Investing in Europe: The Kubie Family Vacation

Content provided by Scott Kubie, CFA, CLS Chief Strategist Scott Kubie, his wife Cherie and son Raef, outside the Tower of London. The Kubies have now been to Europe. Thanks to a sabbatical benefit, my family and I were able to take a 10-day trip to Europe in late June and early July. While the...

The First Step to Financial Success

Content provided by J.J. Schenkelberg, CFA, CLS Senior Portfolio Manager For the past several years, I have taught high school students at an investment camp hosted by the University of Nebraska at Omaha. Each year I am impressed by the interest these students show in their financial success. While the camp is free (UNO has...

MASTERCLASS: Mutual Fund Administration

The landscape for funds is dynamically changing both due to regulation and the evolution of products. Watch as three experts talk about how fund administrators are helping guide clients through the evolution of the space.

  • Kevin Wolf – President of Gemini Fund Services, LLC
  • Lisa Mougin – SVP, Director of Sales and Relationship Management at ALPS, a DST Company
  • Felix Rivera – Founder & Managing Partner at Independent Channel Avisors

Visit to watch the video, filmed in July 2015.


Market Horror Picture Show

By Kostya Etus, CLS Associate Portfolio Manager I love watching movies. It is one of my favorite things to do in my spare time. I really enjoy all types of movies, and I will give almost any film a chance except for one genre: horror. I find horror films typically do not have well-developed plots,...

ETF Trends in the First Half of 2015

Content provided by Grant Engelbart, CFA, CLS Portfolio Manager How much have Exchange Traded Funds (ETFs) grown so far this year? The quick answer is “tons” (TONS, ironically, is the ticker symbol of the ETF launched this year with the lowest assets). So far this year, 112 exchange-traded products have been launched, on pace to...

Emerging Market Divergence

Content provided by Sierra Morris-Fuchs, CLS Investment Research Analyst Emerging markets have shown favorable valuations and stronger global growth prospects recently, which have presented intriguing opportunities. But lumping these markets together as a single country or region can be quite deceiving. Instead, the emerging markets should be analyzed individually because their characteristics vary widely —...

SEC Unshackles Alt, Fund-of-Funds Investment Options

The Securities and Exchange Commission eliminated the regulatory queue for certain types of ’40 Act funds of funds seeking to tap derivatives and other vehicles beyond traditional stocks and bonds.

In a no-action letter issued last week, the SEC assured the $96 million Grant Park Multi-Alternative Strategies mutual fund that it could invest in affiliated funds that offered exposure to investments through derivatives, property and commodities without facing enforcement.

Prior to the June 29 letter, affiliated funds of funds that sought to broaden their investment parameters beyond traditional instruments by investing in another product within their fund family needed exemptive relief.

And while the SEC had already granted such relief to dozens of managers, the process of seeking such permission added time and cost to the product development process. The new letter allows other managers to skip that step, and instead refer to it, says JoAnn Strasser, a partner at Thompson Hine who represented the manager along with counsel Andrew Davalla.

“This really cleans up a hole in the regulation and makes it easier for liquid alts to implement their strategies,” says Strasser.

In fact, the Grant Park fund, which is managed by Chicago-based Dearborn Capital Management and part of the Northern Lights series trust operated by Gemini Fund Services, initially sought exemptive relief. According to the prospectus, the fund seeks to reach its investment objective by investing primarily in derivatives, including options, futures, forwards, spot contracts and swaps. Other primary investments include U.S. equities and closed-end and exchange-traded funds.

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The Other 40 Act Fund

Content provided by Joshua Jenkins, CLS Associate Portfolio Manager The ETF industry spends a substantial amount of time educating investors on the relative merits of the Exchange Traded Fund (ETF) structure. In doing so, a comparison is typically made to a close relative, the open-end mutual fund. There is, however, another investment vehicle defined by...