Investment manager Turner Investment Partners has announced the launch of the Turner Spectrum Fund, a no-load, open-end mutual fund that seeks capital appreciation by investing in six l
Investment manager Turner Investment Partners has announced the launch of the Turner Spectrum Fund, a no-load, open-end mutual fund that seeks capital appreciation by investing in six long/short equity strategies managed by the firm.
Turner Spectrum will be the first mutual fund in the Turner funds family to offer investors exposure to alternative strategies.
"The Turner Spectrum Fund provides the diversification benefits of a multi-manager approach by drawing on six long/short strategies managed by various teams within Turner," says Matthew D. Glaser, director of alternative strategies and principal at Turner. "Our goal is to capture in a single fund the best of Turner’s alternative-investment strategies. The fund is designed to be a lower volatility alternative to other equity funds and to offer the daily pricing, liquidity, and full transparency that investors expect in a traditional mutual fund structure."
The fund will seek to capture alpha, reduce volatility, and preserve capital in declining markets by investing in six long/short strategies.
Although each strategy’s weighting in the fund will vary as a result of performance, Turner intends to rebalance each weighting equally at the end of every year.
The institutional class shares of the Turner Spectrum Fund will require a minimum initial investment of USD100,000, with an expense ratio initially capped at 1.95 per cent. The investor class shares will be available with a minimum initial investment of USD2,500 and an expense ratio initially capped at 2.20 per cent. The Turner Spectrum Fund will not charge investors a performance fee.