the single dumbest paragraph filed with the SEC this month

David_Snowball

I've been working on tracking down funds in the SEC pipeline (the Hypergrowth or Falling Knives ETFs, anybody?) and came across Terra Firma US Concentrated Realty Equity. Apparently it used to be some other fund, or funds, or portfolios. Despite naming the manager they won't name who he worked for when advising ... well, you'll see:

Performance data for the classes varies based on differences in their fee and expense structures. The performance figures for Open Class shares reflect the historical performance of the then-existing shares of the [...] (the “Predecessor Portfolio”) (the predecessor to the Fund, for which [...] served as the investment adviser), a series of [...], from September 23, 2011 to […], 2020. The performance figures for Open Class shares also reflect the historical performance of the then-existing shares of the predecessor fund to the Predecessor Portfolio, the [...] (the “Predecessor Fund”) (for which [...] served as the investment adviser), for periods prior to September 23, 2011. Jay P. Leupp has served as a portfolio manager for the Fund, the Predecessor Portfolio and the Predecessor Fund since December 31, 2008. Christopher J. Hartung has served as a portfolio manager for the Fund and the Predecessor Portfolio since 2018.

The aforementioned "Mr. Leupp was a Senior Portfolio Manager on [...]'s Global Real Estate Securities team from 2011 to 2019. Prior to joining [...] in 2011, Mr. Leupp was the President and Chief Executive Officer (“CEO”) of Grubb & Ellis Alesco Global Advisors."

(deep cleansing breath, deep cleaning breath, beer)

David

Mark

Excellent Professor Snowball. What are the odds someone will top it?

msf

What's the point of the obfuscation if the next document filed with the SEC (the reorg proxy) reveals all? (Don't even try to answer that.)

LREOX is the Predecessor Portfolio. It's a series of the Lazard Funds. The predecessor fund to the Predecessor Portfolio was Grubb & Ellis AGA U.S. Realty (GBEUX).

The Target Fund [LREOX] commenced operations after all of the assets of an investment company advised by Grubb & Ellis Alesco Global Advisors, LLC, the Grubb & Ellis AGA U.S. Realty Fund (the “Predecessor Fund”), were transferred to the Target Fund in exchange for Open Shares of the Target Fund in a tax-free reorganization on September 23, 2011.

From the Lazard proxy for LREOX to be acquired by the Terra Firma shell fund.
https://www.sec.gov/Archives/edgar/data/1141819/000089418920001854/terrafirman14doc.htm

Supplement to the 2010 GBEUX prospectus describing the 2011 reorg into Lazard:
https://www.sec.gov/Archives/edgar/data/1141819/000089418911002851/grbells-tpm_497e.htm

Old_Joe

I have to wonder if that might have been an "intermediate" version of the document that was inadvertently filed. I do that sometimes, even when posting here. If I can't immediately remember a particular name but don't want to lose the rather fragile thread of my thought, sometimes I'll just type "xxx" and finish the sentence or paragraph, and then later go back and change it to the desired name.

Perhaps it was something like that here too, otherwise it certainly doesn't make a whole lot of sense. (Not that it does, anyway.)

davidrmoran

David_Snowball said:

I've been working on tracking down funds in the SEC pipeline (the Hypergrowth or Falling Knives ETFs, anybody?) and came across Terra Firma US Concentrated Realty Equity. Apparently it used to be some other fund, or funds, or portfolios. Despite naming the manager they won't name who he worked for when advising ... well, you'll see:

Performance data for the classes varies based on differences in their fee and expense structures. The performance figures for Open Class shares reflect the historical performance of the then-existing shares of the [...] (the “Predecessor Portfolio”) (the predecessor to the Fund, for which [...] served as the investment adviser), a series of [...], from September 23, 2011 to […], 2020. The performance figures for Open Class shares also reflect the historical performance of the then-existing shares of the predecessor fund to the Predecessor Portfolio, the [...] (the “Predecessor Fund”) (for which [...] served as the investment adviser), for periods prior to September 23, 2011. Jay P. Leupp has served as a portfolio manager for the Fund, the Predecessor Portfolio and the Predecessor Fund since December 31, 2008. Christopher J. Hartung has served as a portfolio manager for the Fund and the Predecessor Portfolio since 2018.

The aforementioned "Mr. Leupp was a Senior Portfolio Manager on [...]'s Global Real Estate Securities team from 2011 to 2019. Prior to joining [...] in 2011, Mr. Leupp was the President and Chief Executive Officer (“CEO”) of Grubb & Ellis Alesco Global Advisors."

(deep cleansing breath, deep cleaning breath, beer)

David

Why God made editorial TKTKs [to come]