Litman/Gregory, the advisors to the
Masters' Select Funds said it will be adding a 2% redemption fee to its funds for those rash investors who wish to jump ship in less than 180 days.
The fee is an effort to discourage short-term trading of the funds by market-timers, or other investors, who do not share the long-term strategy of the funds, a press release said.
The Master' Select Funds join a growing list of funds which have taken steps to discourage timers. Although some funds do welcome timers, the most prominent of which are the
Rydex and P
roFunds, many remain concerned about protecting their asset base from too rapid in and outflows.
In other news, Masters' Select Funds has elected a team of three portfolio managers from Seattle-based
Mastholm Asset Management, to manage approximately 10% of Masters'
Select International Fund.
Ted Tyson, Mastholm's CIO and portfolio manager, will lead the team, which also includes the firm's portfolio managers
Joe Jordan and
Doug Allen. The managers will use a bottom-up all capitalization growth approach, with a focus on developed
markets.
Bruce Bee, CIO of
Bee & Associates, had managed this portion of the fund but died this summer.
 
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