IPOX Capital Management, LLC will be the Fund’s sub advisor and its goal is to seek capital appreciation through a risk-controlled portfolio by investing in IPOs and spin-offs using a combined long/short strategy.
This one is a buy-and-hold managed tactical fund best suited for investors who value a tactical approach, yet are unable to manage an active strategy on their own.
The long portion of the Fund’s portfolio holds stocks that are within their first year of public offering and are expected to deliver short-run outperformance. The short portion of the portfolio holds stocks that are within their second-through-fourth year of public offering and are expected to underperform. The Fund will be managed through three distinct parts of the IPO Life cycle:
- Initial Offerings, held in long positions. The fund will participate in IPOs to take advantage of potential under-pricing in the market. IPOs can often be priced significantly below market expectations, providing the potential for capital appreciation on the first trading day and throughout the first few weeks of a new issue’s public offering.
- Year-1 New Issues selected to over perform, held in long positions.
- Year 2-through-4 New Issues selected to under perform, held in short positions.
Jon C. Ogg
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