Plus, Vanguard Wellington celebrates its 80th anniversary and Bill Miller's big second quarter.
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Veteran value manager Doug Eby is set to return to the mutual fund industry. Pending final approval from the board of trustees, the 17 Mile Value Fund will launch in September 2009 with Eby at the helm. Eby has formed 17 Mile Capital, a Carmel, Calif.-based adviser that is currently registering with the SEC.
Eby built a strong record as comanager of the Torray
Eby says he will employ the same Buffett-esque style as in the past, focusing on superior businesses trading at fair prices. The fund can buy stocks of any size, but Eby says it will lean toward large caps. He says he will also purchase securities elsewhere in the capital structure if they present the best risk/reward profile.
Eby had great success at Torray participating in convertible-debt deals with Fairfax Financial
The fund will offer retail and institutional share classes. Both will be a tad pricey until asset scale is achieved. The adviser's 1.00% management fee is reasonable, and waivers will cap the total expense ratios for a three-year period at 1.75% for the retail class and 1.40% for the institutional. Expenses can come down if assets rise.
Miller Posts Big Second Quarter
We usually don't like to focus on short-term results. But it's hard not to take notice when the fund at the top of a performance list is run by Bill Miller, the Legg Mason Value
Miller's Legg Mason Opportunity