The Masters' Select Equity Fund, a new mutual fund launched by an affiliate of the No-Load Fund Analyst newsletter, selected six subadvisers. The firms will be allocated a portion of the portfolio as follows: New York Venture Fund, 20% in mid- to large-cap growth at a reasonable price; SoGen, 20%, global value; Longleaf Partners, 20%, mid- to large-cap value; Jennison Associates, 20%, large-cap earnings momentum; Friess Associates, 10%, mid- to large-cap earnings momentum; and Strong, 10%, small-cap GARP.
The unusual fund is not a fund of funds. Instead, its manager, Litman/Gregory Fund Advisors, will allow each subadviser to pick up to 15 stocks. Allocations among subadvisers by Litman/Gregory may drift slightly over time.
The fund is no-load but its expenses are relatively high, at 1.75%. Litman/Gregory expects the expenses to fall below the level of the average equity fund as assets grow.
