A Midwestern, boutique, small cap equity manager just transformed its sole mutual fund, rebranding the fund and swapping out the strategy. Watch for the firm to prep more mutual funds, but not just yet.

Tim Stracka, founding principal of 1492 Capital Management, confirms that on Friday the Milwaukee-based shop converted its 1492 Small Cap Growth Fund into the 1492 Small Cap Core Alpha Fund. The fund changed tickers (FNTSX is the new one, FNTGX is the old), names, and strategies: the old followed 1492's small cap growth separately managed account strategy, while the new one follows 1492's small cap core SMA strategy.

1492 also offers a small cap value strategy and a small cap dynamic hedged strategy, both in SMA form. Some day one of those might be available as mutual funds, too.

"We've had a lot of discussions surrounding that strategy [small cap dynamic hedged]," Stracka tells MFWire. "We have no immediate plans to roll that out into a mutual fund."

1492 dates back to the fall of 2008, and its first two strategies launched in December of that year. The firm now has about $175 million in assets under management, mostly in its SMAs. 

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