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 |
|
Tuesday, October 20, 2009 Direxion Preps an IPO Fund Direxion on Monday filed papers with the SEC to launch a fund that seeks to help investors profit from the inefficiencies in the IPO market. The investor class of the IPOX Global Long/Short Strategy Fund would have a 190 bps expense ratio, and institutional investors would pay 140 bps. The new fund will take long and short positions in new stocks and spinoffs, taking the general approach that shares of IPOs are initially overvalued but become undervalued soon after that, Andy O'Rourke, Direxion marketing director, told the Wall Street Journal. Garden City, New York-based Rafferty Asset Management will manage the fund, and IPOX Capital Management, an IPO speciality house based in Chicago, will be the subadvisor. Printed from: MFWire.com/story.asp?s=22984 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |