CONCORD, N.H., Jan. 5, 2012 (GLOBE NEWSWIRE) -- Granite Investment Advisors, an independently owned investment management firm, today introduced the Granite Value Fund, an actively managed equity fund investing primarily in mid- to large-capitalization equity securities of U.S. and foreign companies.
The Granite Value Fund seeks to provide long-term capital appreciation by investing in equity securities of approximately 40 companies believed by the Adviser to be undervalued. The managers of the Fund are Scott Schermerhorn, a 25-year investment industry veteran and Chief Investment Officer of Granite Investment Advisors, and Tim Lesko, a principal of the firm and senior member of the investment team.
Granite Investment Advisors is a long-term, value oriented investment manager that applies a disciplined approach to equity selection. The firm uses fundamental analysis to identify companies with above average or improving profitability selling at below average valuations.
In selecting portfolio securities for the Fund, Granite will look for companies that have a unique competitive advantage; whose business models are simple and can be understood; have management teams the Adviser feels are trustworthy; have low debt and are not dependent upon borrowed money to conduct daily operations; and, have the ability to generate significant free cash flow over a market cycle.
"We are excited to bring our disciplined, institutional-grade investment strategy to investors of all sizes," said Scott Schermerhorn, Granite's Chief Executive Officer and the Senior Portfolio Manager for the Fund. "Over the years we have had many prospective clients whose investment assets were not sizeable enough to be managed effectively in our separate account strategies. Now we are pleased to have a solution to help these investors take advantage of our time-tested investment process. The Granite Value Fund will be concentrated in those companies that we know extremely well and that exhibit high or improving returns on capital."
Investors can purchase the Fund directly or through brokerage platforms. The minimum initial investment for taxable accounts is $10,000 and $5,000 for non-taxable accounts. The Fund does not have any loads. The Fund will assess a 2% redemption fee on shares held less than 90 days in an effort to deter short-term trading. The fee, which is not a load, is paid directly back to the Fund to offset transaction costs. The Fund is now accepting investments.
You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a current copy of the Fund's prospectus by calling 1-888-442-9893.
Mid-cap investing involves greater risk not associated with investing in more established companies, such as greater price volatility, business risk, less liquidity and increased competitive threat.
Investments in international markets present special risks including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation and differences in auditing and other financial standards.
Given the significant differences between separately managed accounts and mutual funds, investors should consider the differences in expenses, tax implications and the overall objectives between separately managed accounts and mutual funds before investing. Past performance of the strategy/separately managed accounts is not indicative of future performance of the Fund.
Distributed by Unified Financial Securities, Inc., 2960 North Meridian Street, Suite 300, Indianapolis, IN 46208. (Member FINRA)
About Granite Investment Advisors
Granite Investment Advisors, headquartered in Concord, New Hampshire, manages more than $500 million in assets as of 12/6/11, and serves as investment adviser to the Fund. The Adviser is management owned and operated by its principals: Scott Schermerhorn, Tim Lesko and Rick Morgan. The Adviser has been managing investments for private clients, non-profit institutions and corporations since 1983.