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, November 12, 2024 A $32B-AUM WM Firm Expands Its ETF Compound The folks at a 60-year-old, $32-billion-AUM wealth management firm in New York City are rolling out their second ETF.
FMCE is an actively managed, non-diversified ETF that licenses the ActiveShares methodology from Franklin Templeton's Precidian Investments, LLC. That methodology allows for a translucent (aka "semi-transparent") ETF structure where portfolio holdings are disclosed quarterly (instead of daily, as per usual in most ETFs). The inception date for FMCE was last Friday (November 8), and it comes with an expense ratio of 70 basis points. As of yesterday (Monday, November 11), the new fund had about $69 million in AUM. (FMCE's launch comes two years after the First Manhattan team launched their first ETF, which is also active, concentrated, and translucent. That fund has since grown to about $104 million in AUM.) Himayani Puri — partner, portfolio manager, and head of research at First Manhattan — serves as PM to FMCE. (She also PMs First Manhattan's original ETF.) Wydra describes FMCE as offering "a compelling opportunity to invest in companies that have demonstrated an ability to generate durable and recurring free cash flow, as well as the capacity to deploy their free cash flow to create shareholder value over time." Puri notes that the First Manhattan team uses "deep fundamental research to identify companies for investment." "We seek to purchase shares at valuations that we believe are favorable relative to the quality of the company's business, its earnings, and our expectation for long-term growth in value-per-share," Puri states. "We are pleased to deliver to investors and advisors another actively managed, research-driven, and tax-efficient portfolio with competitive fees," states Ben Clammer, managing director and product manager for the First Manhattan Excelsior ETFs. FMCE is a series of Northern Lights Fund Trust IV. The new ETF's other service providers include: Cohen & Company, Ltd. as independent accounting firm; State Street Bank and Trust Co. as custodian, dividend disbursing agent, shareholder servicing agent, and transfer agent; Thompson Hine LLP as counsel; Ultimus Fund Solutions, LLC as administrator and fund accountant; Ultimus' Northern Lights Distributors, LLC as distributor; and Northern Lights Compliance Services, LLC (NLCS) as provider of a chief compliance officer. Printed from: MFWire.com/story.asp?s=68160 Copyright 2024, InvestmentWires, Inc. All Rights Reserved |
