RiverPark Focused Value Fund

RiverPark Focused Value Fund will seek long-term capital appreciation. The plan is to focus on large cap domestic stocks, with particular focus on “special situations” such as spin-offs or reorganizations and on firms whose share prices might have cratered. They’ll buy if it’s a high quality firm and if the stock trades at a substantial discount to intrinsic value. They’ll sell when the stock approaches their target price for it. The manager will have a limited ability to invest in illiquid securities, to short and to leverage the portfolio. David Berkowitz will be the portfolio manager. Mr. Berkowitz co-founded and co-managed Gotham Partners, a value-oriented hedge fund (1992-2002), and was the Chief Investment Officer for a New York family office (2003-2005). In 2006, he founded Festina Lente, a long-only, concentrated investment partnership that he managed through 2008. From 2009-2013, he held various positions at Ziff Brother Investments, where he was Partner as well as the Chief Risk and Strategy Officer. The expense ratios are 1.25% (Investor) and 1.00% (Institutional) after waivers. The minimum initial investment is $1,000 for Investor shares and $100,000 for Institutional ones.

Centre Active U.S. Tax Exempt Fund

Centre Active U.S. Tax Exempt Fund will look at to maximize total return through capital appreciation and current income exempt from federal income tax. The key is that Centre is buying an existing muni bond fund but won’t yet name what that fund is. It appears that the old fund has a sales load (they refer to “A” shares) and the new fund won’t.  Other than that, nothing.  The manager will be James A. Abate, the minimum is $5,000 and the expense ratio is capped at 0.95%.

Driehaus Frontier Emerging Markets Fund

Driehaus Frontier Emerging Markets Fund will seek to maximize capital appreciation. They plan a non-diversified, high turnover all-cap portfolio. They have the ability to invest directly in equities, but also in derivatives and fixed-income securities. The fund will be managed by Chad Cleaver and Richard Thies. Mr. Cleaver co-manages the very fine Driehaus Emerging Markets Small Cap Growth Fund (DRESX). For their purposes, the “frontier” is every EM except the eight biggest: Taiwan, Korea, Mexico, South Africa, and the BRICs. Expenses are not yet set. The minimum initial investment is $250,000, for no particular reason that I understand.

T. Rowe Price Global High Income Bond Fund

T. Rowe Price Global High Income Bond Fund will pursue high income and, secondarily, capital appreciation. The plan is to invest in a portfolio of sovereign and corporate high yield bonds and bank loans, with at least 50% of the expense being from outside the U.S. The fund will be managed by Michael Della Vedova, who manages Price’s European high-yield bond portfolio, and Mark Vaselkiv who manages the High Yield Fund (PRHYX). Expenses will be capped at 0.85%. The minimum initial investment is $2500, reduced to $1000 for IRAs.

T. Rowe Price Global Unconstrained Bond Fund

T. Rowe Price Global Unconstrained Bond Fund will seek high income, some protection against rising interest rates and a low correlation with the equity markets. They’re going to invest in a non-diversified portfolio of corporate and sovereign investment grade fixed income securities. Those might include bank loans. Two portfolio highlights: the fund will be at least 40% non-U.S. but they’ll hedge their currency exposure so that it’s never more than 50% of the portfolio. The fund will be managed by a team headed by Arif Husain, Price’s head of International Fixed Income. Mr. Husain joined Price in 2013 after serving as served as director of European Fixed Income and UK and Euro Portfolio Management with AllianceBernstein. Expenses will be capped at 0.75%. The minimum initial investment is $2500, reduced to $1000 for IRAs.

Vanguard Ultra-Short-Term Bond Fund

Vanguard Ultra-Short-Term Bond Fund will try to provide current income while maintaining limited price volatility. We’ll note that “current income” doesn’t even hint at “any noticeable amount of….” They’ll invest, on behalf of investors with “a low tolerance for risk,” in a diversified portfolio of high quality bonds.  They allow that some medium quality bonds might slip in.  They anticipate a portfolio duration of 0 – 2 years. The fund will be managed by Gregory S. Nassour and David Van Ommeren. Expenses are capped at 0.20% for Investor class shares. The minimum initial investment is $3,000. The fund will be available in February, 2015.

ACR Multi-Strategy Quality Return (MQR) Fund

ACR Multi-Strategy Quality Return (MQR) Fund posted an unusually vacuous draft portfolio that not only failed to list its expenses; it also skipped the investment minimums and offered only the sketchiest idea of what they’ll be up to. Their clearest statement is that they seek “to preserve capital from permanent loss during periods of economic decline… [and post] long term returns above an equity-like absolute return and the MSCI All-Country World Index.” Not exactly clear neither what “an equity-like absolute return” is nor how they might achieve it. They do admit that “[t]here is no assurance that the Fund’s return objectives will be achieved.” If you’ve been pleased with the work of “Alpine Investment Management LLC, dba ACR Alpine Capital Research,” then this might be the fund for you.

AMG Chicago Equity Partners Small Cap Value Fund

AMG Chicago Equity Partners Small Cap Value Fund will invest in 150-400 undervalued small cap stocks. For their purposes, $4 billion is the upper end of the “small” range. The fund will be managed by David C. Coughenour, CIO, Robert H. Kramer and Patricia Halper, all of Chicago Equity Partners. CEP manages about $10 billion and their small cap value composite has beaten the Russell 2000 Value by about 140 basis points yearly over the past five years. The Investor class minimum is $2000 with expenses capped at 1.35%.

Anchor Tactical Municipal Fund

Anchor Tactical Municipal Fund will seek tax-free total return. The plan is to invest, long and short, in muni bond funds and ETFs. Garrett Waters and Eric Leake will manage the fund. Expenses are capped at a curiously high 2.86%. The minimum initial investment is $2,500.

Arbitrage Tactical Equity Fund

Arbitrage Tactical Equity Fund will do complicated things in pursuit of capital appreciation. The relevant text promises an investment in stocks

“whose public market valuation is significantly dislocated from … its intrinsic value. The Adviser’s investment approach is to identify such dislocations and to tactically purchase or sell short such securities when an attractive absolute and probability-adjusted risk-return profile is offered. The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective … the Fund will invest in a portfolio of securities including: equities, debt, warrants, distressed, high-yield, convertible, preferred, when-issued … options, total return swaps, credit default swaps, credit default indexes, currency forwards, and futures … ETFs, ETNs and commodities.”

Edward Chen and John Orrico will manage the fund. The other three funds in the Arbitrage family are all somewhat-pricey, above-average performers. The opening expenses have not yet set. The minimum initial investment will be $2000.

Aristotle Credit Opportunities Fund

Aristotle Credit Opportunities Fund will seek income and appreciation through an unconstrained bond portfolio. Douglas Lopez will lead a team from Aristotle Credit Partners, LLC. ACP describes itself as an institutional investment manager but neither the prospectus nor ACP’s website offers any evidence risk/return data. They appear unrelated to the two Aristotle equity funds. The opening expenses have not yet set, though the management fee is a relatively modest 0.65%. The minimum initial investment will be $25,000.

ASTON/Fairpointe Focused Equity Fund

ASTON/Fairpointe Focused Equity Fund will seek capital appreciation by investing mostly in domestic mid- to large-cap stocks. The lead manager is Robert Burnstine and his co-pilot is Thyra E. Zerhusen. Fairpointe runs a large, very successful mid-cap fund for Aston as well. Expenses for class N shares will be 1.26%. The minimum initial investment for class N shares is $2500.

ASTON/TAMRO International Small Cap Fund

ASTON/TAMRO International Small Cap Fund will seek capital growth by investing in small cap stocks of firms located in developing, emerging and frontier markets. They target separately “leaders, laggards and innovators.” The max cap will be around $3 billion. Waldemar A. Mozes of TAMRO will manage the fund. Expenses for class N shares will be 1.51% plus a 2% redemption fee on shares sold within 90 days. The minimum initial investment for class N shares is $2500.

Balter Discretionary Global Macro Fund

Balter Discretionary Global Macro Fund will employ a “global macro” strategy in pursuit of achieving positive absolute returns in most market environments. The portfolio will invest largely in derivatives. The fund will be co-managed by teams from Balter Liquid Alternatives and Willowbridge Management. The fund represents the consolidation of a collection of separately managed accounts which have been around since 2008. Those accounts have returned an average of 11.4% per year since inception. The opening expenses are 2.19% for investor shares. The minimum initial investment will be $5,000.

Davenport Small Cap Focus Fund

Davenport Small Cap Focus Fund will seek long-term capital appreciation by investing in a combination of small cap stocks and ETFs focusing on such stocks. $8 billion in market cap is, for their purposes, “small.” They offer the warning that they might invest in some special situations. Christopher Pearson and George Smith of Davenport & co. will manage the fund. The other Davenport funds have earned between three and five stars from Morningstar and tend to be pretty risk-conscious. Expenses are capped at 1.25%. The minimum initial investment will be $5,000.

Galapagos Partners Select Equity Fund

Galapagos Partners Select Equity Fund will pursue capital appreciation by investing in stocks and ETFs. Their target investments include a number of firms whose share prices might be influenced by high insider buying, spun-off divisions, reduced float, and targeting by activist shareholders, as well as your basic “good buys.” The fund will be managed by Stephen Lack of Galapagos Partners. Expenses are capped at 1.50%. The minimum initial investment will be $2,500.

Greenhouse MicroCap Discovery Fund

Greenhouse MicroCap Discovery Fund will pursue long-term capital appreciation by investing in 50-100 microcaps “run by disciplined management teams possessing clear strategies for growth that … trade at a discount to intrinsic value.” The fund will be managed by Joseph Milano and James Gentile. Mr. Milano was portfolio manager of the T. Rowe Price New America Growth Fund (PRWAX) from 2002-2013. Morningstar described his investment preferences as “idiosyncratic … somewhat defensive … [tending toward] cyclicals.” He beat the S&P by about 2% a year over his career. The initial expense ratio is capped at 2.00% for investor shares. The minimum initial investment is $2500, reduced to $1000 for various sort of tax-advantaged accounts.

Innovator IBD® 50 Fund

Innovator IBD® 50 Fund is the subject of another desperate, near-vacant filing. The fund will invest mostly in the companies in the IBD 50 Index, weighted “on a conviction basis,” but will not attempt to mirror the index. No investment adviser, no manager. It will be an actively-managed ETF will a hefty expense ratio of 0.80%.

Intrepid International Fund

Intrepid International Fund will seek long-term capital appreciation by investing in foreign stocks but it is, by prospectus, bound to invest only 40% of its portfolio overseas. Curious. All-cap, non-diversified, value-oriented and willing to hold large amounts of cash for extended periods of time. Ben Franklin will manage the fund and he also co-managed Intrepid Income. The initial expense ratio is capped at 1.40% for investor shares and the minimum initial purchase will be $2500.

Panther Small Cap Fund

Panther Small Cap Fund will seek long-term capital appreciation by investing 80% in small cap stocks, though they allow that the other 20% might go to “micro, mid or large capitalization stocks, stocks of foreign issuers, American depository receipts (“ADRs”), U.S. government securities and exchange-traded funds.” They claim to be fundamental, bottom-up value kinds of folks. John Langston, president of Texas-based Panther Capital Group, will manage the fund. He used to manage private money for Bank of America, but this seems to be his first fund. Their newsletters offer market commentary, but no real hint of what or how they’re doing. The opening expenses have not yet set. The minimum initial investment will be $1,000.

PIMCO Multi-Strategy Alternative Fund

PIMCO Multi-Strategy Alternative Fund will seek total return, consistent with prudent investment management, by investing in other PIMCO liquid alts funds. The manager has not been named. The expense ratios are not yet set. The minimum for “D” shares, available through online brokerages, will be $1,000.

Rothschild U.S. Large-Cap Core Fund

Rothschild U.S. Large-Cap Core Fund will seek long-term capital appreciation by investing in a diversified portfolio of large cap stocks. Neither this, nor any of the following Rothschild prospectuses, says a single worthwhile thing about what the fund will actually be doing. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.0%. The investor share class minimum will be $2,500.

Rothschild U.S. Large-Cap Value Fund

Rothschild U.S. Large-Cap Value Fund will seek long-term capital appreciation by investing in a diversified portfolio of large cap stocks. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.0%. The investor share class minimum will be $2,500.

Rothschild U.S. Large-Cap Core Fund

Rothschild U.S. Large-Cap Core Fund will seek long-term capital appreciation by investing in a diversified portfolio of large cap stocks. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.0%. The investor share class minimum will be $2,500.

Rothschild U.S. Small/Mid-Cap Core Fund

Rothschild U.S. Small/Mid-Cap Core Fund seeks long-term capital appreciation by investing in smid-caps. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.35%. The investor share class minimum will be $2,500.

Rothschild U.S. Small Core Fund

Rothschild U.S. Small Core Fund seeks long-term capital appreciation by investing in small caps. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.35%. The investor share class minimum will be $2,500.

Rothschild U.S. Small Growth Fund

Rothschild U.S. Small Growth Fund seeks long-term capital appreciation by investing in small caps. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.35%. The investor share class minimum will be $2,500.

Rothschild U.S. Small Value Fund

Rothschild U.S. Small Value Fund seeks long-term capital appreciation by investing in small caps. A team from Rothschild Asset Management Inc. will manage the fund. The initial expense ratio is capped at 1.35%. The investor share class minimum will be $2,500.

Thomas Crown Global Long/Short Equity Fund

Thomas Crown Global Long/Short Equity Fund will seek long-term capital appreciation with reduced volatility. They’ll use a long/short equity portfolio “to exploit global themes and secular trends.” Stephen K. Thomas and Francis J. Crown will co-manage the fund. Mr. Thomas co-managed two Invesco international funds for three and fraction years, Mr. Crown stuck with the same two funds for a bit less than one year. The opening expenses are a stomach-churning 2.95% after a minimal 8 basis point waiver. The minimum initial investment will be $2500.

361 Global Long/Short Equity Fund

361 Global Long/Short Equity Fund seeks to achieve long-term capital appreciation by participating in rising markets and preserving capital in falling ones. The plan is to invest, long and short, in a global, all-cap portfolio. The fund will be managed by the “A” team from 361 plus Harindra de Silva, Dennis Bein, and David Krider from Analytic Investors. The opening expense ratio is not yet set. The minimum initial investment will be $2500.

American Century Multi-Asset Income Fund

American Century Multi-Asset Income Fund seeks income, but is willing to accept a bit of capital appreciation, too. The plan is to invest in income-producing equity securities (20-60% of the portfolio) as well as fixed-income ones (40-80%). The fund will be managed by a team led by American Century’s CIO, Scott Wittman. The opening expense ratio is 0.91%, after waivers, on Investor shares. The minimum initial investment will be $2,000.

DoubleLine Long Duration Total Return Bond Fund

DoubleLine Long Duration Total Return Bond Fund seeks long-term total return. The plan is to create a fixed-income portfolio whose duration is at least 10 years. The firm’s specialty, of course, are mortgage-backed securities of various sorts but the fund can invest anywhere. Up to a third of the portfolio might be in bonds denominated in foreign currencies. The fund will be managed by The Jeffrey and Vitaliy Liberman. The opening expense ratio is not yet set. The minimum initial investment will be $2,000 for “N” shares, reduced to $500 for IRAs.

Exceed Structured Enhanced Index Strategy Fund

Exceed Structured Enhanced Index Strategy Fund seeks to track the NASDAQ Exceed Structured Enhanced Index (EXENHA). The word “enhanced” always makes me worried. The fund will provide no downside protection but offers 2:1 upside leverage on the S&P500, capped at gains of around 20-25%. The fund will be managed by Joseph Halpern. The opening expense ratio is 1.45%. The minimum initial investment will be $2,500.

Exceed Structured Hedged Index Strategy Fund

Exceed Structured Hedged Index Strategy Fund seeks to track the NASDAQ Exceed Structured Hedged Index (EXHEDG). They hope to protect you against relatively minor losses in the S&P500 and to offer you 150% leverage on minor gains, capped at around 10-15% per year. The rough translation is that this fund is designed to improve your returns in modestly rising or sideways markets. The fund will be managed by Joseph Halpern. The opening expense ratio is 1.45%. The minimum initial investment will be $2,500.

Exceed Structured Shield Index Strategy Fund

Exceed Structured Shield Index Strategy Fund seeks to track the NASDAQ Exceed Structured Protection Index (EXPROT). This is an options-based strategy which allows you to track the “normal” movements of the S&P500 but which eliminates extreme returns. The options are designed to limit your downside risk to 12.5% annually but also cap the upside at 15%. The fund will be managed by Joseph Halpern. The opening expense ratio is 1.45%. The minimum initial investment will be $2,500.

Geneva Advisors Emerging Markets Fund

Geneva Advisors Emerging Markets Fund will to pursue long-term capital growth by investing in emerging markets firms with “sustainable competitive advantages and highly visible future growth potential, including internal revenue growth, large market opportunities and simple business models, and shows strong cash flow generation and high return on invested capital.” The fund will be managed by Reiner Triltsch and Eswar Menon of Geneva Advisors. The opening expense ratio is 1.60% for “R” shares. The minimum initial investment will be $1,000.

Longboard Long/Short Equity Fund

Longboard Long/Short Equity Fund seeks to long term capital appreciation by investing, long and short, in US equities. The fund will be managed by Eric Crittenden, Cole Wilcox and Jason Klatt of Longboard. The team has been running a hedge fund using this strategy since 2005; it’s returned 10.8% a year since inception while the S&P500 made 6.3%. The hedge fund dropped 24% in 2008, about half of the market’s loss, and a fraction of a percent in 2011. The opening expense ratio is not yet set but the sum of the component pieces would exceed 3.0%. The minimum initial investment will be $2500.

PIMCO International Dividend Fund

PIMCO International Dividend Fund seeks to provide current income that exceeds the average yield on international stocks while providing long-term capital appreciation. The plan is to invest in an international-focused diversified portfolio of dividend-paying stocks that have an attractive yield, a growing dividend, and long-term capital appreciation. They can also include fixed-income securities and derivatives, but those don’t seem core. The fund will be managed by … someone, they’re just not saying who. The opening expense ratio is not yet set. The minimum initial investment for “D” shares will be $1000.

PIMCO U.S. Dividend Fund

PIMCO U.S. Dividend Fund seeks to provide current income that exceeds the average yield on U.S. stocks while providing long-term capital appreciation. The plan is to invest in a diversified portfolio of domestic dividend-paying stocks that have an attractive yield, a growing dividend, and long-term capital appreciation. They can also include fixed-income securities and derivatives, but those don’t seem core. The fund will be managed by … someone, they’re just not saying who. The opening expense ratio is not yet set. The minimum initial investment for “D” shares will be $1000.

TCW High Dividend Equities Fund

TCW High Dividend Equities Fund seeks high total return from current income and capital appreciation. The plan is to invest in US equities including those in the odd corners: publicly-traded partnerships, business development corporations, REITs, MLPs, and ETFs. The fund will be managed by Iman Brivanlou. The opening expense ratio is not yet set. The minimum initial investment will be $2,000, reduced to $500 for IRAs.

TCW Global Real Estate Fund

TCW Global Real Estate Fund seeks to maximize total return from current income and long-term capital growth. The plan is to invest in 25-50 global REITs. The fund will be managed by Iman Brivanlou. The opening expense ratio is not yet set. The minimum initial investment will be $2,000, reduced to $500 for IRAs.

BBH Core Fixed Income Fund

BBH Core Fixed Income Fund will try to provide maximum total return, consistent with preservation of capital and prudent investment management. The plan is to buy a well-diversified portfolio of durable, performing fixed income instruments. The fund will be managed by Andrew P. Hofer and Neil Hohmann. The opening expense ratio has not yet been set. The minimum initial investment will be $25,000.

Brown Advisory Total Return Fund

Brown Advisory Total Return Fund will seek a high level of current income consistent with preservation of principal. The plan is to invest in a variety of fixed-income securities with an average duration of 3 to 7 years. Up to 20% might be invested in high yield. The fund will be managed by Thomas D.D. Graff. The opening expense ratio hasn’t been announced and the minimum initial investment will be $5,000, reduced to $2,000 for IRAs and funds with automatic investing plans.

Brown Advisory Multi-Strategy Fund

Brown Advisory Multi-Strategy Fund will seek long-term capital appreciation and current income. It will be a 60/40 fund of funds, including other Brown Advisory funds. The fund will be managed by Paul Chew. The opening expense ratio hasn’t been announced and the minimum initial investment will be $5,000, reduced to $2,000 for IRAs and funds with automatic investing plans.

Brown Advisory Emerging Markets Small-Cap Fund

Brown Advisory Emerging Markets Small-Cap Fund will seek total return by investing in, well, emerging markets small cap stocks. They have the option to use derivatives to hedge the portfolio. The fund will be managed by [                    ] and [                   ]. Here’s my reaction to that: an asset class is dangerously overbought when folks start filing prospectuses where they don’t even have managers lined up, much less managers with demonstrable success in the field. The opening expense ratio will be 1.92% for Investor Shares and the minimum initial investment will be $5,000, reduced to $2,000 for IRAs and funds with automatic investing plans.

Cambria Global Asset Allocation ETF (GAA)

Cambria Global Asset Allocation ETF (GAA) will seek “absolute positive returns with reduced volatility, and manageable risk and drawdowns, by identifying an investable portfolio of equity and fixed income securities, real estate, commodities and currencies.” The fund is nominally passive but it tracks a highly active index, so the distinction seems a bit forced. The fund will be managed by Mebane T. Faber and Eric W. Richardson. The opening expense ratio has not yet been announced.

Catalyst Tactical Hedged Futures Strategy Fund

Catalyst Tactical Hedged Futures Strategy Fund will seek capital appreciation with low correlation to the equity markets. The plan is to write short-term call and put options on S&P 500 Index futures, and invest in cash and cash equivalents, including high-quality short-term fixed income securities such as U.S. Treasury securities. The fund will be managed by Gerald Black and Jeffrey Dean of sub-adviser ITB Capital Management. The opening expense ratio is not yet set. The minimum initial investment will be $2500.

Catalyst/Princeton Hedged Income Fund

Catalyst/Princeton Hedged Income Fund will seek capital appreciation with low correlation to the equity markets. The plan is to invest 40% in floating rate bank loans and the rest in some combination of investment grade and high yield fixed income securities. They’ll then attempt to hedge risks by actively shorting some indexes and using options and swaps to manage short term market volatility risk, credit risk and interest rate risk. They use can a modest amount of leverage and might invest 15% overseas. The fund will be managed by Munish Sood of Princeton Advisory. The opening expense ratio is not yet set. The minimum initial investment will be $2500.

Causeway International Small Cap Fund

Causeway International Small Cap Fund will seek long-term capital growth. The plan is to use quantitative screens to identify attractive stocks with market caps under $7.5 billion. The fund might overweight or underweight its investments in a particular country by 5% relative to their weight in the MSCI ACWI ex USA Small Cap Index. They can also put 10% of the fund in out-of-index positions. The fund will be managed byArjun Jayaraman, MacDuff Kuhnert, and Joe Gubler. This same team manages Global Absolute Return, Emerging Markets and International Opportunities. The opening expense ratio will be 1.56% and the minimum initial investment will be $5,000, reduced to $4,000 for IRAs.

Context Macro Opportunities Fund

Context Macro Opportunities Fund will seek total return with low correlation to broad financial markets. The plan is to use a number of arbitrage and alternative investment strategiesincluding but not limited to, break-even inflation trading, capital structure arbitrage, hedged mortgage-backed securities trading and volatility spread trading to allocate the Fund’s assets. The fund will be managed by a team from First Principles Capital Management, LLC. There is a separate accounts composite whose returns have been “X.XX% since <<Month d, yyyy>>.” The opening expense ratio has not yet been announced. The minimum initial investment will be $2000, reduced to $250 for IRAs.

Crawford Dividend Yield Fund

Crawford Dividend Yield Fund will seek to provide attractive long-term total return with above average dividend yield, in comparison with the Russell 1000 Value© Index.  The plan is to buy stocks with above average dividend yields backed by consistent businesses, adequate cash flow generation and supportive balance sheets. The fund will be managed by John H. Crawford, IV, CFA. The opening expense ratio will be 1.01% and the minimum initial investment will be $10,000.

Greenleaf Income Growth Fund

Greenleaf Income Growth Fundwill seek increasing dividend income over time. The plan is to buy securities that the managers think will increase their dividends or other income payouts over time. Those securities might include equities, REITs and master limited partnerships (MLPs). They can also use covered call writing and put selling in an attempt to enhance returns. The fund will be managed by Geofrey Greenleaf, CFA, and Rakesh Mehra. The opening expense ratio will be 1.4x% and the minimum initial investment will be $10,0000 reduced to $5,000 for IRAs and funds with automatic investing plans.

Heartland Mid Cap Value Fund

Heartland Mid Cap Value Fund will seek long-term capital appreciation and “modest” current income. That’s actually kinda cute. The plan is to invest in 30-60 midcaps, using the same portfolio discipline used in all the other Heartland funds. The fund will be managed by Colin P. McWey and Theodore D. Baszler. For the past 10 years Mr. Baszler has co-managed Heartland Select Value (HRSVX) which is also a mid-cap value fund with about the same number of holdings and the same core discipline. Anyone even vaguely interested here owes it to themselves to check there first. The opening expense ratio will be 1.25% and the minimum initial investment will be $1,000, reduced to $500 for IRAs and Coverdells.

ICON High Yield Bond Fund

ICON High Yield Bond Fund will seek high current income and growth of capital (for now, at least, but since that goal was described as “non-fundamental” …). The plan is to buy junk bonds, including preferred and convertibles in that definition. Up to 20% might be non-dollar denominated. The fund will be managed by Zach Jonson and Donovan J. (Jerry) Paul. They manage two one-star funds (ICON Bond and ICON Risk-Managed Balanced) together. Caveat emptor. The opening expense ratio will be 0.80% and the minimum initial investment will be $1,000.

Leader Global Bond Fund

Leader Global Bond Fund will seek current income (hopefully a lot of it, given the expense ratio). The plan is to assemble a global portfolio of investment- and non-investment grade bonds. The fund will be managed by John E. Lekas, founder of Leader Capital Corp., and Scott Carmack. The opening expense ratio will be 1.92% for Investor shares and the minimum initial investment will be $2500.

WCM Alternatives: Event-Driven Fund (WCERX)

WCM Alternatives: Event-Driven Fund (WCERX) will try to provide attractive risk-adjusted returns with low relative volatility in virtually all market environments. They’ll try to capture arbitrage-like gains from events such as mergers, acquisitions, asset sales or other divestitures, restructurings, refinancings, recapitalizations, reorganizations or other special situations. The fund will be managed by Roy D. Behren and Mr. Michael T. Shannon of Westchester Capital Management. The opening expense ratio for Investor shares will be 2.23%. The minimum initial investment is $2000.

Wellington Shields All-Cap Fund

Wellington Shields All-Cap Fund will seek capital appreciation, according to a largely incoherent SEC filing. The plan is to use “various screens and models” to assemble an all-cap stock portfolio. The fund will be managed by “Cripps and McFadden.” The opening expense ratio will be something but I don’t know what – the prospectus is for retail shares but lists a 1.5% e.r. for a non-existent institutional class. The minimum initial investment will be $1000.

William Blair Directional Multialternative Fund

William Blair Directional Multialternative Fund will seek “capital appreciation with moderate volatility and directional exposure to global equity and bond markets through the utilization of hedge fund or alternative investment strategies.” That sounds expensive. The plan is to divide the money between a bunch of hedge funds and liquid alt teams. Sadly, they’re not yet ready to reveal who those teams will be. The opening expense ratio has not yet been disclosed. The minimum initial investment will be $2500.

Big 4 Onefund

Big 4 Onefund (no, I do not make these names up) will seek long-term capital gain by investing in a changing mixture of ETFs, closed-end funds, business development companies, master limited partnerships and REITs. The fund will be managed by Jim Hagedorn, CFA, Founder, President and CEO of Chicago Partners Investment Group, and John Nicholas. The minimum initial investment is $2000. The expense ratio has not yet been set.

Blue Current Global Dividend Fund

Blue Current Global Dividend Fund will seek current income and capital appreciation. The plan is to buy 25-35 “undervalued, high-quality dividend paying equities with a commitment to dividend growth and pay above-market dividend yields.” They reserve the right to do that through ETFs. Hmmm. Henry Jones and Dennis Sabo of Edge Advisers will manage the portfolio. The minimum initial investment is $2,500. The expense ratio has not yet been disclosed.

Gateway Equity Call Premium Fund

Gateway Equity Call Premium Fund will seek total return with less risk than U.S. equity markets by investing in a broadly diversified portfolio of 200 or so stocks, while also writing index call options against the full notional value of the equity portfolio. It will be run by some of the same folks who manage the well-respected Gateway Fund (GATEX). The minimum initial investment is $2500, reduced to $1000 for tax-advantaged accounts and those with an automatic investment plan. The initial expense ratio has not yet been released, though the “A” shares will carry a 5.75% load.

Gold & Silver Index Fund

Gold & Silver Index Fund will seek to replicate the total return of The Gold & Silver Index which itself seeks to track the spot price of gold and silver. The index, owned by the advisor, is 50% gold and 50% silver. It will be managed by Michael Willis of The Willis Group. The minimum initial investment is $1000. They haven’t yet released the fund’s expense ratio.

Index Funds S&P 500 Equal Weight

Index Funds S&P 500 Equal Weight will seek to match the performance of the S&P 500 Equal Weight Index. They’ll rebalance quarterly. Skeptics claim that such funds are a simple bet on mid-cap stocks in the S&P500 since an equal weight index dramatically boosts their presence compared to a market cap weighted one. It will be managed by Michael Willis of The Willis Group. The minimum initial investment is $1000. They haven’t yet released the fund’s expense ratio. The Guggenheim ETF in the same space charges 40 basis points, so this one can’t afford to charge much more.

Lazard Master Alternatives Portfolio

Lazard Master Alternatives Portfolio will seek long-term capital appreciation. The plan is to allocate money to four separately managed strategies: (1) global equity long/short; (2) US equity long/short; (3) Japanese equity long/short and (4) relative value convertible securities. The fund will be managed by Matthew Glaser, Jai Jacob and Stephen Marra of Lazard’s Alternatives and Multi-Asset teams. The minimum initial investment is $2,500 and the opening expense ratio is 2.86%. There’s also a 1% short-term redemption fee.

Leadsman Capital Strategic Income Fund

Leadsman Capital Strategic Income Fund will pursue a high level of current income by investing in some mix of stocks (common and preferred) and corporate bonds (investment grade and high yield). They anticipate holding 30-60 securities. The fund will be managed by a team from Leadsman Capital LLC. The minimum initial investment is $2500 and the expense ratio has not yet been announced.

Longbow Long/Short Energy Infrastructure Fund

Longbow Long/Short Energy Infrastructure Fund will seek “differentiated, risk-adjusted investment returns with low volatility and low correlation to both the U.S. equity and bond markets through a value-oriented investment strategy, focused on long-term capital appreciation.” Uh-huh. For this they will charge you 3.81%. The plan is to invest, long and short, in the energy infrastructure, utilities and power sectors. Up to 25% of the fund might be in MLPs. They’ll be between 60-100% long and 40-90% short. The fund will be managed by Thomas M. Fitzgerald, III and Steven S. Strassberg of Longbow Capital Partners. The firm manages about a quarter billion in assets. The minimum initial investment is $2500 and the aforementioned e.r. is 3.81% on retail shares.

TIAA-CREF Emerging Markets Debt Fund

TIAA-CREF Emerging Markets Debt Fund seeks a favorable long-term total return, through income and capital appreciation, by investing primarily in a portfolio of emerging markets fixed-income investments. The management team has not yet been named. The minimum initial investment is $2500 and the expense ratio is capped at 1.0%.

Lazard Global Strategic Equity Portfolio

Lazard Global Strategic Equity Portfolio will pursue long-term capital appreciation by investing in a global portfolio of firms with “sustainably high or improving returns and trading at attractive valuations.”  While legally diversified, they expect to hold a fairly small number of charges.  They also maintain the right to go to cash, just in case. The fund will be managed by a team drawn from Lazard’s International, Global and European Equity teams. The initial expense ratio will be 1.40%. The minimum initial investment is $2500.

Lazard International Equity Concentrated Portfolio

Lazard International Equity Concentrated Portfolio will pursue long-term capital appreciation by investing in underpriced growth companies, typically domiciled in developed markets. The plan is to invest in 20-30 stocks, with the proviso that they might invest in EM domiciled stocks, too. The EM portion is weirdly capped: they might invest “an amount up to the current emerging markets component of the Morgan Stanley Capital International All Country World Index ex-US plus 15%.” The fund will be managed by Lazard’s international equity team. The initial expense ratio 1.45%. The minimum initial investment is $2500.

Lazard US Small Cap Equity Growth Portfolio

Lazard US Small Cap Equity Growth Portfolio will pursuelong-term capital appreciation by investing in domestic small cap growth stocks. (Woo hoo!) The fund will be managed by Frank L. Sustersic, head of Lazard’s small cap growth team. The initial expense ratio 1.37%. The minimum initial investment is $2500.

New Sheridan Developing World Fund

New Sheridan Developing World Fund will pursue long-term capital appreciation by investing in the stock of firms tied to the emerging markets. Which stocks? Uhhh, “[t] he Adviser analyzes countries, sectors and individual securities based on a set of predetermined factors.” So, stocks matching their predetermined factors. The fund will be managed by Russell and Richard Hoss. They don’t advertise any prior EM track record. Both previously worked for Roth Capital Partners, “an investment banking firm dedicated to the small-cap public market.” The initial expense ratio has not yet been disclosed, though there will be a 2% redemption fee on shares held less than a month. The minimum initial investment is $2500.

PCS Commodity Strategy Fund

PCS Commodity Strategy Fund, N shares, will try to replicate the returns of the Rogers International Commodity Index. The plan is to hold a combination of derivations and high-quality bonds. The fund will be managed by a four person team. The initial expense ratio will be 1.35%. The minimum initial investment is $5,000.

Schwab Fundamental Global Real Estate Index Fund

Schwab Fundamental Global Real Estate Index Fundwill try to replicate the returns of the Russell Fundamental Global Select Real Estate Index. They might not be able to reproduce all of the index investments but will try to match the returns. They’ll invest in a global REIT portfolio which includes emerging markets but excludes timber and mortgage REITs. The fund will be managed by two Schwabies: Agnes Hong and Ferian Juwono. The initial expense ratio is not yet disclosed, though the existence of a 2% early redemption fee is. The minimum initial investment is $100, through Schwab of course.

T. Rowe Price Institutional Frontier Markets Equity Fund

T. Rowe Price Institutional Frontier Markets Equity Fund will pursue long-term growth by investing in the stocks of firms whose home countries are not in the MSCI All Country World Index. Examples include Saudi Arabia, Ukraine, Vietnam and Trinidad and Tobago. The discipline is Price’s standard bottom-up, GARP investing. The fund will be managed by Oliver D.M. Bell who also runs Price Africa and Middle East (TRAMX). The initial expense ratio will be 1.35%. The minimum initial investment is $1,000,000. A little high for my budget, but it’s good to know where the industry leaders are going so we thought we’d mention it.

T. Rowe Price International Concentrated Equity Fund

T. Rowe Price International Concentrated Equity Fund will pursuelong-term growth of capital through investments in stocks of 40-60 non-U.S. companies. They’re registered as non-diversified which means they might put a lot into a few of those stocks. The fund will be managed by Federico Santilli. The initial expense ratio is 0.90%. The minimum initial investment is $2500, reduced to $1000 for IRAs.

WST Asset Manager – U.S. Bond Fund

WST Asset Manager – U.S. Bond Fund will pursue total return from income and capital appreciation. The plan is to invest in both investment grade and junk bonds, with their “a proprietary quantitative model” telling them how much to allocate to each strategy.  They warn that the model’s allocation “may change frequently,” so that investors might expect turnover “significantly greater than 100%.” The fund will be managed by Wayne F. Wilbanks, the advisor’s CIO, Roger H. Scheffel Jr. and Tom McNally. They began managing separate accounts using this strategy in 2006. Since then those accounts have returned an average of 9.3% per year while the average multisector bond fund earned 6%. They trail their peer group for the past one- and three-year periods and exceed it modestly for the past five years. That signals the fact that the accounts performed exceptionally well in the 2006-08 period, though details are absent. The initial expense ratio is a stunning 1.81%. The minimum initial investment is $1000.

American Beacon AHL Managed Futures Strategy Fund

American Beacon AHL Managed Futures Strategy Fund will pursue capital growth. The strategy will be to be use futures, options and forward contracts linked to stock indices, currencies, bonds, interest rates, energy, metals and agricultural products. They’ll invest in areas with positive price momentum and short ones with negative momentum; the prospectus doesn’t give much detail, though, on the use of shorting and hedges. The prospectus does offer an admirable amount of detail concerning the sorts of risk that this strategy entails. The enumerated risks include:

The fund will be managed by Matthew Sargaison and Russell Korgaonkar of AHL Partners LLP.  The opening expense ratio is 1.93% after waivers. The minimum initial investment is $ 2500.

American Beacon Bahl & Gaynor Small Cap Growth Fund

American Beacon Bahl & Gaynor Small Cap Growth Fund will pursue long-term capital appreciation. The strategy will be to invest in high-quality dividend-paying small cap stocks. The managers pursue a fundamental approach to security selection and a bottom-up approach to portfolio construction. The fund will be managed by Edward Woods, Scott Rodes and Stephanie Thomas of Bahl & Gaynor. The opening expense ratio is 1.37% after waivers. The minimum initial investment is $2500.

American Century Emerging Markets Debt Fund

American Century Emerging Markets Debt Fund will pursue capital growth. The strategy will be to invest in dollar-denominated debt instruments issued by E.M. governments and corporations. The managers may invest in both investment grade and high-yield debt. They’ll attempt to hedge other sorts of risk, including currencies, interest rates and individual country risk. The fund will be managed by a team led byMargé Karner, who just joined American Century after serving as a senior portfolio managers for E.M. debt at HSBC Global Asset Management. The opening expense ratio is 0.97%. The minimum initial investment is $2500, reduced to $2000 for Coverdell education savings accounts.

Coho Relative Value Equity Fund

Coho Relative Value Equity Fund will pursue total return. The strategy will be to invest in mid- to large-cap dividend-paying stocks. The portfolio will generally be comprised of 20 to 35 equity securities that demonstrate “stability, dividend- and cash-flow growth.” The fund will be managed by Brian Kramp and Peter Thompson of Coho Investment Partners. The opening expense ratio is 1.30% plus a 2% redemption fee on shares held fewer than 60 days. The minimum initial investment is $2,000, reduced to $500 for retirement accounts.

Emerald Insights Fund

Emerald Insights Fund will seek long-term growth through capital appreciation. Their preference is for “[c]ompanies with perceived leadership positions and competitive advantages in niche markets that do not receive significant coverage from other institutional investors.” The fund will be managed by David Volpe, a managing director at Emerald. The opening expense ratio is 1.40% after waivers. The minimum initial investment is $2000.

Horizon Active Risk Assist Fund

Horizon Active Risk Assist Fund “seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments.”  The plan is to invest in up to 30 ETFs representing about a dozen asset classes, then to hedge that exposure with their “risk assist” strategy. “Risk Assist is an active de-risking strategy intended to guard against catastrophic market events and maximum drawdowns.” Translation: they’ll hold cash and Treasuries. The fund will be managed by a team headed by Horizon’s president, Robbie Cannon. Normal operating expenses are capped at 1.42%.  The minimum initial investment is $2500.

Lyrical Liquid Hedged Fund

Lyrical Liquid Hedged Fund will pursue long-term capital growth. The strategy will be to invest under normal circumstances in liquid long and short equity positions in an attempt to benefit from rising markets and hedge against falling markets.  They expect to be at last 40% net long usually. The “liquid” part means “easily traded securities,” which translates mostly to mid- and large-cap US stocks. The fund will be managed by Andrew Wellington, CIO of Lyrical Asset Management, LP. The opening expense ratio is 2.20% after waivers.  The minimum initial investment is $2,500.

Scharf Global Opportunity Fund

Scharf Global Opportunity Fund will pursue long-term capital appreciation. The strategy will be to invest in a global collection of “growth stocks at value prices” (their wording), though they could invest up to 30% in fixed income. The fund will be managed by Brian A. Krawez, president of the advisor. The opening expense ratio is 0.51% after a waiver of about 250 bps, plus a 2.0% redemption fees on shares held fewer than 15 days.  (15 days?  Really?)  The minimum initial investment is $10,000, reduced to $5,000 for tax-advantaged accounts or those set up with automatic investing plans.

Sirius S&P Strategic Large-Cap Allocation Fund

Sirius S&P Strategic Large-Cap Allocation Fund seeks long term growth and preservation of capital through investment in large cap equity and market index funds. At base, they’ll invest – long and short – in the S&P 500 index, companies or sectors.  The fund will be managed by Sirius Fund Advisor’s founder, Constance D. Russello. The expense ratio is not yet set.  The minimum initial investment is $2500.

V2 Hedged Equity Fund

V2 Hedged Equity will seek to provide long-term capital appreciation with reduced volatility. The fund may invest up to 100% in 30-50 stocks in the S&P500 and (2) up to 100% in CBOE FLexible EXchange index call options. The prospectus makes two claims that I can’t immediately reconcile: “the Adviser seeks to achieve the Fund’s investment objective by investing at least 90% of its net assets in U.S. common stocks” and “The net long exposure of the Fund (gross long exposures minus gross short exposures) is usually expected to be between 20% and 80%.” In 2010, the adviser had four separate accounts which used this strategy for private investors. In 2012, those four accounts morphed into the core of a hedge fund using the strategy.  In July, the hedge fund will become the mutual fund’s institutional class. From August 2010 to December 2013, the strategy returned 14.16% annually which compares favorably to the 5.74% earned by the average long/short fund over that same period. Victor Viner and Brett Novosel of V2 will manage the account.  The minimum initial investment will be $5,000.

Weitz Core Plus Income Fund

Weitz Core Plus Income Fund will pursue current income, capital preservation and long-term capital appreciation. They’ll invest in “debt securities” which includes preferred stock, foreign bonds, and taxable munis as well as more-traditional fare. Up to 25% of the portfolio might be invested in non-investment grade debt. They can also use various derivatives “for investment purposes consistent with the Fund’s investment objective and [to] mitigate or hedge risks.” They anticipate an average portfolio maturity of about 10 years. Thomas D. Carney, a portfolio manager since 1996, and Nolan P. Anderson of Weitz Investment Management will run the fund.  The initial expense ratio will be 0.85% for the Investor class shares. The minimum initial investment is $2500.

William Blair Bond Fund

William Blair Bond Fund will try to “outperfrorm the Lehman Brothers U.S. Aggregate Index by maximizing total return through a combination of income and capital appreciation.” They’ll invest in dollar-denominated, investment grade securities, issued both here and overseas. They might also sneak in a few bond-like equity securities. The fund will be managed by James Kaplan, Christopher Vincent, and Benjamin Armstrong, whose “core fixed income composite” seems not to have performed noticeably better than the index over the past decade. The initial expense ratio will be 0.65%. The minimum initial investment is $5000, reduced to $3000 for IRAs.

Acuitas International Small Cap Fund

Acuitas International Small Cap Fund will seek via investing in (duh) international small cap stocks. Small caps range up to $4 billion. The fund will be managed by multiple sub-advisors including Advisory Research, Algert Coldiron Investors, and DePrince, Race & Zollo. The minimum initial investment is $2500. The opening expense ratio has not been set.

Acuitas Us Microcap Fund

Acuitas Us Microcap Fund will seek capital appreciation via investing in (duh) US microcap stocks. Small caps range up to $1 billion. The fund will be managed by multiple sub-advisors including Clarivest Asset Management, Falcon Point Capital, and Opus Capital Management. Falcon Point has a reasonably successful microcap strategy with a three year record; the two other advisers don’t advertise a dedicated microcap strategy. The minimum initial investment is $2500. The opening expense ratio has not been set.

 AMG Renaissance International Equity Fund

 AMG Renaissance International Equity Fund will seek long-term growth by investing in 50-60 global equities. There’s no clearly articulated discipline. Up to one-third of the portfolio might be EM companies. The fund will be managed by Joe G. Bruening of Renaissance Group. The minimum initial investment is $2,000, reduced to $1,000 for IRAs. The opening expense ratio will be 1.30%.

Catalyst Activist Investor Fund

Catalyst Activist Investor Fund will seek long term capital appreciation by investing in stocks of companies that are experiencing significant activist investor activity.  Those are mostly domestic large caps, but the manager is free to go elsewhere.  The fund is classified as non-diversifed. The fund will be managed by David Miller of Catalyst. The minimum initial investment is $2,500, reduced to $100 for accounts with an automatic investing plan. The opening expense ratio is 1.25%.

Catalyst Insider Income Fund

Catalyst Insider Income Fund will seek “high current income with low interest rate sensitivity” by investing in the short-term bonds of corporations whose executives are buying back the firm’s common stock.  They’ve extensively back-tested the strategy (oh good!) and they believe it will allow them to avoid companies at risk of bankruptcy.  I’m as-yet unclear how much of a risk bankruptcy is for investors looking to buy short-term bonds. The fund will be managed by David Miller. The minimum initial investment is $2,500, reduced to $100 for accounts with an automatic investing plan. The opening expense ratio is 1.20%.

Catalyst Absolute Total Return Fund

Catalyst Absolute Total Return Fund will seek “sustainable income and capital appreciation with positive returns in all market conditions.”  The not-entirely-unique plan is to be high dividend securities and sell covered calls. The fund will be managed by Shawn Blau of ATR Advisors.  His separate account composite, dating back to 2003, strikes me as very solid.  He had one disastrous year (2007, when he dropped 15% while the market was up 5%), a very strong performance in 2008 (down 1%) and a string of years in which he outperformed the S&P.  They have not yet released the calculation of annualized returns, just year by year ones. The minimum initial investment is $2,500, reduced to $100 for accounts with an automatic investing plan. The opening expense ratio is 1.75%.

Catalyst/Stone Beach Income Opportunity Fund

Catalyst/Stone Beach Income Opportunity Fund will seek “high current income consistent with total return and capital preservation” by investing primarily in mortgage-backed securities (akin to Gundlach’s specialty at DoubleLine). The fund will be managed by David Lysenko and Ed Smith of Stone Beach Investment Management.  The firm’s hedge fund, using the same strategy, has dramatically outperformed an MBS index. The minimum initial investment is $2,500, reduced to $100 for accounts with an automatic investing plan. The opening expense ratio is 1.30%.

Catalyst/Groesbeck Aggressive Growth Fund

Catalyst/Groesbeck Aggressive Growth Fund will seek long term capital appreciation by investing in small- to mid-cap domestic growth stocks. The fund will be managed by Robert Groesbeck of Groesbeck Investment Management. The minimum initial investment is $2,500, reduced to $100 for accounts with an automatic investing plan. The opening expense ratio is 1.30%.

Cupps All Cap Growth Fund

Cupps All Cap Growth Fund will seek “growth of capital over a long-term investment period” via investing in domestic growth stocks. The fund will be managed by Andrew S. Cupps, former manager (1998-2000) of Strong Enterprise Fund. He also runs separate accounts in the same style, but has not yet released their performance record. The minimum initial investment is $2,000. The opening expense ratio is not yet set.

Cupps Mid Cap Growth Fund

Cupps Mid Cap Growth Fund will seek long-term growth via investing in domestic mid-cap growth stocks. The fund will be managed by Andrew S. Cupps, former manager (1998-2000) of Strong Enterprise Fund. That fund had the typical meteoric path up (a 54% gain in his first 16 months) and down (a 39% loss in his last six months). He also runs separate accounts in the same style, but has not yet released their performance record. The minimum initial investment is $2,000. The opening expense ratio is not yet set.

HCM Tactical Growth Fund

HCM Tactical Growth Fund, “R” shares, will seek long-term capital appreciation via market timing. Their proprietary HCM – BuyLine® model will dictate whether they’re in cash or equities. When they’re in equities, the portfolio will be divided between individual stocks and funds. The fund will be managed by Vance Howard of Howard Capital Management. There’s no evidence in the prospectus that documents any previous success with this expensive strategy. The minimum initial investment is $2500, reduced to $1000 for IRAs. The opening expense ratio will be 1.98%.

LSV U.S. Managed Volatility Fund

LSV U.S. Managed Volatility Fund will seek long-term growth via investing in low-volatility value stocks. The fund will be managed byJosef Lakonishok, CEO, CIO, and Partner, Menno Vermeulen, and Puneet Mansharamani. Lakonishok is a famous academic who pioneered much of the behavioral finance field. He and his team have a separate accounts composite that has slightly bested the S&P 500 (presumably with less volatility) since 2010. The team also runs three four-star equity funds which, ironically, are marked by distinctly elevated volatility. The minimum initial investment is $1,000. The opening expense ratio will be 0.80%.

LSV GLOBAL Managed Volatility Fund

LSV GLOBAL Managed Volatility Fund will seek long-term growth via investing in low-volatility global stocks. The fund will be managed by Josef Lakonishok, CEO, CIO, and Partner, Menno Vermeulen, and Puneet Mansharamani. Lakonishok is a famous academic who pioneered much of the behavioral finance field. He and his team have a separate accounts composite that has slightly bested the S&P 500 (presumably with less volatility) since 2010. The team also runs three four-star equity funds which, ironically, are marked by distinctly elevated volatility. The minimum initial investment is $1,000. The opening expense ratio will be 1.0%.

North Star Bond Fund

North Star Bond Fund, I shares,will seek via investing in bonds, convertible securities and (potentially) equities issued by small cap companies. That’s certainly distinctive. The fund will be managed by a team that includes their microcap equity and opportunistic equity managers. The minimum initial investment is $5,000. The opening expense ratio is not yet set.

Rothschild Larch Lane Alternatives Fund

Rothschild Larch Lane Alternatives Fund will seek “to generate consistent returns relative to risk and maintain low correlation to equity and bond markets” by pursuing a jumble of hedge fund-inspired trading strategies. The fund will be managed by Ellington Management Group, Karya Capital, Mizuho Alternative Investments, and Winton Capital Management. The minimum initial investment is $1,000 for Investor shares or $10,000 for Institutional ones. The opening expense ratio will be 2.86% for the Investor shares.

Sound Point Floating Rate Income Fund

Sound Point Floating Rate Income Fund will seek “to provide a high level of current income consistent with strong risk-adjusted returns” via investing primarily in senior floating rate loans. The fund will be managed by Stephen Ketchum, principal owner of Sound Point Capital Management, and Rick Richert. They ran this portfolio as a closed-end fund, with modest success, in 2013. The minimum initial investment is $1,000. The opening expense ratio will be 1.15%.

The Tocqueville Alternative Strategies Fund

The Tocqueville Alternative Strategies Fund will seek “higher returns and lower volatility than the S&P 500 Index over a 3-5 year time horizon” and positive absolute returns over any two year period by using long-biased and market neutral arbitrage trading strategies. The fund will be managed by as as-yet unnamed person. The minimum initial investment is $1,000, reduced to $250 for IRAs. The opening expense ratio is not yet set.

AR Capital International Real Estate Income Fund

AR Capital International Real Estate Income Fund, Advisor shares, will pursue current income with the potential for capital appreciation by investing in income producing securities related to the real estate industry.  “International” actually means “global,” since they expect “at least” 40% non-US and even that will be mostly achieved through ADRs.  The manager has not yet been named.  The minimum initial investment is $2500, raised to $100,000 for those buying directly from the advisor.  The opening expense ratio will be capped, but hasn’t yet been specified.

CM Advisors Defensive Fund

CM Advisors Defensive Fund will pursue capital preservation in all market conditions by using “various investment strategies and techniques.”  Uh-huh.  The only strategies or techniques clearly laid out are shorting and holding cash.  The managers will be James D. Brilliant and Stephen W. Shipman of Van Den Berg Management.  The minimum initial investment for “R” shares is $1,000.  The opening expense ratio will be 1.50%.

Day Hagan Tactical Dividend Fund

Day Hagan Tactical Dividend Fund, I shares, will pursue long-term capital appreciation with the possibility of current income by investing in large-cap, domestic dividend paying stocks.  Here’s the twist: they’ll target industries “at or near the top of their respective dividend yield cycle given the inverse relationship between price and yield.” The managers will be Robert Herman, Jeffrey Palmer of Gries Financial, and Donald Hagan of, well, “Donald L. Hagan LLC, also known as Day Hagan Asset Management.” The minimum initial investment is $1,000 for regular and IRA accounts, and $100 for an automatic investment plan account. The opening expense ratio will be 1.35%.

Schroder Global Multi-Asset Income Fund

Schroder Global Multi-Asset Income Fund will pursue income and capital growth over the medium to longer term by investing in a global portfolio high-quality, dividend-paying stocks and fixed income securities which promise sustainable income flows.  The managers will be Aymeric Forest and Iain Cunningham, both of Schroder Investment Management NA. They’ve also run reasonably successful separate accounts using this strategy but the track record there (less than two years) is too brief to provide much insight. The minimum initial investment for Advisor shares, which are intended to be sold through third-parties, is $2,500. The minimum for Investor shares, purchased directly from Schroder, is $250,000. (Can you tell they’d prefer you invest through Schwab?) The opening expense ratio has not yet been released.

T. Rowe Price Asia Opportunities Fund

T. Rowe Price Asia Opportunities Fund will pursue long-term growth of capital by investing in mid- to large-cap stocks of firms in, or tied to, China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand. The emphasis will be on high-quality, blue chip firms. The fund is registered as non-diversified, though that seems unlikely in practice given T. Rowe’s style.  The manager will be Eric C. Moffett, a long-time research analyst based in Hong Kong.  The minimum initial investment is $2500, reduced to $1000 for various sorts of tax-advantaged accounts.  The opening expense ratio will be 1.15%.