Rookie mutual fund shop Simple Alternatives is making headlines with its first product: a mutual fund of hedge funds.
The firm's new S1 Fund reportedly offers institutional investors access to a concentrated portfolio of between eight and 10 underlying hedge fund managers, but with mutual fund-like liquidity terms and fees. The new fund, which debuted on Monday, reportedly charges just 2.95 percent and offers daily redemptions without notice.
In an interview, CIO Bruce MacDonald
said the offering, unlike other mutual funds that have a hedge fund strategy, invests only in institutionally-oriented hedge funds such as Argonaut Capital Management and Courage Capital Management.
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