Morgan Creek Capital has released the first fact sheet on its new mutual fund.  The Morgan Creek Tactical Allocation Fund Class I (MUTF:MIGTX) was launched on August 15, and the fact sheet takes a look at the state of the mutual fund at the end of August. Performance in the first 15 days of operation wasn’t particularly good, but the fact sheet lays out some of the fund’s general plans going forward.

Mark Yusko Morgan Creek

The Morgan Creek Tactical Allocation Fund Class I (MUTF:MIGTX) lost 1.5 percent of its value in its first fifteen days of operation. That’s a poor return for investors, but the sample size is even poorer. Fifteen days is not enough time to judge the efficacy of a mutual fund. The fact sheet goes into some detail about the holdings of the Morgan Creek Tactical Allocation Fund.

Also see: Mark Yusko of Morgan Creek: Substitute Quadrillion for Million in Japan

Morgan Creek strategy

The fact sheet lays out the assets that the fund is invested in with broad strokes, and it makes the strategy of the mutual fund clear. Morgan Creek Tactical Allocation Fund Class I (MUTF:MIGTX) held around 26.9 percent cash at the end of August. 26.4 percent of its assets were held in ideas sourced from the Morgan Creek Global Alternatives Network, including FleetCor Technologies, Inc. (NYSE:FLT).

13.7 percent of the fund’s assets are in instruments that will make money if Japan sees reflation, 15.3 percent are in energy and Natural Resources, 8 percent are in Emerging and Frontier Markets and 9.8 percent are invested in assets that will gain if Europe recovers. The fund is event-driven according to the fact sheet, and that’s clear from the allocation of assets.

The Objective of the mutual fund is, according to the fact sheet, “To provide long term total returns with a lower volatility than traditional benchmarks.”

Morgan Creek mutual fund

The Morgan Creek mutual fund allows investors to buy Class A shares for a minimum of $2000. The fund charges a 0.75 percent management fee on assets held, as well as a charge of 0.25 percent. The total expense ratio listed in the fact sheet is 2.09 percent. Mark Yusko is listed as the manager of the Portfolio on the fact sheet.

Yusko founded Morgan Creek in 2004. The company normally handles big endowments, but that has clearly changed with the launch of this mutual fund. Morgan Creek is now aiming to attract normal investors into its funds. The company is trying to draw smaller investors into more unusual strategies.