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
Before funds and ETFs can be offered to the public, they’ve got to be submitted to the SEC which has 70 days to review the application. In general, advisers try to launch just before year’s end because that allows them to have clean “year to date” and calendar year results to share. In general, launching new funds in July and August is a dumb idea. Investment returns in summer are, in general, miserable and you lose the advantage of being able to report a full calendar quarter.
Happily, not many fall victim to that trap. Well, these guys Continue reading
Each month dozens of funds and ETFs undergo partial or complete turnover in their management teams. This month we found 85 funds and ETFs making a change. The vast majority of those changes are inconsequential to anyone other than the folks losing (or gaining) jobs: one manager on a five person team might be popped out and replaced by another, resulting in little net change.
In deference to our impending trip to Ireland, we’ve decided to report just five changes that caught our eye for now with the whole big list returning in July. Continue reading
The Balter Invenomic Fund (BIVIX) is in the process of shedding Balter. As a practical matter, that will translate to a name change, Invenomic Fund, and little more. BIVIX is, as we noted in our May 2019 profile, an exceptionally strong performer with steady asset growth. The manager is both talented and self-assured, so I’m not particularly concerned though I am curious. The proxy document offers this somewhat cryptic explanation for the change:
BLA (i.e., Balter Liquid Alts) informed the Board that it was making this request because it is currently exiting the investment advisory business due to uncertainty involving a “seed investor” which could potentially affect its ability to provide services to the Fund and other funds in the future. BLA believes that this transition is in the best interest of the Fund and its shareholders as it will provide continuity for the Fund and create a more direct relationship between shareholders and Invenomic. The seed investor currently holds a non-voting equity interest in BLA and initially contributed seed capital for the Fund.
Dear friends,
HESCO barriers are really impressive. They were conceived by James “Jimi” Heselden, a British entrepreneur and former coal miner. They are, at base, portable protective barriers; a box of heavy steel mesh that gets lined with a heavy plastic tarp and filled with sand. Start to finish, two guys and a front-loader can get one of these things built, positioned and filled in 20 minutes. The alternative, about 1500 sandbags, would take 10 guys far longer. They’re strong enough that the military uses them as blast-proof fortifications and governments worldwide use them as protection against hurricanes. They can be strung together to form a continuous barrier a mile long.
They’re really impressive.
But the Mississippi, running at flood crest, is Continue reading
Much has been written about the threat of climate destabilization and investors are more and more aware that there are distinct challenges between posed to their own portfolios. Whether it’s rising sea levels, intolerable summer temperatures, frequent extreme weather (droughts, super-sized hurricanes, flooding, blizzards) or assertive government regulators, it is clear that these things are going to impact our portfolios.
But how? What, other than moving to Minnesota (or investing in Mairs & Power, which is located in Minnesota and is famous for investing in Minnesotans), should Continue reading
“If more than ten percent of the population likes a painting it should be burned, for it must be bad.” George Bernard Shaw
Where are we with one third of the year gone? Many domestic and international funds are showing year-to-date positive total return performance ranging from the low teens to just into the twenty percent range. The more instructive number is the total return performance looking back over one year. There many funds are still showing negative numbers, not having Continue reading
Readers of my previous blog posts know that since I retired more than 18 months ago, I don’t spend much time looking at the values of my investments. There are four main reasons for this. First, I spent more than 30 years watching the markets and client portfolio values on a daily basis. I was more than ready to pass that off to my former investment partners, and I don’t miss it one bit.
Second, I am blessed to Continue reading
We’ve supplanted our “Miraculous MultiSearch” and Risk Profile search tools with QuickSearch, which is now available on the MFO Premium site. It offers more features and is updated monthly. We’ve also consolidated our Great Owl, Three Alarm, and Dashboard (of Profiled Funds) tools to the MFO Premium site, similar info as before but more user-friendly and also updated monthly. All these tools remain available to public and trace back, in fact, to our legacy Fund Alarm site.
To help walk users through these tools, as well as to Continue reading
At the time of publication, this fund was named Balter Invenomic.
Balter Invenomic Fund is seeking long term capital appreciation. They pursue that through a widely diversified long-short portfolio comprised, primarily, of domestic stocks. The long and short portfolios each held about 150 positions, as of early 2019. The long portfolio is always fully invested in undervalued, timely stocks while the size of the short portfolio varies based on the opportunities available. The long portfolio is all-cap and might include equity securities other than just common stocks. The fund’s short portfolio is broadly diversified and targets stocks which are both overvalued and are likely to fall. The short portfolio is not designed merely as a defensive buffer; it is designed to deliver positive returns and reduce the overall risk of the portfolio through Continue reading