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 |
|
Monday, September 11, 2023 A 10-Year-Old Firm's New Fund Bets On Luxury A 10-year-old, Gotham fund firm's team is rolling out a passively managed fund that focuses on the luxury-related companies worldwide.
KLXY's inception date was Thursday, and it comes with an expense ratio of 69 basis points. As of Friday, the new fund had $1.245 million in AUM. KraneShares serves as the investment advisor to KLXY, and Solactive AG serves as index provider. The new fund is designed to track the Solactive Global Luxury Index. James Maund, head of capital markets at KraneShares, leads the fund PM team, which also includes Jonathan Shelon, chief operating officer. Yan puts the fund launch in the context of the "global luxury sector" possibly presenting "a long-term growth opportunity due to companies' resilient pricing power, strong profitability, and high barriers to entry inherent to global luxury companies." Krane adds that "the luxury market is one of the most resilient sectors, especially in economic downturns and inflationary periods." "Brand value, consumer loyalty, and innovation play pivotal roles in driving demand and commanding premium pricing," Krane states. "KLXY provides investors a compelling solution to gain direct exposure to the significant growth opportunity offered by the global luxury market." The fund's other service providers include: Brown Brothers Harriman & Co. (BBH) as custodian, dividend disbursing agent, securities lending agent, and transfer agent; K&L Gates LLP as counsel; KPMG LLP as independent accounting firm; SEI Investments Distribution Co. as distributor; and SEI Investments Global Fund Services as administrator. Printed from: MFWire.com/story.asp?s=66417 Copyright 2023, InvestmentWires, Inc. All Rights Reserved |
