Category Archives: Launch Alert

Launch Alert: Vanguard Global ESG Select Stock Fund

By David Snowball

On May 21, 2019, Vanguard launched its Global ESG Select Stock Fund (VEIGX/VESGX). The fund is subadvised by Wellington Management. It is Vanguard’s fourth socially-screened product after FTSE Social Index (VFTSX), ESG U.S. Stock ETF (ESGV) and ESG International Stock ETF (VSGX). Vanguard funds sponge up money pretty promptly: Social Index, launched in 2000, has $5.6 billion but the domestic and international ETFs are under a year old and have gathered $570 million and $380 million, respectively. Morningstar likes them all.

Matthew Brancato of Vanguard claims the fund “is taking a distinctive approach to ESG investing, seeking long-term outperformance through the selection of companies that integrate leading ESG practices into Continue reading →

Launch Alert: Harbor International Small Cap (HIISX)

By David Snowball

On May 23, 2019, Harbor Capital Advisors did a hard reset on Harbor International Small Cap (HIISX). Over its first three years, the fund’s returns trailed nearly three-quarters of its peers with only a tiny bit less volatility. Harbor chose to empanel a new subadvisor, Cedar Street Asset Management which was founded in April of 2016, is an employee-owned investment management firm and has $220 million in assets under management as of May 31, 2019. Since Cedar Street brings a distinct strategy that has little in common with their predecessors, MFO classifies this as Continue reading →

Launch Alert: Palm Valley Capital Fund (PVCMX)

By David Snowball

On April 30, 2019, Palm Valley Capital Management launched their first, and likely only, fund: Palm Valley Capital Fund (PVCMX). The managers are seeking long-term total return. The plan is to invest in a compact portfolio of high-quality, substantially undervalued small cap stocks.

What are they planning to do?

Their goal is to provide “an attractive Continue reading →

Launch Alert: Zeo Sustainable Credit Fund (ZSRIX)

By David Snowball

On May 31, 2019, Zeo Capital Advisors launched Zeo Sustainable Credit Fund (ZSRIX). The fund seeks to provide risk-adjusted total returns consisting of income and moderate capital appreciation. This marks the launch of Zeo’s second fund, after Zeo Short Duration Income (ZEOIX).

ZEOIX has performed exceedingly well over its eight years. The fund’s risk-adjusted returns have been best-in-class and its expenses have fallen. The limitation perceived by some of its major investors is that it is duration-constrained; that is, it doesn’t have the flexibility to pursue many attractive longer-duration opportunities. ZSRIX is designed to Continue reading →

Launch Alert: Cannabis Growth Fund (CANNX/CANIX)

By David Snowball

On February 22, 2019, Foothill Capital Management launched the Cannabis Growth Fund (CANNX/CANIX). The fund seeks to provide long-term capital appreciation through investing globally in companies “engaged exclusively in legal cannabis activities under applicable national and local laws, including U.S. federal and state law.” This marks the launch Continue reading →

Launch Alert – DoubleLine Colony Real Estate and Income Fund (DBRIX/DLREX)

By Dennis Baran

On December 17, 2018, DoubleLine launched the DoubleLine Colony Real Estate and Income Fund. It seeks capital appreciation and income with returns in excess of its benchmark, the Dow Jones U.S. Select REIT Index over a full market cycle. The managers will use derivatives to create investment returns that approximate the returns of the newly-launch Colony Capital Fundamental US Real Estate Index. To the extent that there’s additional capital available, they will also invest in an Continue reading →

Launch Alert: FPA Flexible Income Fund (FPFIX)

By David Snowball

On December 31, 2018, FPA launched FPA Flexible Income Fund (FPFIX). The fund seeks to provide long-term total return, which includes income and capital appreciation, while considering capital preservation. This marks FPA’s first new bond fund since becoming adviser to FPA New Income (FPNIX) in 1984. Morningstar celebrates New Income for “a strong management, process, and risk/reward profile and has been a safe haven from losses and bond-market excess.” FPA hopes to leverage those virtues by applying them to a fund that has permission, but not the obligation, to follow a modestly more aggressive path.

FPA tends to be the home of absolute Continue reading →

Launch Alert: Artisan International Small-Mid Fund (ARTJX)

By David Snowball

Effective 4 December 2018, the Artisan Partners officially rechristened Artisan International Small Cap as Artisan International Small-Mid Fund. Four other consequential changes were attendant to it:

On 15 October 2018, the fund reopened to new investors

On that same date, a new manager, Rezo Kanovich, took control of the fund. Mr. Kanovich and his analyst team, all of whom resigned on rather short notice, have guided Oppenheimer International Small-Mid Company (OSMAX) since early 2012.

On 4 December 2018, the fund’s investment guidelines formally changed to broaden the investable universe, though Continue reading →

Launch Alert: Centaur Total Return (TILDX)

By David Snowball

On November 1, 2018, the Board of Trustees of the Centaur Total Return Fund announced an epochal change: Zeke Ashton, Centaur Fund’s longest-tenured manager and one of its four founding managers, had notified the Board that he intended to resign after a run of 13.5 years. The Board announced an interim management agreement, effective November 15, 2018, under which DCM Advisors, LLC, would assume responsibility for the fund.

While the fund will Continue reading →

Launch Alert: Seven Canyons World Innovators

By David Snowball

It is rare that we issue a Launch Alert for a seventeen year old fund. Then again, it is rare that we find a 17 year old fund as remarkable as Seven Canyons World Innovators (WAGTX / WIGTX). World Innovators was launched on December 19, 2000 as Wasatch World Innovators. The fund, with its sibling Strategic Income Fund (WASIX), was rechristened with the new Seven Canyons identity on September 10, 2018.

Seven Canyons Advisors was formed in September 2017 with Continue reading →