On August 3, 2021, Virtus Partners launched their latest collaboration with Kayne, Anderson, Rudnick (KAR), Virtus KAR Small-Mid Cap Value. The fund is managed by the KAR of the title: Kayne, Anderson Rudnick Investment Management, Virtus’s largest wholly-owned subsidiary. KAR, based in Los Angeles, manages rather more than $17 billion in assets.
Across all of their portfolios, KAR emphasizes Continue reading →
On July 28, 2021, T. Rowe Price launched its fourth set of target-date funds, the Retirement Blend Series. The Retirement Blend strategy has been in operation since 2018 but has been available only through collective investment trusts. The new fund series complements the existing Retirement and Target Series (as well as the Retirement Hybrid series that’s available only through a collective investment trust). All four series invest, primarily, in other T. Rowe Price funds. Retirement and Target invest, primarily but not Continue reading →
On July 1, 2021, First Eagle Investment Management launched the First Eagle Small Cap Opportunity Fund (FESAX / FESCX / FESRX). The investable universe is primarily domestic small- and micro-cap value stocks. In general, they’ll own 180 – 300 of them.
The fund pursues an opportunistic small-cap value strategy, investing in companies that the portfolio management team believes to be attractively valued and have the potential to benefit from a catalyst—such as new management, a more favorable business cycle, product innovation and/or margin improvement—for a recovery in earnings growth. Small caps are very sensitive to asset flows and even small changes in underlying economic conditions, as a result, Continue reading →
On July 1, 2021, AMG Funds and Yacktman Asset Management launched the AMG Yacktman Global Fund (YFSNX).
Sort of.
In reality, Yacktman chose to dump the least attractive name in their stable – AMG Yacktman Focused Fund – Security Selection Only – in favor of the simple “Global” moniker. Yacktman manages two of the most outstanding funds in excellent: Yacktman (five stars, Silver-rated, Great Owl, multi-million dollar investment by the lead managers, top 2% returns over 15 years) and Yacktman Focused (five stars, Silver-rated, Great Owl, multi-million dollar investment by the lead managers, top 1% returns over 15 years). Yacktman Global uses the exact same security selection process Continue reading →
On June 1, 2021, Semper Capital Management (semper as in “semper fidelis”) launched Semper Brentview Dividend Growth Equity Fund (SEMBX) in partnership with Brentview Investment Management. Both are minority-owned advisers, with Semper being veteran-owned as well. Brentview has an AUM of $175 million, so they’re a capable firm. They intend to provide both a high level of risk-adjusted current income and the prospect of capital growth.
The fund is currently available only to Continue reading →
On May 4, 2021, Fred Alger Management launched the Alger 35 ETF (ATFV), their second active/nontransparent ETF (known colloquially as an ANT). The fund will invest in 35 stocks, typically US, typically mid- to large-cap (98% of the portfolio), and uniformly high growth.
Alger was founded in 1964 as a growth investor with all of its strategies using the same underlying discipline that focused on Continue reading →
On March 15, 2021, T. Rowe Price launched T. Rowe Price Global Impact Equity (TGPEX).
Socially responsible investing is all the vogue, and for good reason. The great bulk of such funds have a limited mandate: do no evil. They’re not trying to change the world, they’re just charged with avoiding the worst actors in it.
A minority of funds accept a greater Continue reading →
On March 8, 2021, Touchstone Investments launched their latest fund in partnership with Sands Capital, Touchstone Sands Capital International Growth (TCDYX).
Across their strategies, Sands Capital looks for businesses with the same six characteristics Continue reading →
In the normal course of events, we screen the fund universe (which includes active ETFs) for intriguing options which had debuted in the preceding three months. In general, that means reviewing “Funds in Registration” columns from the preceding quarter, as well as screening MFO Premium and Morningstar databases.
We arrived at this fund Continue reading →
On December 8, 2020, Virtus Investment Partners, in partnership with Kayne Anderson Rudnick (KAR) Investment Management, launched Virtus KAR Small-Mid Growth Fund. The fund applies Kayne Anderson’s firmwide discipline to small and mid-cap stocks. The hallmarks of that discipline are Continue reading →
On December 31, 2020, Oelschlager Investments launched the Towpath Technology Fund. The fund will be managed by Mark Oelschlager. The manager anticipates owning 25-40 tech stocks. The plan is to focus on firms with long-term, durable business advantages such as “barriers to entry, pricing power, network effects, limited competition, [or] lock-in effects.” His discipline is much more valuation-sensitive than tech managers generally pursue, and he focuses strongly on the durability of free cash flow metrics. This strategy is the same one the manager used at Continue reading →
On November 30, 2020, Wasatch Global Investors launched Wasatch Greater China Fund (WAGCX/WCCCX). The “Greater” part signals the inclusion of firms located in Hong Kong and Taiwan, as well as in the PRC proper. The fund will feature an all-cap portfolio of 35-50 names. This is Wasatch’s second country-specific fund, after the five-star Wasatch Emerging India Fund (WAINX), which launched Continue reading →
On October 26, 2020, Frank Capital Partners launched the West Hills Tactical Core Fund (LEBOX). The plan is to invest half or more of the portfolio directly, or through ETFs, in domestic large-cap stocks. The remainder will be placed in cash or options. The fund will be managed by Alan McClymonds. From 2011 to 2015 Mr. McClymonds was a consultant for Whitaker Securities in New York, NY. Whitaker’s “primary goal is to provide global liquidity in the fixed income markets,” which they do for 200 or so clients. From 2016 to present, Mr. McClymonds has been a private investor who was introduced to founder Brian Frank by a professional associate.
Three things to know Continue reading →
In our October issue, we shared a Launch Alert for ET Innovators. In late October we had the opportunity to speak with manager Tom Ricketts, and so share this expanded Alert.
On September 9, 2020, Evolutionary Tree Capital Management launched the Evolutionary Tree Innovators Fund (INVNX). The plan is to invest in 25-35 domestic growth-oriented companies that qualify as “leading innovative Continue reading →
On September 24, 2020, Vanguard launched Vanguard ESG U.S. Corporate Bond ETF (VCEB) which tracks the Bloomberg Barclays MSCI U.S. Corporate SRI Select Index. The expense ratio is 0.12%. The ETF does not advertise a target maturity, other than to say that the maturities on portfolio securities will be “more than one year.” It also excludes small (under $750 million) bond issues.
There are about a dozen ESG-screened, fixed-income ETFs already in operation from BlackRock, DWS, Inspire, Nuveen, and PIMCO. Between them, assets are low Continue reading →
On September 9, 2020, Evolutionary Tree Capital Management launched the Evolutionary Tree Innovators Fund (INVNX). The plan is to invest in 25-35 domestic growth-oriented companies that qualify as “leading innovative businesses” (hence the ticker symbol). The fund will be managed by Thomas M. Ricketts, formerly a senior portfolio manager on Sands Capital’s flagship Select Growth US Large-Cap Growth strategy, a $20+ billion Continue reading →
On August 5, 2020, T. Rowe Price launched ETF versions of four of its largest actively-managed domestic equity funds.
Those are:
T. Rowe Price Blue Chip Growth ETF (TCHP)
On December 31, 2019, Oelschlager Investments launched the Towpath Focus Fund (TOWFX). The fund invests in 25-40 domestic stocks regardless of market capitalization. The fund is managed by Mark Oelschlager.
In general, we intend Launch Alerts to occur within six weeks of a fund’s launch. We entirely goofed up the Launch Alert for Towpath because we were looking for it under its preliminary name, Oelschlager Equity. As a result, we entirely missed the launch and the fund’s first eight months of existence. Regrets for the slip!
What do they do?
Towpath is a concentrated, all-cap equity fund. The portfolio currently holds 38 securities. About 11% of the portfolio is invested in non-US stocks. Portfolio construction begins with macro-level Continue reading →
On July 21, 2020, Ziegler Capital Management launched the Ziegler Piermont Small Cap Value Fund (ZPSVX). The fund invests primarily in undervalued, domestic small-cap stocks. The fund is managed by the five-person Piermont Group, led by John Russon.
What do they do?
The fund is the newest manifestation of a Continue reading →
On May 1, 2020, Driehaus Capital Management launched Driehaus Small/Mid Cap Growth Fund (DSMDX).
The Fund is managed by Jeff James and Michael Buck, along with assistant portfolio manager Prakash Vijayan. The fund uses the same strategy used since 2012 for Driehaus Small/Mid Cap Growth separately managed account clients. Messrs. James, Buck, and Vijayan also Continue reading →
