ASTON/Value Partners Asia Dividend Fund

ASTON/Value Partners Asia Dividend Fund will seek capital appreciation and current income. The plan is to pursue a value-oriented, buy-and-hold strategy to investing in dividend-paying Asian stocks. They might hold up to 20% in fixed income. The fund will be managed by Norman Ho and Philip Li of Value Partners Hong Kong Limited. They’ve got a separate account business with a six-year record but have not yet disclosed its performance. The initial expense ratio will be 1.41% and the minimum initial investment is $2,500, reduced to $500 for various tax-advantaged accounts.

Davenport Balanced Income Fund

Davenport Balanced Income Fund will seek current income and an opportunity for long term growth. The plan is to buy high-quality stocks and investment-grade bonds. They’ve got the freedom to invest globally, including in the emerging markets. The fund will be managed by a team from Davenport & Company. The initial expense ratio will be 1.25% and the minimum initial investment is $5,000, reduced to $2,000 for various tax-advantaged accounts.

Great Lakes Disciplined International Small Cap Fund

Great Lakes Disciplined International Small Cap Fund will seek total return. The plan is to invest in common and preferred stocks and convertible securities of non-U.S. small companies. The strategy is quant and pretty GARP-y. The fund will be managed by the Great Lakes Disciplined Equities Team. The initial expense ratio will be 1.71% and the minimum initial investment is $1,000, reduced to $500 for IRAs.

Homestead International Equity Fund II

Homestead International Equity Fund II will seek long-term capital appreciation. The plan is to invest in a diversified portfolio of well-managed, financially sound, fast growing and strongly competitive firms in the developed and developing markets. The fund will be managed by a team from Harding Loevner. The initial expense ratio has not been disclosed. The minimum initial investment is $500, reduced to $200 for IRAs and education accounts.

Huber Capital Mid Cap Value Fund

Huber Capital Mid Cap Value Fund will seek current income and capital appreciation, though there’s no particular explanation for where that income is coming from. The plan is to invest in a portfolio of undervalued mid-caps, which includes firms with market caps below $20 billion. Up to 20% might be non-US and up to 15% might be “restricted” securities. The fund will be managed by Joe Huber, the adviser’s CEO and CIO. The initial expense ratio will be 1.51% and the minimum initial investment is $5,000, reduced to $2,500 for IRAs and accounts with an AIP.

Infusive Happy Consumer Choices Fund

Infusive Happy Consumer Choices Fund will seek long-term capital appreciation (and the avoidance of years of derision). The plan is to buy the stocks of firms whose products make consumers happy and which, therefore, generate consumer loyalty and corporate pricing power. The fund will be managed by Adam Lippman of Ruby Capital Partners. The initial expense ratio will be 1.60% and the minimum initial investment is $10,000.

Marshfield Concentrated Opportunity Fund

Marshfield Concentrated Opportunity Fund will seek long-term capital growth. I’ll let them speak for themselves: “The Fund may hold out-of-favor stocks rather than popular ones. The Fund’s portfolio will be concentrated and therefore may at times hold stocks in only a few companies. The Adviser is willing to hold cash and will buy stocks opportunistically when prices are attractive …” The fund will be managed by Christopher M. Niemczewski and Elise J. Hoffmann of Marshfield Associates. The initial expense ratio will be 1.25% and the minimum initial investment is $10,000. That’s reduced to $1,000 for IRAs and UTMAs.

Miles Capital Alternatives Advantage Fund

Miles Capital Alternatives Advantage Fund will seek long-term total return with less volatility than U.S. equity markets. The plan is to invest in hedge-like and alternative strategy funds and ETFs. The fund will be managed by Steve Stotts and Alan Goody. The initial expense ratio will be 3.5% (after waivers!) and the minimum initial investment is $2,500.

Nuance Concentrated Value Long-Short Fund

Nuance Concentrated Value Long-Short Fund will pursue long term capital appreciation. The plan is to invest in 15-35 long positions and 50 short ones. When the prospectus is finished, they’ll add the six-month long track record of their separate accounts as an indication of the fund’s prospects. And then we pause to ask, why bother? It’s six months. The fund will be managed by Scott A. Moore, CFA, President and Chief Investment Officer of Nuance Investments. The initial expense ratio will be 1.87% and the minimum initial investment is $2,500.

Scharf Alpha Opportunity Fund

Scharf Alpha Opportunity Fund will seek long-term capital appreciation and to provide returns above inflation while exposing investors to less volatility than typical equity investments. The plan is to invest in a global portfolio of undervalued securities, short indexes using ETFs and possibly hold up to 30% in fixed income. The fund will be managed by Brian A. Krawez of Scharf Investments. The initial expense ratio will be 2.27%. The minimum initial investment is $10,000, reduced to $5,000 for IRAs.

USA Mutuals Beating Beta Fund

USA Mutuals Beating Beta Fund will seek capital appreciation. The plan is to invest in the top 15% of companies in each of the industry sectors represented in the S&P500. That will average 75 stocks, mostly domestic. “Best” is determined by a combination of book to market value, net stock issuance, earnings quality, asset growth, profitability, and momentum The fund will be managed by Gerald Sullivan and Charles Clarke of USA Mutuals. The initial expense ratio will be 1.39% and the minimum initial investment is .

USA Mutuals Dynamic Market Opportunity Fund

USA Mutuals Dynamic Market Opportunity Fund will seek capital appreciation and capital preservation with low volatility. The plan is to have long and short call and put options on the S&P 500 Index, long and short positions in S&P futures contracts, and cash. The fund will be managed by Albert L. and Alan T. Hu. The initial expense ratio will be 2.14% and the minimum initial investment is $2,000.

Winton European Equity Portfolio

Winton European Equity Portfolio will seek long-term investment growth. The plan is to use a big honkin’ computer program to select an all-cap portfolio of stocks, mostly from developed Europe. There might be some emerging markets exposure and a little cash, though they’ll normally be fully invested. The fund will be managed by David Winton Harding and Matthew David Beddall, the adviser’s CEO and CIO, respectively. The initial expense ratio will be 1.16% and the minimum initial investment is $2,500.

Winton International Equity Portfolio

Winton International Equity Portfolio will seek long-term investment growth. The plan is to use a big honkin’ computer program to select an all-cap portfolio of stocks, mostly from everywhere except the U.S. and Canada. There might be some emerging markets exposure and a little cash, though they’ll normally be fully invested. The fund will be managed by David Winton Harding and Matthew David Beddall, the adviser’s CEO and CIO, respectively. The initial expense ratio will be 1.16% and the minimum initial investment is $2,500.

Winton U.S. Equity Portfolio

Winton U.S. Equity Portfolio will seek long-term investment growth. The plan is to use a big honkin’ computer program to select an all-cap portfolio of stocks, mostly from the US with hints that the Canadians might worm their way in. They’ll normally be fully invested. The fund will be managed by David Winton Harding and Matthew David Beddall, the adviser’s CEO and CIO, respectively. The initial expense ratio will be 1.16% and the minimum initial investment is $2,500.

American Century Emerging Opportunities Total Return Fund

American Century Emerging Opportunities Total Return Fund will seek (wait for it!) total return.  The plan is to invest in EM bonds, corporate and sovereign, and floating rate debt. They have the right to buy convertible bonds, stocks, and exchange-traded funds but those seek to be a “why not toss them in the prospectus?” afterthought. The fund will be managed by an American Century team. The initial expense ratio hasn’t been released. The minimum initial investment will be $2,500.

Baird Small/Mid Cap Value Fund

Baird Small/Mid Cap Value Fund will seek long-term capital appreciation.  The plan is to invest in a diversified portfolio of undervalued small- to mid-cap stocks. Up to 15% might be non-US stocks trading on US exchanges. The fund will be managed by Michelle E. Stevens. The initial expense ratio is 1.20%. The minimum initial investment will be $1,000.

Cullen Enhanced Equity Income Fund

Cullen Enhanced Equity Income Fund will seek long-term capital appreciation and current income.  The plan is to buy dividend paying common stocks of medium- and large-capitalization companies, with about equal weighting for all of the stocks. They then write covered calls to generate income. The fund will be managed by James P. Cullen, Jennifer Chang and Tim Cordle. The initial expense ratio is 1.01%. The minimum initial investment will be $1,000.

DoubleLine Global Bond Fund

DoubleLine Global Bond Fund will seek long-term total return.  The plan is to pursue a global portfolio which might include US and foreign sovereign debt, quasi-sovereign debt, supra-national obligations, emerging market debt securities, high yield and defaulted debt securities, inflation-indexed securities, corporate debt securities, mortgage and asset backed securities, bank loans, and derivatives. The fund will be managed by The Gundlach alone. The initial expense ratio hasn’t been released. The minimum initial investment will be $2,000.

Matthews Asia Value Fund         

Matthews Asia Value Fund will seek long-term capital appreciation.  The plan is to buy undervalued common and preferred stocks. Firms are “Asian” if they’re “tied to” the region; for example, a European firm which derives more than 50% of its revenue from Asian markets is Asian. Firms are attractive to Matthews if they are “high quality, undervalued companies that have strong balance sheets, are focused on their shareholders, and are well-positioned to take advantage of Asia’s economic and financial evolution.” The fund will be managed by a team led by Beini Zhou. The initial expense ratio is 1.45%. The minimum initial investment will be $2,500.

Vanguard International Dividend Appreciation Index Fund

Vanguard International Dividend Appreciation Index Fund will seek to track the NASDAQ International Dividend Achievers Select Index, which focuses on high quality companies located in developed and emerging markets, excluding the United States, that have both the ability and the commitment to grow their dividends over time. The fund will be managed by Justin E. Hales and Michael Perre. The initial expense ratio is 0.35%. The minimum initial investment will be $3,000.

Vanguard International High Dividend Yield Index Fund

Vanguard International High Dividend Yield Index Fund will seek to track the FTSE All-World ex US High Dividend Yield Index, which focuses on companies located in developed and emerging markets, excluding the United States, that are forecasted to have above-average dividend yields.  The plan is to . The fund will be managed by Justin E. Hales and Michael Perre. The initial expense ratio will be 0.40%. The minimum initial investment will be $3,000.

American Beacon Bridgeway Large Cap Growth Fund

American Beacon Bridgeway Large Cap Growth Fund will seek long-term total return on capital, primarily through capital appreciation.  Bridgeway is selling their LCG fund to American Beacon, pending shareholder approval. The fund will still be managed by John Montgomery and the Bridgeway team. The initial expense ratio will be 1.20%, rather above the current Bridgeway charge. The minimum initial investment is $2500. 

Aristotle Small Cap Equity Fund

Aristotle Small Cap Equity Fund will seek long-term capital appreciation by investing in high quality, small cap businesses that are undervalued. The fund will be managed by David Adams and Jack McPherson. The initial expense ratio will be 1.15%. The minimum initial investment is $2,500.

Aristotle Value Equity Fund

Aristotle Value Equity Fund will seek long-term capital appreciation by investing mostly in undervalued mid- and large-cap stocks. The fund will be managed by Howard Gleicher, Aristotle’s CIO. The initial expense ratio will be 0.68%. The minimum initial investment is $2,500.

Aston/River Road Focused Absolute Value Fund

Aston/River Road Focused Absolute Value Fund will seek long-term capital appreciation. The plan is to deploy that “proprietary Absolute Value® approach,” in hopes of providing “attractive, sustainable, low volatility returns over the long term.”  The fund will be managed by Andrew Beck, River Road’s CEO, and Thomas Forsha, their co-CIO. The initial expense ratio will be 1.26%. The minimum initial investment is $2,500, reduced to $500 for various sorts of tax-advantaged accounts..

Brown Advisory Equity Long/Short Fund

Brown Advisory Equity Long/Short Fund will seek to provide long-term capital appreciation by combining both “long” and “short” equity strategies. The plan is pretty straight forward: go long on securities with “few or no undesirable traits” and short the ugly ones. They have the option of using a wide variety of instruments (direct purchase, ETFs, futures and so on) to achieve that exposure. The fund will be managed by Paul Chew, Brown Advisory’s CIO and former manager of the Growth Equity fund. The initial expense ratio will be 2.24% for Investor shares and 2.49% for Advisor shares. The minimum initial investment is $5,000 for Investor shares and $2000 for Advisor shares, which are designed to be purchased through places like Scottrade. .

Dana Small Cap Equity Fund

Dana Small Cap Equity Fund will seek long-term growth. The plan is to create a risk-managed portfolio by using a sector-neutral, relative-value, equal-weight discipline. The large cap version of the strategy has been around for five years and has been perfectly respectable if not particularly distinguished for good or ill. The fund will be managed by a team from Dana Investment Advisers. The initial expense ratio will be 1.20%. The minimum initial investment is $1,000.

Driehaus Turnaround Opportunities Fund

Driehaus Turnaround Opportunities Fund will seek to maximize capital appreciation, while minimizing the risk of permanent capital impairment, over full-economic cycles.. The plan is to invest in the equity and debt securities of “distressed, stressed and leveraged companies,” on the popular premise that they’re widely misunderstood and their securities are often incorrectly priced. The fund will be managed by Elizabeth Cassidy and Thomas McCauley of Driehaus. The initial expense ratio has not been released. The minimum initial investment is $10,000 for retail accounts, reduced to $2000 for retirement accounts.

Ensemble Fund

Ensemble Fund will seek long term capital appreciation. The plan is to identify 15-25 high quality companies with undervalued stock, then buy some. The fund will be managed by Sean Stannard-Stockton, Ensemble’s president and CIO. The initial expense ratio will be 2.0%. The minimum initial investment is $5,000, reduced to $1000 for IRAs and accounts established with an automatic investment plan.

FFI Diversified US Equity Fund

FFI Diversified US Equity Fund will seek long-term capital growth. The plan is to invest in 40-50 U.S. stocks, with a target portfolio market cap of $20 billion. The fund will be managed by a team from FormulaFolio Investments, led by CIO James Wenk. The initial expense ratio will be a stout 2.25%. The prospectus doesn’t offer any immediate evidence that the guys will overcome a high expense ratio in such a competitive slice of the market. The minimum initial investment is $2,000, reduced to $1,000 for retirement accounts and those established with an automatic investing plan.

Gripman Absolute Value Balanced Fund

Gripman Absolute Value Balanced Fund will seek long-term total return and income. The plan is to pursue a conservative asset allocation on the order of 30% equity/70% intermediate-term fixed income. A sliver might be in junk bonds. The fund will be managed by Timothy W. Bond. The initial expense ratio hasn’t been announced. The minimum initial investment is $2,000.

Harbor Diversified International All Cap Fund

Harbor Diversified International All Cap Fund  will seek long-term growth of capital. The plan is to invest mostly in cyclical companies, which you typically buy when they look absolutely ghastly and sell as soon as they start looking decent. The fund will be managed by a very large team led by William J. Arah from Marathon Asset Management, a London-based adviser. Mr. Arah founded Marathon, which also serves as sub-advisor to Vanguard Global Equity. The initial expense ratio will be 1.22%. The minimum initial investment is $2,500.

Iron Equity Premium Income Fund

Iron Equity Premium Income Fund will seek to provide superior risk-adjusted total returns relative to the CBOE S&P 500 BuyWrite Index (BXM). The plan is to buy ETFs which track the S&P 500 while writing call options to generate income. The fund will be managed by a team from IRON Financial. The initial expense ratio will be 1.45%. The minimum initial investment is $10,000.

Preserver Alternative Opportunities Fund

Preserver Alternative Opportunities Fund will seek high total returns with low volatility. The plan is to hire sub-advisers to do pretty typical liquid alts stuff in the portfolio. The subs have not yet been named, though. The initial expense ratio will be 2.43%. The minimum initial investment is $2,000.

Quantified Self-Adjusting Trend Following Fund

Quantified Self-Adjusting Trend Following Fund (really? It feels like they consulted with Willy Wonka to select their name.)  will seek “high appreciation on an annual basis consistent with a high tolerance for risk.” Do you suppose it’s really seeking a high tolerance for risk, or merely requires that prospective investors have a high tolerance?  The plan is to determine the market’s trend, then invest in ETFs, leveraged ETFs or inverse ETFs. If there’s no discernible trend, they’ll invest in bonds. The fund will be managed by Jerry Wagner, President of the Flexible Plan Investments, and Dr. Z. George Yang, their director of research. The initial expense ratio will be 1.75%. The minimum initial investment is $10,000.

T. Rowe Price Mid-Cap Index Fund

T. Rowe Price Mid-Cap Index Fund will seek to match the performance of the Russell Select Midcap Completion Index, with a correlation of at least 0.95. The fund will be managed by Ken D. Uematsu. The initial expense ratio will be 0.32%.

T. Rowe Price Small-Cap Index Fund

T. Rowe Price Small-Cap Index Fund will seek to match the performance of the Russell 2000^®Index with a correlation of at least 0.95. The fund will be managed by Ken D. Uematsu. The initial expense ratio will be 0.34%.

361 Long/Short Credit Fund

361 Long/Short Credit Fund will seek to provide positive absolute total returns over a complete market cycle. It’s pretty much an unconstrained global long/short bond fund. The fund will be managed by an as-yet unnamed outside sub-advisor. The initial expense ratio also has not yet been released. The minimum initial investment is $2,500.

Absolute Capital Asset Allocator Fund

Absolute Capital Asset Allocator Fund will seek long-term capital appreciation. The plan is to churn a portfolio of stocks, bonds, funds, CEFs, ETFs and ETNs between various asset classes. The fund will be managed by Phillip Brenden Gebben, cofounder of Absolute Capital. The initial expense ratio has not yet been announced. The minimum initial investment is $2,500.

Absolute Capital Defender Fund

Absolute Capital Defender Fund will seek long-term capital appreciation. The plan is to defensively churn a portfolio of stocks, bonds, funds, CEFs, ETFs and ETNs between various asset classes. The fund might go substantially to cash. The fund will be managed by Phillip Brenden Gebben, cofounder of Absolute Capital. The initial expense ratio has not yet been announced. The minimum initial investment is $2,500.

Champlain Emerging Markets Fund

Champlain Emerging Markets Fund will seek long-term capital appreciation. The plan is to invest in “growing but stable companies trading at attractive valuations” using a scoring metric that tries to control for behavioral bias.  Champlain Advisors acquired New Sheridan Developing World Fund which, not to be cruel, had no assets, high expenses and mediocre performance. The fund will be managed by Russell and Richard Hoss, who managed New Sheridan for the last year of its existence. Both are Air Force Academy grads. The initial expense ratio, after expense waivers, will be 1.86% for Advisor shares. The minimum initial investment is $10,000, reduced to $3,000 for various tax-advantaged accounts.

Deutsche Limited Maturity Quality Income Fund

Deutsche Limited Maturity Quality Income Fund will seek current income consistent with the preservation of capital and liquidity. The plan is invest in both domestic and international high quality, short-term fixed-income instruments which are dollar denominated. They expect to maintain a duration of 90 days or less and will invest only in securities rating in one of the top two quality categories (AA and AAA). The fund will be managed by Geoffrey Gibbs, who is head of Deutsche’s Liquidity Management Group, and Lee Rodon and Glenn Koenig, both of whom work in the group. The initial expense ratio hasn’t been released. The minimum initial investment is $1,000. They expect to launch September 28.

Deutsche Ultra-Short Quality Income Fund

Deutsche Ultra-Short Quality Income Fund will seek a high level of current income consistent with the preservation of capital and liquidity.  The plan is to invest at least 65% of the portfolio in securities rated in the top three quality categories. The remainder can be rated one tier lower. The fund will be managed by Geoffrey Gibbs, who is head of Deutsche’s Liquidity Management Group, and Lee Rodon and Glenn Koenig, both of whom work in the group. The initial expense ratio hasn’t been released. The minimum initial investment is $1,000. They expect to launch September 28.

Ivy Apollo Strategic Income Fund

Ivy Apollo Strategic Income Fund will seek a combination of current income and capital appreciation.  The plan is to allocate 20% of the portfolio to Apollo Credit Management’s Total Return Strategy (a global value strategy encompassing U.S. corporate credit, global corporate credit, structured credit, and real estate) and flexibly allocate the remainder between Ivy’s Global Bond and High Income Strategies. The managers will be Mark Beischel and Chad Gunther from Ivy and James Zelter, President of Apollo. The initial expense ratio on “A” shares is 1.15%. The minimum initial investment is $750, which is waived for accounts set up with an automatic investment plan.

Ivy Apollo Multi-Asset Income Fund

Ivy Apollo Multi-Asset Income Fund will seek a combination of current income and capital appreciation.  The plan is to allocate 20% of the portfolio to Apollo Credit Management’s Total Return Strategy (a global value strategy encompassing U.S. corporate credit, global corporate credit, structured credit, and real estate), 30% to Ivy High Income, 40% to Ivy Global Equity Income and 10% to LaSalle US’s Global Real Estate Strategy. The managers will be Mark Beischel and Chad Gunther from Ivy and James Zelter, President of Apollo. The initial expense ratio on “A” shares is 1.15%. The minimum initial investment is $750, which is waived for accounts set up with an automatic investment plan.

TCW/Gargoyle Hedged Value Fund

TCW/Gargoyle Hedged Value Fund (TFHIX/TFHVX) will seek long-term capital appreciation with lower volatility than a stand-alone stock portfolio. The plan is to buy undervalued mid- to large-cap stocks and sell index call options. The fund was previously RiverPark/Gargoyle Hedged Value (2012-15) and was a hedge fund before that (2005-2012). The fund will continue to be managed by Joshua B. Parker and Alan L. Salzbank of Gargoyle Investment Advisor. The initial expense ratio will be 1.50% for retail shares. The minimum initial investment is $5,000, reduced to $1,000 for IRAs.

TCW/Gargoyle Dynamic 500 Fund

TCW/Gargoyle Dynamic 500 Fund will seek long-term capital appreciation with reduced risk and lower volatility than the S&P 500 Index. The plan is to buy the S&P 500 portfolio but hedge it by selling “short-term slightly out-of-the-money SPX call options.” They’ll actively manage the options portfolio. The fund might have a net stock market exposure of 35-65%, with a neutral target of 50%. The fund will be managed by Joshua B. Parker and Alan L. Salzbank of Gargoyle Investment Advisor. The initial expense ratio has not been released. The minimum initial investment is $5,000, reduced to $1,000 for IRAs.

TCW/Gargoyle Systematic Value Fund

TCW/Gargoyle Systematic Value Fund will seek long-term capital appreciation. The plan is to buy, mostly, US mid- to large-cap stocks that the managers believe are undervalued. This is, at base, the long portfolio from the Hedged Value Fund and it has a very good long-term record. The fund will be managed by Joshua B. Parker and Alan L. Salzbank of Gargoyle Investment Advisor. The initial expense ratio has not been released. The minimum initial investment is $5,000, reduced to $1,000 for IRAs.

TCW High Dividend Equities Long/Short Fund

TCW High Dividend Equities Long/Short Fund will seek long-term capital appreciation. The plan is to invest, long and short, in high dividend securities. These might include everything from common stocks to MLPs, REITs, business development companies and ETFs. The fund will be managed by Iman H. Brivanlou of TCW. The initial expense ratio has not been released. The minimum initial investment is $5,000, reduced to $1,000 for IRAs.

TCW/Carlyle Liquid Tactical Fund

TCW/Carlyle Liquid Tactical Fund will seek “risk-adjusted long-term total return.”‘ The plan is to trade “liquid instruments” which invest equities, fixed income, credit, commodities, currencies and alternatives markets. The fund will be managed by a team from Carlyle Liquid Market Solutions. The initial expense ratio has not been released. The minimum initial investment is $5,000, reduced to $1,000 for IRAs.

TCW/Carlyle Trend Following Fund

TCW/Carlyle Trend Following Fund will also seek risk-adjusted long-term total return. At base, it’s a managed futures fund which will invest, long or short, in various asset classes based on whether they underlying price trend is positive or negative. In general, managed futures funds have performed poorly, averaging about 1.7% per year over the past five years while the best of them have made about 5%. The fund will be managed by a team from Carlyle Liquid Market Solutions.  The initial expense ratio has not been released. The minimum initial investment is $5,000, reduced to $1,000 for IRAs.

TCW/Carlyle Absolute Return Fund

TCW/Carlyle Absolute Return Fund will seek (surprise!) risk-adjusted long-term total return.  The plan is to allocate the portfolio between the other two TCW/Carlyle funds. The fund will be managed by a team from Carlyle Liquid Market Solutions. The initial expense ratio has not been released. The minimum initial investment is $5,000, reduced to $1,000 for IRAs.

USA Mutuals/WaveFront Hedged Emerging Markets Fund

USA Mutuals/WaveFront Hedged Emerging Markets Fund will seek consistent long-term capital appreciation with significantly less volatility compared to traditional emerging markets indices. The plan is to combine a frequently-traded long portfolio with an options overlay and the possibility of holding 20% in high quality, short-term debt. The fund is a converted version of a hedge fund run by Mark Adam from WaveFront Capital Management, L.P.  The hedge fund made less than 0.8% in 2013 while the benchmark lost 0.1%, but in 2014 pocketed a 4.4% gain as the index dropped 3.0%.The initial expense ratio will be 1.75% for Investor class shares. The minimum initial investment is $2,000, reduced to $100 for various tax-advantaged accounts.

Van Eck Long/Short Equity Fund

Van Eck Long/Short Equity Fund will seek “consistent total returns while experiencing lower volatility” than most other long/short funds. The adviser has identified the investment characteristics of all long/short hedge funds that focus on North American stocks. They plan to invest, long and short, in ETFs and similar vehicles in order to replicate that universe. They will not use leverage. In an interesting twist, the fund “has not yet commenced operations” but Marc Freed and Ben McMillan have been managing it since 2013. The initial expense ratio has not been disclosed. The minimum initial investment for the loaded “A” shares is $1000 and is waived for accounts established with an automatic investment plan.

First Western Short Duration High Yield Credit Fund 

First Western Short Duration High Yield Credit Fund will seek a high level of current income and capital growth. The plan is to invest in a global portfolio of junk bonds and floating rate senior secured loans. The fund will be managed by Steven S. Michaels. The minimum initial investment is $1,000. The opening expense ratio for retail shares will be 1.2%.

RiverNorth Marketplace Lending Fund

RiverNorth Marketplace Lending Fund will seek “a high level of total return, with an emphasis on current income.” The plan is to invest in “loans to consumers, small- and mid-sized companies and other borrowers originated through online platforms.” That is, they’ll subscribe to loans through peer-to-peer lenders such as Lending Tree and Prosper.com. They urge you to think of this as a fund that might fit into the “high yield / speculative income” slot in your portfolio. They also, rightly, raise two red flags: (1) no one has ever done this before and so there’s no established market for trading these shares, which might well make them illiquid for rather longer than you like and (2) this is structured as a closed-end fund but will likely function as an interval fund; that is, you might have to request redemption of your shares then wait for a redemption window. That’s akin to the practice in hedge funds, since they also make money from the mispricing of illiquid investments. The fund will be managed by Philip K. Bartow and Patrick W. Galley. Mr. Bartow just joined RiverNorth after serving as “Principal at Spring Hill Capital, where he focused on analyzing and trading structured credit, commercial mortgage and asset-backed fixed income investments.” Mr. Galley is RiverNorth’s Alpha male. Details like purchase requirements and expenses have yet to be worked out.

RQSI Small Cap Hedged Equity Fund

RQSI Small Cap Hedged Equity Fund will seek total return with lower volatility than the overall equity market. The plan is to invest in a diversified portfolio of U.S. small cap stocks and ADRs, when they need exposure to a foreign stock, which will be selected using the Ramsey Quantitative Systems, Inc. quantitative system. The manager will use options, futures and ETFs to hedge the portfolio. The fund will be managed by Benjamin McMillan, formerly a manager for Van Eck Global’s Long/Short Equity Index Fund. The minimum initial investment is $2,500. The opening expense ratio will be 1.56% for retail shares.

T. Rowe Price Emerging Markets Value Stock Fund

T. Rowe Price Emerging Markets Value Stock Fund will pursue long term growth of capital. The fund will invest in “stocks of larger companies that are undervalued in the view of the portfolio manager using various measures.” The fund will be managed by Ernest Yeung. Mr. Yeung joined T. Rowe in 2003. Price describes him as having “joined the Firm in 2003 and his investment experience dates from 2001. He has served as a portfolio manager with the Firm throughout the past five years.” He’s also described as a “sector expert” on Asian media and telecomm stocks. I can, however, only find a four month fill-in stint as manager of New Asia (PRASX). Presumably he’s been managing something other than mutual funds and has done it well enough to satisfy Price. The opening expense ratio, after waivers, will be 1.5%. The minimum initial investment will be $2,500, reduced to $1,000 for tax-advantaged accounts. The prospectus is dated August 24, 2015 which suggests the launch date.

Thornburg Better World Fund

Thornburg Better World Fund will seek long-term capital growth. The plan is to invest in international “companies that demonstrate one or more positive environmental, social and governance characteristics.” They can also hold fixed income securities, but that’s clearly secondary. The fund will be managed by Rolf Kelly, who has been with Thornburg since 2007. Before that, he was a “reservoir engineer” for an oil company. The minimum initial investment is $5,000, reduced to $2,000 for various tax-advantaged accounts. The opening expense ratio is 1.83% for “A” shares, which also carry an avoidable 4.5% load.

United Income and Art Fund

United Income and Art Fund will seek income with long-term capital appreciation as a secondary objective. The plan is to invest in equity and fixed-income mutual funds (based on “performance, risk, draw downs, portfolio holdings, turnover, and potential concentration risk – easy peasy!) and up to 15% in potentially illiquid “art companies,” plus long and short ETFs for hedging. The fund will be managed by Doran Adhami and Itay Vinik of United Global Advisors. Mr. Adhami was a Vice President of Investments for UBS from 2005-13; Mr. Vinik was an intern there and is now, with “approximately three years” of industry experience, United Global’s CIO. He also helps manage the Ace of Swords Fund. The minimum initial investment is $500. The opening expense ratio has not been released; the existence of a 2% redemption fee and a 0.25% 12(b)1 fee have been established.

Zevenbergen Genea Fund

Zevenbergen Genea Fund will seek long-term capital appreciation. The plan is to invest in the stocks of 15-40 firms which are “benefitting from advancements in technology.” I’m certain that’s not nearly as dumb as it sounds. International exposure would come mostly through ADRs. The fund will be managed by Nancy Zevenbergen, Brooke de Boutray, and Leslie Tubbs. The adviser has about $2.4 billion in assets under management and all of the managers have experience as portfolio managers at regional banks. The minimum initial investment is $2,500. The opening expense ratio is 1.40%.

Zevenbergen Growth Fund

Zevenbergen Growth Fund will seek long-term capital appreciation. The plan is to invest in 30-60 industry leaders, described as firms which seek to invest in industry leaders with “strong competitive positioning.” International exposure would come mostly through ADRs. The fund will be managed by Nancy Zevenbergen, Brooke de Boutray, and Leslie Tubbs. The adviser has about $2.4 billion in assets under management and all of the managers have experience as portfolio managers at regional banks. The minimum initial investment is $2,500. The opening expense ratio is 1.3%.

Catalyst/Auctos Managed Futures Multi-Strategy Fund

Catalyst/Auctos Managed Futures Multi-Strategy Fund will pursue capital appreciation uncorrelated to global equity markets. The plan is to “employ nine unique trading models, which are applied to the four investment sub-strategies” in order to gain absolute returns through both rising and falling price cycles. The fund will be managed by Kevin Jamali. Catalyst is an alternatives manager whose other two managed futures funds have done quite well. The initial expense ratio capped at 1.99%, though with a management fee of 1.75%, it’s hard to see how that’s going to be sustainable. The minimum initial investment is $2,500, reduced to for $100 for account established with an AIP.

Fulcrum Diversified Absolute Return Fund

Fulcrum Diversified Absolute Return Fund will seek long-term absolute returns. I have no idea of what they’re actually going to do. The prospectus specifies that they’ll invest in a mix of asset classes, apparently through derivatives, with a target portfolio volatility of 12%. There’s no clear explanation of why that’s a good thing or how it might play out in terms of returns. The fund will be managed by a mostly-British team from Fulcrum Asset Management. The advisor has a European UCITS using this strategy; it’s returned 5.6% annually over its first three years. The initial expense ratio will be 1.45% for Advisor shares. The minimum initial investment for Advisor shares is $1,000.

Intrepid Select Fund

Intrepid Select Fund will seek long-term capital appreciation. The plan is to invest in a global, non-diversified portfolio of common stocks, preferred stocks, convertible preferred stocks, warrants, options and foreign securities. The fund will be managed by  a team of investment professionals led by Mark Travis, Intrepid’s president. The same team manages Intrepid’s other funds which are substantially better than Morningstar’s ratings would lead you to believe. They have an aversion to losing money, which means they have exceptional cash reserves in the range of 50-75%, and at least one of the funds (Income ICMUX) is noticeably misclassified. The initial expense ratio will be 1.40%. The minimum initial investment is $2,500.

TIAA-CREF Social Choice International Equity Fund

TIAA-CREF Social Choice International Equity Fund will seek a favorable long-term total return, reflected in the performance of ESG-screened international stocks. MSCI will provide the ESG screens and the fund will target developed international markets. The fund will be managed by Philip James (Jim) Campagna and Lei Liao. The managers’ previous experience seems mostly to be in index funds. The initial expense ratio will be 0.79%. The minimum initial investment is $2,500, reduced to $2,000 for various tax-advantaged products.

TIAA-CREF Social Choice Low Carbon Equity Fund

TIAA-CREF Social Choice Low Carbon Equity Fund will seek a favorable long-term total return, reflected in the performance of ESG-screened US stocks. MSCI will provide the ESG screens, which will be supplemented by screens looking for firms who “demonstrate leadership in managing and mitigating their current carbon emissions and (2) have limited exposure to oil, gas, and coal reserves.” I understand the moral imperative and the appeal to CREF’s core constituency (university and non-profit employees), though I’m not aware of the merits of the investment case for this strategy. The fund will be managed by Philip James (Jim) Campagna and Lei Liao. The managers’ previous experience seems mostly to be in index funds. The initial expense ratio will be 0.71%. The minimum initial investment is $2,500, reduced to $2,000 for various tax-advantaged products.

TIAA-CREF Short-Term Bond Index Fund

TIAA-CREF Short-Term Bond Index Fund will seek favorable long-term total return, mainly from current income, by investing in domestic, investment-grade short term bonds. The fund will be managed by Lijun (Kevin) Chen and James Tsang. The initial expense ratio will be 0.47%. The minimum initial investment is $2,500, reduced to $2,000 for various tax-advantaged products.

Trillium All Cap Fund

Trillium All Cap Fund will seek long term capital appreciation by investing in an all-cap portfolio of “stocks with high quality characteristics and strong environmental, social, and governance records.” Up to 20% of the portfolio might be overseas. The fund will be managed by Elizabeth Levy and Stephanie Leighton of Trillium Asset Management. Levy managed Winslow Green Large Cap from 2009-11, Leighton managed ESG money at SunLife of Canada and Pioneer. The initial expense ratio is capped at 1.25% for retail shares. The minimum initial investment is $5000. It appears that the advisor will first launch Institutional ($100,000/0.90%) shares in July. It’s not clear when the Retail shares will debut.

Trillium Small/Mid Cap Fund

Trillium Small/Mid Cap Fund will seek long term capital appreciation by investing in a portfolio of small- to mid-cap “stocks with high quality characteristics and strong environmental, social, and governance records.” Small- to mid- is defined as stocks comparable in size to those in the S&P 1000, a composite of the S&P’s small and mid-cap indexes. Up to 20% of the portfolio might be overseas. The fund will be managed by Laura McGonagle and Matthew Patsky of Trillium Asset Management. Trillium oversees about $2.2 billion in assets. McGonagle was previously a research analyst at Adams, Harkness and Hill and is distantly related to Professor Minerva McGonagall. Patsky was Director of Equity Research for Adams, Harkness & Hill and a manager of the Winslow Green Solutions Fund. The initial expense ratio is capped at 1.38% for retail shares. The minimum initial investment is $5000. It appears that the advisor will first launch Institutional ($100,000/0.98%) shares in July. It’s not clear when the Retail shares will debut.

American Beacon Grosvenor Long/Short Fund

American Beacon Grosvenor Long/Short Fund will seek long-term capital appreciation.  At this point the strategy for pursuing that objective is entirely hypothetical.  American Beacon hired Grosvenor Capital Management to hire other firms to actually manage the portfolio. So far, the folks actually managing the money haven’t been named, though we do know that one (or more) of them might pursue an equity strategy while one (or more) of them might purse an event-driven strategy, though the fund might not simultaneously pursue both strategies. This might explain the fund’s expense structure. Opening expenses on the Investor share class are 2.49% after waivers with a rich management fee of 1.55%. The minimum initial purchase requirement is $2500.

AMG GW&K Small Cap Growth Fund

AMG GW&K Small Cap Growth Fund will seek to provide investors with long-term capital appreciation. The plan is to build a diversified domestic small cap portfolio.  Nothing fancy, so far as I can tell. The fund will be managed by Daniel L. Miller and Joseph C. Craigen. Mr. Miller already co-manages a very solid small-blend fund for AMG. The initial expense ratio will be 1.45% and the minimum initial investment is $2,000, reduced to $1,000 for IRAs.

Balter Discretionary Global Macro Fund

Balter Discretionary Global Macro Fund (BGMVX) will seek to generate positive absolute returns in most market conditions. The plan is to do predictably complex stuff with derivatives and direct investments in order to build a portfolio of non-correlated assets . The fund will be sub-advised by Philip Yang and Frank C. Marrapodi of Willowbridge Associates. The initial expense ratio will be 2.19% (and that’s after waivers) and the minimum initial investment is $5,000.

Cutler Emerging Markets Fund

Cutler Emerging Markets Fund will seek current income and long-term capital appreciation. The plan is to use the same discipline they apply in their pretty solid Cutler Equity Fund (CALEX) to the emerging markets. They might hedge their currency exposure, but maybe not. Otherwise, no particular twists. The fund will be managed by Matthew Patten, Erich Patten and Xavier Urpi. The initial expense ratio will be 1.55% and the minimum initial investment is $2,500.

Eventide Multi-Asset Income Fund

Eventide Multi-Asset Income Fund will seek current income while maintaining the potential for capital appreciation. The plan is to invest in whatever income-producing assets look most attractive. They might obtain that exposure directly or through derivatives and they might invest up to 10% in short positions. In either case, the fund has substantial positive and negative social screens. The fund, other than noted below, will be managed by Martin Wildy and David Dirk. The fund’s intermediate bond sleeve will be managed by unnamed folks from Boyd Watterson Asset Management. The initial expense ratio will be 1.19% for “N” shares and the minimum initial investment is $1,000.

Grandeur Peak Global Micro Cap Fund

Grandeur Peak Global Micro Cap Fund will seek long-term growth of capital. The method here replicates the strategy in GP’s other funds, but apply it exclusively to global stocks with market caps under $1.5 billion. They warn of substantial emerging and frontier exposure. The fund will be managed by Randy Pearce & Blake Walker with GP’s senior manager, Robert Gardiner, hovering in the background.  The initial expense ratio has not been released and the minimum initial investment is $2,000.

Grandeur Peak Global Stalwarts Fund

Grandeur Peak Global Stalwarts Fund will seek long-term growth of capital. The method here replicates the strategy in GP’s other funds, but apply it exclusively to stocks with market caps over $1.5 billion. GP defines “stalwarts” as “growth companies that are maturing. They are proven success stories that still have headroom to grow, but whose growth is slowing as they mature.” They warn of substantial emerging and frontier exposure.  The fund will be managed by Randy Pearce & Blake Walker with GP’s senior manager, Robert Gardiner, hovering in the background.  The initial expense ratio has not been released and the minimum initial investment is $2,000..

Grandeur Peak International Stalwarts Fund

Grandeur Peak International Stalwarts Fund will seek long-term growth of capital. The method here replicates the strategy in GP’s other funds, but apply it exclusively to non-U.S. stocks with market caps over $1.5 billion. They warn of substantial emerging and frontier exposure.  The fund will be managed by Randy Pearce & Blake Walker with GP’s senior manager, Robert Gardiner, hovering in the background.  The initial expense ratio has not been released and the minimum initial investment is $2,000.

James Aggressive Allocation Fund

James Aggressive Allocation Fund will seeks to provide total return through a combination of growth and income. I don’t see anything particularly aggressive about it: the default is a 60/40 allocation with the proviso that stocks might range from 50-100% of the portfolio. The fund will be managed by nine guys, many of whom are named James. The initial expense ratio hasn’t been disclosed and the minimum initial investment is $10,000, reduced to $5,000 for IRAs.

Janus Adaptive Global Allocation Fund

Janus Adaptive Global Allocation Fund will seek total return through growth of capital and income.  The plan is to invest globally in stocks and bonds but to focus especially on the issue of “tail risk.” That is, relatively unlikely events that might have a major impact should they occur.  The neutral allocation is 70/30 global stocks to bonds. The fund will be managed by Ahhwin Alankar, Ph.D., and Enrique Chang. Opening expenses on the fund’s five share classes have not been revealed. The minimum initial purchase for the various retail shares is $2500.

Meeder Dividend Opportunities Fund

Meeder Dividend Opportunities Fund will seek to provide total return, including capital appreciation and current income. The plan is to invest at least 80% in dividend-paying stocks, either directly or through ETFs and similar creatures. Up to 20% might be in fixed income. They use the same strategies in separate accounts; the composite there shows them leading their benchmark about as often as they trail it. The fund will be managed by a team from Meeder Asset Management. The initial expense ratio will be 1.72% and the minimum initial investment is $2,500, reduced to $500 for IRAs.

TCW Developing Markets Equity Fund

TCW Developing Markets Equity Fund will seek long-term capital appreciation. The fund will invest in stocks and might invest in derivatives either to hedge or achieve their equity exposure. They’ll pick stocks based on the typical combination of quant and fundamental work; they’ll pick country exposure based on a bunch of macro factors. The fund will be managed by Ray S. Prasad, formerly of Batterymarch, and Andrey Glukhov. Expenses not revealed. The minimum initial investment will be $2000, reduced to $500 for tax-advantaged accounts.

Triad Small Cap Value Fund

Triad Small Cap Value Fund will seek long-term capital appreciation and attempt to minimize the probability of permanent losses over the longer-term, with less emphasis on short-term market fluctuations.  At base, they’re investing in small caps but willing to hold cash. The managers will be John Heldman, formerly a Neuberger Berman manager, and David Hutchison.  The fund’s opening expense ratio is listed as 1.XX%. That’s hard to argue with. The minimum initial investment will be $5,000.

American Beacon Ionic Strategic Arbitrage Fund

American Beacon Ionic Strategic Arbitrage Fund will pursue capital appreciation with low volatility and reduced correlation to equities and interest rates. The plan is to pursue a series of arbitrage strategies: Convertible Arbitrage (40-50% of the portfolio), Credit/Rates Relative Value Arbitrage (20-30%), Equity Arbitrage (30-40%) and Volatility Arbitrage (5-15%). This strategy is currently operating as a hedge fund, Iconic Absolute Return Fund LLC, which made 3% in 2014. The fund will be managed by the Iconic team that runs the hedge fund. The opening expense ratio will be 1.98%. The minimum initial investment will be $2500 for the no-load Investor class shares.

Artisan Developing World Fund

Artisan Developing World Fund (ARTYX) will pursue long-term capital appreciation. The plan is to invest in “self-funding companies that are exposed to the growth potential of developing world economies with limited dependence on foreign capital.” The notion is that capital flight represents a serious risk; by investing in firms not dependent on outside, especially foreign, capital, the manager seeks to mitigate the risk. The fund will be managed by Lewis Kaufman who had been managing the five-star, $2.8 billion Thornburg Developing World Fund (THDAX). The opening expense ratio will be 1.50% on Investor class shares. There’s also a 2.0% redemption fee on shares held fewer than 90 days. The minimum initial investment will be $1,000; Artisan will waive the minimum if you establish (as you should) an automatic investing plan.

Aspiration US Sustainable Equity Fund

Aspiration US Sustainable Equity Fund will try to  maximize total return, consisting of capital appreciation and current income. The plan is to invest in the stocks of firms that pass their ESG screens. They’ve established a 5% threshold for exclusion: if more than 5% of your earnings come from GMOs or plastic water bottles, for example, they won’t invest in you. The fund will be managed by Bruno Bertocci and Thomas J. Digenan, both of UBS. The opening expense ratio has not been announced. The minimum initial investment will be $500. (Wow.)

Emerald Small Cap Value Fund

Emerald Small Cap Value Fund will pursue long-term capital appreciation by investing in a non-diversified portfolio of US small cap stocks. Their size universe is equivalent to the Russell 2000 Value Index’s. Up to 20% might be REITs or foreign small caps purchased through ADRs. This is a reorganization of the former Elessar Small Cap Value Fund (LSRIX) which has been around and only modestly successful since 2012. The fund will be managed by Richard Geisen and Ori Elan, the same duo that managed LSRIX. Mr. Geisen has over $200,000 in his fund while Mr. Elan has been $50,000-100,000. The opening expense ratio has not been disclosed. The minimum initial investment will be $2000, reduced to $1000 for tax-advantaged accounts.

Lazard Emerging Markets Equity Advantage Portfolio

Lazard Emerging Markets Equity Advantage Portfolio will pursue long-term capital appreciation. The plan is to invest in an emerging markets equity portfolio which might include common stocks ADRs, GDRs, EDRs, REITs, warrants and other derivatives. The fund will be managed by a team headed by Paul Moghtader. The opening expense ratio will be 1.40% for the no-load “Open” shares. The minimum initial investment is $2500.

Lazard International Equity Advantage Portfolio

Lazard International Equity Advantage Portfolio will pursue long-term capital appreciation. The plan is to invest in a global equity portfolio, but one which “typically focus[es] on securities of non-US developed market companies.” They can invest in stocks, ETFs, warrants and depositary rights (e.g., ADRs). They will be able to use various derivatives to hedge the portfolio. The fund will be managed by a team headed by Paul Moghtader. The opening expense ratio will be 1.20% for the no-load “Open” shares. The minimum initial investment is $2500.

Lazard Managed Equity Volatility Portfolio

Lazard Managed Equity Volatility Portfolio  will pursue long-term capital appreciation. The plan is to use a bunch of quantitative screens to create a global portfolio equity portfolio with low volatility and attractive risk-return characteristics. The fund will be managed by a team headed by Paul Moghtader. The opening expense ratio will be 1.05% for the no-load “Open” shares. The minimum initial investment is $2500.

PIMCO Real Return Limited Duration Fund

PIMCO Real Return Limited Duration Fund will pursue maximum real return, consistent with preservation of capital and prudent investment management. The plan is to invest in a global portfolio of sovereign and corporate inflation-indexed securities of varying maturities. The fund will normally limit its foreign currency exposure to 20% but might go as high as 30%. 10% of the portfolio might be invested in emerging markets and 10% might be invested in junk bonds. And the entire portfolio might be invested in derivatives. The fund will be managed by some as-yet unnamed person or persons.  The opening expense ratio is, likewise, not set . The minimum initial investment for the “D” share classes will be $1,000.

AC Alternatives Equity Fund

AC (American Century) Equity Fund will seek capital appreciation. The plan is to hire sub-advisors to pursue specialty equity strategies. The initial set of strategies and subs include long/short equity (Passport Capital) and event-driven and trading strategies (Perella Weinberg Partners). The prospectus allows for inclusion of a long-only equity strategy as well. PWP is also responsible for selecting, assessing and harmonizing the various strategies and subs. The opening expense ratio hasn’t been released but this doesn’t sound like it’s gonna be cheap. The minimum initial investment is $2,500.

AC (American Century) Alternatives Income Fund

AC (American Century) Alternatives Income Fund will seek “diverse sources of income.” The plan is to hire sub-advisors to pursue specialty income strategies. The initial set of strategies and subs include Arrowpoint Partners (opportunistic corporate credit, a sort of high yield bond and loan strategy), Good Hill Partners LP (structured credit) and PWP (a hedging overlay plus MLPs). The opening expense ratio hasn’t been released but this doesn’t sound like it’s gonna be cheap. The minimum initial investment is $2,500.

AC Alternatives Multi-Strategy Fund

AC (American Century) Multi-Strategy Fund will seek capital appreciation. The plan is to hire sub-advisors to pursue specialty alternative strategies. The initial set of strategies and subs include Long/short credit (Good Hill Partners LP and MAST Capital), event-driven (Levin Capital), long/short equity (Passport Capital) and then Global macro, real asset and trading strategies (Perella Weinberg Partners). PWP is also responsible for selecting, assessing and harmonizing the various strategies and subs. The opening expense ratio hasn’t been released but this doesn’t sound like it’s gonna be cheap. The minimum initial investment is $2,500.

ASTON/Pictet Premium Brands Fund

ASTON/Pictet Premium Brands Fund will seek capital appreciation. The plan is to invest in the stocks of companies that have “superior quality goods or services that enjoy a high level of brand recognition and that are expected to have relative pricing power and high consumer loyalty.” The fund will be managed by Caroline Reyl, Laurent Belloni, and Alice de Lamaze, all of the Sector and Themes Fund Team at Pictet. On face there’s something modestly regrettable in the symbolism of assigning female portfolio managers to the luxury shopping fund. That said, the team manages a billion dollar, Swiss-domiciled version of the fund. They’ve returned 6.3% annualized since 2007. Their 13.2% returns over the past five years seem solid, but they trail their consumer goods benchmark and have relatively high volatility. The opening expense ratio will be 1.31%. The minimum initial investment is $2,500, reduced to $500 for tax-advantaged accounts.

Brown Advisory Global Leaders Fund

Brown Advisory Global Leaders Fund will seek to achieve capital appreciation by investing primarily in global equities. The plan is to invest in “leaders within their industry or country as demonstrated by an ability to deliver high relative return on invested capital over time.” In addition to investing directly in such stocks, they have the right to use derivatives and ETFs (which does make you wonder why you’d need to buy the fund). The fund will be managed by Mick Dillon of Brown Advisory. Mr. Dillon used to be head of Asian equities for HSBC. The opening expense ratio has not yet been set. The minimum initial investment is $5,000, reduced to $2,000 for tax-advantaged accounts.

Brown Capital Management International Small Company Fund

Brown Capital Management International Small Company Fund will seek long-term capital appreciation, with some possibility of income thrown in. The plan is to invest in 40-65 “exceptional companies.” The fund will be managed by Martin Steinik, Maurice Haywood, and Duncan Evered. The opening expense ratio, this will be a recurring theme with this month’s funds, has not be disclosed. The minimum initial investment is $5,000, reduced to $2,000 for tax-advantaged accounts.

Direxion Hilton Yield Plus Fund

Direxion Hilton Yield Plus Fund total return consistent with the preservation of capital. The plan is to balance fixed income investments with equities, with a focus on minimizing absolute risk and volatility. Those securities might include common and preferred stocks of any capitalization, MLPs, REITs, and corporate bonds, ETNs and municipal bonds The fund will be managed by a team headed by William J. Garvey, Hilton’s CIO. The opening expense ratio will be 1.49%. The minimum initial investment is $2,500.

Longboard Long/Short Equity Fund

Longboard Long/Short Equity Fund will seek long-term capital appreciation. The plan is to, love the wording here, “considers long positions in a large subset of 3,500 of the most liquid [domestic equity] securities” while shorting indexes. The fund will be managed by Eric Crittenden, Cole Wilcox and Jason Klatt. The team also runs Longboard’s expensive but successful managed futures fund.The opening expense ratio will be high; they haven’t announced the expense ratio but the all-in management fee is 2.99%. The minimum initial investment is $2,500.

Matthews Asia Sustainability Fund

Matthews Asia Sustainability Fund will seek long-term capital appreciation. The plan is to invest in “Asian companies that have the potential to profit from the long-term opportunities presented by global environmental and social challenges as well as those Asian companies that proactively manage long-term risks presented by these challenges.” The fund will be managed by Vivek Tanneeru with co-manager Winnie Chwang. The opening expense ratio will be 1.45%. The minimum initial investment is $2,500, reduced to $500 for tax-advantaged accounts.

SMI Bond Fund

SMI Bond Fund will seek total return. This will be a fund-of-funds except when it’s not. The FOF portion of the portfolio is managed by the folks at Sound Mind Investing using a momentum-based “bond upgrading” strategy; when they choose to invest directly in bonds, they’ll delegate the task to the folks at Reams Asset Management, the fixed-income arm of Scout Funds. The fund will be managed by the same team that handles SMI’s other three funds. The opening expense ratio has not yet been announced. The minimum initial investment is $500.

SMI 50/40/10 Fund

SMI 50/40/10 Fund will seek total return through investing in other funds. We’re not particularly fans of portfolios built around complex trading strategies so rather than ill-tempered snark, we’ll just report that 50% of the portfolio will be invested in a dynamic allocation strategy focusing on the three most attractive (of six) asset categories, 40% in a fund upgrader strategy and 10% in a sector rotation strategy. The fund will be managed by the same team that handles SMI’s other three funds. The opening expense ratio has not yet been announced.  The two SMI funds already on the market are relatively expensive (1.8% and 2.2%) and their performance has been no better than middling. The minimum initial investment is $500.

Spectrum Advisors Preferred Fund

Spectrum Advisors Preferred Fund will seek long term capital appreciation. The plan is to create a complicated portfolio with many moving parts, in hopes of capturing pretty much all of the market’s upside and only 40% of its downside. The offense is provided by a “performing upgrading” strategy for stock investments and the use of leverage. The defense is provided by some combination of cash, bonds, and shorting. The fund will be managed by Ralph Doudera of Spectrum Financial. The opening expense ratio will be 2.35%. The minimum initial investment is $1,000.

Toreador SMID Cap Fund

Toreador SMID Cap Fund will seeks long-term capital appreciation. The plan is to invest in the stocks of U.S. and foreign small- to mid-sized companies. Those are defined as “stocks about the size of those in the Russell 2000.” The fund will be managed by Paul Blinn and Rafael Resendes, who also manage Toreador’s two other so-so equity funds. The opening expense ratio has not yet been announced. The minimum initial investment is $1,000 for retail shares and $10,000 for institutional ones.

USA Mutuals Takeover Targets Fund

USA Mutuals Takeover Targets Fund will seek capital appreciation. The plan is to invest in companies that they believe will be, well, takeover targets. They anticipate holding a lot of cash. The fund will be managed by Gerald Sullivan, a really nice guy who also runs the Vice Fund. The opening expense ratio will be 1.50%. The minimum initial investment is $2,000, reduced to $1,000 for retirement accounts.

Waycross Long/Short Equity Fund

Waycross Long/Short Equity Fund will seek long-term capital appreciation with a secondary emphasis on capital preservation. The plan is to invest, long and short, in mid- to large-cap stocks. Their investable universe is about 300 companies. The fund will be managed by Benjamin Thomas of Waycross Partners. The opening expense ratio has not yet been announced. The minimum initial investment is $2500.

Alphacentric Bond Rotation Fund

Alphacentric Bond Rotation Fund will pursue “long-term capital appreciation and total return through various economic or interest rate environments.” They’ll rotate through two to four global bond ETFs based on their judgment of the relative strengths of various bond sectors. The fund will be managed by Gordon Nelson, Chief Investment Strategist, and Tyler Vanderbeek, both of Keystone Wealth Advisors. The expense ratio will be 1.39% and the minimum initial investment for the no-load “I” class shares is $2,500, reduced to $100 for accounts set up with an automatic investing plan.

Alphacentric Enhanced Yield Fund

Alphacentric Enhanced Yield Fund will seek current income by investing in asset-backed fixed income securities. While it expects to invest over 25% in residential mortgage-backed securities, it can also pursue “securities backed by credit card receivables, automobiles, aircraft, [and] student loans.” It might also invest in Treasuries or hedge the portfolio by shorting. The fund will be managed by a team from Garrison Point Capital, led by Tom Miner. Expenses are 1.74%. The minimum investment for the no-load “I” class shares is $2,500, reduced to $100 for accounts set up with an automatic investing plan.

AMG Trilogy Emerging Wealth Equity Fund

AMG Trilogy Emerging Wealth Equity Fund will seek long-term capital appreciation by investing in firms whose earnings are driven by their exposure to emerging markets. That might include firms domiciled in developed countries, as well as emerging ones. They can invest in both equities and derivatives and they anticipate building an all-cap portfolio of 60-100 securities. The fund will be managed by a team from Trilogy Global Advisors. The initial expense ratio is 1.45% after waivers and the minimum investment will be $2,000.

Columbia Multi-Asset Income Fund

Columbia Multi-Asset Income Fund will primarily seek high current income and secondarily, total return. They can invest in pretty much anything that generates income, there’s no set asset allocation and the portfolio doesn’t exactly explain what they’re looking for in an investment. If you have reason to trust Jeffrey Knight, the lead manager, and Toby Nangle, go for it! The expenses are not yet set. The minimum investment for “A” shares will be $2,000. Though the “A” shares carry a load, most Columbia funds are no-load/NTF at Schwab and, likely, other supermarkets.

DoubleLine Strategic Commodity Fund

DoubleLine Strategic Commodity Fund will seek long-term total return by having (leveraged) long exposure to commodity indexes with selective long or short exposure to individual commodities, indexes or ETFs. Then, too, it might turn market neutral. The disclosure of potential risks runs to 13 pages, single-spaced. It will be managed by Jeffrey J. Sherman of DoubleLine Commodity Advisors. Expenses are not yet set. The minimum investment is $2,000.

Frontier MFG Global Plus Fund

Frontier MFG Global Plus Fund will pursue capital appreciation by investing in 20-40 high-quality companies purchased at attractive prices, both in the US and elsewhere. There will be a macro-level risk overlay. The fund will be managed by Hamish Douglass, of the Australian firm Magellan Asset Management. Mr. Douglass has managed a perfectly respectable global fund for Frontier since 2011. The expense ratio for “Y” shares will be 1.20% and the minimum investment will be $1,000.

Sit Small Cap Dividend Growth Fund

Sit Small Cap Dividend Growth Fund mostly seeks income that’s greater than its benchmarks (the Russell 2000) and that is growing; it’s willing to accept some capital appreciation if that comes along, too. The Russell 2000 currently yields 1.29%. The plan, not surprisingly given the name, is to invest in “dividend paying growth-oriented companies [the manager] believes exhibit the potential for growth and growing dividend payments.” The portfolio will be mostly domestic. The lead manager will be Roger Sit. Expenses for the “S” class will be 1.50% and the minimum initial investment will be $5,000.

Vanguard Tax-Exempt Bond Index Fund

Vanguard Tax-Exempt Bond Index Fund will track the Standard & Poor’s National AMT-Free Municipal Bond Index. Adam Ferguson will manage the fund. The expense ratio will be 0.20% and the minimum investment will be $3,000. The Admiral share class will drop expenses to 0.12% with a $10,000 minimum.

Virtus Long/Short Equity Fund

Virtus Long/Short Equity Fund will seek total return by investing, long and short, in various sorts of equities including MLPs and REITs. The fund will be managed by John F. Brennan, Managing Director at, and cofounder of, Sirios Capital Management. The minimum initial investment will be $2,500. The expense ratio has not yet been announced. Though the “A” shares carry a load, most Virtus funds are no-load/NTF at Schwab and, likely, other supermarkets.