The Intrepid Small Cap Fund was reorganized into the Intrepid Capital Fund on November 22. Eric Cinnamond managed the Intrepid Small Cap Composite from 1998-2010 and the Intrepid Small Cap Fund from 2005-2010. Jayme Wiggins took over the Intrepid Small Cap Fund upon Eric’s departure in 2010. Jayme Wiggins managed the fund using the same absolute return investment strategy until September 2018. Both are now part of Palm Valley Capital Management.
The Oakmark U.S. Large Cap ETF is in registration. William C. Nygren, CFA, Michael A. Nicolas, CFA, and Robert F. Bierig will manage the fund’s portfolio. Total annual fund operating expenses after fee waivers and expense reimbursements will be 0.59%.
T Rowe Price Capital Appreciation Premium Income and Hedged Equity ETFs are in registration. They will be managed by an Investment Advisory Committee chair, David R. Giroux, and Sean P. McWilliams, respectively. Expenses have not been stated for either ETF.
Vanguard will begin offering two new ETFs in the first quarter of 2025. Vanguard Ultra-Short Treasury ETF (VGUS) and Vanguard 0-3 Month Treasury Bill ETF (VBIL) are index ETFs that will offer low-cost Treasury exposure for individual investors and financial advisors. VGUS will hold Treasuries with maturities of less than 12 months, while VBIL will focus on Treasury bills maturing in three months or less. VAGUS and BILE are both expected to launch with an expense ratio of 0.07%, which will position each ETF as the low-cost leader in its respective category. (VGUS brought to mind the Vagus, the longest cranial nerve in your body and the one responsible for regulating things like heart rate, breathing, and blood pressure.)
Small Wins for Investors
CrossingBridge Low Duration High Income Fund has begun offering a retail share class of the fund with a minimum initial investment of $2,500 effective October 31. Total annual fund operating expenses will be 1.16% compared to .91% for the institutional share class.
FPA has voluntarily agreed to waive the advisory fee it receives from $8.7 billion FPA New Income by 0.05% (i.e., five basis points) from April 30, 2024, through July 27, 2024, and by 0.046% from July 28, 2024, through April 30, 2025. FPA will not seek recoupment of the advisory fees voluntarily waived. The minimum on the institutional shares is $1,500. It’s a good choice for quality-sensitive investors looking for a short-term bond fund. It leads its category for every trailing period of a year or longer though its 15-year returns, earned mostly in a low-inflation, zero-rate environment tick in at 2.2%.
Closings (and related inconveniences)
The Driehaus Small Cap Growth Fund, with total assets of $1.1 billion, will close to new investors at the close of business on December 2 at 4 PM. Year-to-date performance, as of November 27 for the investor class, was 40.89%. Jeffrey James, Michael Buck, and Prakash Vijayan are the management team.
Off to the Dustbin of History
AXS Merger Fund will be liquidated on or about December 27.
Fidelity Macro Opportunities Fund will be liquidated on or about January 24, 2025.
Harbor Disruptive Innovation Fund and the Harbor Disruptive Innovation ETF will be liquidated on or about January 29, 2025, and December 19, 2024, respectively.
Invesco Greater China Fund, a perfectly adequate small fund with both US and European versions, will be merged into Invesco EQV Asia Pacific Equity Fund on or about February 21, 2025.
Madison Funds will liquidate its Madison Tax-Free Virginia, Sustainable Equity, and International Stock Funds on or about February 21, 2025.
Roundhill S&P Global Luxury and Roundhill Alerian LNG ETFs will be liquidated on or about November 29.
Sterling Capital Behavioral International Equity Fund will be liquidated on or about January 24, 2025.