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James Advantage Market Neutral Fund liquidates (lip).

TheShadowTheShadow
edited May 2011 in Fund Discussions
http://www.sec.gov/Archives/edgar/data/1045487/000104548711000015/jaf0524.htm

As stated in the Supplement dated March 1, 2011 to the Prospectus dated November 1, 2010 for the James Advantage Market Neutral Fund (the “Fund”), the Board of Trustees of the Fund has concluded that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on June 28, 2011.

Effective May 24, 2011, the Fund will no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and will invest in cash equivalents such as money market funds until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash. Shares of the Fund are otherwise not available for purchase.

After May 24, 2011 and prior to June 28, 2011, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, any redemption is subject to tax on any taxable gains. Please refer to the “Dividends and Distributions” and “Taxes” sections in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation...

Comments

  • VintageFreakVintageFreak
    What? The "Market Neutral" fad is already over? I have my own private lemon - NARFX. Have TFSMX too. Have been looking for an alternative for NARFX, but wondering if I'm just going about it wrong and should just move all into TFSMX.
  • scott
    edited May 2011
    I think there are very few alternative funds that have a consistent long-term track record with their strategy (whether it be long/short, whatever, although some specific strategies do have off years.) A lot of market neutral funds have not done well for the last couple years - even the one most highly regarded in the category, the Highbridge Statistical Market Neutral fund.

    NARFX was really a fund that a lot of people were excited about. Additionally, NARFX doesn't bill itself as Market Neutral (although it falls into that M* category); it's actually an "absolute return" product: "...intended to provide protection of capital in declining stock and bond markets and to participate in appreciating stock and bond markets."
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