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Rating:CV Advisors Takes the Reins Over Two Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, September 19, 2013

CV Advisors Takes the Reins Over Two Funds

Reported by Katie Lobosco

CV Investment Advisors is one busy firm. It just took over two funds as an interim sub-advisor.

CV's founder Brenda A. Smith is now the PM for both Caritas All-Cap Growth Fund and the Presidio Multi-Strategy Fund.

Both funds have struggled in the past year, missing benchmark returns.

Caritas Capital [profile] had initially decided to liquidate its all-cap growth fund on a recommendation from its advisor who determined that it was "no longer economically viable to continue operating the fund in view of its size and future prospects of growth," according to an SEC filing .

The Caritas fund was managed by its own chief financial advisor Robert Fontana and reportedly invested primarily in a portfolio of common stocks believed to have above-average future growth potential relative to similar companies.

The fund was expected to have been liquidated in August, but the firm changed its mind according to a prospectus filed August 30.

Meanwhile, the Presidio Multi-Strategy Fund was managed by Presidio Capital Investment's [profile] C. Thanh Nguyen, who aimed for a globally diversified portfolio.

\ The portfolio was down -2.27 percent in the fiscal year ending in May, compared to a benchmark return of 15.03 percent, according to an SEC filing.

In both cases, CV Advisors will remain in the interim positions for 150 days or until a permanent advisor is hired, whichever comes first.

MFWire's Stork & Reaper section previously covered the hiring of CV Advisors here and here.  

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