Run by a well-regarded Minneapolis hedge fund manager (Andrew Redleaf). Expenses are somewhat high,but not unusual for a fund that can short. Multi-cap.
Fund looks for contrarian plays, can go short either via options or futures, is US only and can use ETFS and closed-end funds. Is currently nearly 30% cash.
"The Adviser has wide latitude to allocate Tactical Opportunities Fund’s assets among common and preferred stocks, warrants,
fixed income securities, convertible securities, indexed securities and derivatives."
The last page of the current fact sheet provides a pretty lengthy and fairly compelling discussion on the fund's philosophies regarding hedging and alternative investing.
I'm not investing yet, but I think it's interesting. Has so far done better than the category.http://www.whiteboxmutualfunds.com/content/assets/docs/WBTactical_Fund_FactSheet_2012Q2.pdf