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 |
|
Thursday, August 22, 2024 5 Familiar Subadvisors Power a New Minnesota Alt Fund The folks at a Minneapolis area liquid alts asset manager are teaming up with a familiar quintet of allies to power their newest open-end mutual fund.
The LoCorr Hedged Core Fund's inception date was July 10. It comes in two flavors: A shares (LHEAX), with a $2,500 minimum initial investment, a maximum up front load of 575 basis points, a maximum deferred load of 100bps, and an expense ratio of 224bps; and I Shares (LHEIX), with a $100,000 minimum initial investment, no up front or deferred loads, and an expense ratio of 199bps. Both expense ratios bake in a 16bps fee waiver promised through April 30, 2026. The new mutual fund is powered by a trio of principal strategies: a commodities strategy, a fixed income strategy, and a managed futures strategy. The Fund's PM team includes: Peterr Agrimson, PM at Nuveen; Harvey Beker, co-chairman of Millburn; Pablo Calderini, president and chief investment officer of GCM; Jon Essen, chief financial officer of LoCorr; Barry Goodman, co-CEO and executive director of trading at Millburn; Sean Katof, senior vice president at LoCorr; Michael Mundt, principal and chief compliance officer of Revolution; Roy Niederhoffer, founder of his eponymous shop; Theodore Robert Olson, principal of Revolution; Tony Rodriguez, PM at Nuveen; Grant Smith, co-CEO and CIO of Millburn; and Kenneth Tropin, chairman of GCM. Kinzie puts the launch in the context of rising "advisor demand for '40 Act structure mutual funds with the abilityto provide diversification and deliver a differentiated return stream." "As advisors build a strategic allocation ot low-correlating strategies, we are excited to add the Hedged Core Fund to our lineup," Kinzie states. The LoCorr team notes that the new LoCorr Hedged Core Fund's underlying managers are a combination of the managers powering LoCorr's two most popular funds: the $1.68-billion-AUM Macro Strategies Fund and the $873-million-AUM Long/Short Commodities Strategy Fund. The new fund's other service providers include: Cohen & Company, Ltd. as independent accounting firm; Quasar Distributors, LLC as distributor and principal underwriter; Thompson Hine LLP as counsel; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services as administrator, dividend disbursing agent, fund accountant, shareholder servicing agent, and transfer agent; and U.S. Bank, N.A. as custodian. Printed from: MFWire.com/story.asp?s=67818 Copyright 2024, InvestmentWires, Inc. All Rights Reserved |
