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Monday, February 07, 2011

Turner Broadens its Alternative Lineup

News summary by MFWire's editors

Turner Investments on Monday unveiled a trio of long/short mutual funds. The launch of the Turner Market Neutral, Medical Sciences Long/Short and Titan funds raise the number of alternative funds on Turner's roster to four.
Company Press Release

Turner Funds launches three long/short stock mutual funds

Turner Market Neutral, Turner Medical Sciences Long/Short, and Turner Titan funds seek to take advantage of both rising and falling stock prices

BERWYN, Pa., February 7, 2011 -- Today the Turner Funds is introducing three new alternative, or long/short, stock mutual funds. The funds seek to capitalize on rising stocks in their long positions and on declining stocks in their short positions.

The three new funds:
  • Turner Market Neutral Fund, managed by Matthew Glaser, contains a balance of long and short investments in different stocks across all major market sectors. The fund has Institutional Class shares (ticker symbol: TMNEX), Investor Class shares (ticker symbol: TMNFX), and Class C shares (ticker symbol: TMNCX). Mr. Glaser, chief of investment strategies and executive managing director, joined Turner in 2007. He previously worked for Susquehanna International Group.
  • Turner Medical Sciences Long/Short Fund, managed by Vijay Shankaran, is a diversified fund of long and short investments in health-care companies of all market capitalizations. The fund offers Institutional Class shares (ticker symbol: TMSEX), Investor Class shares (ticker symbol: TMSFX), and Class C shares (ticker symbol: TMSCX). Mr. Shankaran, who is a medical doctor and holds a doctorate in immunology, is a senior portfolio manager/global security analyst. He came to Turner in 2006 from Caxton Associates.
  • Turner Titan Fund, managed by Christopher Baggini, is a global, diversified fund of long and short investments in all major market sectors, with a focus on large cap-stocks. The fund offers Institutional Class shares (ticker symbol: TTLEX), Investor Class shares (ticker symbol: TTLFX), and Class C shares (ticker symbol: TTLCX). Mr. Baggini, senior portfolio manager/global security analyst, holds the CFA designation and has been with Turner since June of 2010. Before joining Turner, he was the lead portfolio manager of the Aberdeen Equity Long-Short Fund, which Lipper Inc. ranked as the best-performing long/short stock fund for the five-year period ended December 31, 2009.

    The addition of the three funds brings the total number of alternative Turner Funds to four. The fourth fund is the Turner Spectrum Fund, a multi-manager fund consisting of eight Turner long/short equity investment strategies, which has been open to investors since May 2009 and has $321 million in assets. All four alternative funds hold long positions in stocks that Turner Investments, the investment adviser, believes have superior earnings prospects and short positions in stocks that Turner believes have a deteriorating earnings outlook.

    The Turner Funds offers a series of mutual funds to individual and institutional investors. Turner Investments, based in Berwyn, Pennsylvania, manages more than $17 billion in institutional portfolios and mutual funds, as of December 31, 2010.

    The minimum initial investment in the three funds is $100,000 for Institutional Class shares and $2,500 for Investor Class and Class C shares. For Individual Retirement Accounts, the minimum initial investment is $100,000 for Institutional Class shares and $2,000 for Investor Class and Class C shares.

    Investors can invest in the funds directly through the Turner Funds and through financial advisers, investment consultants, and defined-contribution plan sponsors who have a relationship with Turner Investments or the Turner Funds.

    Edited by: Armie Margaret Lee

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