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Thanks. Have linked David's commentary from September re Gary Black's new role at Calamos. Interesting that Black tried unsuccessfully to start his own LS fund before joining them.
Market neutral funds often short securities. When they do this, they're responsible for the dividends (or interest) on the securities shorted (i.e. they owe the dividends to the original owners of the securities that they borrowed to short). Those dividends get added to the ER.
Vanguard has a market neutral fund (VMNFX) with a min investment of $250K, and an ER of 1.71%! (unheard of for a Vanguard fund). The explanation is in the footnote on the fund's page:
Excluding the effect of expenses attributable to dividend expenses on short sales, Total Annual Operating Expense Ratio would be 0.50% for Investor Shares and 0.40% for Institutional Shares.
Hank ---CVSIX had a distribution on 3/21 according to Morningstar. (Saw unusal drop in MAPIX and MAINX that same day but was relieved to find a 3/21 distribution date listed on the Matthews web site.)
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http://www.mutualfundobserver.com/2012/09/september-1-2012/
Vanguard has a market neutral fund (VMNFX) with a min investment of $250K, and an ER of 1.71%! (unheard of for a Vanguard fund). The explanation is in the footnote on the fund's page:
Excluding the effect of expenses attributable to dividend expenses on short sales, Total Annual Operating Expense Ratio would be 0.50% for Investor Shares and 0.40% for Institutional Shares.