ACR Multi-Strategy Quality Return (MQR) Fund
ACR Multi-Strategy Quality Return (MQR) Fund posted an unusually vacuous draft portfolio that not only failed to list its expenses; it also skipped the investment minimums and offered only the sketchiest idea of what they’ll be up to. Their clearest statement is that they seek “to preserve capital from permanent loss during periods of economic decline… [and post] long term returns above an equity-like absolute return and the MSCI All-Country World Index.” Not exactly clear neither what “an equity-like absolute return” is nor how they might achieve it. They do admit that “[t]here is no assurance that the Fund’s return objectives will be achieved.” If you’ve been pleased with the work of “Alpine Investment Management LLC, dba ACR Alpine Capital Research,” then this might be the fund for you.
AMG Chicago Equity Partners Small Cap Value Fund
AMG Chicago Equity Partners Small Cap Value Fund will invest in 150-400 undervalued small cap stocks. For their purposes, $4 billion is the upper end of the “small” range. The fund will be managed by David C. Coughenour, CIO, Robert H. Kramer and Patricia Halper, all of Chicago Equity Partners. CEP manages about $10 billion and their small cap value composite has beaten the Russell 2000 Value by about 140 basis points yearly over the past five years. The Investor class minimum is $2000 with expenses capped at 1.35%.
Anchor Tactical Municipal Fund
Anchor Tactical Municipal Fund will seek tax-free total return. The plan is to invest, long and short, in muni bond funds and ETFs. Garrett Waters and Eric Leake will manage the fund. Expenses are capped at a curiously high 2.86%. The minimum initial investment is $2,500.
Arbitrage Tactical Equity Fund
Arbitrage Tactical Equity Fund will do complicated things in pursuit of capital appreciation. The relevant text promises an investment in stocks
“whose public market valuation is significantly dislocated from … its intrinsic value. The Adviser’s investment approach is to identify such dislocations and to tactically purchase or sell short such securities when an attractive absolute and probability-adjusted risk-return profile is offered. The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective … the Fund will invest in a portfolio of securities including: equities, debt, warrants, distressed, high-yield, convertible, preferred, when-issued … options, total return swaps, credit default swaps, credit default indexes, currency forwards, and futures … ETFs, ETNs and commodities.”
Edward Chen and John Orrico will manage the fund. The other three funds in the Arbitrage family are all somewhat-pricey, above-average performers. The opening expenses have not yet set. The minimum initial investment will be $2000.
Aristotle Credit Opportunities Fund
Aristotle Credit Opportunities Fund will seek income and appreciation through an unconstrained bond portfolio. Douglas Lopez will lead a team from Aristotle Credit Partners, LLC. ACP describes itself as an institutional investment manager but neither the prospectus nor ACP’s website offers any evidence risk/return data. They appear unrelated to the two Aristotle equity funds. The opening expenses have not yet set, though the management fee is a relatively modest 0.65%. The minimum initial investment will be $25,000.
ASTON/Fairpointe Focused Equity Fund
ASTON/Fairpointe Focused Equity Fund will seek capital appreciation by investing mostly in domestic mid- to large-cap stocks. The lead manager is Robert Burnstine and his co-pilot is Thyra E. Zerhusen. Fairpointe runs a large, very successful mid-cap fund for Aston as well. Expenses for class N shares will be 1.26%. The minimum initial investment for class N shares is $2500.
ASTON/TAMRO International Small Cap Fund
ASTON/TAMRO International Small Cap Fund will seek capital growth by investing in small cap stocks of firms located in developing, emerging and frontier markets. They target separately “leaders, laggards and innovators.” The max cap will be around $3 billion. Waldemar A. Mozes of TAMRO will manage the fund. Expenses for class N shares will be 1.51% plus a 2% redemption fee on shares sold within 90 days. The minimum initial investment for class N shares is $2500.
Balter Discretionary Global Macro Fund
Balter Discretionary Global Macro Fund will employ a “global macro” strategy in pursuit of achieving positive absolute returns in most market environments. The portfolio will invest largely in derivatives. The fund will be co-managed by teams from Balter Liquid Alternatives and Willowbridge Management. The fund represents the consolidation of a collection of separately managed accounts which have been around since 2008. Those accounts have returned an average of 11.4% per year since inception. The opening expenses are 2.19% for investor shares. The minimum initial investment will be $5,000.
Davenport Small Cap Focus Fund
Davenport Small Cap Focus Fund will seek long-term capital appreciation by investing in a combination of small cap stocks and ETFs focusing on such stocks. $8 billion in market cap is, for their purposes, “small.” They offer the warning that they might invest in some special situations. Christopher Pearson and George Smith of Davenport & co. will manage the fund. The other Davenport funds have earned between three and five stars from Morningstar and tend to be pretty risk-conscious. Expenses are capped at 1.25%. The minimum initial investment will be $5,000.
Galapagos Partners Select Equity Fund
Galapagos Partners Select Equity Fund will pursue capital appreciation by investing in stocks and ETFs. Their target investments include a number of firms whose share prices might be influenced by high insider buying, spun-off divisions, reduced float, and targeting by activist shareholders, as well as your basic “good buys.” The fund will be managed by Stephen Lack of Galapagos Partners. Expenses are capped at 1.50%. The minimum initial investment will be $2,500.
Greenhouse MicroCap Discovery Fund
Greenhouse MicroCap Discovery Fund will pursue long-term capital appreciation by investing in 50-100 microcaps “run by disciplined management teams possessing clear strategies for growth that … trade at a discount to intrinsic value.” The fund will be managed by Joseph Milano and James Gentile. Mr. Milano was portfolio manager of the T. Rowe Price New America Growth Fund (PRWAX) from 2002-2013. Morningstar described his investment preferences as “idiosyncratic … somewhat defensive … [tending toward] cyclicals.” He beat the S&P by about 2% a year over his career. The initial expense ratio is capped at 2.00% for investor shares. The minimum initial investment is $2500, reduced to $1000 for various sort of tax-advantaged accounts.
Innovator IBD® 50 Fund
Innovator IBD® 50 Fund is the subject of another desperate, near-vacant filing. The fund will invest mostly in the companies in the IBD 50 Index, weighted “on a conviction basis,” but will not attempt to mirror the index. No investment adviser, no manager. It will be an actively-managed ETF will a hefty expense ratio of 0.80%.
Intrepid International Fund
Intrepid International Fund will seek long-term capital appreciation by investing in foreign stocks but it is, by prospectus, bound to invest only 40% of its portfolio overseas. Curious. All-cap, non-diversified, value-oriented and willing to hold large amounts of cash for extended periods of time. Ben Franklin will manage the fund and he also co-managed Intrepid Income. The initial expense ratio is capped at 1.40% for investor shares and the minimum initial purchase will be $2500.
Panther Small Cap Fund
Panther Small Cap Fund will seek long-term capital appreciation by investing 80% in small cap stocks, though they allow that the other 20% might go to “micro, mid or large capitalization stocks, stocks of foreign issuers, American depository receipts (“ADRs”), U.S. government securities and exchange-traded funds.” They claim to be fundamental, bottom-up value kinds of folks. John Langston, president of Texas-based Panther Capital Group, will manage the fund. He used to manage private money for Bank of America, but this seems to be his first fund. Their newsletters offer market commentary, but no real hint of what or how they’re doing. The opening expenses have not yet set. The minimum initial investment will be $1,000.
PIMCO Multi-Strategy Alternative Fund
PIMCO Multi-Strategy Alternative Fund will seek total return, consistent with prudent investment management, by investing in other PIMCO liquid alts funds. The manager has not been named. The expense ratios are not yet set. The minimum for “D” shares, available through online brokerages, will be $1,000.
Rothschild U.S. Large-Cap Core Fund
Rothschild U.S. Large-Cap Core Fund will seek long-term capital appreciation by investing in a diversified portfolio of large cap stocks. Neither this, nor any of the following Rothschild prospectuses, says a single worthwhile thing about what the fund will actually be doing. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.0%. The investor share class minimum will be $2,500.
Rothschild U.S. Large-Cap Value Fund
Rothschild U.S. Large-Cap Value Fund will seek long-term capital appreciation by investing in a diversified portfolio of large cap stocks. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.0%. The investor share class minimum will be $2,500.
Rothschild U.S. Large-Cap Core Fund
Rothschild U.S. Large-Cap Core Fund will seek long-term capital appreciation by investing in a diversified portfolio of large cap stocks. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.0%. The investor share class minimum will be $2,500.
Rothschild U.S. Small/Mid-Cap Core Fund
Rothschild U.S. Small/Mid-Cap Core Fund seeks long-term capital appreciation by investing in smid-caps. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.35%. The investor share class minimum will be $2,500.
Rothschild U.S. Small Core Fund
Rothschild U.S. Small Core Fund seeks long-term capital appreciation by investing in small caps. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.35%. The investor share class minimum will be $2,500.
Rothschild U.S. Small Growth Fund
Rothschild U.S. Small Growth Fund seeks long-term capital appreciation by investing in small caps. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.35%. The investor share class minimum will be $2,500.
Rothschild U.S. Small Value Fund
Rothschild U.S. Small Value Fund seeks long-term capital appreciation by investing in small caps. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.35%. The investor share class minimum will be $2,500.
Thomas Crown Global Long/Short Equity Fund
Thomas Crown Global Long/Short Equity Fund will seek long-term capital appreciation with reduced volatility. They’ll use a long/short equity portfolio “to exploit global themes and secular trends.” Stephen K. Thomas and Francis J. Crown will co-manage the fund. Mr. Thomas co-managed two Invesco international funds for three and fraction years, Mr. Crown stuck with the same two funds for a bit less than one year. The opening expenses are a stomach-churning 2.95% after a minimal 8 basis point waiver. The minimum initial investment will be $2500.
