Richmond mutual fund weathering the storm

tfsSo far, investors are keeping their money with a Richmond-based mutual fund company.

The two mutual funds managed by Richmond’s TFS Capital are still bringing in around $1 million in new money a day, according to the company.

The performance of the TFS’ market neutral fund (which bets that stocks will both rise and fall) and the small cap fund (smaller companies) are both down, but investors aren’t pulling out their money.

TFS Market Neutral
is down 8.34% this month and down 6% in the last year as of Thursday.

TFS Small Cap is down 12% in the last month and down 14.34% for the year. By comparison, the Dow has lost 17.7% in the last year.

The value of the funds peaked in July, says Larry Eiben, TFS Chief Operating Officer.

The company has raised around $250 million a year for its funds, which also include a hedge fund.

The hedge fun has the same investing approach but is specially geared for wealthy investors and institutions.

“We’re down from our peak by roughly 10%,” Eiben said, “but relative to the other options out there, people are still looking at our long-term numbers, and they’re still good.”

TFS builds mathematical models of the market and executes hundreds of small trades a day. It bets that stocks will both rise and fall. Eiben said the company is not tweaking its strategy.

Breaking update: The SEC has just prohibited short selling. BizSense will see how this affects TFS. Stay tuned.

tfsSo far, investors are keeping their money with a Richmond-based mutual fund company.

The two mutual funds managed by Richmond’s TFS Capital are still bringing in around $1 million in new money a day, according to the company.

The performance of the TFS’ market neutral fund (which bets that stocks will both rise and fall) and the small cap fund (smaller companies) are both down, but investors aren’t pulling out their money.

TFS Market Neutral
is down 8.34% this month and down 6% in the last year as of Thursday.

TFS Small Cap is down 12% in the last month and down 14.34% for the year. By comparison, the Dow has lost 17.7% in the last year.

The value of the funds peaked in July, says Larry Eiben, TFS Chief Operating Officer.

The company has raised around $250 million a year for its funds, which also include a hedge fund.

The hedge fun has the same investing approach but is specially geared for wealthy investors and institutions.

“We’re down from our peak by roughly 10%,” Eiben said, “but relative to the other options out there, people are still looking at our long-term numbers, and they’re still good.”

TFS builds mathematical models of the market and executes hundreds of small trades a day. It bets that stocks will both rise and fall. Eiben said the company is not tweaking its strategy.

Breaking update: The SEC has just prohibited short selling. BizSense will see how this affects TFS. Stay tuned.

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