Grandeur Peak email concerning its funds on April 1, 2020

TheShadow

Just received this email (the table in the email has been adjusted below)

March 31, 2020

Dear Clients and Fellow Shareholders,

We are re-opening the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, and Grandeur Peak International Opportunities Fund to all shareholders as of Wednesday, April 1, 2020.

We continue to be encouraged by the limited redemptions by our shareholders as we experience increasing volatility in the markets, and believe it is in the best interest of both shareholders and portfolio managers to have the funds open at this time. Opening the Funds to new shareholders may provide an opportunity to make investment decisions in today’s depressed markets that we believe will benefit shareholders for the long term.

Grandeur Peak Emerging Markets Opportunities Fund GPEOX/GPEIX Open
Grandeur Peak Global Contrarian Fund GPGCX Open
Grandeur Peak Global Micro Cap GPMCX Open*
Grandeur Peak Global Opportunities Fund GPGOX/GPGIX Open
Grandeur Peak Global Reach Fund GPROX/GPRIX Open
Grandeur Peak Global Stalwarts Fund GGSOX/GGSXY Open
Grandeur Peak International Stalwarts Fund GPIOX/GPIIX Open
Grandeur Peak International Stalwarts Fund GISOX/GISYX Open
Grandeur Peak US Stalwarts Fund GUSYX Open

In the event the market has an unexpected rebound or the flows into the funds exceed our target asset levels, we are prepared to return back to a Soft Closed status to maintain a relatively small asset base and preserve the nimbleness for our research team. We will, of course, notify you in advance of any future changes to the funds’ status.

To learn more about any of our funds, call any of us on the client team (contacts below) or our shareholder services team at 855-377-7325. Additional information is also posted on our website: www.grandeurpeakglobal.com.

Best Regards,

Mark Siddoway, CFA, CAIA, MBA
Head of Client Relations

* The Grandeur Peak Global Micro Cap Fund is open through financial intermediaries to shareholders who currently hold a position in the Fund. Financial advisors with clients in the Fund are able to invest in the Fund for both existing as well as new clients. The Fund also remains open to all participants of retirement plans currently holding a position in the Fund.

The objective of all the Grandeur Peak Funds is long-term growth of capital. The Global Contrarian and US Stalwarts Funds are new and have limited operating history.

RISKS:
Mutual fund investing involves risks and loss of principal is possible. Diversification does not eliminate the risk of experiencing investment loss. Investing in small-cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.

An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a prospectus, containing this and other information, visit www.grandeurpeakglobal.com or call 1-855-377-PEAK (7325). Please read it carefully before investing.

Grandeur Peak Funds will deduct a 2.00% redemption proceeds fee on Fund shares held 60 days or less. For more complete information including charges, risks and expenses, read the prospectus carefully.

Derf

Thanks @The Shadow; April Fools day ! That makes me wonder !
Derf

TheShadow

@Derf

That thought crossed my mind as well! However, I received the same GP email at two different email addresses. I am sure other investors received the same email.

TheShadow

Just found the SEC Filing so it is not an April Fools joke!


https://www.sec.gov/Archives/edgar/data/915802/000139834420007183/fp0052318_497.htm

497 1 fp0052318_497.htm

FINANCIAL INVESTORS TRUST

SUPPLEMENT DATED MARCH 31, 2020 TO THE SUMMARY PROSPECTUSES AND PROSPECTUS FOR THE GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND, GRANDEUR PEAK GLOBAL MICRO CAP FUND, GRANDEUR PEAK GLOBAL OPPORTUNITIES FUND, GRANDEUR PEAK GLOBAL REACH FUND AND GRANDEUR PEAK INTERNATIONAL OPPORTUNITIES FUND (EACH A “FUND,” AND TOGETHER, THE “GRANDEUR PEAK FUNDS”) DATED AUGUST 31, 2019

Effective April 1, 2020, the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Reach Fund, and Grandeur Peak International Opportunities Fund will reopen to all shareholders.

Also, effective April 1, 2020, the Grandeur Peak Global Micro Cap Fund will reopen to all shareholders who purchase directly from Grandeur Peak Funds. The Fund remains open through financial intermediaries to shareholders who currently hold a position in the Fund. Financial advisors with clients in the Fund are able to invest in the Fund for both existing as well as new clients. The Fund also remains open to all participants of retirement plans currently holding a position in the Fund.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

MikeW

I have toehold positions in global reach and emerging markets but performance has been pretty meh... thats more the joke....have any of their other funds impressed?

TheShadow

I have positions in all except the US Stalwarts. Presently, nothing is impressive in the mutual fund market with the ongoing pandemic.

Derf

@The Shadow +1
Derf

BenWP

I was an early adopter in GPMCX, a I position sold in 2018. I have a toe dipped in GPGCX, my only stake with them now. I did make money on GPGOX. Quite frankly, I'd have a hard time selecting a fund from GP because there is so much similarity and overlap among their funds. I'm hanging on to ARTJX, just about my only foreign Small-Mid position.

VintageFreak

I have GPROX in my IRA and GGSOX in my taxable account. Do I really need another GP fund.

I was thinking at micro cap, but if not available NTF to me, I'm not looking to invest directly. I have plenty exposure to emerging markets.

If there's any other compelling fund? contrarian?

VintageFreak

@TheShadow, why would you buy all funds? Isn't their overlap?

JoJo26

MikeW said:

I have toehold positions in global reach and emerging markets but performance has been pretty meh... thats more the joke....have any of their other funds impressed?

Just curious, why do you describe their performance as "meh"?

TheShadow

@VintageFreak,

There is probably some overlap; however, as funds out grow their size limit, they may be carried in another fund. For example GPMCX may have some overlap with Contrarian and Reach, it is not completely the same. Some of those holdings may be moved into the Stalwarts, which would no longer be in Reach, Global Micro Cap, or Contrarian.

Global Micro Cap is only open to existing shareholders with an existing position, not new investors.

JoJo26

TheShadow said:

@VintageFreak,

There is probably some overlap; however, as funds out grow their size limit, they may be carried in another fund. For example GPMCX may have some overlap with Contrarian and Reach, it is not completely the same. Some of those holdings may be moved into the Stalwarts, which would no longer be in Reach, Global Micro Cap, or Contrarian.

Global Micro Cap is only open to existing shareholders with an existing position, not new investors.

Some, yes, but is the differentiation material enough... I think that depends on the investor.

LewisBraham

It's interesting that Wasatch is beating them now in certain instances despite having higher fees--such as WAIOX versus GPIOX

TheShadow

@LewisBraham

I think It is interesting that both Wasatch and Grandeur Peak reopened many of their funds only days apart.

LewisBraham

@TheShadow Yeah, I would agree they are definitely competing for the same asset/investor base here.

TheShadow

@VintageFreak

From the GP website, I looked at their top 10 holdings as of 1/31/2020 for the Micro Cap, Reach and Contrarian funds. I saw two holdings that were in each of the three funds, but held different percentage amounts in each fund.

VintageFreak

@TheShadow, I just don't want to hold too many funds. Yes...ME who normally have no qualms against that, because that will too many even for me. I was thinking maybe Emerging and Contrarian I will add because "Global" tends to me US + NonEmergingInternational and Contrarian probably not equal to Stalwarts. Would have loved to add Micro Cap if they open it up on NTF. Maybe market tanks another 20% and they'll do that too.

TheShadow

@VintageFreak

Here is copy of Grandeur Peak Chairman's letter I posted in February.

https://www.grandeurpeakglobal.com/documents/grandeurpeakglobal-is-20200131.pdf

VintageFreak

@TheShadow. Thanks! Useful. However I do believe WHEN you buy being more important than WHAT you buy. GP was started at the perfect time IMO. Not discounting the fact GP folks are competent, merely pointing out they haven't really been tested in bear market fully.

GPGCX and GPMCX are institutional only and will never be NTF. So I will pass on them. I plan to "reach" out to the all the "stalwarts" in my taxable account. I plan to exercise the "opportunity" to buy in my IRA. However, I'm not rushing out and buying. If they start to close NTF again, I'll get my foot in and wait if I'm still not ready to commit.

By the way for those who are GP fans don't forget GUSYX which you also have to buy direct. Once again, notice their timing. Start date is 3/19/20 and fund already up 10%. Everyone is not so lucky or has opportunity. Keep in mind while comparing with other funds.

BenWP

@VintageFreak: I decided to take my GPGCX and put it into GUSYX. I'll take the tax loss. I continue to move away from international in favor of global funds such as MGGPX, BGAFX, ARTRX, APFDX. Sold BCSVX to buy ARTJX, just about my only pure foreign fund these days. Another discussion here dealt with FMIJX's big drop. A comparison with Kristian Heugh's MIOPX shows that his international fund has held up very well recently.

VintageFreak

@BenWP I agree with your strategy. No one can tax loss away from you and fund you move into as as much chance of doing well going forward. Wish you the best with your choices.