Fund Watch: Liberty Street, Scharf And Nuance File For New Funds
By DailyAlts Staff In this edition, new filings from: Liberty Street / Robinson Income Opportunity Fund Scharf Alpha Opportunity Fund Nuance Concentrated Value Long-Short Fund Liberty Street / Robinson Income Opportunity Fund On October 16, Liberty Street Funds filed a Form N-1A with the Securities and Exchange Commission (“SEC”) announcing its intent to launch the Robinson Opportunities Fund. The fund, which will pursue an objective of total return with an emphasis on providing current income, will be managed by Robinson Capital Management’s James Robinson. It will invest primarily in income-generating closed-end mutual funds, and its trading strategies will include: Rotation Short sales Opportunistic trading Tender offers Mergers Paired trades Tax-related rebalancing trades Shares of the Robinson Opportunities Fund will be available in A, C, and institutional classes. The fund is expected to launch on or around December 30, 2015. Scharf Alpha Opportunity Fund Also on October 16, Scharf Funds filed a Form N-1A for the launch of the Scharf Alpha Opportunity Fund, which is expected to debut later this year. The fund will aim to provide investors with long-term capital appreciation and returns in excess of inflation, while exposing them to less volatility than traditional equity investments. This objective will be pursued through the selection of securities considered to have more appreciation potential than downside risk over the long term, as assessed by Scharf Investments and portfolio manager Brian Krawez. The fund will also take short positions in broad-market indexes such as the S&P 500, the Value Line Composite, or narrower indexes like the S&P 100. Typically, the fund will be between 30-70% net long, and its long positions will not be constrained by geographic restrictions. Shares will be available in investor and institutional classes. Nuance Concentrated Value Long-Short Fund Nuance Investments filed a Form N-1A for its Nuance Concentrated Value Long-Short Fund on October 13. The fund will take long positions in 15-35 securities and short positions in up to 50 securities, with long and short positions consisting mostly of small-, mid-, and large-cap U.S. stocks. Nuance Investments and portfolio managers Scott Moore and Chad Baumler will select investments they perceive to be undervalued for the long portfolio and investments they perceive to be overvalued for the short portfolio. The fund’s objective will be long-term capital appreciation. Shares of the Nuance Concentrated Value Long-Short Fund will be available in retail and institutional classes when the fund launches. The estimated date of the fund’s debut is December 27, 2015.