Baron Global Growth

Baron Global Growth will pursue capital appreciation. It will be a diversified fund that uses the same selection criteria as the other Baron products. It will invest domestically, and in developed and developing markets. It’s nominally an all-cap fund, though Baron’s tradition is to focus especially on small- to mid-cap stocks. Alex Umansky, a former Morgan Stanley manager who also runs Baron Fifth Avenue Growth (BFTHX), will manage the fund. $2,000 investment minimum, reduced to $500 for accounts with an AIP. Expenses not yet set.

Fidelity Global Bond

Fidelity Global Bond Fund will seek high current income by investing, mostly, in investment grade corporate and government bonds.  Up to 20% of the fund might be in junk bonds.  As with the International Bond fund (below), there’s an odd promise of index-hugging:   “FMR uses the Barclays Capital® Global Aggregate GDP Weighted Index as a guide in structuring the fund and selecting its investments.” The fund will be managed by Jamie Stuttard, formerly head of European and U.K. Fixed Income for Schroder Investment Management (London) and a portfolio manager.  $2500 minimum initial investment, reduced to $500 for IRAs.  0.75% e.r.  Expect the fund to launch in May 2012.

Fidelity Global Equity Income Fund

Fidelity Global Equity Income Fund will seek “reasonable income” but will also “consider the potential for capital appreciation.”   The plan is to invest in dividend-paying stocks, but they won’t rule out the possibility to high-yield bonds.   One goal is to provide a higher yield than its benchmark, currently 2.3%.  Ramona Persaud will manage the fund.  She managed Select Banking for a couple years , became an analyst for Diversified International (since November 2011) and comanages Equity- Income (FEQIX). I’m not sure what to make of that.  Equity-Income has been consistently mediocre.  A new team, including Persaud, took over in October but hasn’t made a measurable difference yet.   Expenses of 1.20%.  Minimum investment of $2500.  Expect the fund to launch in May 2012.

Fidelity International Bond Fund

Fidelity International Bond Fund will seek a high level of current income by investing in investment-grade non-U.S securities, including some in the emerging markets.  In a vaguely disquieting commend, the prospectus notes “FMR uses the Barclays Capital® Global Aggregate Ex USD GDP Weighted Index as a guide in structuring the fund and selecting its investments.”  That seems to rule out adding much value beyond what the index offers.  The fund will be managed by Jamie Stuttard, formerly head of European and U.K. Fixed Income for Schroder Investment Management (London) and a portfolio manager.  He’ll be assisted by Curt Hollingsworth, a long-time Fidelity employee.  There’s a $2500 investment minimum, reduced to $500 for IRAs, and an e.r. of 0.80%.  This is also set to be a May 2012 launch.

Fidelity Spartan Inflation-Protected Bond Index Fund

Fidelity Spartan Inflation-Protected Bond Index Fund will own the inflation-protected debt securities included in the Barclays Capital U.S. Treasury Inflation-Protected Securities.  The fund will be co-managed by Alan Bembenek and Curt Hollingsworth.  There will be a $10,000 investment minimum and a 0.20% e.r.  The fund will launch in May 2012.

Flex-Funds Spectrum Fund

Flex-Funds Spectrum Fund will seek long-term capital appreciation by investing in domestic and foreign mutual funds, ETFs, closed-end funds, unit investment trusts, S&P Drawing Rights, futures and common stocks. It will be global and all-cap.  It can go 100% to fixed income if the equity market gets scary.  The fund will be managed by a team led by Robert Meeder, who’s been with the advisor since 2005. Expenses not yet set.  Initial minimum investment of $2500, reduced to $500 for IRAs.

iShares Morningstar Multi Asset High Income Index ETF

iShares Morningstar Multi Asset High Income Index ETF will try to match a proprietary Morningstar index which is global, broadly diversified and seeks to deliver high current income while gaining some long term capital appreciation.  This will be a fund of funds, investing mostly in ETFs.  Its asset allocation target is 20% equities (two dividend and two infrastructure funds), 60% fixed income (including Treasuries, high-yield and emerging markets) and 20% in REITs and preferred shares (designated as an “alternatives” asset class).  It will be managed, to the extent index funds are, by James Mauro and Scott Radell.  Expenses not yet set.

Martin Focused Value Fund

Martin Focused Value Fund will be a focused, global, all-cap stock fund which pursues long-term growth of capital.  The manager reserves the right to move to cash and bonds “during market downturns, or until compelling bargains in the securities markets are found.” Frank K. Martin, who earned his BA in 1964 and advertises “45 years of investment industry experience,” will manage the fund.  Expenses capped at 1.40% for the retail shares.  $2500 minimum initial investment.

CONESTOGA MID CAP FUND

Conestoga Mid Cap Fund seeks to provide long-term growth of capital.  They will invest in mid-cap (under $10 billion) stocks, including ADRs, convertible securities, foreign and domestic common and preferred stocks, rights and warrants.  They don’t  expect investment in foreign securities to exceed 20% of the fund’s total assets.  William C. Martindale will be the lead manager.  He also manages the exceptionally solid Conestoga Small Cap (CCASX) fund.  The minimum initial investment is $2500, reduced to $500 for accounts with an automatic investment plan. The expense ratio is capped at 1.35%.

DRIEHAUS INTERNATIONAL CREDIT OPPORTUNITIES FUND

Driehaus International Credit Opportunities Fund seeks to provide positive returns under a variety of market conditions.   The fund will hold both long and short positions in debt securities (both sovereign and corporate), equity securities and currencies. The debt securities held in the Fund may be fixed income or floating rate securities.  The portfolio will be concentrated and relatively high turnover (100-300%).  The fund will be managed by Adam Weiner.   Expenses not yet set. $10,000 minimum initial purchase, reduced to $2000 for tax-deferred accounts and ones with an automatic investing plan.  The fund will launch February 23.

HAMLIN HIGH DIVIDEND EQUITY

Hamlin High Dividend Equity Fund will seek high current income and long-term capital appreciation.  They intend to invest in “sustainable, dividend-paying equity securities,” which might include REITs, royalty trusts and master limited partnerships.  UP to 25% might be invested overseas.  The managers will be Charles Garland and Christopher D’Agnes, both of Hamlin Capital.  The minimum initial purchase is $2500. The initial expense ratio is 1.50% after a very large (165 bps) expense waiver.

ROCKY PEAK SMALL CAP VALUE FUND

Rocky Peak Small Cap Value Fund seeks long-term capital appreciation with a focus on preservation of capital.  They’ll invest in stocks with a capitalization under $3 billion.   The fund is non-diversified and the managers expect a low-turnover, tax-efficient style. Tom Kerr of Rocky Peak Capital will manage the fund.  Expense ratio will be 1.50% with a 2% redemption fee on shares held fewer than 90 days.  The minimum investment is $10,000 but reduced to $1,000 for tax-deferred accounts and those with automatic investing plans.

SEXTANT GLOBAL HIGH INCOME FUND

Sextant Global High Income Fund (SGHIX) will seek high income and capital preservation.  The Global High Income Fund invests in a globally diversified portfolio of income-producing debt and equity securities.  They cap US securities, stocks and investment grade bonds at 50% of the portfolio, and emerging markets securities at 33%.  The fund is clearly risk-conscious but also warns that exploiting a market panic will involve high short-term volatility.  Bryce Fegley, Saturna’s chief investment officer, and John Scott will run the fun.  The minimum initial investment is $1000.  The expense ratio is capped at 0.90%.   The fund launches March 30, 2012.

U.S. EQUITY HIGH VOLATILITY PUT WRITE INDEX FUND (HVPW)

U.S. Equity High Volatility Put Write Index Fund will seek the match the NYSE Arca U.S. Equity High Volatility Put Write Index which measures the return of a hypothetical portfolio consisting of exchange traded put options which have been sold on each of the 20 largest, most volatile stocks available.  Kevin Rich and Jeff Klearman manage the fund. The expense ratio is 0.95%.

Driehaus International Credit Opportunities Fund

Driehaus International Credit Opportunities Fund seeks to provide positive returns under a variety of market conditions.   It will hold long and short positions in a variety of developed and developing market fixed-income instruments.  It may use derivatives to hedge its exposure.  The fund will be non-diversified in terms of both the number of securities held and the number of nations or regions represented in the portfolio.  Its annual portfolio turnover is estimated to be 100 – 300%.  The fund will be managed by Adam Weiner who has managed emerging markets fixed income and currency strategies for Oppenheimer and Frontpoint Partners/Morgan Stanley.  In 2011, he joined Driehaus as a portfolio manager for international credit-oriented strategies.  He is not a member of the team which runs Driehaus’s other two “nontraditional bond” funds. $10,000 minimum initial investment.  Expenses not yet set.

Aviva Investors Emerging Markets Local Currency Bond Fund

Aviva Investors Emerging Markets Local Currency Bond Fund popped up in the SEC database this month.  Oddly enough, the fund already exists but is not available for sale to either individual or institutional investors.  The coolest aspect of the offering is its heritage; it’s based on a SiCav, “a sub-fund of a socioto anonyme formed under the laws of the Grand Duchy of Luxembourg.”  The least cool aspect is that the fund in question consistently trails its index.  When available, it will be team managed, will charge1.15% and will be available for a $5000 minimum.

FAM Small Cap Fund

FAM Small Cap Fund will attempt to “maximize long-term return on capital” by investing in a non-diversified portfolio of quite small companies.  They’re targeting stocks valued at between $50 million and $1 billion.  The managers will determine each firm’s “true business worth” as the basis for their investments.   The managers are Thomas Putnam, Chairman of the adviser, and Marc Roberts, a research analyst for them.   Mr. Putnam’s two other FAM funds, Value and Equity-Income, have been solidly unspectacular for years. The minimum initial purchase is  $5000 for a regular  account and $2000 for an IRA.   Expenses of 1.5%. The proposed launch date is February 12, 2012.

Forward Managed Futures Strategy Fund

Forward Managed Futures Strategy Fund will pursue long term total return.  The Fund will generally invest in the futures contracts included in the Credit Suisse Multi-Asset Futures Strategy Index.  The primary asset classes included in the CSMF Index are commodities, currencies, equity indexes and fixed income. The CSMF Index will take long positions in futures contracts with strong positive positioning relative to its 250-day moving average price and short positions in futures contracts with strong negative positioning relative to the 250-day moving average price.   Their goal is positive returns regardless of market conditions, with a target volatility level of approximately 15% per year.  This strategy is employed by a variety of managed futures funds; they work really well when markets show sustained movements in either direction but suffer in volatile, directionless ones. The Fund will be team managed.  The team leader is Nathan Rowader, Forward’s Director of Investments.  The other team members include Forward’s president and CIO, Jim O’Donnell, Paul Herber and David Ruff. Expenses not yet set.  Investment minimum is $4000, reduced to $2000 for Coverdells and accounts with e-delivery options, $500 for accounts with an automatic investment plan.

Hussman Strategic Dividend Value Fund

Hussman Strategic Dividend Value Fund seeks total return through a combination of dividend income and capital appreciation, with added emphasis on protection of capital during unfavorable market conditions.  It pursues this objective by investing primarily in dividend-paying common stocks.  The Fund has the ability to vary its exposure to market fluctuations based on factors its investment manager believes are indicative of prevailing market return and risk characteristics.  John Hussman, founder and manager of nearly $9 billion in the three other Hussman funds, will run the show.  In general, the Hussman funds have been more distinguished for their strong risk management than for exceptional long-term returns.  Expenses of 1.27% after a substantial “fee deferral.” The minimum initial investment is $1,000, except the minimum is $500 for IRA/UTMA accounts.  Oddly, Morningstar already lists the fund on its site, though it’s not scheduled to open until February 12, 2012.

Satuit Capital U.S. Small Cap Fund

Satuit Capital U.S. Small Cap Fund will seek long-term growth by investing in a diversified portfolio of U.S. small cap stocks. Small cap translates to “comparable to the Russell 2000.”  They’ll start with quantitative screens to construct a Focus List, and then qualitative ones to sort through the Focused stocks.  The management team is the same folks who run Satuit Capital U.S. Emerging Companies (SATMX).  It includes Robert Sullivan, Satuit’s chairman, president and Chief Investment Officer.  Here’s the good news: SATMX (formerly Satuit Microcap) is a really strong fund, with returns in the top 1% of its peer group over the past decade.  The bad news: Satuit offered a small cap fund once before, became discouraged and shut it down rather quickly.  Expenses will be 1.5%. The minimum initial investment is quite low, at $1000.

Satuit Capital U.S. SMID Cap Fund

Satuit Capital U.S. SMID Cap Fund seeks to provide investors with long-term capital appreciation by investing in a diversified portfolio of U.S. small- to mid-cap stocks.  SMID is operationalized as “comparable to the Russell 2500” index.  The managers will use the same combination of quantitative and qualitative screens here as they do in their small cap fund. The management team is the same folks who run Satuit Capital U.S. Emerging Companies (SATMX).  It includes Robert Sullivan, Satuit’s chairman, president and Chief Investment Officer.   Expenses will be 1.5%. The minimum initial investment is quite low, at $1000.

Wasatch Frontier Emerging Small Countries Fund

Wasatch Frontier Emerging Small Countries Fund will pursue long-term capital appreciation by investing in a non-diversified portfolio of stocks represented in “frontier market or small emerging market country.”  The firms in question need either to be domiciled in those markets, or to generate more than 50% of revenues or earnings in them.  Wasatch warns that these include  “the least developed markets even by emerging markets standards.”  Nominally it’s an all-cap fund, practically it’s a small cap one.  The fund will be managed by Laura Geritz who helps manage the Wasatch Emerging Markets Small Cap and International Opportunity funds.  She has an interesting history, having come up through the ranks from “bilingual customer service representative” to “analyst” to “manager.”  Expense ratio not yet announced, but it’ll be high.  The minimum initial investment is $2000 except for college savings accounts and funds with an automatic investing plan, in which case the minimum is reduced to $1000.  The proposed launch date is late January, 2012.

Ariel Global Equity Fund

Ariel Global Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 stocks, foreign, domestic and emerging. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.

Ariel International Equity Fund

Ariel International Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 developed market stocks outside the US. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.

ASTON/Silvercrest Small Cap Fund

ASTON/Silvercrest Small Cap Fund The manager is Roger Vogel, Managing Director of Silvercrest and lead portfolio manager for Silvercrest’s small cap value investment strategy. Prior to Silvercrest, he co-managed both small-cap and large-cap portfolios for Credit Suisse. His private account composite has returned 6.4% since inception in 2003, while the Russell 2000 Value returned 4%. For better or worse, most of his advantage comes in a dramatic outperformance in 2008. Expense ratio of 1.41%, minimum initial investment of $2500, reduced to $500 for IRAs.

Forward Endurance Fund

Forward Endurance Fund seeks long-term growth by investing, long and short, in a global stock portfolio. Their focus will be “to identify trends that may have large and disruptive impacts on global business markets.” David Readerman and Jim O’Donnell will manage the fund. They recently took over Forward Small Cap as well. Expenses not yet set, $4000 minimum initial investment, reduced to $2000 if you sign up for eDelivery, $500 for accounts with automatic investing plans.

Forward Floating NAV Short Duration Fund

Forward Floating NAV Short Duration Fund seeks maximum current income consistent with the preservation of principal and liquidity. Their investment strategy is generic (investment grade, US and non-US, government and corporate debt), but they’re benchmarked against the three-month T-bill and the prospectus goes to pains to say that they’re not a money market. That, of course, says that they’re trying to market themselves as “better than a money market.” David L. Ruff and Paul Broughton will manage the fund. Both have extensive experience, though not in fund management. Expenses not yet set, $4000 minimum initial investment, reduced to $2000 if you sign up for eDelivery, $500 for accounts with automatic investing plans.

FPA International Value Fund (FPIVX)

FPA International Value Fund (FPIVX) seeks above average capital appreciation while attempting to minimize the risk of capital loss. FPA looks in all their funds for well-managed, financially strong, high quality businesses whose stock sells at a significant discount. The managers, Eric Bokota and Pierre Py, are both former Harris Associate (i.e., Oakmark) analysts. Initial expense ratio of 1.98% (they don’t believe in fee waivers), but at least the minimum initial investment ($1500) is low.

Gerstein Fisher Multi-Factor International Growth Equity Fund

Gerstein Fisher Multi-Factor International Growth Equity Fund will seek long-term capital appreciation. They’ll focus on “smaller growth companies that may also display characteristics typically associated with value-oriented investments.” Gregg S. Fisher, the firm’s chief investment officer, will manage the fund. Expenses of 1.37%, $5,000 minimum initial investment.

Granite Value Fund

Granite Value Fund will seek long-term growth by investing globally in about 40 mid- to large-cap stocks. Scott B. Schermerhorn will manage the fund. Expense ratio of 1.35%, $10,000 minimum initial investment, reduced to $5000 for tax-advantaged accounts.

IASG Managed Futures Strategy Fund (“N” shares)

IASG Managed Futures Strategy Fund (“N” shares) will seek positive long-term absolute returns. The plan is to invest 75% in fixed income and 25% in a combination of “commodity pools” and ETFs. This has “bad idea” written all over it. The strategy is obscure and depends, largely, on investing in a bunch of actively managed “pooled investment vehicles,” each of which has a manager pursued his own commodity strategy, often derivative based or in ETFs that have price momentum. The fund will be managed by Perry Lynn and JonPaul Jonkheer of IASG Capital Management. $2500 investment minimum, expense ratio not yet set.

Kottke Commodity Strategies Fund (“N” shares)

Kottke Commodity Strategies Fund (“N” shares) will seek positive absolute returns. The plan is to invest 75% in cash and 25% in exchange-traded commodity futures and options. The cash – currently offering negative real returns – is collateral for the commodity positions. The fund will be managed by a team led by Michael Crouch (“head trader”). $2500 investment minimum, expense ratio not yet set.

Miller Tabak Merger Arbitrage and Event Driven Fund

Miller Tabak Merger Arbitrage and Event Driven Fund will pursue capital appreciation by investing the stocks of companies that are undergoing, or may undergo, “transformational corporate events” such as “announced merger transactions, announced or have possible spin-offs, split-offs or sales of divisions; businesses that are exploring “strategic alternatives” such as stock buybacks, or sales of the entire companies; companies that may announce or have completed attractive acquisitions; and other special situations.” Michael Broudo will manage the fund, and also manages Miller Tabak’s merger arbitrage and event-driven equity group. Miller Tabak is a heavy weight institutional firm that executes trades for hedge funds and institutions, and this has the feel of a “friends and family” fund for those unable to afford MT’s private accounts. $1000 investment minimum, but an expense ratio (after waivers!) of 2.75%.

Scharf Fund

Scharf Fund will seek long-term capital appreciation. The fund will mostly invest in stocks (daringly, the manager targets stocks which “have significantly more appreciation potential than downside risk over the long term”), might invest up to 50% in international stocks and might invest up to 30% in bonds. Brian A. Krawez, former “Head of Research at Belden and Associates<” will manage the fund. $10,000 investment minimum, reduced to $5000 for tax-advantaged accounts and those with automatic-investing plans, expense ratio of 1.25%.

Sierra Strategic Income Fund

Sierra Strategic Income Fund wants “to provide total return (with income contributing a significant part) and to limit volatility and downside risk.” It will be a fund of income funds, including funds or ETFs which invest in foreign, emerging or domestic bonds, issued by governments or corporations, and REITs. They look with asset classes with price momentum, try to find high-alpha managers in those classes and have a fairly severe stop-loss discipline. The fund will be managed by a team from Wright Fund Management, which has been using this strategy in separate accounts since the late 1980s. Expenses not yet set, $10,000 minimum initial investment.

TFS Hedged Futures Fund

TFS Hedged Futures Fund will pursue long-term capital appreciation. It will be a global long/short equity fund. It will be managed by a six-person team. Expenses, after waivers, of 2.30%, $5000 minimum investment.

Vanguard Emerging Markets Government Bond Index Fund

Vanguard Emerging Markets Government Bond Index Fund will track the performance of the Barclays Capital Emerging Markets Sovereign Index (USD) that measures the investment return of U.S. dollar-denominated bonds issued by governments of emerging market countries. They anticipate a weighted average maturity of 10-15 years. Greg Davis and Yan Pu will manage the fund. Expense ratio of 0.50%, minimum initial investment is $3000.

Vanguard Target Retirement 2060 Fund

Vanguard Target Retirement 2060 Fund will seek to provide capital appreciation and current income consistent with its current asset allocation. It invests in just three underlying funds, Vanguard Total Stock Market Index (63%), Vanguard Total International Stock Index (27%) and Vanguard Total Bond Market II Index (10%). As with all such funds, it was slowly become more conservative as 2060 approaches. (Given that I’m not going to be here to confirm it, I’ll take Vanguard’s word on the matter.) The investment minimum is a remarkably low $1000, expense ratio is equally remarkable, at 0.18%.

Vanguard Total International Bond Index Fund

Vanguard Total International Bond Index Fund will track the Barclays Capital Global Aggregate ex-USD Float-Adjusted Index (Hedged) that measures the investment return of investment-grade bonds issued outside of the US. They anticipate a weighted average maturity of 5-10 years. Greg Davis and Yan Pu will manage the fund. Expense ratio of 0.40%, minimum initial investment is $3000.

William Blair Small-Mid Cap Value Fund

William Blair Small-Mid Cap Value Fund will seek long-term capital appreciation, which they’ll pursue by investing in domestic small- and mid-cap stocks. The management team are the same folks who run Blair Small Cap Value and Mid Cap Value, neither of which is bad. Expenses not yet set, $5000 minimum initial investment, reduced to $3000 for IRAs.