Heartland has filed with the SEC to register a new International Small Cap Fund
. The fund will follow a concentrated strategy (investing in 35 to 95 stocks) and follow the firm's trademarked 10 principles of value investing [SEC filing
]. There is no launch date set in the fund nor does it yet have a ticker.
, president and Chief Executive Officer of Heartland Advisors will be portfolio manager for the fund.
The fund will pay Heartland 85 basis points in advisory fees and will carry an additional 25 bp 12b-1 fee and 130 bps of other expenses. Heartland Advisors is waiving 65 bps in expenses and fees to bring the overall expense ratio down to 175 bps.
The fund also carries a 200 bps redemption fee for shareholders holding the fund for less than 90 days. Short term redemption fees are typically intended to discourage market timers of mutual funds.
ALPS Distributors will serve as the fund distributor and U.S Bancorp Fund Services is the transfer agent and fund administrator. Godfrey & Kahn is the fund counsel and Brown Brothers Harriman & Co is the custodian.
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