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.
