Waycross Launches Liquid Long/Short Fund

May 4 2015 | 9:25am ET

The Waycross Long/Short Equity Fund will trade under the symbol WAYEX and has an investment objective of capital appreciation, with a secondary emphasis on capital preservation. The fund will focus on large and mid-cap stocks in the technology, health care, consumer and energy industries.

Investment selections will be made from a selective universe of around 300 U.S. companies that have market capitalizations of at least $1 billion. The companies are analyzed with proprietary models to determine price target ranges for each stock in the universe, which are then used by the fund to determine purchases and sales based on valuation and/or hedging requirements.

The fund will maintain net equity exposure of 50% or less under normal market conditions, according to the prospectus. 

The new fund is another example of so-called liquid alternative products to hit the market, which provide broader access to strategies and investment styles more commonly found within hedge funds but for much lower cost and with daily trading liquidity. 

Waycross launched the new fund on April 29th. Managing partner Benjamin Thomas is listed in the prospectus as the portfolio manager and will be responsible for the day-to-day management of the fund. Prior to founding Waycross, he was a senior equity analyst at Invesco.

WAYX is available in a single share class at a net expense ratio of 3.23%, management fees of 1.99% and minimum investment of $100,000.

Founded in 2005, Waycross Partners manages funds for around 60 clients and has assets under management of approximately $40 million. 

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