According to an announcement from Pro-Hedge Funds Inc.,
its Pro-Hedge Multi Manager Elite Fund will carry an
initial investment minimum of $5,000.
The company’s news release said the offering is a
multi-manager, multi-strategy hedge fund that will allocate
assets among managers selected by Pro-Hedge Funds Inc.,
including Jim O’Donnell, Frank
Mersch
, Eric
Sprott
, Gene
Vollendorf
, and Dennis
Heskell
of Chicago-based
Mansur
Capital.
Pro-Hedge has hired Lawrence & Co. as investment
advisor to the fund. Also included on the eight-person
Investment Advisory Board is former Bank of Canada head
John Crowe, former Burns Fry chair Jack Lawrence and Monty
Gordon of Gordon Capital.
Once again, it was domestic equities that led net
inflows among fund types, netting $23.6 billion, while
International/Global came in a distant second place after
taking in $1.9 billion. Otherwise, the only other
positive inflow was noted in the $796 million inflow
recorded among Corporate bonds while the other fund
categories – Government and Tax-Free – recorded net
outflows for the month of $4.1 billion and $1.4 billion,
respectively, according to a Financial Research
Corporation (FRC) report.
Per Morningstar fund category, it was moderate
allocation that took the top prize, accumulating $3.1
billion in the month. This was followed by Large-Cap
Value, gaining $3.6 billion in terms of net flows.
The rest of the top five was composed of:
Vanguard Group and Fidelity Investments held the
top fund group spots, with $551 billion and $549 billion,
respectively. Behind the two sizeable fund families
in the total asset race were:
American Funds – $413 billion
Franklin Distributors Inc. – $170 billion
Putnam Investments – $139 billion.
Among September’s best sellers was American Funds
at the top, netting a $6.6 billion inflow. This was
followed up by Vanguard Group’s $3.2 billion, Fidelity
Distributors $2.5 billion, Dodge & Cox $2.5 billion
and PIMCO Funds $1.3 billion.
Year-to-date, the top five list showed American
Funds on top with $41.7 billion in net flow, followed
by:
Vanguard – $22.9 billion
PIMCO – $16.7 billion
Fidelity – $15.9 billion
Dodge & Cox – $9.6 billion.
Top Sellers
American Funds dominated the top selling individual
funds for the month. Holding four out of the top
five spots in September’s net flows were:
American Funds Growth Fund – $1.4 billion
American Inc Fund – $970 million.
American Funds Cap Inc Bldr – $851 million
American Funds Wash Mutl Invs – $774
million
Only Dodge & Cox’s Stock Fund managed to break
up the American block party, taking in $1.1 billion and
holding down second place on the list.