In our October issue, we shared a Launch Alert for ET Innovators. In late October we had the opportunity to speak with manager Tom Ricketts, and so share this expanded Alert.
On September 9, 2020, Evolutionary Tree Capital Management launched the Evolutionary Tree Innovators Fund (INVNX). The plan is to invest in 25-35 domestic growth-oriented companies that qualify as “leading innovative Continue reading
On September 24, 2020, Vanguard launched Vanguard ESG U.S. Corporate Bond ETF (VCEB) which tracks the Bloomberg Barclays MSCI U.S. Corporate SRI Select Index. The expense ratio is 0.12%. The ETF does not advertise a target maturity, other than to say that the maturities on portfolio securities will be “more than one year.” It also excludes small (under $750 million) bond issues.
There are about a dozen ESG-screened, fixed-income ETFs already in operation from BlackRock, DWS, Inspire, Nuveen, and PIMCO. Between them, assets are low Continue reading
On September 9, 2020, Evolutionary Tree Capital Management launched the Evolutionary Tree Innovators Fund (INVNX). The plan is to invest in 25-35 domestic growth-oriented companies that qualify as “leading innovative businesses” (hence the ticker symbol). The fund will be managed by Thomas M. Ricketts, formerly a senior portfolio manager on Sands Capital’s flagship Select Growth US Large-Cap Growth strategy, a $20+ billion Continue reading
On August 5, 2020, T. Rowe Price launched ETF versions of four of its largest actively-managed domestic equity funds.
Those are:
T. Rowe Price Blue Chip Growth ETF (TCHP)
On December 31, 2019, Oelschlager Investments launched the Towpath Focus Fund (TOWFX). The fund invests in 25-40 domestic stocks regardless of market capitalization. The fund is managed by Mark Oelschlager.
In general, we intend Launch Alerts to occur within six weeks of a fund’s launch. We entirely goofed up the Launch Alert for Towpath because we were looking for it under its preliminary name, Oelschlager Equity. As a result, we entirely missed the launch and the fund’s first eight months of existence. Regrets for the slip!
What do they do?
Towpath is a concentrated, all-cap equity fund. The portfolio currently holds 38 securities. About 11% of the portfolio is invested in non-US stocks. Portfolio construction begins with macro-level Continue reading
On July 21, 2020, Ziegler Capital Management launched the Ziegler Piermont Small Cap Value Fund (ZPSVX). The fund invests primarily in undervalued, domestic small-cap stocks. The fund is managed by the five-person Piermont Group, led by John Russon.
What do they do?
The fund is the newest manifestation of a Continue reading
On May 1, 2020, Driehaus Capital Management launched Driehaus Small/Mid Cap Growth Fund (DSMDX).
The Fund is managed by Jeff James and Michael Buck, along with assistant portfolio manager Prakash Vijayan. The fund uses the same strategy used since 2012 for Driehaus Small/Mid Cap Growth separately managed account clients. Messrs. James, Buck, and Vijayan also Continue reading
On May 27, 2020, ClearBridge Investments launched ClearBridge Focus Value ETF (CFCV), one of the first active, non-transparent ETFs launched under the so-called Precidian protocol.
Precidian Investments, like ClearBridge, is an affiliate of Legg Mason. Legg paid $25 million in January 2020 to acquire the majority ownership of Precidian. It had been a minority owner since 2016. Precidian received approval from the SEC for a process that allows fund managers to evade the traditional ETF rule requiring constant, real-time portfolio transparency. Precidian now licenses its “technologies” to other advisers, allowing them to offer active funds with limited portfolio visibility.
ClearBridge Investments, a 50-year-old firm, manages $120 billion in assets. It merged in 2013 with Legg Mason Capital Management. Each of Legg’s nine affiliates managers – including Royce and Brandywine – maintains its investment autonomy while Legg handles marketing and distribution.
Sometime in the third quarter of 2020, Franklin Resources will complete Continue reading
On April 15, 2020, Jensen Investment Management launched the Jensen Global Quality Growth Fund (JGQSX). This new fund is a global version of Jensen Quality Growth: the same discipline, same managers. Jensen Quality Growth Fund (JENSX) is, at least from the perspective of those who look at long-term accomplishments, one of the best domestic large-cap core funds in existence.
What do they do? Continue reading
On March 19, 2020, Grandeur Peak launched the U.S. Stalwarts (GUSYX) fund, the third of their “alumni funds.” U.S. Stalwarts will invest primarily in U.S. companies with market caps at the time of purchase of $1.5 billion or more. The fund’s first portfolio disclosure reflects those emphases: 84% US and 75% mid- to large-cap stocks.
Grandeur Peak, founded in 2011 by emigres from Wasatch Advisers which is located four miles down Continue reading