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Two new funds in registration from Grandeur Peaks with new expense information
I am not sure how different "Grandeur Peak Global Reach" is going to be from "Grandeur Peak Global Opportunities" (except expenses).
"Grandeur Peak Emerging Markets Opportunities Fund" is likely to be a direct competitor to Wasatch one (but looks like cheaper than Wasatch)
BTW, I did not know Spencer P. Stewart is the son of Wasatch founder.
Spencer P. Stewart Mr. Stewart has been a senior research analyst at Grandeur Peak Global Advisors, with a specialty focus on the industrials sector, since the 2011. Mr. Stewart joined Grandeur Peak from small cap equities boutique, Sidoti & Company, in New York City where he was one of the firm’s leading institutional sales people. Mr. Stewart’s investing passion was evident as his stock picking ranked him #1 at Sidoti in the alpha capture program in which the firm participated. Previously, Mr. Stewart also spent four years as a junior research analyst at Wasatch Advisors. Table of Contents
Mr. Stewart is the second son of Wasatch Advisors founder and chairman, Sam Stewart, to join his father in the investments profession. Spencer has lived in Mexico and France and speaks both Spanish and French. EXPERIENCE 2001 – 2005 Junior Analyst at Wasatch Advisors 2007 – 2011 Institutional Sales Representative at Sidoti & Company 2011 – 2013 Senior Research Analyst at Grandeur Peak Global Advisors 2013 - Senior Research Analyst & Associate Portfolio Manager at Grandeur Peak Global Advisors
I am sure it will be similar to an existing Wasatch fund.
From the above link for:
GRANDEUR PEAK GLOBAL REACH FUND
The Fund invests primarily in foreign and domestic small, and micro cap companies. Under normal market conditions, the Adviser will invest the Fund’s assets primarily in equity securities (including common stock, preferred stock and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase. The Fund may invest a significant portion of its total assets in micro cap companies with market capitalizations below $1 billion (up to 90% under normal market conditions). The Fund may also invest a meaningful portion of its total assets (up to 35% under normal market conditions) in securities of companies with market capitalizations of greater than $5 billion at the time of purchase when the companies meet our investment criteria.
The Fund will typically invest in securities issued by companies domiciled in each of at least ten countries, including the United States. The Fund will invest a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are domiciled outside the United States. Domicile is determined by where the company is organized, located, has the majority of its assets, or receives the majority of its revenue.
The Fund may invest a significant amount of its total assets (up to 50% under normal market conditions) at the time of purchase in securities issued by companies domiciled in emerging and frontier markets. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets. These companies are typically domiciled in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa...
GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND
The Fund invests primarily in small and micro-cap companies domiciled in emerging or frontier markets. Under normal market conditions, the Adviser will invest at least 80% of the Fund’s assets in equity securities (including common stock, preferred stock and securities convertible into common stock) of companies that are domiciled in emerging or frontier markets. Emerging and frontier markets include all countries currently excluded from the Morgan Stanley World Index of developed countries. Domicile is determined by where the company is organized, located, has the majority of its assets, or receives the majority of its revenue.
The Fund will typically invest in securities issued by companies domiciled in each of at least three emerging or frontier markets. The Fund will invest the Fund’s assets primarily in companies with market capitalizations of less than $5 billion at the time of purchase. The Fund may invest a significant portion of its total assets in micro-cap companies with market capitalizations below $1 billion (up to 90% at the time of purchase under normal market conditions). The Fund may also invest a portion of its total assets (up to 35% under normal market conditions) in securities of companies with market capitalizations of greater than $5 billion at the time of purchase when the companies meet our investment criteria...
The Fund invests primarily in foreign and domestic small and micro cap companies.
Under normal market conditions, the Adviser will invest the Fund’s assets primarily in equity securities (including common stock, preferred stock and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase. The Fund may invest a significant portion of its total assets (up to 35% under normal market conditions) in securities of companies with market capitalizations of greater than $5 billion at the time of purchase when the companies meet our investment criteria. The Fund may also invest a significant portion of its total assets in micro cap companies with market capitalizations below $1 billion (up to 90% under normal market conditions).
The Fund will typically invest in securities issued by companies domiciled in at least three countries, including the United States. The Fund will invest a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are organized or located outside the United States or doing a substantial amount of business outside the United States. The Fund considers a company that derives at least 50% of its revenue from business outside the United States or has at least 50% of its assets outside the United States as doing a substantial amount of business outside the United States.
The Fund may invest a significant amount of its total assets (5% to 50% under normal market conditions) at the time of purchase in securities issued by companies domiciled in emerging market countries. Emerging market are those currently included in the Morgan Stanley Capital International (MSCI) EFM (Emerging + Frontier Markets) IMI Index. These companies typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa.
Sooooooooo....not sure I am seeing the difference between Global Opportunities and the new Global Reach fund......I guess the managers advertised too soon about closing the fund at 400 million in assets, and now that GPGOX is getting closer to that number...they had to figure out how to bring in more money.......
Having invested in the initial GP fund near it's inception (up 19% so far), I'm not sure why a new fund is necessary. I'd have been satisfied with a slight shift in their investment focus. Looks like a fees grab to me. OTOH, that's probably why "young guns" leave.
Royce-it-is and Wasatch-it-is has set in at Grandeur Peak. I mean GRANDEUR Peak. Not Teenie Weenie Beak.
I don't get how managers close one fund citing not having enough opportunities, protecting shareholders and then start another fund which we just know will have overlap with existing funds.
I am a bit confused with the mandate for the EM fund mandate. It talks about both EM and FrontierbEM. Does it cover the space covered by two Wasath funds WAEMX & WAFMX ?
Also, I have not read about Global Reach fund as I already own GPGOX. Can someone, who read the prospectus, explain difference between these two funds ?
Comments
"Grandeur Peak Emerging Markets Opportunities Fund" is likely to be a direct competitor to Wasatch one (but looks like cheaper than Wasatch)
BTW, I did not know Spencer P. Stewart is the son of Wasatch founder.
From the above link for:
GRANDEUR PEAK GLOBAL REACH FUND
The Fund invests primarily in foreign and domestic small, and micro cap companies. Under normal market conditions, the Adviser will invest the Fund’s assets primarily in equity securities (including common stock, preferred stock and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase. The Fund may invest a significant portion of its total assets in micro cap companies with market capitalizations below $1 billion (up to 90% under normal market conditions). The Fund may also invest a meaningful portion of its total assets (up to 35% under normal market conditions) in securities of companies with market capitalizations of greater than $5 billion at the time of purchase when the companies meet our investment criteria.
The Fund will typically invest in securities issued by companies domiciled in each of at least ten countries, including the United States. The Fund will invest a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are domiciled outside the United States. Domicile is determined by where the company is organized, located, has the majority of its assets, or receives the majority of its revenue.
The Fund may invest a significant amount of its total assets (up to 50% under normal market conditions) at the time of purchase in securities issued by companies domiciled in emerging and frontier markets. Emerging and frontier markets are those countries currently excluded from the MSCI World Index of developed markets. These companies are typically domiciled in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa...
GRANDEUR PEAK EMERGING MARKETS OPPORTUNITIES FUND
The Fund invests primarily in small and micro-cap companies domiciled in emerging or frontier markets. Under normal market conditions, the Adviser will invest at least 80% of the Fund’s assets in equity securities (including common stock, preferred stock and securities convertible into common stock) of companies that are domiciled in emerging or frontier markets. Emerging and frontier markets include all countries currently excluded from the Morgan Stanley World Index of developed countries. Domicile is determined by where the company is organized, located, has the majority of its assets, or receives the majority of its revenue.
The Fund will typically invest in securities issued by companies domiciled in each of at least three emerging or frontier markets. The Fund will invest the Fund’s assets primarily in companies with market capitalizations of less than $5 billion at the time of purchase. The Fund may invest a significant portion of its total assets in micro-cap companies with market capitalizations below $1 billion (up to 90% at the time of purchase under normal market conditions). The Fund may also invest a portion of its total assets (up to 35% under normal market conditions) in securities of companies with market capitalizations of greater than $5 billion at the time of purchase when the companies meet our investment criteria...
From Grandeur Peak Global Opportunities prospectus, http://www.sec.gov/Archives/edgar/data/915802/000119312512371742/d401601d485bpos.htm :
The Fund invests primarily in foreign and domestic small and micro cap companies.
Under normal market conditions, the Adviser will invest the Fund’s assets primarily in equity securities (including common stock, preferred stock and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than $5 billion at the time of purchase. The Fund may invest a significant portion of its total assets (up to 35% under normal market conditions) in securities of companies with market capitalizations of greater than $5 billion at the time of purchase when the companies meet our investment criteria. The Fund may also invest a significant portion of its total assets in micro cap companies with market capitalizations below $1 billion (up to 90% under normal market conditions).
The Fund will typically invest in securities issued by companies domiciled in at least three countries, including the United States. The Fund will invest a significant portion of its total assets (at least 40% under normal market conditions) at the time of purchase in securities issued by companies that are organized or located outside the United States or doing a substantial amount of business outside the United States. The Fund considers a company that derives at least 50% of its revenue from business outside the United States or has at least 50% of its assets outside the United States as doing a substantial amount of business outside the United States.
The Fund may invest a significant amount of its total assets (5% to 50% under normal market conditions) at the time of purchase in securities issued by companies domiciled in emerging market countries. Emerging market are those currently included in the Morgan Stanley Capital International (MSCI) EFM (Emerging + Frontier Markets) IMI Index. These companies typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa.
http://www.sec.gov/Archives/edgar/data/915802/000119312513191416/d485683d485bpos.htm
New prospectus for Global Reach Fund & Emerging Markets fund with expense information.
I don't get how managers close one fund citing not having enough opportunities, protecting shareholders and then start another fund which we just know will have overlap with existing funds.
I own GPGOX.