Cost, Capacity, Corporate Culture, and Conviction
This young fund has more going for it than a 5-star rating.
Beck, Mack & Oliver Partners (BMPEX) recently earned a three-year record and a 5-star Morningstar Rating--but that's not why it is worth reading about. Three years of success might be a blip, after all. Many young funds that burst out of the gate don't sustain their pace over the long run. Small asset bases can mean high expenses that are hard to consistently hurdle, asset growth can compromise a strategy, and growing pains at a small firm can lead to manager turnover. This fund, however, has decent odds of continuing its success.
Cost is one point in its favor: a reasonable 1% expense ratio, not bad for a fund with roughly $135 million in assets. Attention to capacity is another: Manager Zac Wydra anticipates a soft close at around $1 billion in assets and expects to close the fund completely at $1.5 billion. Those two factors are signs of another advantage: a strong corporate culture at Beck, Mack & Oliver LLC, which manages around $4.8 billion, primarily in institutional and high-net-worth individual accounts.
Laura Lallos does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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