Dallas-based David W. Tice & Assoc., Inc. opened the Prudent Bear Fund in December 1995 as a hedge against a declining market. The fund was structured with the flexibility to make short sales and to be "net-short" the US stock market. DWT&A opened its second fund -- the Prudent Global Income Fund -- in February 2000. That fund was designed to benefit from a weakening U.S. dollar and rising gold prices.
Federated Investors [see profile] acquired the two funds in an up-to-$143-million deal that closed in In December 2008.
David Tice President, David W Tice & Associates (Prudent Bear Funds)