BERWYN, Pa.--(BUSINESS WIRE)--Today the Turner Funds is introducing three new alternative, or long/short, stock mutual funds. The funds seek to capitalize on rising stocks in their long positions and on declining stocks in their short positions.
The three new funds:
- Turner Market Neutral Fund, managed by Matthew Glaser, contains a balance of long and short investments in different stocks across all major market sectors. The fund has Institutional Class shares (ticker symbol: TMNEX), Investor Class shares (ticker symbol: TMNFX), and Class C shares (ticker symbol: TMNCX). Mr. Glaser, chief of investment strategies and executive managing director, joined Turner in 2007. He previously worked for Susquehanna International Group.
- Turner Medical Sciences Long/Short Fund, managed by Vijay Shankaran, is a diversified fund of long and short investments in health-care companies of all market capitalizations. The fund offers Institutional Class shares (ticker symbol: TMSEX), Investor Class shares (ticker symbol: TMSFX), and Class C shares (ticker symbol: TMSCX). Mr. Shankaran, who is a medical doctor and holds a doctorate in immunology, is a senior portfolio manager/global security analyst. He came to Turner in 2006 from Caxton Associates.
- Turner Titan Fund, managed by Christopher Baggini, is a global, diversified fund of long and short investments in all major market sectors, with a focus on large cap-stocks. The fund offers Institutional Class shares (ticker symbol: TTLEX), Investor Class shares (ticker symbol: TTLFX), and Class C shares (ticker symbol: TTLCX). Mr. Baggini, senior portfolio manager/global security analyst, holds the CFA designation and has been with Turner since June of 2010. Before joining Turner, he was the lead portfolio manager of the Aberdeen Equity Long-Short Fund, which Lipper Inc. ranked as the best-performing long/short stock fund for the five-year period ended December 31, 2009.
The addition of the three funds brings the total number of alternative Turner Funds to four. The fourth fund is the Turner Spectrum Fund, a multi-manager fund consisting of eight Turner long/short equity investment strategies, which has been open to investors since May 2009 and has $321 million in assets. All four alternative funds hold long positions in stocks that Turner Investments, the investment adviser, believes have superior earnings prospects and short positions in stocks that Turner believes have a deteriorating earnings outlook.
The Turner Funds offers a series of mutual funds to individual and institutional investors. Turner Investments, based in Berwyn, Pennsylvania, manages more than $17 billion in institutional portfolios and mutual funds, as of December 31, 2010.
The minimum initial investment in the three funds is $100,000 for Institutional Class shares and $2,500 for Investor Class and Class C shares. For Individual Retirement Accounts, the minimum initial investment is $100,000 for Institutional Class shares and $2,000 for Investor Class and Class C shares.
Investors can invest in the funds directly through the Turner Funds and through financial advisers, investment consultants, and defined-contribution plan sponsors who have a relationship with Turner Investments or the Turner Funds.
Effective October 1, 2010, the Turner Funds are distributed by Foreside Fund Services, LLC, Portland, Maine.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. This information can be found in the prospectus. A free summary or statutory prospectus, which contains detailed information, including fees and expenses, and the risks associated with investing in this fund, can be obtained by calling 800.224.6312 or by visiting www.turnerinvestments.com/fundinfo. Read the prospectus carefully before investing. Past performance is no guarantee of future results. Mutual fund investing involves risk, including potential loss of principal. This communication should not be considered an offer to provide any product or service in any jurisdiction that would be unlawful under the securities laws of that jurisdiction.
Mutual-fund investing involves risk, including the possible loss of principal. There is no assurance that the investment objective of any fund will be achieved. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Past performance is no guarantee of future results.
Turner Investments, founded in 1990 and based in Berwyn, Pennsylvania, is an investment firm with more than $17 billion in assets under management in stocks, as of December 31, 2010. Turner manages growth, global/international, core, value, quantitative, and alternative separately managed accounts and mutual funds for institutions and individuals.
Diversification does not eliminate the risk of experiencing investment losses. As with all investments, there are associated inherent risks. The investment risks of the funds mentioned are increased by their ability to focus its investments in one or more economic sector, to invest in smaller and medium capitalization companies, foreign companies, and IPOs. Also, the Fund's use of short sales, option strategies, and leverage may result in significant capital loss. There can be no assurance that the strategy will be successful in limiting volatility.
The Lipper Fund Award winners are selected using the Lipper Leader rating for consistent returns for funds with at least 36 months of performance history as of the end of the evaluation year. Awards are presented for the highest Lipper Leader for Consistent Return within each eligible classification over three, five, or 10 years. Lipper ratings for consistent return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.
Lipper, a wholly owned subsidiary of Thomson Reuters, is a leading global provider of mutual-fund information and analysis to fund companies, financial intermediaries, and media organizations. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data, the accuracy is not guaranteed by Lipper.
The Aberdeen Equity Long-Short Fund - Institutional Class ranked first out of 28 funds in the long/short equity funds category in the in the five-year time period ending December 31, 2009, to win the “Best Long/Short Equity Fund over Five Years” award. Other share classes may have different performance characteristics. Fund performance may now be higher or lower than the performance that was calculated to win this award. Performance reflects certain fee waivers, without which returns would be lower.