, Scott D. Fries, Peter Fasone, Todd Larson and Eric Maisel will manage the fund.  All of them seem to have extensive high yield experience at other firms (Morgan Stanley/Van Kampen, BNP Paribas, ABN AMBR)).  Expenses are not yet set.

First Trust Global Tactical Asset Allocation and Income Fund

First Trust Global Tactical Asset Allocation and Income Fund will be an actively-managed ETF that “seek[s] total return and provide income [and] a relatively stable risk profile.”  It will invest in other ETFs, plus some ETNs and sovereign debt.  They’ll also try to sell calls on a portion of the portfolio to supplement their yield.  The description of the fund’s underlying asset allocation strategy isn’t terribly informative; they’ll have a neutral allocation (which isn’t spelled out) and will move from it as conditions call for.  John Gambla and Rob A. Guttschow will manage the fund. Up until 2011, they managed five closed-end funds for Nuveen: Dow 30 Premium and Dividend Income (DPD), Dow 30 Enhanced Premium & Income (NYSE: DPO), NASDAQ Premium Income & Growth (QQQX), Nuveen Core Equity Alpha Fund (JCE) and Nuveen Tax-Advantaged Dividend Growth Fund (JTD). Expenses not yet set.

Hotchkis & Wiley Global Value Fund

Hotchkis & Wiley Global Value Fund seeks capital appreciation by investing, primarily, in stocks of companies located in developed markets.  At least 40% will be non-US and up to 20% might be in emerging markets.  They plan a bottom-up, fundamentals-driven strategy. Scott McBride and Judd Peters will manage the fund.  They have managed private accounts using this strategy since 2011 but the firm hasn’t released performance information yet.  Their public record is mixed: they’re on the management teams for two sad sack domestic funds, Diversified Value (HWCAX) and Large Cap Value (HWLAX).  Since joining the teams, the funds have gone from dreadful to mediocre, so that’s sort of an endorsement. The minimum investment is $2500.  Expenses are not yet set.  There is a 5.75% front-load but H&W funds are generally available no-load at Schwab.

Huber Capital Diversified Large Cap Value Fund

Huber Capital Diversified Large Cap Value Fund seeks to achieve current income and capital appreciation by investing in 40-80 large caps that trade “at a significant discount to the present value of future cash flows.” The fund is benchmarked against the Russell 1000 Value, whose smallest firm has a $230 million market cap, but the managers expect to invest mostly in U.S. stocks above $5 billion.  It may invest up to 20% in ADRs.  Joseph Huber, who also manages the five-star Huber Small Cap Value (HUSIX) and Huber Equity Income (HULIX) funds, will manage the portfolio.  The minimum initial investment is $5000, reduced to $2500 for IRAs.  The opening expense ratio will be 1.25%.

Janus Diversified Alternatives Fund

Janus Diversified Alternatives Fund will seek absolute return with low correlation to stocks and bonds.   Their description of investment strategies is mostly self-important babble about “risk premia opportunities.”  It looks like they use a risk-parity model to set their neutral asset allocation across equity, fixed income, commodity, and currency asset classes.  That is, they adjust allocations so that the risk generated by stocks is the same as that generated by bonds or commodities.  They then look for the sources of the aforementioned “risk premia opportunities,” which is to say, mis-priced securities.  They can invest both long and short. They can invest directly or through mutual funds, ETFs or ETNs. Andrew B. Weisman and John S. Fujiwara will manage the fund.  Both are hedge fund guys who joined Janus in 2012.  “S” shares are available no-load and NTF. The minimum initial investment is $2500.  The expense ratio is not yet set.

Kellner Event Fund

Kellner Event Fund seeks to achieve positive risk-adjusted returns independent of the returns generated by the overall equity markets. The plan is to invest, long and short, “using various strategies” in order to “seek to profit from securities experiencing catalyst driven change.”  Such events might include mergers, bankruptcies, financial or operational stress, restructurings, asset sales, recapitalizations, spin-offs, litigation, regulatory and legislative changes “as well as other types of events.”  It can invest in pretty much any asset class.  George A. Kellner, the adviser’s founder & Chief Executive Officer, will lead the management team.   The public record for the team is awfully thin.  They launched a merger-arbitrage fund in July 2012 and it’s been pretty average.  Several of the managers have experience with event-driven hedge funds, but of course there’s no record available.  The minimum initial investment is $2500, reduced to $2000 for various tax-advantaged plans and $100 for accounts set up with an AIP.  The opening expense ratio will be 2.75% (yikes) in addition to a 2% redemption fee.

Managers AMG Chicago Equity Partners Balanced Fund

Managers AMG Chicago Equity Partners Balanced Fund, yet another convert from the world of loaded funds, will pursue “a high total investment return, consistent with the preservation of capital and prudent economic risk.”  The fund will ordinarily invest 50-65% in stocks and the rest in bonds and cash. It will invest mostly in mid- to large-cap stocks, selected on the basis of “momentum, value, and quality factors.”  The predecessor fund, the same except for a sales load, has been quite consistently above-average.  David C. Coughenour of CEP leads the management team. The minimum initial investment is $2,000.  The expense ratio, after waiver, is 1.10%.  The “service class,” sold through financial intermediaries, is 0.25% cheaper.

Oakseed Opportunity Fund

Oakseed Opportunity Fund will seek long term capital appreciation by investing, mostly, in the stocks of high quality US companies.  They do have the right to invest overseas and they may also invest up to 10% short.  Greg L. Jackson and John H. Park will manage the fund.  These guys managed or co-managed some “A” tier funds (Oakmark Global, Acorn, Acorn Select and Yacktman) around the turn of the century.  Both worked at  Blum Capital, a private equity firm, from about 2004-2012. The minimum initial investment is $2500, reduced to $1000 for various tax-advantaged plans and $100 for accounts set up with an AIP.  The opening expense ratio will be 1.4% in addition to a 2% redemption fee for shares held fewer than 90 days.

Pacific Financial Alternative Strategies, Flexible Growth & Income, Balanced, Foundational Asset Allocation, Faith & Values Based Moderate, Conservative and Aggressive Funds

Pacific Financial Alternative Strategies, Flexible Growth & Income, Balanced, Foundational Asset Allocation, Faith & Values Based Moderate, Conservative and Aggressive Funds.  You’re welcome to read about them if you’d like, but I’m not going to spend time on them.  Here’s the story: Pacific Financial’s three-person management team already runs five funds with diverse focuses.  The “investor” class for every one of those funds is one-star (as of 10/26/2012).  They’re now proposing to add seven more funds, requiring yet more expertise that they have not demonstrated that they possess.  The expense ratios aren’t yet set.  The minimum purchase is $5000.

Riverbridge Growth Fund

Riverbridge Growth Fund will pursue to seek long term capital appreciation by investing in small- to mid-cap US stocks (and some ADRs).   The managers intend to focus on “companies that it views as building their earnings power and building their intrinsic … values over long periods of time.  The advisor uses a bottom-up approach that seeks to identify high quality growth companies that demonstrate the ability to sustain strong secular earnings growth, regardless of overall economic conditions.” Mark A. Thompson, Rick D. Moulton and Dana L. Feick will manage the fund.  Over the last decade, the composite performance of the private accounts using this strategy has been pretty good: up 8.2% per year versus 6.1% for the Russell 3000 over the same period.  The minimum initial investment is $2,500.  The expense ratio, which will include a waiver, is not yet set.  There’s a 1% redemption fee on shares held fewer than 90 days.

Riverbridge Eco Leaders Fund

Riverbridge Eco Leaders Fund will pursue to seek long term capital appreciation by investing in “companies that use strategic technologies, materials and services to: (1) increase productivity by improving quality, efficiency and performance or (2) lower costs by reducing raw materials usage, scrap, and the amount and toxicity of waste as companies having a net positive impact on the environment.”  The managers intend to focus on “companies that it views as building their earnings power and building their intrinsic … values over long periods of time.  The advisor uses a bottom-up approach that seeks to identify high quality growth companies that demonstrate the ability to sustain strong secular earnings growth, regardless of overall economic conditions.” Mark A. Thompson, Rick D. Moulton and Dana L. Feick will manage the fund.  Over the last decade, the composite performance of the private accounts using this strategy has been pretty good: up 7.5% per year versus 5.3% for the S&P500 over the same period. The minimum initial investment is $2,500.  The expense ratio, which will include a waiver, is not yet set.  There’s a 1% redemption fee on shares held fewer than 90 days.

Schwab Target 2045, 2050 and 2055 Funds

Schwab Target 2045, 2050 and 2055 Funds are all funds-of-Schwab-funds.  It appears that they’re only available to “eligible investors,” which appears to translate as “institutions.”  Not sure of why.  Zifan Tang (cool name) manages them all.  Expenses not yet set.

Stonebridge Small-Cap Growth Fund

Stonebridge Small-Cap Growth Fund appears in the SEC filings of October 5, 2012 as a new fund with an N-1A filing.  It is, in reality, an old, expensive and underperforming institutional fund that is becoming a retail one.  This is odd, since there already was a retail version.  It claims to seek long-term growth of capital. “Short-term income is a secondary objective.”  I’m not entirely sure what “short term income” is.  In any case, they invest in domestic small cap stocks, those between $100 million and $3 billion.  And they look for “companies with strong balance sheets, high/growing return on invested capital, positive free cash flow, and earnings growth in excess of 20%.”  Up to 10% may be invested overseas.  Richard C. Barrett and Matthew W. Markatos have managed it for about 30 years. The minimum initial investment is $2500.  The opening expense ratio will be 1.97% and there’s a 2% redemption fee on shares held under 30 days.

Scharf Balanced Opportunity Fund

Scharf Balanced Opportunity Fund seeks long-term capital appreciation and income.  They’ll invest 50-75% in global equities and the rest in global fixed income.  Brian A. Krawez, president of Scharf, is the portfolio manager. Scharf manages a bunch of private accounts using this same strategy and they’ve done quite well over time.  In the five years since Mr. Krawez has been around, the separate accounts outperformed a 60/40 benchmark by between 150 – 300 basis points per year.   The minimum initial investment is $10,000.  The expense ratio, after waiver, is 1.20%.

Sit Quality Income Fund

Sit Quality Income Fund will seek high current income and safety of principal.  The fund invests at least 50% of its assets in U.S. government debt securities and the remainder in investment grade debt securities issued by corporations and municipalities, and mortgage and other asset backed securities.  They’re targeting an average effective duration for the portfolio of approximately 0 to 2 years. Michael C. Brilley, Bryce A. Doty, Mark H. Book, and Chris M. Rasmussen constitute the management team and also manage the five-star Sit US Government Securities fund (SNGVX). The minimum initial investment is $5,000, reduced to $2000 for IRAs.  The expense ratio, after waiver, is 0.90%.

Systematic Mid Cap Value Fund

Systematic Mid Cap Value Fund (SYAMX), which is being converted from a front-loaded fund to a no-load one, will pursue long-term capital appreciation by investing in 60-80 mid-cap stocks.  The manager “[s]eeks out value companies with a confirmed catalyst for sustained fundamental improvement that should eventually lead to either revised earnings estimates or earnings surprises in the future.” Despite an uninspired track record, the earlier version of the fund did accumulate $300 million in assets. Ron Mushock and D. Kevin McCreesh have managed the fund since launch.  The minimum initial investment is $2,000.  The expense ratio, after a generous one basis-point waiver, is 1.13%.  The “service class,” sold through financial intermediaries, is 0.25% cheaper.

WisdomTree Global Corporate Bond Fund

WisdomTree Global Corporate Bond Fund will be an actively-managed ETF that will pursue a high level of total return consisting of both income and capital appreciation.  They plan to invest in debt issues by public, private, and state-owned or sponsored corporations.   They’ll limit emerging market debt to 25% of the portfolio, they can invest 25% in derivatives and expect to hedge their currency exposure.  It looks as if there will be four managers, but their names have not been published and the expenses not yet set.

By David Snowball

Armour Tactical Flex Fund

Armour Tactical Flex Fund will seek long-term gains by actively trading equity and income ETFs and ETNs.  In a marvel of clarity, the managers reveal that they’ll be “utilizing quantitative metrics that are not limited to a focused investment philosophy, security type, asset class, or industry sector.”  They’ll track and position the portfolio in response to “factors such as, corporate earnings, valuation metrics, debt, corporate news, leadership changes, technical indicators and micro or macro-economic influences . . .  political, behavioral, weather changes, terrorism, fear and greed.” Their arsenal will include double inverse ETFs to target markets they believe will fall.  The fund will be managed by Brett Rosenberger, CEO of ArmourWealth.  The investment minimum is a blessedly high $50,000.  1.75% expense ratio after waivers.

Buffalo Dividend Focus Fund

Buffalo Dividend Focus Fund seeks “current income, with long-term growth of capital as a secondary objective.”  They’ll invest in dividend-paying equity securities, including domestic common stocks, preferred stocks, rights, warrants and convertible securities.  They’ll look, in particular, at firms with a history of raising their dividends.  Direct foreign exposure via ADRs is limited to 20% of the portfolio.  The fund will be managed by John Kornitzer and Scott Moore.  Mr. Kornitzer also manages Buffalo Flexible Income (BUFBX) where he’s assembled a really first-rate record. The minimum initial investment will be $2500, reduced to $250 for various tax-advantaged accounts and $100 for accounts set up with an AIP. There will be a 0.97% expense ratio and a 2% redemption fee on shares held fewer than 60 days.

GL Macro Performance

GL Macro Performance will seek “seeks total return with less volatility than the broad equity or fixed income markets.”  It will try to be your basic “global macro hedge fund sold as a mutual fund.” They can invest, long or short, in a bunch of asset classes based on macro-level developments.  The managers will be Michael V. Tassone and Dan Thibeault, both of GL Capital Partners.  Mr. Tassone does not seem to have a track record for investing other people’s money, but he does run a firm helping grad students manage their loans.  Before attending grad school in the 80s, Mr. Tassone spent time at Goldman Sachs and the GE Private Equity group.  $1000 investment minimum.  The expense ratio is capped at 1.75%.

Legg Mason ClearBridge Select Fund

Legg Mason ClearBridge Select Fund is looking for long-term growth of capital by investing, mostly, in “a smaller number of” stocks.  (“Smaller than what?” was not explained.)  It promises bottom-up stock picking based on fundamental research.  They note, in passing, that they can short stocks. The Board reserves the right to change both the funds objectives and strategies without shareholder approval. The manager will be Aram Green, who also manages ClearBridge’s small- and midcap-growth strategies.  There will be six share classes, including five nominally no-load ones.  The two retail classes (A and C) will have $1000 minimums, the retirement classes will have no minimum.  Expenses are not yet set.

Market Vectors Emerging Markets Aggregate Bond ETF

Market Vectors Emerging Markets Aggregate Bond ETF will track an as-yet unspecified index and will charge an as-yet unspecified amount for its services.  Michael F. Mazier and Francis G. Rodilosso of Van Eck will manage the fund.

Market Vectors Emerging Markets USD Aggregate Bond ETF

Market Vectors Emerging Markets USD Aggregate Bond ETF will track an another as-yet unspecified index and will charge an as-yet unspecified amount for its services. The difference, so far, is that this fund will invest in “U.S. dollar denominated debt securities issued by emerging markets issuers.”  Michael F. Mazier and Francis G. Rodilosso of Van Eck will manage the fund.

RiverNorth/Oaktree High Income Fund

RiverNorth/Oaktree High Income Fund will pursue overall total return consisting of long-term capital appreciation and income.  The managers will allocate the portfolio between three distinct strategies: Tactical Closed-End Fund, High Yield and Senior Loan.  Patrick Galley and Stephen O’Neill of RiverNorth will allocate resources between strategies and will implement the Tactical Closed-End Fund strategy, apparently an income-sensitive variant of the strategy used in RiverNorth Core Opportunity (RNCOX, a five-star fund) and elsewhere. Desmund Shirazi and Sheldon Stone of Oaktree Capital Management will handle the Senior Loan and High-Yield Strategies, respectively. The Loan strategy will target higher-quality non-investment grade loans. Mr. Stone helped found Oaktree, established the high-yield group at TCW and managed a $1 billion fixed-income portfolio for Prudential. There will be a $1000 minimum on the investor class shares. The expense ratio has not yet been set.

SSgA Minimum Volatility ETFs

SSgA Minimum Volatility ETFs will both be actively-managed ETFs which attempt provide “competitive long-term returns while maintaining low long-term volatility” relative to the U.S. and global equity markets, respectively.  There’s precious little detail on how they’ll accomplish this feat, except that it’ll involve computers and that their particular target is “a low level of absolute risk (as defined by standard deviation of returns).” They’ll both be managed by Mike Feehily and John Tucker of SSgA.  Expenses not yet announced.

T. Rowe Price Ultra Short-Term Bond Fund

T. Rowe Price Ultra Short-Term Bond Fund will pursue “a high level of income consistent with minimal fluctuations in principal value and liquidity.”  The plan is to invest in a “diversified portfolio of shorter-term investment-grade corporate and government securities, including mortgage-backed securities, money market securities and bank obligations.” The average maturity will be around 1.5 years. The fund will be managed by Joseph K. Lynagh, who joined Price in 1990 and manages or co-manages a slew of other very conservative bond funds (Prime Reserve, Reserve Investment, Tax-Exempt Money, California Tax-Free Income, State Tax-Free Income, Tax-Free Short-Intermediate Funds). The investment minimum will be $2500 for regular accounts and $1000 for various tax-advantaged ones. The expense ratio will be 0.80%, which is close to what Wells Fargo charges on an ultra-short fund with $1.2 billion in assets.

T. Rowe Price Tax-Free Ultra Short-Term Bond Fund

T. Rowe Price Tax-Free Ultra Short-Term Bond Fund will pursue “a high level of income consistent with minimal fluctuations in principal value and liquidity.”  The plan is to invest in a “a diversified portfolio of shorter-term investment-grade municipal securities.”  The average maturity will be around 1.5 years. The fund will be managed by Joseph K. Lynagh, who joined Price in 1990 and manages or co-manages a slew of other very conservative bond funds (Prime Reserve, Reserve Investment,  Tax-Exempt Money, California Tax-Free Income, State Tax-Free Income,  Tax-Free Short-Intermediate Funds). The investment minimum will be $2500 for regular accounts and $1000 for various tax-advantaged ones. The expense ratio will be 0.80%.

By David Snowball

Congress All Cap Opportunity Fund

Congress All Cap Opportunity Fund will seek long term capital appreciation by, uh, buying stocks.  All Cap stocks. “The Fund’s investment premise is that market inefficiencies exist between fixed income and equity valuations which, if properly identified, can lead to investment opportunities which can be exploited.” One would think that their “investment premise” might lead them to be able to invest in either stocks or bonds (a la FPA Crescent) but no. They’ll mostly buy U.S. stocks, with a cap of 10% on international securities, although they may derive international exposure through other holdings. The investment minimum is $2000. The managers are Daniel Lagan and Peter Andersen, both employees of Congress Asset Management Company. Neither has experience in managing a mutual fund, but their private account composite ($30 million against their firm’s total AUM of $7 billion) has outperformed the all-stock Russell 3000 index for the past 1, 3, and 5 years. The expense ratio is 1% after a substantial waiver. There’s also a 1% redemption fee.

Congress Mid Cap Growth Fund

Congress Mid Cap Growth Fund will pursue growth by investing in U.S. midcap stocks. They define mid-caps as capitalizations between $1-5 billion. The plan is to invest in companies that “are experiencing or will experience earnings growth.” For reasons unclear to me, they limit their international investments to 10% of the portfolio. The managers are Daniel Lagan and Todd Solomon, both employees of Congress Asset Management Company. Neither has experience in managing a mutual fund, but their private account composite (also $30 million against their fund’s total AUM of $7 billion) has outperformed the Russell Mid-Cap Growth index for the past 1, 3, 5 and 10 years. The investment minimum is $2000. The expense ratio is 1% after a substantial waiver. There’s also a 1% redemption fee.

Drexel Hamilton Multi-Asset Real Return Fund

Drexel Hamilton Multi-Asset Real Return Fund will pursue total return, which is to say “returns that exceeds U.S. inflation over a full inflation cycle, which is typically 5 years.”  The fund will invest globally in both securities (including REITs) and other funds (including ETNs and ETFs).   It will mostly invest in other Drexel Hamilton funds, but also in TIPs and commodity-linked ETFs.  Moving a bit further in hedge fund land, they’ll also hedge “to help manage interest rate exposure, protect Fund assets or enhance returns.”   And, too, in “response to adverse market, economic or political conditions, or when the Adviser believes that market or economic conditions are unfavorable,” they may go to cash.  Andrew Bang of Drexel Hamilton will manage the fund.  Mr. Bang, a West Point graduate with an MBA from Cornell, was “a Vice President at AIG Global Investments and a Portfolio Manager in the pension group of GE Asset Management (GEAM), where he oversaw institutional clients’ investments in global and international equity portfolios in excess of $2.5 billion.”  The minimum initial investment is $5000.  The expense ratio will be 1.81% after waivers.

DMS India Bank Index Fund

DMS India Bank Index Fund will attempt to track the CNX Bank Index. The index includes the 12 largest Indian bank stocks, which comprise 90% of the market cap of the Indian bank sector. The fund will seek to own all of the stocks in the index, rather than engaging in sampling or the use of derivatives. The fund will be managed by Peter Kohli, CEO of DMS Advisors.  The minimum initial investment will be $1500. Expenses are estimated at 0.96%, with the caveat that the fund might have to pay Indian capital gains taxes in which case the expenses would be higher. If you’re really curious, details about the index are available here.

Dreman Domestic Large Cap Over-Reaction Fund

Dreman Domestic Large Cap Over-Reaction Fund will seek high total return by investing in undervalued US large cap stocks. They intend to use “quantitative screening process to identify overlooked large cap companies with low price-to-earnings ratios, solid financial strength and strong management, that are selling below their intrinsic value and that pay relatively high dividends.” The fund will be managed by a small team headed by the legendary David Dreman. The fund’s global stock sibling, Dreman Market Over-Reaction (DRAQX), has been sort of a dud. That said, Dreman is revered. The expense ratio for “A” class shares, which have a 5.75% front load, will be 1.25% after waivers. The minimum invest is $2500 with a high $1000 minimum subsequent investment.

ING Strategic Income

ING Strategic Income “A” class shares, will seek “a high level of current income,” and perhaps a bit of capital growth. It will be a fund of income-oriented funds. They will have asset allocation targets, to which the managers make tactical adjustments.  They do not, however, seem to reveal what those targets are. The fund will be managed by three ING employees (Christine Hurtsellers, Michael Mata and Matthew Toms), who previously worked for, oh, Freddie Mac, Putnam, Lehman Brothers and (the bright spot) Calamos and Northern. The minimum investment will be $1000, reduced to $250 for IRAs. It has a 2.5% front load, making it a sort of “low-load” fund. Expenses have not yet been set. Absent a disclosure of the asset allocation, publication of low expenses and access to a load-waived share class, I’m unclear on why the fund is attractive.

Jacobs | Broel Value Fund

Jacobs | Broel Value Fund will seek long-term capital appreciation. They plan a 15-20 stock portfolio, selected according to their “value-contrarian investment philosophy” (which, frankly, looks like everyone else’s). They can invest in preferred shares and convertible securities, as well as common stocks, ETFs and closed-end funds. The managers will be Peter Jacobs, President and Chief Investment Officer of Jacobs | Broel Asset Management, and Jesse Broel, their Chief Operating Officer.  Both have worked a lot with the Ragen MacKenzie division of Wells Fargo. Neither seems to have experience in running a mutual fund.  $5000 investment minimum, reduced to $1000 for tax-advantaged accounts and those with AIPs. The expense ratio will be 1.48% and there will be a 2% redemption fee.

Matisse Discounted Closed-End Fund Strategy

Matisse Discounted Closed-End Fund Strategy will pursue long-term capital appreciation and income through buying “closed-end funds which pay regular periodic cash distributions, the interests of which typically trade at substantial discounts relative to their underlying net asset values.” They intend to be “globally balanced” and to hold 30-90 closed-end funds. The managers will be Bryn Torkelson, Eric Boughton, and Gavin Morton of Deschutes Portfolio Strategies, LLC.  Mr. Torkelson is their founder and Chief Investment Officer. In an interesting twist, the prospectus directly compares their separate account composite to the performance of RiverNorth Core Opportunity (RNCOX) and several other CEF-focused mutual funds. They modestly outperform RNCOX until you add in their management fees, which the performance table excludes.  Then they modestly trail RNCOX. The minimum initial investment will be $1000. The projected expense ratio is 2.68% after waivers.  There’s also a 2% redemption fee on shares held fewer than 60 days.

SPDR SSgA Ultra Short Term Bond, Conservative Ultra Short Term Bond and Aggressive Ultra Short Term Bond

SPDR SSgA Ultra Short Term Bond, Conservative Ultra Short Term Bond  and Aggressive Ultra Short Term Bond will be three actively-managed ETFs. Each seeks to produce “income consistent with preservation of capital through short duration high quality investments” but they do so with slightly different degrees of aggressiveness. Tom Connelley and Maria Pino, both Vice Presidents of SSgA FM and Senior Portfolio Managers for their U.S. Cash Management group, will manage the funds. The expenses have not yet been announced and, being ETFs, there is no investment minimum.

Wasatch Emerging Markets Select

Wasatch Emerging Markets Select fund will pursue long term growth. It will be an all-cap fund holding 30-50 stocks, and the prospectus describes it as non-diversified. The managers will be Ajay Krishnan, who also manages Ultra Growth, Emerging India and Global Opportunities, and Roger Edgly, who manages International Growth, International Opportunities, Emerging Markets Small Cap, Global Opportunities and Emerging India. (Overstretched, one wonders). The initial minimum purchase is $2000 for regular and IRA accounts, $1000 for accounts with AIPs and Coverdell Education Savings Accounts. The expenses have not yet been set. There will be a 2% redemption fee on shares held fewer than 60 days.

By David Snowball

Dreyfus ACWI Ex-U.S. Index Fund

Dreyfus ACWI Ex-U.S. Index Fund seeks to match the performance of the Morgan Stanley Capital International All Country World Ex-U.S. Index (MSCI ACWI Ex-US Index). The fund’s portfolio managers, Thomas J. Durante, Karen Q. Wong and Richard A. Brown, select portfolio investments for the fund using a “sampling” process so that the securities, market capitalizations, country and industry weightings and other fundamental benchmark characteristics of the fund’s portfolio are similar to those of the MSCI ACWI Ex-US Index as a whole. The fund may enter into futures contracts and other financial instruments to manage its short-term liquidity or as a substitute for comparable market positions in the securities included the MSCI ACWI Ex-US Index. The expense ratio has not yet been set. The minimum initial investment is $2,500 for investor shares, with a $100 minimum for subsequent investments.

Huntington Longer Duration Fixed Income Fund

Huntington Longer Duration Fixed Income Fund seeks total return from a non-diversified portfolio of longer duration fixed income instruments. They can invest in securities issued by various U.S. and non-U.S. public- or private-sector entities, though only 20% can be in non-dollar-denominated issues.  They can also hedge their currency exposure.   The average portfolio duration equals the Barclays Capital Long Term Government/Credit Index, plus or minus two years.   Kirk Mentzer leads their management team. Expense ratio 1.08%, no redemption fee. The minimum initial purchase for the Fund’s Trust Shares is $1,000.

Icon Opportunities Fund

Icon Opportunities Fund seeks capital appreciation by investing in U.S. small cap stocks that are “underpriced relative to value” (as opposed to “overpriced relative to coffee”?).  Dr Craig Callahan, Founder, President and Chairman of the Investment Committee, and Scott Callahan, are the Portfolio Managers.  Expense ratio 1.50%, no redemption fee. The minimum initial investment is $1,000.

KKR Alternative High Yield Fund

KKR Alternative High Yield Fund seeks to generate an attractive total return consisting of a high level of current income and capital appreciation. The fund will invest in a portfolio of fixed-income investments, including high yield bonds, notes, debentures, convertible securities and preferred stock, with the potential for attractive risk-adjusted returns. The Adviser seeks to identify and capture discounts or premiums over purchase price in response to changes in market environments and credit events. The majority of the Fund’s investments are expected to be in fixed-income instruments issued by U.S. companies, but the Fund may, from time to time, be invested outside the United States, including investments in issuers located in emerging markets. The Fund will not invest more than 30% of its total assets in non-U.S. dollar-denominated securities or instruments issued by non-U.S. issuers that are not publicly traded in the United States. The Fund may also invest in loans and loan participations. The Fund may seek to obtain market exposure to the securities and instruments in which it invests by investing in ETFs and may invest in various types of derivatives, including swaps, futures and options, and structured products in pursuing its investment objective or for hedging purposes. The Fund is co-managed by Erik A. Falk, Frederick M. Goltz, Christopher A. Sheldon and William C. Sonneborn. Expenses and minimum initial investments have not yet been determined.

Scout Emerging Markets Fund

Scout Emerging Markets Fund seeks long-term growth by investing in emerging market stocks.  For their purposes, e.m. stocks include firms domiciled in developed markets “that derive a majority of their revenue from emerging market countries” and as well those in the MSCI Frontier Markets Index. They’ll try to remain diversified by country and industry, but market events might force them to be less so. Mark G. Weber, a former Morningstar equity analyst who co-managed Scout International Discovery, leads the management team. Expense ratio 1.40%, no redemption fee. Minimum initial investment is $1000 for standard accounts and $100 for IRAs.

TIAA-CREF Social Choice Bond Fund

TIAA-CREF Social Choice Bond Fund seeks a favorable long-term total return while preserving capital and giving special consideration to certain social criteria. The Fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, but may also invest in other fixed-income securities, including those of non-investment grade quality. Fund investments are subject to certain environmental, social and governance (“ESG”) screening criteria provided by a vendor of the Fund, MSCI, Inc. The ESG evaluation process generally favors corporate issuers that are: (i) strong stewards of the environment; (ii) committed to serving local communities where they operate and to human rights and philanthropy; (iii) committed to higher labor standards for their own employees and those in the supply chain; (iv) dedicated to producing high-quality and safe products; and (v) managed in an exemplary and ethical manner. Additionally, Advisors targets 10% of the Fund’s assets to be invested in fixed-income instruments that reflect proactive social investments that provide direct exposure to socially beneficial issuers and/or individual projects such as: affordable housing, community and economic development, renewable energy and climate change, and natural resources. The fund will be managed by Stephen M. Liberatore, Joseph Higgins, and Steven Raab. The expense ratio for retail class investors is 0.75%, with a minimum initial investment of $2,000 for Traditional IRA, Roth IRA and Coverdell accounts and $2,500 for all other account types. Subsequent investments for all account types must be at least $100. There is no minimum initial or subsequent investment for Retirement Class shares offered through employer-sponsored employee benefit plans, with a 0.65% expense ratio.

Vanguard Short-Term Inflation-Protected Securities Index Fund

Vanguard Short-Term Inflation-Protected Securities Index Fund seeks to track the performance of the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the securities that make up the Index, holding each security in approximately the same proportion as its weighting in the Index. The fund will be managed by Joshua C. Barrickman and Gemma Wright-Casparius. The expense ratio has not yet been set, but as a Vanguard fund can be expected to be low. The minimum initial investment is $3,000 for investor shares, with $100 minimum for subsequent investments.

By David Snowball

Aberdeen Emerging Markets Debt Fund

Aberdeen Emerging Markets Debt Fund seeks long-term total return by investing in investment grade and high yield emerging markets debt securities. The fund is managed using a team-based approach with Kevin Daly as the lead portfolio manager. The expense ratio is 1.45% and $1000 minimum for “A” shares.

Calvert Social Index Fund

Calvert Social Index Fund, “Y” shares, seeks to match the performance of the Calvert Social Index®, which measures the investment return of large- and mid-capitalization stocks. The management team is led by Eric R. Lessnau, of World Asset Management (the subadviser) who is the Senior Portfolio Manager. The minimum initial investment for Y class shares, which are available only through financial advisers, is $5000 for regular accounts and $2000 for IRAs. The expense ratio is 0.60% after waivers.

Cincinnati Asset Management Funds: Broad Market Strategic Income Fund

Cincinnati Asset Management Funds: Broad Market Strategic Income Fund seeks to achieve a high level of income consistent with a secondary goal of preservation of capital. They’ll pursue the goal by investing in all types of income-producing securities including fixed income securities of U.S. companies and foreign companies with significant U.S. operations or subsidiaries of foreign companies based in the U.S., preferred stock, master limited partnerships and ETFs.  The management team is headed by Richard M. Balestra, CFA. The expense ratio is 0.65% and the minimum investment is $5,000 ($1,000 for tax-deferred and tax-exempt accounts, including IRA accounts).

Dynamic Energy Income Fund

Dynamic Energy Income Fund seeks to achieve high income generation and long-term growth of capital by investing in energy and utility company stocks. The Fund may invest in U.S., Canadian and other foreign companies of any size and capitalization, and in equity securities of master limited partnerships (“MLPs”) and Canadian income trusts to the extent permitted by applicable law. The Fund also seeks to provide shareholders with current income through investing in energy and utility MLPs. Portfolio managers Oscar Belaiche and Jennifer Stevenson head the management team. The expense ratio after waivers is 1.30% and the investment minimum is $2000.

Pinebridge Merger Arbritrage Fund

Pinebridge Merger Arbritrage Fund seeks capital appreciation through the use of merger and acquisition (“M&A”) arbitrage. Under normal market conditions, the Fund invests its net assets (plus the amount of borrowings for investment purposes) primarily in equity securities of companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts and other corporate reorganizations (“Publicly Announced M&A Transactions”).The Fund generally invests in equity securities of U.S. Companies. The management team is led by Managing Director, Lan Cai. The minimum investment for class R shares is $2500 with a minimum for retirement accounts of $1000. The expense ratio is 1.69% after waivers.

Samson STRONG Nations Currency Fund

Samson STRONG Nations Currency Fund seeks positive returns with limited drawdowns over full market cycles. The Fund will invest in currencies, securities and instruments that are associated with strong nations. Normally the fund will invest in high-quality, short maturity sovereign bonds, provincial bonds, obligations of multilateral institutions and forward currency contracts. However The fund may also invest in other companies ( including ETFs) that provide exposure to foreign currencies and securities. The Fund will be managed by a team led by Chief Investment Officer of the Adviser, Jonathan E. Lewis. Expenses after waivers for Investor class are 1.35%; the minimum initial investment is $10,000

Scout Low Duration Bond Fund

Scout Low Duration Bond Fund seeks a high level of total return consistent with the preservation of capital. Normally The Fund will invest at least 80% of its assets in fixed income instruments of varying maturities, issued by various U.S. and non-U.S. public- or private-sector entities. These include bonds, debt securities, mortgage- and asset-backed securities (including to-be-announced securities) and other similar instruments. Up to 25% of assets may also be invested in non-investment grade securities, also known as high yield securities or “junk” bonds. The lead portfolio manager of the fund is Mark M. Egan. Expenses after waivers are 0.40% and the minimum initial investment is $1000 for regular accounts.

TWC International Growth Fund

TCW International Growth Fund seeks long term capital appreciation by investing in an all-cap portfolio of international growth stocks.  The Fund may invest in companies that are not currently generating cash flow, but are expected to do so in the future in the portfolio manager’s opinion. The portfolio manager is Rohit Sah. The minimum investment is $2000 for class N regular accounts and $500 for class N IRAs. Expenses not yet set.

TIAA-CREF Social Choice Bond Fund

TIAA-CREF Social Choice Bond Fund seeks a favorable long-term total return through income and capital appreciation as is consistent with preserving capital while giving special consideration to certain social criteria. The fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, U.S. Government securities, corporate bonds, taxable municipal securities and mortgage-backed or other asset backed-securities. The Fund may also invest in other fixed-income securities, including those of non-investment grade quality.  The fund will be managed by Stephen M. Liberatore, CFA. The expense ratio after waivers is 0.75%. The minimum initial investment for Retail Class shares is $2,000 for Traditional IRA, Roth IRA and Coverdell accounts and $2,500 for all other account types.

By David Snowball

American Beacon The London Company Income Equity Fund

American Beacon The London Company Income Equity Fund (ABCVX) will pursue current income, with a secondary objective of capital appreciation. The plan is to invest in a wide variety of equity-linked securities (common and preferred stock, convertibles, REITs, ADRs), with the option of putting up to 20% in investment-grade fixed income securities. Their stock holdings focus on profitable, financially stable, core companies that focus on generating high dividend income, are run by shareholder-oriented management, and trade at reasonable valuations. The fund will be managed by a team headed by Stephen Goddard, The London Company’s chief investment officer. The minimum investment is $2500 and the expense ratio for Investor Class shares is 1.17% after waivers.

Pathway Advisors Conservative Fund

Pathway Advisors Conservative Fund will seek total return with a primary emphasis on income and a secondary emphasis on growth.  It will be a fund-of-funds (including mutual funds,  ETFs, CEFs, and ETNs) which will target 20-30% exposure to stocks and 70% to 80% to bonds and money market securities. The underlying funds might invest in foreign and domestic stocks of all sizes, REITs, high yield bonds, commodities, emerging market debate, floating rate securities and options.  They can also invest in funds which short the market and up to 15% of the portfolio may be in illiquid assets.. The fund will be managed by David Schauer of Hanson McClain Strategic Advisors.  The investment minimum is $2500 and the expenses have not yet been set.

Pathway Advisors Growth and Income Fund

Pathway Advisors Growth and Income Fund will seek total return through growth of capital and income.  It will be a fund-of-funds (including mutual funds,  ETFs, CEFs, and ETNs) which will target 60% exposure to stocks and 40% to bonds and money market securities. The underlying funds might invest in foreign and domestic stocks of all sizes, REITs, high yield bonds, commodities, emerging market debate, floating rate securities and options.  They can also invest in funds which short the market and up to 15% of the portfolio may be in illiquid assets.. The fund will be managed by David Schauer of Hanson McClain Strategic Advisors.  The investment minimum is $2500 and the expenses have not yet been set.

Pathway Advisors Aggressive Growth Fund

Pathway Advisors Aggressive Growth Fund will seek total return through a primary emphasis on growth with a secondary emphasis on income.  It will be a fund-of-funds (including mutual funds,  ETFs, CEFs, and ETNs) which will target 95% exposure to stocks and 5% to bonds and money market securities. The underlying funds might invest in foreign and domestic stocks of all sizes, REITs, high yield bonds, commodities, emerging market debate, floating rate securities and options.  They can also invest in funds which short the market and up to 15% of the portfolio may be in illiquid assets.. The fund will be managed by David Schauer of Hanson McClain Strategic Advisors.  The prospectus enumerates 24 principal and non-principal risks, no one of which “the fund manager has never run a mutual fund before and has no public performance record.”  But it should be.   The investment minimum is $2500 and the expenses have not yet been set.

TacticalShares Multi-Sector Index Fund

TacticalShares Multi-Sector Index Fund will seek to achieve long-term capital appreciation. It will be a tactical asset allocation fund which will invest in four global equity sectors: 1) U.S. equity market, 2) non-U.S. developed market, 3) emerging markets, and 4) the natural resources market.  The fund will invest in a collection of ETFs to gain market exposure.  Its neutral allocation places 25% in each sector, but they plan on actively managing their exposure.  The allocation is reset on a monthly basis depending on market conditions. The portfolio will be managed by a team headed by  Keith C. Goddard, CFA, President, CEO and Chief Investment Officer for Capital Advisors of Tulsa, OK. The minimum investment is $5000 for regular accounts, $500 for retirement plan accounts and $1000 for automatic investment plans. There is a redemption fee of 1% for funds held less than 30 days and the expense ratio after waivers is 1.9%.

William Blair International Leaders Fund

William Blair International Leaders Fund will seek long-term capital appreciation by investing in the stocks (and, possibly, convertible shares) of companies at different stages of development, although primarily in stocks with a market cap greater than $3 billion.The Fund’s investments will be divided among Continental Europe, the United Kingdom, Canada, Japan and the markets of the Pacific Basin.  It may invest up to 40% in emerging markets, which would be about twice the normal weighting of such stocks. George Greig, who also managed William Blair Global Growth and William Blair International Growth, and Kenneth J. McAtamney, co-managed of Global Growth, will co-manage the Fund.  The expense ratio will be 1.5% after waivers, and there will be a 2% redemption fee on shares held fewer than 60 days.

By David Snowball

Bernzott U.S. Small Cap Value Fund

Bernzott U.S. Small Cap Value Fund will pursue long-term capital appreciation, primarily by investing in common stock of small cap US companies. They will target companies with a market capitalization of between $500 million and $5 billion. The Fund may also invest (a maximum of 20 % of assets) in real estate investment trusts (REITs) . The portfolio will be managed by Kevin Bernzott, CEO of Bernzott Capital Advisors, Scott T. Larson, CFA, CIO, and Thomas A. Derse, Senior Vice President. The team has no experience managing mutual funds but they have managed separate accounts using the same discipline since 1995.  The good news: over the past 3, 5 and 10 years, their separate accounts have beaten the Russell 2000 Value by 1-2% per year.  Bad news: the separate accounts beat their benchmark only about half the time, the number of separate accounts is down 80% from its peak, assets are down by 50%.  All of which might help explain the decision to launch this fund  The minimum investment for regular accounts is $25,000. IRA’s, Gift Accounts for minors and Automatic Investment Plans carry a minimum investment of $10,000.  The expense ratio is 0.95% after waivers.  There’s a 2% fee for redemptions before 30 days.

Contravisory Strategic Equity Fund (CSEFX)

Contravisory Strategic Equity Fund (CSEFX) seeks long-term capital appreciation. The Fund will invest at least 80% of its net assets in common stocks of companies of any market capitalization and other equity securities, including shares of exchange-traded funds (“ETFs”). Up to 20% of its net assets may also be invested in the stocks of foreign companies which are U.S. dollar denominated and traded on a domestic national securities exchange, including American Depositary Receipts (“ADRs”). The strategy is based on a proprietary quantitative/technical model, which uses internally generated research. A private database tracks over 2000 stocks, industry groups, and market sectors.  The goal is to create a portfolio which seeks capital appreciation primarily through the purchase of domestic equity securities.  The approach is designed to separate strong performing stocks from weak performing stocks within the equity markets. The Advisor will consider selling a security if it believes the security is no longer consistent with the Fund’s objective or no longer meets its valuation criteria. The fund’s management team will be headed by William M Noonan who is the president and CEO.  The minimum investment for regular and retirement accounts is $2500. There is a fee of 2.00% for redemptions within 60 days of purchase. The expense ratio is 1.51%.

The DF Dent Small Cap Growth Fund

The DF Dent Small Cap Growth Fund will seek long-term capital appreciation. To achieve this the fund will normally invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of companies with small market capitalizations. The Fund will target U.S.-listed equity securities, including common stocks, preferred stocks, securities convertible into U.S. common stocks, real estate investment trusts (“REITs”), American Depositary Receipts (“ADRs”) and exchange-traded funds (“ETFs”). While the fund will target companies that in the Adviser’s view possess superior long-term growth characteristics and have strong, sustainable earnings prospects and reasonably valued stock prices, it   may invest in companies that do not have particularly strong earnings histories but do have other attributes that in the Adviser’s view may contribute to accelerated growth in the foreseeable future.

The Fund’s portfolio will be managed by Matthew F. Dent and Bruce L. Kennedy, II, each a Vice President of D.F. Dent who are jointly responsible for the day-to-day management of the Fund.The minimum investment for both standard and retirement account is $2500.00. The redemption Fee ( within 60 days of purchase ) is 2.00%. There is an expense ratio of 1.10%

Jacobs Broel Value Fund

Jacobs  Broel Value Fund seeks long-term capital appreciation, and will invest in securities of companies of any market capitalization that the “Adviser” believes are undervalued. The Fund may invest in publicly traded equity securities, including common stocks, preferred stocks, convertible securities, and similar instruments of various issuers. The Adviser will focus on identifying companies that have good long-term fundamentals (e.g., financial condition, capabilities of management, earnings, new products and services) yet whose securities are currently out of favor with the majority of investors. The Fund will typically hold between 15-30 securities. The number of securities held by the Fund may occasionally exceed this range depending on market conditions. The Fund may, at times, hold up to 25% of its assets in cash. Up to a total of 25% of its assets may be invested in other investment companies, including exchange-traded funds and closed-end funds.  The fund is managed by Peter S. Jacobs and Jesse M. Broel. Mr. Jacobs is President and Chief Investment Officer of the Adviser and Mr. Broel is Portfolio Manager and Chief Operating Officer of the Adviser. The minimum investment is $5000.00 for regular accounts and $1000.00 for IRAs. There is a redemption fee of 2.99% ( funds held 90 days or less) and the expense ratio is 1.48%

Kellner Merger Fund

Kellner Merger Fund will seek positive risk-adjusted absolute returns with low volatility.  The Fund invests primarily  in equity securities of U.S. and foreign companies that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations.  The types of equity securities in which the Fund may invest include common stocks, preferred stocks, limited partnerships, and master limited partnerships  of any size market capitalization. George A. Kellner (Founder & Chief Executive Officer) and Christopher Pultz (Managing Director) are the portfolio managers.  The minimum initial investment is $2000 for regular accounts, reduced to $100 for retirement accounts or those set up with automatic investment plans.  The expense ratio, after a fee waiver, will be 2.00%.

Logan Capital International Fund

Logan Capital International Fund will pursue long-term growth of capital and income.  They’ll invest primarily in dividend-paying, large-cap stocks (or ADRs) in developed foreign markets.  Among their other tools: up to 20% emerging markets, up to 15% in ETFs, up to 10% in options and up to 10% short.  Marvin I. Kline and Richard E. Buchwald of Logan Capital will manage the fund.  The team manages about a quarter billion in separately managed accounts, but there is no public report of their composite performance.  The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Logan Capital Large Cap Core Fund

Logan Capital Large Cap Core Fund will pursue long-term capital appreciation.  They’ll invest primarily in US stocks, with permissible capitalizations between $500 million and about $500 billion.  The anticipate 50-60% growth and 40-50% value, which they define as financially stable, high dividend yielding companies.  The managers combine macroeconomic projections with fundamental and technical analysis. Among their other tools: up to 20% international, up to 15% in ETFs, up to 10% in options and up to 10% short.  Al Besse, Stephen S. Lee and Dana H. Stewardson of Logan Capital will manage the fund.  The team manages almost two billion in separately managed accounts, but there is no public report of their composite performance. The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Logan Capital Large Cap Growth Fund

Logan Capital Large Cap Growth Fund will pursue long-term capital appreciation.  They’ll invest primarily in US stocks, with permissible capitalizations between $500 million and about $500 billion. The managers combine macroeconomic projections with fundamental and technical analysis. Among their other tools: up to 20% international, up to 15% in ETFs, up to 10% in options and up to 10% short.  Al Besse, Stephen S. Lee and Dana H. Stewardson of Logan Capital will manage the fund. The team manages almost two billion in separately managed accounts, but there is no public report of their composite performance.  The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Logan Capital Small Cap Growth Fund

Logan Capital Small Cap Growth Fund will pursue long-term capital appreciation.  They’ll invest primarily in US stocks, with permissible capitalizations between $20 million and about $4 billion. The managers combine macroeconomic projections with fundamental and technical analysis. Among their other tools: up to 20% international, up to 15% in ETFs, up to 10% in options and up to 10% short.  Al Besse, Stephen S. Lee and Dana H. Stewardson of Logan Capital will manage the fund. The team manages almost two billion in separately managed accounts, but there is no public report of their composite performance.  The minimum initial investment is $5000, reduced to $1000 for IRAs.  The expense ratio is 1.5%.  There’s a 1% redemption fee on shares held less than six months.

Longboard Managed Futures Strategy Fund

Longboard Managed Futures Strategy Fund, Class N shares, will seek positive absolute returns.  The Fund will hold a mix of fixed-income securities and futures and forward contracts.  Like other managed futures funds, it will invest globally in equities, energies, interest rates, grains, meats, soft commodities (such as sugar, coffee, and cocoa), currencies, and metals sector.  It may offer some emerging markets exposure. The fund will be managed by a team headed by Longboard’s CEO, Cole Wilcox.  Mr. Wilcox ran a managed futures hedge fund for Blackstar Funds, LLC, for eight years.  There’s no publicly-available record of that fund’s performance.  The minimum initial investment is $2500.  Expenses will start at 3.24% plus a 1% fee of shares held for fewer than 30 days.  The fund expects to launch in June, 2012.

Manning & Napier Strategic Income, Conservative

Manning & Napier Strategic Income, Conservative (“S” class shares) will be managed against capital risk and its secondary objective is to generate income and pursue capital growth. This will be a fund of Manning and Napier funds, with a flexible but conservative asset allocation.  It targets 15%-45% in equities (via Dividend Focus and Real Estate) and 55%-85% in bonds (through Core Bond and High Yield Bond).  The allocation will be adjusted based on the team’s reading of market conditions and valuations of the different asset classes.   It will be managed by the same large team that handles Manning’s other funds.  The expense ratio is set at 1.06% and the minimum initial investment is $2000.  The minimum is waived for accounts set up with an automatic investing plan.

Manning & Napier Strategic Income, Moderate

Manning & Napier Strategic Income, Moderate (“S” class shares) will pursue capital growth with the secondary objectives of generating income and managing capital risk. . This will be a fund of Manning and Napier funds, with a flexible asset allocation in the same range as most “moderate target” funds.  It targets 45%-75% in equities (via Dividend Focus and Real Estate) and 25%-55% in bonds (through Core Bond and High Yield Bond). The allocation will be adjusted based on the team’s reading of market conditions and valuations of the different asset classes.  It will be managed by the same large team that handles Manning’s other funds.  The expense ratio is set at 1.03% and the minimum initial investment is $2000.  The minimum is waived for accounts set up with an automatic investing plan.

Northern Multi-Manager Global Listed Infrastructure Fund

Northern Multi-Manager Global Listed Infrastructure Fund will seek total return through both income and capital appreciation. To achieve its objectives the Fund will invest, under normal circumstances, at least 80% of its net assets in securities of infrastructure companies listed on a domestic or foreign exchange. The Fund invests primarily in equity securities, including common stock and preferred stock, of infrastructure companies. The Fund will invest at least 40%, and may invest up to 100%, of its net assets in the securities of infrastructure companies economically tied to a foreign (non-U.S.) country, including emerging and frontier market countries. The Fund may invest in  infrastructure companies of all capitalizations. For a company to be considered it must derive at least 50% of its revenues or earnings from, or devotes at least 50% of its assets to, infrastructure-related activities. The Fund defines “infrastructure” as the systems and networks of energy.  The fund will be managed by Christopher E. Vella, CFA, who is a Senior Vice President and Chief Investment Officer. The management team also includes Senior Vice President Jessica K. Hart. The minimum initial investment is $2,500 in the Fund ($500 for an IRA; $250 under the Automatic Investment Plan; and $500 for employees of Northern Trust and its affiliates). There is a redemption fee of 2.00% (within 30 days of purchase), and the expense ratio is 1.10%

RiverNorth / Manning & Napier Equity Income Fund

RiverNorth / Manning & Napier Equity Income Fund (“R” class shares) will pursue overall total return consisting of long term capital appreciation and income. The advisor will allocate the fund’s assets between two distinct strategies, either one of which might hypothetically receive 100% of the fund’s assets.  One strategy is a Tactical Closed-End Fund Equity (managed by RiverNorth)  and the other is a Dividend Focus (managed by Manning & Napier). The amount allocated to each of the principal strategies may change depending on the adviser’s assessment of market risk, security valuations, market volatility, and the prospects for earning income and total return.   At base, you’re buying two very good funds,  RiverNorth Core Opportunity (RNCOX) and Manning & Napier Dividend Focus (MNDFX), in a single package and allowing the managers to decide how much go place in each strategy.  The RiverNorth sleeve and the fund’s asset allocation decisions are handled by Patrick Galley and Stephen O’Neill who also run RiverNorth Core Opportunity, and the M&N sleever is run by the team that runs all of the M&N funds. The expense ratio is not yet set.  The minimum initial investment is $5000 for regular accounts and $1000 for retirement accounts.

Swan Defined Risk Fund

Swan Defined Risk Fund seeks income and growth of capital. To achieve this the fund will invest primarily in: exchange-traded funds (“ETFs”) that invest in equity securities that are represented in the S&P 500 Index and/or individual sectors of the S&P 500 Index, exchange-traded long-term put options on the S&P 500 Index for hedging purposes, and buying and selling exchange-traded put and call options on various equity indices to generate additional returns. The fund will target equity securities of large capitalization (over $5 billion) US companies through ETFs, but it may also have small investments in equity securities of smaller and foreign companies through sector-based or S&P 500 Index ETFs. The adviser employs a proprietary “Defined Risk Strategy” (“DRS”) to select Fund investments.  Randy Swan, CPA, President of the adviser (and the creator of the DRS system back in 1997 ) serves as the portfolio manager. The minimum investment is $5000.00 and there is a redemption fee of 1.00% ( 30 days). The expense ratio is 1.80%.

By David Snowball

Black Select Long/Short

Black Select Long/Short will seek long-term capital appreciation over a full market cycle.  They invest both long and short in a focused, global portfolio of mid- to large-cap companies. Gary Black, president of the adviser, will manage the fund.  This is the same Gary Black who was president, CEO and/or chief investment officer of Janus from 2004-2009. During his watch, at least 15 equity managers left Janus and one won a multi-million dollar suit against the company.  Despite a war on the star managers, he’s credited with an important reorganization of the place.  Before that he was chief investment officer for Goldman Sachs’ global equities group. Minimum initial investment will be $2500. Expenses for the Investor share class are capped at 2.25%.

Braver Tactical Equity Opportunity Fund

Braver Tactical Equity Opportunity Fund will seek capital appreciation with low volatility and low correlation to the broad domestic equity markets.  The plan is to both time the market (they may go 100% to cash in order to avoid market declines) and to rotate among sectors using ETFs.  It will be managed by a team led by Andrew Griesinger, Braver’s chief investment officer. The team uses the same strategy in their separate accounts.  Information in the prospectus shows those accounts trailing the S&P500 and a hedge fund benchmark for the trailing year, three years and period since inception (though leading over the trailing five years).  They provide no volatility data. $1000 minimum initial investment.  Expenses capped at 1.5%.

Global X

Global X Top Hedge Fund Equity Holdings, Top Value Guru Holdings, Top Activist Investor Holdings, Listed Hedge Funds ETFs will all invest in indexes designed to track the activities of the mythically talented.  They will all be managed by Global X’s top two executives, Bruno del Ama and Jose C. Gonzalez. Expenses not yet set.

ProShares Listed Private Equity and ProShares Merger Arbitrage

ProShares Listed Private Equity and ProShares Merger Arbitrage ETFs.  With great conviction, ProShares reports: “ProShares Merger Arbitrage (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the [            ] Merger Arbitrage Index (the “Index”). The Index was created by [            ] (the “Index Sponsor”).” Trans: we’re going to track some index (we don’t  know which), created by somebody (we don’t know who).  Trust us, this is a compelling idea whose time has come.  Alexander Ilyasov will manage the ETFs.  Expenses not yet set.

Reinhart Mid Cap Private Market Value Fund

Reinhart Mid Cap Private Market Value Fund will seek long-term capital appreciation by purchasing a diversified portfolio of mid-cap stocks which are selling at a 30% discount to their “true intrinsic value.”  Brent Jesko, Principal and Senior Portfolio Manager of the Adviser, is the Fund’s lead portfolio manager.  $5000 minimum initial investment.  Expenses not yet set.

T. Rowe Price Emerging Markets Corporate Bond Fund

T. Rowe Price Emerging Markets Corporate Bond Fund will pursue high current income, with a secondary goal of capital appreciation.  The plan is to buy bonds, primarily dollar-denominated and primarily intermediate-term, that are issued by companies that are located or listed in, or conduct the predominant part of their business activities in, emerging markets. Michael J. Conelius will manage the fund. $2500 investment minimum for regular accounts, $1000 for various tax-advantaged products. Expenses are capped at 1.15%.  They intend to launch on May 24, 2012.

USAA Cornerstone Funds

USAA Cornerstone Funds (Conservative, Moderately Conservative, Aggressive, Equity) will each invest in other funds.  Each has a set asset allocation, ranging from 20 – 100% equities.  Two existing funds will be rebranded as Moderate and Moderately Aggressive to round out the collection.  Each will be team managed, with John P. Toohey and Wasif A. Latif, Vice President of Equity Investments being present on all of the teams.  Expenses vary, but are uniformly low.  The minimum initial investment is $3000, reduced to $500 for accounts established with automatic investment plans. They anticipate launch in June 2012.

 

By David Snowball

Baron Global Growth

Baron Global Growth will pursue capital appreciation. It will be a diversified fund that uses the same selection criteria as the other Baron products. It will invest domestically, and in developed and developing markets. It’s nominally an all-cap fund, though Baron’s tradition is to focus especially on small- to mid-cap stocks. Alex Umansky, a former Morgan Stanley manager who also runs Baron Fifth Avenue Growth (BFTHX), will manage the fund. $2,000 investment minimum, reduced to $500 for accounts with an AIP. Expenses not yet set.

Fidelity Global Bond

Fidelity Global Bond Fund will seek high current income by investing, mostly, in investment grade corporate and government bonds.  Up to 20% of the fund might be in junk bonds.  As with the International Bond fund (below), there’s an odd promise of index-hugging:   “FMR uses the Barclays Capital® Global Aggregate GDP Weighted Index as a guide in structuring the fund and selecting its investments.” The fund will be managed by Jamie Stuttard, formerly head of European and U.K. Fixed Income for Schroder Investment Management (London) and a portfolio manager.  $2500 minimum initial investment, reduced to $500 for IRAs.  0.75% e.r.  Expect the fund to launch in May 2012.

Fidelity Global Equity Income Fund

Fidelity Global Equity Income Fund will seek “reasonable income” but will also “consider the potential for capital appreciation.”   The plan is to invest in dividend-paying stocks, but they won’t rule out the possibility to high-yield bonds.   One goal is to provide a higher yield than its benchmark, currently 2.3%.  Ramona Persaud will manage the fund.  She managed Select Banking for a couple years , became an analyst for Diversified International (since November 2011) and comanages Equity- Income (FEQIX). I’m not sure what to make of that.  Equity-Income has been consistently mediocre.  A new team, including Persaud, took over in October but hasn’t made a measurable difference yet.   Expenses of 1.20%.  Minimum investment of $2500.  Expect the fund to launch in May 2012.

Fidelity International Bond Fund

Fidelity International Bond Fund will seek a high level of current income by investing in investment-grade non-U.S securities, including some in the emerging markets.  In a vaguely disquieting commend, the prospectus notes “FMR uses the Barclays Capital® Global Aggregate Ex USD GDP Weighted Index as a guide in structuring the fund and selecting its investments.”  That seems to rule out adding much value beyond what the index offers.  The fund will be managed by Jamie Stuttard, formerly head of European and U.K. Fixed Income for Schroder Investment Management (London) and a portfolio manager.  He’ll be assisted by Curt Hollingsworth, a long-time Fidelity employee.  There’s a $2500 investment minimum, reduced to $500 for IRAs, and an e.r. of 0.80%.  This is also set to be a May 2012 launch.

Fidelity Spartan Inflation-Protected Bond Index Fund

Fidelity Spartan Inflation-Protected Bond Index Fund will own the inflation-protected debt securities included in the Barclays Capital U.S. Treasury Inflation-Protected Securities.  The fund will be co-managed by Alan Bembenek and Curt Hollingsworth.  There will be a $10,000 investment minimum and a 0.20% e.r.  The fund will launch in May 2012.

Flex-Funds Spectrum Fund

Flex-Funds Spectrum Fund will seek long-term capital appreciation by investing in domestic and foreign mutual funds, ETFs, closed-end funds, unit investment trusts, S&P Drawing Rights, futures and common stocks. It will be global and all-cap.  It can go 100% to fixed income if the equity market gets scary.  The fund will be managed by a team led by Robert Meeder, who’s been with the advisor since 2005. Expenses not yet set.  Initial minimum investment of $2500, reduced to $500 for IRAs.

iShares Morningstar Multi Asset High Income Index ETF

iShares Morningstar Multi Asset High Income Index ETF will try to match a proprietary Morningstar index which is global, broadly diversified and seeks to deliver high current income while gaining some long term capital appreciation.  This will be a fund of funds, investing mostly in ETFs.  Its asset allocation target is 20% equities (two dividend and two infrastructure funds), 60% fixed income (including Treasuries, high-yield and emerging markets) and 20% in REITs and preferred shares (designated as an “alternatives” asset class).  It will be managed, to the extent index funds are, by James Mauro and Scott Radell.  Expenses not yet set.

Martin Focused Value Fund

Martin Focused Value Fund will be a focused, global, all-cap stock fund which pursues long-term growth of capital.  The manager reserves the right to move to cash and bonds “during market downturns, or until compelling bargains in the securities markets are found.” Frank K. Martin, who earned his BA in 1964 and advertises “45 years of investment industry experience,” will manage the fund.  Expenses capped at 1.40% for the retail shares.  $2500 minimum initial investment.

By David Snowball

CONESTOGA MID CAP FUND

Conestoga Mid Cap Fund seeks to provide long-term growth of capital.  They will invest in mid-cap (under $10 billion) stocks, including ADRs, convertible securities, foreign and domestic common and preferred stocks, rights and warrants.  They don’t  expect investment in foreign securities to exceed 20% of the fund’s total assets.  William C. Martindale will be the lead manager.  He also manages the exceptionally solid Conestoga Small Cap (CCASX) fund.  The minimum initial investment is $2500, reduced to $500 for accounts with an automatic investment plan. The expense ratio is capped at 1.35%.

DRIEHAUS INTERNATIONAL CREDIT OPPORTUNITIES FUND

Driehaus International Credit Opportunities Fund seeks to provide positive returns under a variety of market conditions.   The fund will hold both long and short positions in debt securities (both sovereign and corporate), equity securities and currencies. The debt securities held in the Fund may be fixed income or floating rate securities.  The portfolio will be concentrated and relatively high turnover (100-300%).  The fund will be managed by Adam Weiner.   Expenses not yet set. $10,000 minimum initial purchase, reduced to $2000 for tax-deferred accounts and ones with an automatic investing plan.  The fund will launch February 23.

HAMLIN HIGH DIVIDEND EQUITY

Hamlin High Dividend Equity Fund will seek high current income and long-term capital appreciation.  They intend to invest in “sustainable, dividend-paying equity securities,” which might include REITs, royalty trusts and master limited partnerships.  UP to 25% might be invested overseas.  The managers will be Charles Garland and Christopher D’Agnes, both of Hamlin Capital.  The minimum initial purchase is $2500. The initial expense ratio is 1.50% after a very large (165 bps) expense waiver.

ROCKY PEAK SMALL CAP VALUE FUND

Rocky Peak Small Cap Value Fund seeks long-term capital appreciation with a focus on preservation of capital.  They’ll invest in stocks with a capitalization under $3 billion.   The fund is non-diversified and the managers expect a low-turnover, tax-efficient style. Tom Kerr of Rocky Peak Capital will manage the fund.  Expense ratio will be 1.50% with a 2% redemption fee on shares held fewer than 90 days.  The minimum investment is $10,000 but reduced to $1,000 for tax-deferred accounts and those with automatic investing plans.

SEXTANT GLOBAL HIGH INCOME FUND

Sextant Global High Income Fund (SGHIX) will seek high income and capital preservation.  The Global High Income Fund invests in a globally diversified portfolio of income-producing debt and equity securities.  They cap US securities, stocks and investment grade bonds at 50% of the portfolio, and emerging markets securities at 33%.  The fund is clearly risk-conscious but also warns that exploiting a market panic will involve high short-term volatility.  Bryce Fegley, Saturna’s chief investment officer, and John Scott will run the fun.  The minimum initial investment is $1000.  The expense ratio is capped at 0.90%.   The fund launches March 30, 2012.

U.S. EQUITY HIGH VOLATILITY PUT WRITE INDEX FUND (HVPW)

U.S. Equity High Volatility Put Write Index Fund will seek the match the NYSE Arca U.S. Equity High Volatility Put Write Index which measures the return of a hypothetical portfolio consisting of exchange traded put options which have been sold on each of the 20 largest, most volatile stocks available.  Kevin Rich and Jeff Klearman manage the fund. The expense ratio is 0.95%.

 

By Editor

Driehaus International Credit Opportunities Fund

Driehaus International Credit Opportunities Fund seeks to provide positive returns under a variety of market conditions.   It will hold long and short positions in a variety of developed and developing market fixed-income instruments.  It may use derivatives to hedge its exposure.  The fund will be non-diversified in terms of both the number of securities held and the number of nations or regions represented in the portfolio.  Its annual portfolio turnover is estimated to be 100 – 300%.  The fund will be managed by Adam Weiner who has managed emerging markets fixed income and currency strategies for Oppenheimer and Frontpoint Partners/Morgan Stanley.  In 2011, he joined Driehaus as a portfolio manager for international credit-oriented strategies.  He is not a member of the team which runs Driehaus’s other two “nontraditional bond” funds. $10,000 minimum initial investment.  Expenses not yet set.

By Editor

Aviva Investors Emerging Markets Local Currency Bond Fund

Aviva Investors Emerging Markets Local Currency Bond Fund popped up in the SEC database this month.  Oddly enough, the fund already exists but is not available for sale to either individual or institutional investors.  The coolest aspect of the offering is its heritage; it’s based on a SiCav, “a sub-fund of a socioto anonyme formed under the laws of the Grand Duchy of Luxembourg.”  The least cool aspect is that the fund in question consistently trails its index.  When available, it will be team managed, will charge1.15% and will be available for a $5000 minimum.

FAM Small Cap Fund

FAM Small Cap Fund will attempt to “maximize long-term return on capital” by investing in a non-diversified portfolio of quite small companies.  They’re targeting stocks valued at between $50 million and $1 billion.  The managers will determine each firm’s “true business worth” as the basis for their investments.   The managers are Thomas Putnam, Chairman of the adviser, and Marc Roberts, a research analyst for them.   Mr. Putnam’s two other FAM funds, Value and Equity-Income, have been solidly unspectacular for years. The minimum initial purchase is  $5000 for a regular  account and $2000 for an IRA.   Expenses of 1.5%. The proposed launch date is February 12, 2012.

Forward Managed Futures Strategy Fund

Forward Managed Futures Strategy Fund will pursue long term total return.  The Fund will generally invest in the futures contracts included in the Credit Suisse Multi-Asset Futures Strategy Index.  The primary asset classes included in the CSMF Index are commodities, currencies, equity indexes and fixed income. The CSMF Index will take long positions in futures contracts with strong positive positioning relative to its 250-day moving average price and short positions in futures contracts with strong negative positioning relative to the 250-day moving average price.   Their goal is positive returns regardless of market conditions, with a target volatility level of approximately 15% per year.  This strategy is employed by a variety of managed futures funds; they work really well when markets show sustained movements in either direction but suffer in volatile, directionless ones. The Fund will be team managed.  The team leader is Nathan Rowader, Forward’s Director of Investments.  The other team members include Forward’s president and CIO, Jim O’Donnell, Paul Herber and David Ruff. Expenses not yet set.  Investment minimum is $4000, reduced to $2000 for Coverdells and accounts with e-delivery options, $500 for accounts with an automatic investment plan.

Hussman Strategic Dividend Value Fund

Hussman Strategic Dividend Value Fund seeks total return through a combination of dividend income and capital appreciation, with added emphasis on protection of capital during unfavorable market conditions.  It pursues this objective by investing primarily in dividend-paying common stocks.  The Fund has the ability to vary its exposure to market fluctuations based on factors its investment manager believes are indicative of prevailing market return and risk characteristics.  John Hussman, founder and manager of nearly $9 billion in the three other Hussman funds, will run the show.  In general, the Hussman funds have been more distinguished for their strong risk management than for exceptional long-term returns.  Expenses of 1.27% after a substantial “fee deferral.” The minimum initial investment is $1,000, except the minimum is $500 for IRA/UTMA accounts.  Oddly, Morningstar already lists the fund on its site, though it’s not scheduled to open until February 12, 2012.

Satuit Capital U.S. Small Cap Fund

Satuit Capital U.S. Small Cap Fund will seek long-term growth by investing in a diversified portfolio of U.S. small cap stocks. Small cap translates to “comparable to the Russell 2000.”  They’ll start with quantitative screens to construct a Focus List, and then qualitative ones to sort through the Focused stocks.  The management team is the same folks who run Satuit Capital U.S. Emerging Companies (SATMX).  It includes Robert Sullivan, Satuit’s chairman, president and Chief Investment Officer.  Here’s the good news: SATMX (formerly Satuit Microcap) is a really strong fund, with returns in the top 1% of its peer group over the past decade.  The bad news: Satuit offered a small cap fund once before, became discouraged and shut it down rather quickly.  Expenses will be 1.5%. The minimum initial investment is quite low, at $1000.

Satuit Capital U.S. SMID Cap Fund

Satuit Capital U.S. SMID Cap Fund seeks to provide investors with long-term capital appreciation by investing in a diversified portfolio of U.S. small- to mid-cap stocks.  SMID is operationalized as “comparable to the Russell 2500” index.  The managers will use the same combination of quantitative and qualitative screens here as they do in their small cap fund. The management team is the same folks who run Satuit Capital U.S. Emerging Companies (SATMX).  It includes Robert Sullivan, Satuit’s chairman, president and Chief Investment Officer.   Expenses will be 1.5%. The minimum initial investment is quite low, at $1000.

Wasatch Frontier Emerging Small Countries Fund

Wasatch Frontier Emerging Small Countries Fund will pursue long-term capital appreciation by investing in a non-diversified portfolio of stocks represented in “frontier market or small emerging market country.”  The firms in question need either to be domiciled in those markets, or to generate more than 50% of revenues or earnings in them.  Wasatch warns that these include  “the least developed markets even by emerging markets standards.”  Nominally it’s an all-cap fund, practically it’s a small cap one.  The fund will be managed by Laura Geritz who helps manage the Wasatch Emerging Markets Small Cap and International Opportunity funds.  She has an interesting history, having come up through the ranks from “bilingual customer service representative” to “analyst” to “manager.”  Expense ratio not yet announced, but it’ll be high.  The minimum initial investment is $2000 except for college savings accounts and funds with an automatic investing plan, in which case the minimum is reduced to $1000.  The proposed launch date is late January, 2012.

By Editor

Ariel Global Equity Fund

Ariel Global Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 stocks, foreign, domestic and emerging. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.

Ariel International Equity Fund

Ariel International Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 developed market stocks outside the US. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.

ASTON/Silvercrest Small Cap Fund

ASTON/Silvercrest Small Cap Fund The manager is Roger Vogel, Managing Director of Silvercrest and lead portfolio manager for Silvercrest’s small cap value investment strategy. Prior to Silvercrest, he co-managed both small-cap and large-cap portfolios for Credit Suisse. His private account composite has returned 6.4% since inception in 2003, while the Russell 2000 Value returned 4%. For better or worse, most of his advantage comes in a dramatic outperformance in 2008. Expense ratio of 1.41%, minimum initial investment of $2500, reduced to $500 for IRAs.

Forward Endurance Fund

Forward Endurance Fund seeks long-term growth by investing, long and short, in a global stock portfolio. Their focus will be “to identify trends that may have large and disruptive impacts on global business markets.” David Readerman and Jim O’Donnell will manage the fund. They recently took over Forward Small Cap as well. Expenses not yet set, $4000 minimum initial investment, reduced to $2000 if you sign up for eDelivery, $500 for accounts with automatic investing plans.

Forward Floating NAV Short Duration Fund

Forward Floating NAV Short Duration Fund seeks maximum current income consistent with the preservation of principal and liquidity. Their investment strategy is generic (investment grade, US and non-US, government and corporate debt), but they’re benchmarked against the three-month T-bill and the prospectus goes to pains to say that they’re not a money market. That, of course, says that they’re trying to market themselves as “better than a money market.” David L. Ruff and Paul Broughton will manage the fund. Both have extensive experience, though not in fund management. Expenses not yet set, $4000 minimum initial investment, reduced to $2000 if you sign up for eDelivery, $500 for accounts with automatic investing plans.

FPA International Value Fund (FPIVX)

FPA International Value Fund (FPIVX) seeks above average capital appreciation while attempting to minimize the risk of capital loss. FPA looks in all their funds for well-managed, financially strong, high quality businesses whose stock sells at a significant discount. The managers, Eric Bokota and Pierre Py, are both former Harris Associate (i.e., Oakmark) analysts. Initial expense ratio of 1.98% (they don’t believe in fee waivers), but at least the minimum initial investment ($1500) is low.

Gerstein Fisher Multi-Factor International Growth Equity Fund

Gerstein Fisher Multi-Factor International Growth Equity Fund will seek long-term capital appreciation. They’ll focus on “smaller growth companies that may also display characteristics typically associated with value-oriented investments.” Gregg S. Fisher, the firm’s chief investment officer, will manage the fund. Expenses of 1.37%, $5,000 minimum initial investment.

Granite Value Fund

Granite Value Fund will seek long-term growth by investing globally in about 40 mid- to large-cap stocks. Scott B. Schermerhorn will manage the fund. Expense ratio of 1.35%, $10,000 minimum initial investment, reduced to $5000 for tax-advantaged accounts.

IASG Managed Futures Strategy Fund (“N” shares)

IASG Managed Futures Strategy Fund (“N” shares) will seek positive long-term absolute returns. The plan is to invest 75% in fixed income and 25% in a combination of “commodity pools” and ETFs. This has “bad idea” written all over it. The strategy is obscure and depends, largely, on investing in a bunch of actively managed “pooled investment vehicles,” each of which has a manager pursued his own commodity strategy, often derivative based or in ETFs that have price momentum. The fund will be managed by Perry Lynn and JonPaul Jonkheer of IASG Capital Management. $2500 investment minimum, expense ratio not yet set.

Kottke Commodity Strategies Fund (“N” shares)

Kottke Commodity Strategies Fund (“N” shares) will seek positive absolute returns. The plan is to invest 75% in cash and 25% in exchange-traded commodity futures and options. The cash – currently offering negative real returns – is collateral for the commodity positions. The fund will be managed by a team led by Michael Crouch (“head trader”). $2500 investment minimum, expense ratio not yet set.

Miller Tabak Merger Arbitrage and Event Driven Fund

Miller Tabak Merger Arbitrage and Event Driven Fund will pursue capital appreciation by investing the stocks of companies that are undergoing, or may undergo, “transformational corporate events” such as “announced merger transactions, announced or have possible spin-offs, split-offs or sales of divisions; businesses that are exploring “strategic alternatives” such as stock buybacks, or sales of the entire companies; companies that may announce or have completed attractive acquisitions; and other special situations.” Michael Broudo will manage the fund, and also manages Miller Tabak’s merger arbitrage and event-driven equity group. Miller Tabak is a heavy weight institutional firm that executes trades for hedge funds and institutions, and this has the feel of a “friends and family” fund for those unable to afford MT’s private accounts. $1000 investment minimum, but an expense ratio (after waivers!) of 2.75%.

Scharf Fund

Scharf Fund will seek long-term capital appreciation. The fund will mostly invest in stocks (daringly, the manager targets stocks which “have significantly more appreciation potential than downside risk over the long term”), might invest up to 50% in international stocks and might invest up to 30% in bonds. Brian A. Krawez, former “Head of Research at Belden and Associates<” will manage the fund. $10,000 investment minimum, reduced to $5000 for tax-advantaged accounts and those with automatic-investing plans, expense ratio of 1.25%.

Sierra Strategic Income Fund

Sierra Strategic Income Fund wants “to provide total return (with income contributing a significant part) and to limit volatility and downside risk.” It will be a fund of income funds, including funds or ETFs which invest in foreign, emerging or domestic bonds, issued by governments or corporations, and REITs. They look with asset classes with price momentum, try to find high-alpha managers in those classes and have a fairly severe stop-loss discipline. The fund will be managed by a team from Wright Fund Management, which has been using this strategy in separate accounts since the late 1980s. Expenses not yet set, $10,000 minimum initial investment.

TFS Hedged Futures Fund

TFS Hedged Futures Fund will pursue long-term capital appreciation. It will be a global long/short equity fund. It will be managed by a six-person team. Expenses, after waivers, of 2.30%, $5000 minimum investment.

Vanguard Emerging Markets Government Bond Index Fund

Vanguard Emerging Markets Government Bond Index Fund will track the performance of the Barclays Capital Emerging Markets Sovereign Index (USD) that measures the investment return of U.S. dollar-denominated bonds issued by governments of emerging market countries. They anticipate a weighted average maturity of 10-15 years. Greg Davis and Yan Pu will manage the fund. Expense ratio of 0.50%, minimum initial investment is $3000.

Vanguard Target Retirement 2060 Fund

Vanguard Target Retirement 2060 Fund will seek to provide capital appreciation and current income consistent with its current asset allocation. It invests in just three underlying funds, Vanguard Total Stock Market Index (63%), Vanguard Total International Stock Index (27%) and Vanguard Total Bond Market II Index (10%). As with all such funds, it was slowly become more conservative as 2060 approaches. (Given that I’m not going to be here to confirm it, I’ll take Vanguard’s word on the matter.) The investment minimum is a remarkably low $1000, expense ratio is equally remarkable, at 0.18%.

Vanguard Total International Bond Index Fund

Vanguard Total International Bond Index Fund will track the Barclays Capital Global Aggregate ex-USD Float-Adjusted Index (Hedged) that measures the investment return of investment-grade bonds issued outside of the US. They anticipate a weighted average maturity of 5-10 years. Greg Davis and Yan Pu will manage the fund. Expense ratio of 0.40%, minimum initial investment is $3000.

William Blair Small-Mid Cap Value Fund

William Blair Small-Mid Cap Value Fund will seek long-term capital appreciation, which they’ll pursue by investing in domestic small- and mid-cap stocks. The management team are the same folks who run Blair Small Cap Value and Mid Cap Value, neither of which is bad. Expenses not yet set, $5000 minimum initial investment, reduced to $3000 for IRAs.