MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, August 22, 2024 5 Familiar Subadvisors Power a New Minnesota Alt Fund The folks at a Minneapolis area liquid alts asset manager are teaming up with a familiar quintet of allies to power their newest open-end mutual fund.
The LoCorr Hedged Core Fund's inception date was July 10. It comes in two flavors: A shares (LHEAX), with a $2,500 minimum initial investment, a maximum up front load of 575 basis points, a maximum deferred load of 100bps, and an expense ratio of 224bps; and I Shares (LHEIX), with a $100,000 minimum initial investment, no up front or deferred loads, and an expense ratio of 199bps. Both expense ratios bake in a 16bps fee waiver promised through April 30, 2026. The new mutual fund is powered by a trio of principal strategies: a commodities strategy, a fixed income strategy, and a managed futures strategy. The Fund's PM team includes: Peter Agrimson, PM at Nuveen; Harvey Beker, co-chairman of Millburn; Pablo Calderini, president and chief investment officer of GCM; Jon Essen, chief financial officer of LoCorr; Barry Goodman, co-CEO and executive director of trading at Millburn; Sean Katof, senior vice president at LoCorr; Michael Mundt, principal and chief compliance officer of Revolution; Roy Niederhoffer, founder of his eponymous shop; Theodore Robert Olson, principal of Revolution; Tony Rodriguez, PM at Nuveen; Grant Smith, co-CEO and CIO of Millburn; and Kenneth Tropin, chairman of GCM. Kinzie puts the launch in the context of rising "advisor demand for '40 Act structure mutual funds with the ability to provide diversification and deliver a differentiated return stream." "As advisors build a strategic allocation to low-correlating strategies, we are excited to add the Hedged Core Fund to our lineup," Kinzie states. The LoCorr team notes that the new LoCorr Hedged Core Fund's underlying managers are a combination of the managers powering LoCorr's two most popular funds: the $1.68-billion-AUM Macro Strategies Fund and the $873-million-AUM Long/Short Commodities Strategy Fund. The new fund's other service providers include: Cohen & Company, Ltd. as independent accounting firm; Quasar Distributors, LLC as distributor and principal underwriter; Thompson Hine LLP as counsel; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services as administrator, dividend disbursing agent, fund accountant, shareholder servicing agent, and transfer agent; and U.S. Bank, N.A. as custodian. Printed from: MFWire.com/story.asp?s=67818 Copyright 2024, InvestmentWires, Inc. All Rights Reserved |
