The fund that launched an SEC investigation into Morningstar and its ratings is changing its name. The Rock Canyon Advisory Group
is tweaking the moniker on its Top Flight Fund to provide a better hint at its hedging ways. The fund is now known as the Top Flight Long/Short Fund
. The funds ticker will remain as TOPFX.
The fund has been around since 2002, but may be best known within the fund industry for the role it played in the SEC's 2004 investigation of Morningstar's fund rating process. In February of that year a Rock Canyon staffer noticed that Morningstar's data for the fund was incorrect and emailed the fund tracker to point out the problem. Morningstar received the corrections for the NAV's on March 12 but failed to update its records until March 23. The SEC subsequently investigated the delay, delaying Morningstar's own IPO. The SEC did not fault Morningtar and dropped the probe last February.
Rock Canyon distributes The Top Flight Long/Short Fund
through Charles Schwab, Fidelity, Datalynx, TD-Ameritrade and through the fund's transfer agent Mutual Shareholder Services.
Stay ahead of the news ... Sign up for our email alerts now