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Grandeur Peak re-opens several funds through 3rd party financial intermediaries

TheShadowTheShadow
edited May 2022 in Fund Discussions
https://www.sec.gov/Archives/edgar/data/915802/000139834422009699/fp0076173_497.htm

FINANCIAL INVESTORS TRUST: GRANDEUR PEAK FUNDS

Grandeur Peak Emerging Markets Opportunities Fund
Grandeur Peak Global Opportunities Fund
Grandeur Peak Global Micro Cap Fund
Grandeur Peak International Opportunities Fund
Grandeur Peak International Stalwarts Fund

SUPPLEMENT DATED MAY 16, 2022, TO THE SUMMARY PROSPECTUSES AND PROSPECTUS DATED AUGUST 31, 2021

Effective May 16, 2022, the Grandeur Peak Emerging Markets Opportunities Fund, Grandeur Peak Global Opportunities Fund, Grandeur Peak Global Micro Cap Fund, Grandeur Peak International Opportunities Fund, and the Grandeur Peak International Stalwarts Fund (each a “Fund” and collectively the “Funds”) will reopen through financial intermediaries to shareholders who currently hold a position in a Fund. Financial advisors with clients in a Fund will be able to invest in the Fund for both existing as well as new clients. Each Fund remains open to all participants of retirement plans currently holding a position in a Fund. The Funds also remain open to new and existing shareholders who purchase directly from Grandeur Peak Funds.



INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Comments

  • Derf
    Oh ! Oh !! Did the sh.. hit the fan ?

    Here's a partial of what I received from GP.

    "We are so grateful for you and the stability of our entire client base. So far in 2022 (through 4/30), net flows in the Grandeur Peak Funds have been flat (+4M to be precise). What a nice advantage this provides us, allowing us to stay focused on the portfolios and the opportunities the sell-off is presenting, knowing that our clients take the same long-term view. Thank you "

    It doesn't say anything about outflow, or is net flows a total of in minus out ?

    Have a good evening, Derf
  • BenWPBenWP
    @Derf: M* fund evaluations show in and outflows under the “Parent” tab. The funds in question, except for Micro Cap, had decreases along with hefty NAV declines.
  • msf
    Net flows are indeed the "net" of inflows minus outflows.

    This (along with BenWP's comment) raises an interesting question: what exactly constitutes an in- (or out-) flow? Though that is likely further than you wanted to go here.

    Clearly GP knows day by day exactly how much cash its funds take in and how much they disburse. But how does M* calculate net flows? It has to make estimates generally based on monthly AUM figures, even though daily returns are uneven. It doesn't know how much a dollar invested grew without knowing when during the month it was invested.

    And it doesn't have exact figures for percentage of reinvested divs. Divs cashed out constitute cash outflows; divs reinvested represent offsetting outflows and inflows.

    The M* figures are just reasonable approximations. Here's M*'s methodology.
    https://www.morningstar.com/content/dam/marketing/shared/research/methodology/765555_Estimated_Net_Cash_Flow_Methodology.pdf
  • Sven
    Didn’t GP funds had a hard close on their funds last year? If they are reopening now, it indicates they are having a meaningful outflow. Tough time now to invest in this environment.
  • sfnative
    "Hard close" was sort of porous; existing shareholders have been able to add at Schwab.
  • TheShadowTheShadow
    From GP's website:

    https://www.grandeurpeakglobal.com/documents/grandeurpeakglobal-pr-20220516.pdf
  • MikeMMikeM
    If they are reopening now, it indicates they are having a meaningful outflow.
    They have stated the opposite per what Derf posted. Flows have been flat, even slightly net positive. Funds reopen to investors often because the managers see buying opportunities. They may be looking at reduced valuations on their favorite stocks for future gains. I'm guessing (maybe hoping) that is the case here.
  • BenWPBenWP
    I recall a sweeping mea culpa in the previous message to shareholders.
  • Derf
    @TheShadow ; Your link was what I received via Email . Do you have any thoughts on what is going on @ GP ?

    Thank you, Derf
  • TheShadowTheShadow
    edited May 2022
    No thoughts other than people are pulling out their money/gains only to reinvest it when they think the market has hit a low point.
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