Berwyn, Pennsylvania-based investment manager Turner Funds has launched its first 130/30 mutual fund, the Turner Core Growth 130/30 Fund, a no-load stock fund that uses a long/short strategy designed
Berwyn, Pennsylvania-based investment manager Turner Funds has launched its first 130/30 mutual fund, the Turner Core Growth 130/30 Fund, a no-load stock fund that uses a long/short strategy designed to take advantage of both rising and falling stock prices.
The Turner Core Growth 130/30 Fund is managed by Robert E. Turner, lead portfolio manager and chairman and chief investment officer of Turner Investment Partners, which was founded in 1990, assisted by co-managers David J. Honold jr, Vijay Shankaran and Mark D. Turner.
The fund invests primarily in companies with medium to large market capitalisations across all major market sectors. As with all of Turner’s growth funds, the investment process of this fund involves a synthesis of fundamental, technical and quantitative analysis.
Turner says the fund uses a disciplined long/short strategy that seeks to reduce market volatility and preserve capital. It typically holds 60 to 80 stocks in long positions and 25 to 35 stocks in short positions.
The fund, whose goal is to beat its performance benchmark, the Russell 1000 Growth Index, is available through investor class and institutional class shares, which carry a minimum initial investment of USD2,500 and USD250,000 respectively.
The launch of the Turner Core Growth 130/30 Fund brings the number of Turner Funds to 13, comprising 12 US growth, core, value and quantitative funds and one international growth fund, which between them had more than USD3bn in assets under management at the end of June.