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TRANSCRIPT
Products & Services Research Report Series
An Initial Overview of the Mutual Funds Industry:
America’s Primary Investing Vehicle
February 2011
09.07.01 – Mutual Funds Tiburon Strategic Advisors, LLC™ 2
TABLE OF CONTENTS
INTRODUCTION, KEY FINDINGS, & EXECUTIVE SUMMARY....................................87
A SYNOPSIS OF FINANCIAL SERVICES INDUSTRY PRODUCTS & SERVICE MARKETS...................................................................................................................111
EVOLUTION OF THE MUTUAL FUNDS BUSINESS..................................................226
Key Driving Factors..................................................................................................226
Market History..........................................................................................................226
Formation Phase ..................................................................................................227
Early Expansion Phase.........................................................................................227
More Rapid Expansion Phase...............................................................................228
Scandals & Commoditization Phase .....................................................................230
Market Definition ......................................................................................................239
Open-End Mutual Funds.......................................................................................239
Closed-End Mutual Funds ....................................................................................239
Unit Investment Trusts ..........................................................................................240
Exchange Traded Funds.......................................................................................240
Market Growth .........................................................................................................241
Companies ...........................................................................................................242
Partners................................................................................................................242
Employees............................................................................................................243
Consumers (Investors)..........................................................................................243
Consumer Households .........................................................................................243
Accounts...............................................................................................................243
Assets Under Management...................................................................................243
Net Flows..............................................................................................................244
Revenues .............................................................................................................244
Net Profits.............................................................................................................244
Leading Mutual Fund Companies.............................................................................244
Mutual Funds........................................................................................................244
Assets Under Management...................................................................................245
Net Flows..............................................................................................................247
Revenues .............................................................................................................247
Net Profitls ............................................................................................................247
MARKET SEGMENTATION........................................................................................248
Open-End Mutual Funds ..........................................................................................248
Key Issues ............................................................................................................249
Decreasing Investment Minimums.....................................................................249
Decreasing Fees ...............................................................................................249
Brokerage Firms Shift from Money Market Funds..............................................250
Decreasing Redemption Rates ..........................................................................251
Increasing Compliance ......................................................................................252
Increasing Technology Innovations....................................................................252
Mutual Fund Mergers & Acquisitions .................................................................253
Evolving Independent Board Member Roles......................................................261
Closed-End Mutual Funds........................................................................................279
Unit Investment Trusts .............................................................................................280
Non-US Mutual Funds..............................................................................................280
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SUB-MARKET SEGMENTATION ...............................................................................281
Investment Style ......................................................................................................281
Stocks, Bonds, & Money Market Funds ................................................................282
Growth & Value.....................................................................................................284
Various Fixed Income ...........................................................................................286
International Funds ...............................................................................................286
Target Date Funds................................................................................................286
Index Funds..........................................................................................................288
Leveraged Funds..................................................................................................290
Inverse Funds.......................................................................................................290
Hedge Fund Strategies .........................................................................................292
Sector Funds ........................................................................................................292
Real Estate Funds ................................................................................................292
Commodity Funds.................................................................................................293
Currency Funds ....................................................................................................293
Focused Mutual Funds .........................................................................................293
Socially Responsible Funds ..................................................................................293
Tax Efficient Funds ...............................................................................................294
Product Structures ...................................................................................................294
Closed-End Funds ................................................................................................295
Unit Investment Trusts ..........................................................................................299
Share Classes ......................................................................................................300
Mutual Funds-of-Funds.........................................................................................306
Mutual Funds Wrap Accounts ...............................................................................306
Unified Managed Accounts ...................................................................................307
Performance Fee Mutual Funds............................................................................307
Sub-Advised Funds ..............................................................................................307
MARKETS & DISTRIBUTION CHANNELS .................................................................308
Direct Distribution.....................................................................................................309
Direct to Consumer...............................................................................................310
Discount Brokers & Mutual Fund Supermarkets....................................................310
Discount Brokers ...............................................................................................310
Mutual Fund Supermarkets................................................................................313
Financial Advisor Markets ........................................................................................316
Commission Mutual Fund Sales ...........................................................................319
Mutual Fund Wrap Account Programs ..................................................................319
Fee-Based Financial Advisors ..............................................................................325
Independent Reps ................................................................................................338
Turnkey Asset Management Programs.................................................................344
Retail Banks .........................................................................................................346
Insurance Agents..................................................................................................349
CPA Firms ............................................................................................................350
Institutional Markets .................................................................................................354
401k Plans............................................................................................................354
403b Plans............................................................................................................355
457 Plans..............................................................................................................355
Sub-Advisory Opportunities ..................................................................................355
International Markets................................................................................................355
FUTURE PREDICTIONS FOR THE MUTUAL FUNDS BUSINESS ............................359
Increased Compliance .............................................................................................360
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Mutual Fund Scandals ..........................................................................................360
Moderate Industry Growth........................................................................................362
Interesting Investment Style Shifts ...........................................................................363
Slower than Expected Exit from Equity Mutual Funds ...........................................363
Exit from Money Market Funds .............................................................................363
Increased International Focus...............................................................................363
Evolving Investment Styles ...................................................................................363
Increased Utilization of Target Date Mutual Funds ............................................363
Increased Utilization of Index Funds ..................................................................364
Introduction to Leveraged Index Funds..............................................................364
Introduction to Inverse Index Funds...................................................................365
Increased Utilization of Mutual Funds with Hedge Fund Strategies....................365
Emergence of Sector Mutual Funds...................................................................365
Introduction of Real Estate Mutual Funds ..........................................................365
Emergence of Commodity Funds.......................................................................365
Emergence of Currency Funds ..........................................................................365
Emergence of Socially Responsible Investing Mutual Funds .............................366
Increased Utilization of Tax Efficient Mutual Funds............................................366
Evolving Product Structures .....................................................................................367
Expansion of Share Classes .................................................................................368
Increased Utilization of Closed-End Funds ...........................................................368
Increased Utilization of Funds-of-Funds................................................................369
Increased Utilization of Mutual Fund Wrap Account Programs..............................369
Increased Exposure of Unified Managed Account Programs ................................369
Growing Popularity of Performance Fees..............................................................369
Evolving Markets & Distribution Channels................................................................370
Increasing Importance of Distribution Networks ....................................................370
Opportunities in the International Market...............................................................370
Evolving Wholesaler Models ....................................................................................370
Brand Building ......................................................................................................370
Intellectual Wholesaling ........................................................................................371
Increased Telephone & Virtual Wholesaling Strategies.........................................374
Distancing of the Leaders ........................................................................................375
Bifurcation of the Industry .....................................................................................375
Increased Focus on Value ....................................................................................377
Declining Cost of Investment Products .................................................................377
Consolidation of Mutual Fund Companies................................................................381
Large Company Market ........................................................................................382
Mid-Size Company Market....................................................................................382
Small Company Market.........................................................................................382
Mutual Fund Company Initial Public Offerings..........................................................386
APPENDIX..................................................................................................................387
Profiles of Mutual Funds Companies........................................................................387
Absolute Investment Advisers...............................................................................387
History ...............................................................................................................387
Early Phase....................................................................................................387
Middle Phase..................................................................................................387
Recent Phase.................................................................................................387
Statistics ............................................................................................................387
Businesses ........................................................................................................387
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Absolute Strategies Fund ...............................................................................388
Organization & Ownership.................................................................................388
Acadian Asset Management .................................................................................389
History ...............................................................................................................389
Early Phase....................................................................................................389
Middle Phase..................................................................................................389
Recent Phase.................................................................................................389
Statistics ............................................................................................................389
Businesses ........................................................................................................389
Mutual Funds..................................................................................................389
Organization & Ownership.................................................................................390
Activa Asset Management ....................................................................................390
History ...............................................................................................................390
Introduction Phase .........................................................................................390
Fund Launches Phase....................................................................................390
Recent Phase.................................................................................................391
Statistics ............................................................................................................391
Businesses ........................................................................................................391
Mutual Funds..................................................................................................391
Other Accounts...............................................................................................392
Organization & Ownership.................................................................................392
Adams Express.....................................................................................................393
History ...............................................................................................................393
Early Phase....................................................................................................393
Middle Phase..................................................................................................393
Recent Phase.................................................................................................393
Statistics ............................................................................................................393
Businesses ........................................................................................................394
Mutual Funds..................................................................................................394
Organization & Ownership.................................................................................394
Adhia Investment Advisors....................................................................................394
History ...............................................................................................................394
Businesses ........................................................................................................394
Adhia Funds ...................................................................................................394
Organization & Ownership.................................................................................395
Advance Capital Management ..............................................................................395
History ...............................................................................................................395
Early Phase....................................................................................................395
Middle Phase..................................................................................................395
Recent Phase.................................................................................................395
Statistics ............................................................................................................395
Businesses ........................................................................................................395
Advance Capital 1 Mutual Funds....................................................................396
Advance Capital Services...............................................................................396
Advance Capital Group ..................................................................................396
Organization & Ownership.................................................................................396
Advent Capital Management.................................................................................396
History ...............................................................................................................396
Businesses ........................................................................................................396
Long-Only Products........................................................................................397
Closed-End Funds..........................................................................................397
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Organization & Ownership.................................................................................397
Aegis Financial Corporation ..................................................................................397
History ...............................................................................................................398
Early Phase....................................................................................................398
Aegis Value Fund Introduction Phase.............................................................398
Aegis High Yield Fund Introduction Phase......................................................398
Statistics ............................................................................................................398
Businesses ........................................................................................................398
Aegis Value Fund ...........................................................................................399
Organization & Ownership.................................................................................399
Aegon ...................................................................................................................399
History ...............................................................................................................399
Businesses ........................................................................................................399
TransAmerica for Individuals & Families.........................................................400
TransAmerica Premier Funds.........................................................................400
TransAmerica Idex Mutual Funds...................................................................400
TransAmerica Financial Life Insurance...........................................................400
Organization & Ownership.................................................................................401
AFBA the 5 Star Association.................................................................................401
History ...............................................................................................................402
Businesses ........................................................................................................402
AFBA Five Star Funds....................................................................................402
Organization & Ownership.................................................................................404
Affiliated Managers Group ....................................................................................404
History ...............................................................................................................405
Businesses ........................................................................................................405
Managers Investment Group ..........................................................................405
Managers Funds .........................................................................................405
Third Avenue Management ............................................................................411
Third Avenue Funds....................................................................................411
Tweedy, Browne, & Company ........................................................................411
Tweedy Browne Mutual Funds ....................................................................411
Organization & Ownership.................................................................................411
Agilex Funds.........................................................................................................412
History ...............................................................................................................412
Early Phase....................................................................................................413
Middle Phase..................................................................................................413
Recent Phase.................................................................................................413
Statistics ............................................................................................................413
Businesses ........................................................................................................413
Mutual Funds..................................................................................................413
Organization & Ownership.................................................................................413
Al Frank Asset Management.................................................................................414
History ...............................................................................................................414
Prudent Speculator Phase..............................................................................414
John Buckingham Phase................................................................................414
Jeff Montgomery Phase..................................................................................414
Statistics ............................................................................................................414
Businesses ........................................................................................................415
Research & Advice.........................................................................................415
Mutual Funds..................................................................................................416
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Managed Accounts.........................................................................................416
Organization & Ownership.................................................................................417
Allegiant Asset Management ................................................................................417
History ...............................................................................................................417
Early Phase....................................................................................................417
Middle Phase..................................................................................................418
Allegiant Phase ..............................................................................................418
Statistics ............................................................................................................418
Businesses ........................................................................................................418
Mutual Funds..................................................................................................418
Organization & Ownership.................................................................................418
Allianz...................................................................................................................418
History ...............................................................................................................419
Businesses ........................................................................................................419
Allianz Global Investors ..................................................................................419
PIMCO ........................................................................................................419
Nicholas Applegate .....................................................................................424
Oppenheimer Capital ..................................................................................424
RCM............................................................................................................424
Organization & Ownership.................................................................................426
Alpine Woods Investments....................................................................................426
History ...............................................................................................................426
Early Phase....................................................................................................427
Middle Phase..................................................................................................427
Recent Phase.................................................................................................427
Statistics ............................................................................................................427
Businesses ........................................................................................................427
Mutual Funds..................................................................................................427
Organization & Ownership.................................................................................427
ALPS Holdings......................................................................................................427
History ...............................................................................................................428
Businesses ........................................................................................................428
Liberty All-Star Funds .....................................................................................428
Organization & Ownership.................................................................................428
Alsin Capital Management ....................................................................................428
History ...............................................................................................................428
Early Phase....................................................................................................429
Middle Phase..................................................................................................429
Recent Phase.................................................................................................429
Statistics ............................................................................................................429
Businesses ........................................................................................................429
Mutual Funds..................................................................................................429
Organization & Ownership.................................................................................429
American Eagle ....................................................................................................429
History ...............................................................................................................430
Early Phase....................................................................................................430
Middle Phase..................................................................................................430
Recent Phase.................................................................................................430
Statistics ............................................................................................................430
Businesses ........................................................................................................430
Mutual Funds..................................................................................................430
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Organization & Ownership.................................................................................430
American Hospital Association (AHA) ...................................................................431
History ...............................................................................................................431
Businesses ........................................................................................................431
AHA Investment Funds...................................................................................431
Organization & Ownership.................................................................................433
American Independence Financial Services .........................................................434
History ...............................................................................................................434
Adventus Advisors Phase...............................................................................434
Arrivator Advisors Phase ................................................................................434
American Independence Advisors Phase .......................................................435
Statistics ............................................................................................................435
Businesses ........................................................................................................435
Mutual Funds..................................................................................................436
American Independence Funds...................................................................436
Organization & Ownership.................................................................................437
American International Group (AIG)......................................................................438
History ...............................................................................................................438
Businesses ........................................................................................................438
Brazo Capital Management ............................................................................438
Sun America Mutual Funds ............................................................................441
Valic ...............................................................................................................442
Organization & Ownership.................................................................................445
American National Insurance Company................................................................446
History ...............................................................................................................446
Businesses ........................................................................................................446
Securities Management & Research ..............................................................446
Organization & Ownership.................................................................................450
AmeriPrime...........................................................................................................450
History ...............................................................................................................450
Early Phase....................................................................................................450
Middle Phase..................................................................................................451
Recent Phase.................................................................................................451
Statistics ............................................................................................................451
Businesses ........................................................................................................451
Mutual Funds..................................................................................................451
Organization & Ownership.................................................................................451
Ameriprise Financial .............................................................................................451
History ...............................................................................................................451
Businesses ........................................................................................................451
River Source Investments ..............................................................................452
J&W Seligman................................................................................................454
Organization & Ownership.................................................................................454
Ameristock Funds .................................................................................................455
History ...............................................................................................................455
Early Phase....................................................................................................455
Middle Phase..................................................................................................455
Recent Phase.................................................................................................455
Statistics ............................................................................................................455
Businesses ........................................................................................................456
Mutual Funds..................................................................................................456
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ETFs ..............................................................................................................456
Organization & Ownership.................................................................................457
Ameritor ................................................................................................................457
History ...............................................................................................................457
Early Phase....................................................................................................457
Middle Phase..................................................................................................457
Recent Phase.................................................................................................457
Statistics ............................................................................................................457
Businesses ........................................................................................................457
Mutual Funds..................................................................................................457
Organization & Ownership.................................................................................458
Amidex Mutual Funds ...........................................................................................458
History ...............................................................................................................458
Early Phase....................................................................................................458
Middle Phase..................................................................................................458
Recent Phase.................................................................................................458
Statistics ............................................................................................................458
Businesses ........................................................................................................458
Mutual Funds..................................................................................................458
Organization & Ownership.................................................................................459
AMR Corporation ..................................................................................................459
History ...............................................................................................................459
Early Phase....................................................................................................459
Middle Phase..................................................................................................459
Recent Phase.................................................................................................459
Statistics ............................................................................................................460
Businesses ........................................................................................................460
American Beacon Advisors.............................................................................460
American Beacon Funds .............................................................................460
Organization & Ownership.................................................................................460
Analysis Group .....................................................................................................460
History ...............................................................................................................461
Early Phase....................................................................................................461
Middle Phase..................................................................................................461
Recent Phase.................................................................................................461
Statistics ............................................................................................................461
Businesses ........................................................................................................461
Mutual Funds..................................................................................................461
Organization & Ownership.................................................................................461
API Trust...............................................................................................................462
History ...............................................................................................................462
Mutual Fund Phase ........................................................................................462
Managed Account Phase ...............................................................................462
Recent Phase.................................................................................................462
Statistics ............................................................................................................462
Businesses ........................................................................................................462
Mutual Funds..................................................................................................462
Master Allocation Accounts ............................................................................463
Organization & Ownership.................................................................................463
Aquila Investment Management............................................................................463
History ...............................................................................................................464
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Early Phase....................................................................................................464
Middle Phase..................................................................................................464
Recent Phase.................................................................................................464
Statistics ............................................................................................................464
Businesses ........................................................................................................464
Mutual Funds..................................................................................................464
Organization & Ownership.................................................................................464
Ariel Mutual Funds................................................................................................464
History ...............................................................................................................465
Early Phase....................................................................................................465
Middle Phase..................................................................................................465
Recent Phase.................................................................................................465
Statistics ............................................................................................................465
Businesses ........................................................................................................465
Mutual Funds..................................................................................................465
Organization & Ownership.................................................................................465
Armstrong Associates...........................................................................................466
History ...............................................................................................................466
Early Phase....................................................................................................466
Middle Phase..................................................................................................466
Recent Phase.................................................................................................466
Statistics ............................................................................................................466
Businesses ........................................................................................................466
Mutual Funds..................................................................................................466
Organization & Ownership.................................................................................466
Arnold Investment Counsel ...................................................................................467
History ...............................................................................................................467
Early Phase....................................................................................................467
Middle Phase..................................................................................................467
Recent Phase.................................................................................................467
Statistics ............................................................................................................467
Businesses ........................................................................................................467
Primary Trend Funds......................................................................................467
Organization & Ownership.................................................................................467
Artisan Funds .......................................................................................................468
History ...............................................................................................................468
Early Phase....................................................................................................468
Middle Phase..................................................................................................468
Recent Phase.................................................................................................468
Statistics ............................................................................................................468
Businesses ........................................................................................................468
Mutual Funds..................................................................................................468
Organization & Ownership.................................................................................469
Asset Management...............................................................................................469
History ...............................................................................................................469
Early Phase....................................................................................................469
Middle Phase..................................................................................................469
Recent Phase.................................................................................................469
Statistics ............................................................................................................469
Businesses ........................................................................................................469
Mutual Funds..................................................................................................469
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Organization & Ownership.................................................................................470
Aster Investment Management .............................................................................470
History ...............................................................................................................470
Mutual Fund Introduction Phase.....................................................................470
Mutual Fund Expansion Phase.......................................................................470
Recent Phase.................................................................................................470
Statistics ............................................................................................................471
Businesses ........................................................................................................471
Meridian Funds...............................................................................................471
Organization & Ownership.................................................................................471
Atlanta Investment Counsel ..................................................................................472
History ...............................................................................................................472
Early Phase....................................................................................................472
Middle Phase..................................................................................................472
Recent Phase.................................................................................................472
Statistics ............................................................................................................472
Businesses ........................................................................................................472
The Wisdom Fund ..........................................................................................472
Organization & Ownership.................................................................................472
Austin Funds.........................................................................................................472
History ...............................................................................................................473
Early Phase....................................................................................................473
Middle Phase..................................................................................................473
Recent Phase.................................................................................................473
Statistics ............................................................................................................473
Businesses ........................................................................................................473
Mutual Funds..................................................................................................473
Organization & Ownership.................................................................................473
Auxier Asset Management....................................................................................473
History ...............................................................................................................474
Early Phase....................................................................................................474
Middle Phase..................................................................................................474
Recent Phase.................................................................................................474
Statistics ............................................................................................................474
Businesses ........................................................................................................474
Mutual Funds..................................................................................................474
Auxier Focus Fund ......................................................................................474
Managed Accounts.........................................................................................475
Organization & Ownership.................................................................................475
Axa Group ............................................................................................................475
History ...............................................................................................................476
Businesses ........................................................................................................476
Alliance Capital...............................................................................................476
MONY Group.....................................................................................................483
Enterprise Capital Management .....................................................................483
Advest ...............................................................................................................483
Lebenthal .......................................................................................................483
Organization & Ownership.................................................................................483
Azzard Fund .........................................................................................................483
History ...............................................................................................................483
Early Phase....................................................................................................484
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Middle Phase..................................................................................................484
Recent Phase.................................................................................................484
Statistics ............................................................................................................484
Businesses ........................................................................................................484
Mutual Funds..................................................................................................484
Organization & Ownership.................................................................................484
Badgley, Phelps, & Bell.........................................................................................484
History ...............................................................................................................484
Early Phase....................................................................................................485
Middle Phase..................................................................................................485
Recent Phase.................................................................................................485
Statistics ............................................................................................................485
Businesses ........................................................................................................485
Mutual Funds..................................................................................................485
Organization & Ownership.................................................................................485
Bailard ..................................................................................................................485
History ...............................................................................................................485
Businesses ........................................................................................................486
Wealth Management ......................................................................................486
Organization & Ownership.................................................................................486
Baker 500 Corporation..........................................................................................486
History ...............................................................................................................486
Early Phase....................................................................................................486
Middle Phase..................................................................................................487
Recent Phase.................................................................................................487
Statistics ............................................................................................................487
Businesses ........................................................................................................487
Mutual Funds..................................................................................................487
Organization & Ownership.................................................................................487
Bancroft Convertible Fund ....................................................................................487
History ...............................................................................................................487
Early Phase....................................................................................................488
Middle Phase..................................................................................................488
Recent Phase.................................................................................................488
Statistics ............................................................................................................488
Businesses ........................................................................................................488
Mutual Funds..................................................................................................488
Organization & Ownership.................................................................................488
Bank of America Corporation ................................................................................488
History ...............................................................................................................488
Businesses ........................................................................................................489
Merrill Lynch...................................................................................................489
Merrill Lynch Investment Managers.............................................................489
Black Rock...............................................................................................490
Organization & Ownership.................................................................................491
Bank of Hawaii......................................................................................................492
History ...............................................................................................................492
Businesses ........................................................................................................492
Asset Management Group..............................................................................492
Pacific Capital Funds...................................................................................493
Organization & Ownership.................................................................................493
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Banner Japan .......................................................................................................493
History ...............................................................................................................493
Businesses ........................................................................................................493
Paradigm Funds .............................................................................................493
Organization & Ownership.................................................................................493
Barclays................................................................................................................494
History ...............................................................................................................494
Businesses ........................................................................................................494
Barclays Global Investors...............................................................................494
Organization & Ownership.................................................................................496
Baron Funds .........................................................................................................496
History ...............................................................................................................497
Early Phase....................................................................................................497
Middle Phase..................................................................................................497
Recent Phase.................................................................................................497
Statistics ............................................................................................................497
Businesses ........................................................................................................497
Mutual Funds..................................................................................................497
Organization & Ownership.................................................................................497
Baxter Financial ....................................................................................................497
History ...............................................................................................................498
Early Phase....................................................................................................498
Middle Phase..................................................................................................498
Recent Phase.................................................................................................498
Statistics ............................................................................................................498
Businesses ........................................................................................................498
Mutual Funds..................................................................................................498
Organization & Ownership.................................................................................498
BB&T Corporation.................................................................................................498
History ...............................................................................................................499
Businesses ........................................................................................................499
BB&T Asset Management ..............................................................................499
Organization & Ownership.................................................................................499
Becker Capital Management.................................................................................499
History ...............................................................................................................499
Early Phase....................................................................................................500
Middle Phase..................................................................................................500
Recent Phase.................................................................................................500
Statistics ............................................................................................................500
Businesses ........................................................................................................500
Mutual Funds..................................................................................................500
Organization & Ownership.................................................................................500
Berger Funds........................................................................................................500
History ...............................................................................................................500
Early Phase....................................................................................................501
Middle Phase..................................................................................................501
Recent Phase.................................................................................................501
Statistics ............................................................................................................501
Businesses ........................................................................................................501
Organization & Ownership.................................................................................501
Bhirud Associates .................................................................................................501
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History ...............................................................................................................501
Early Phase....................................................................................................501
Middle Phase..................................................................................................502
Recent Phase.................................................................................................502
Statistics ............................................................................................................502
Businesses ........................................................................................................502
Apex Fund......................................................................................................502
Organization & Ownership.................................................................................502
Birmiwal Asset Management.................................................................................502
History ...............................................................................................................502
Early Phase....................................................................................................503
Middle Phase..................................................................................................503
Recent Phase.................................................................................................503
Statistics ............................................................................................................503
Businesses ........................................................................................................503
Birmiwal Oasis Fund.......................................................................................503
Organization & Ownership.................................................................................503
Bjurman, Barry, & Associates ...............................................................................503
History ...............................................................................................................504
George Bjurman & Associates Phase.............................................................504
Mutual Funds Introductions Phase .................................................................504
Recent Phase.................................................................................................504
Statistics ............................................................................................................504
Businesses ........................................................................................................504
Separate Accounts .........................................................................................504
Bjurman Funds...............................................................................................505
Sub-Advised Mutual Funds.............................................................................505
Organization & Ownership.................................................................................506
BKF Capital Group................................................................................................506
History ...............................................................................................................506
Early Phase....................................................................................................506
Middle Phase..................................................................................................506
Recent Phase.................................................................................................506
Statistics ............................................................................................................507
Businesses ........................................................................................................507
John Levin & Company ..................................................................................507
Organization & Ownership.................................................................................507
Blue Chip Investor Fund .......................................................................................507
History ...............................................................................................................507
Early Phase....................................................................................................507
Middle Phase..................................................................................................507
Recent Phase.................................................................................................508
Statistics ............................................................................................................508
Businesses ........................................................................................................508
Mutual Funds..................................................................................................508
Organization & Ownership.................................................................................508
BNP Paribas .........................................................................................................508
History ...............................................................................................................508
Businesses ........................................................................................................508
Bank West......................................................................................................509
Bishop Street Capital Management .............................................................509
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Fischer, Francis, Trees, & Watts.....................................................................510
Organization & Ownership.................................................................................511
Bogle Investment Management ............................................................................511
History ...............................................................................................................511
Early Phase....................................................................................................512
Middle Phase..................................................................................................512
Recent Phase.................................................................................................512
Statistics ............................................................................................................512
Businesses ........................................................................................................512
Bogle Funds ...................................................................................................512
Organization & Ownership.................................................................................513
BOK Financial Corporation ...................................................................................513
History ...............................................................................................................513
Businesses ........................................................................................................514
Bank of Oklahoma..........................................................................................514
American Performance Funds.....................................................................514
Organization & Ownership.................................................................................514
Boston Partners ....................................................................................................515
History ...............................................................................................................515
Early Phase....................................................................................................515
Middle Phase..................................................................................................515
Recent Phase.................................................................................................515
Statistics ............................................................................................................515
Businesses ........................................................................................................515
Robeco Funds................................................................................................515
Organization & Ownership.................................................................................515
Boston Trust & Investment Management Company ..............................................516
History ...............................................................................................................516
Businesses ........................................................................................................516
Investment Management ................................................................................516
Mutual Funds ..............................................................................................516
Organization & Ownership.................................................................................517
Boyer Value Fund .................................................................................................517
History ...............................................................................................................517
Early Phase....................................................................................................517
Middle Phase..................................................................................................517
Recent Phase.................................................................................................517
Statistics ............................................................................................................517
Businesses ........................................................................................................517
Mutual Funds..................................................................................................518
Organization & Ownership.................................................................................518
Boyle Marathon Fund............................................................................................518
History ...............................................................................................................518
Early Phase....................................................................................................518
Middle Phase..................................................................................................518
Recent Phase.................................................................................................518
Statistics ............................................................................................................518
Businesses ........................................................................................................518
Mutual Funds..................................................................................................519
Organization & Ownership.................................................................................519
Bragg Financial Advisors ......................................................................................519
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
16
History ...............................................................................................................519
Early Phase....................................................................................................519
Middle Phase..................................................................................................519
Recent Phase.................................................................................................519
Statistics ............................................................................................................519
Businesses ........................................................................................................520
Mutual Funds..................................................................................................520
Organization & Ownership.................................................................................520
Bramwell Capital Management .............................................................................520
History ...............................................................................................................520
Early Phase....................................................................................................520
Middle Phase..................................................................................................520
Recent Phase.................................................................................................520
Statistics ............................................................................................................521
Businesses ........................................................................................................521
Mutual Funds..................................................................................................521
Organization & Ownership.................................................................................521
Brandes Investment Partners................................................................................521
History ...............................................................................................................521
Businesses ........................................................................................................521
Brandes Institutional Mutual Funds.................................................................521
Brandes Canada ............................................................................................522
Organization & Ownership.................................................................................522
Bremer Financial...................................................................................................522
History ...............................................................................................................522
Businesses ........................................................................................................522
Bremer Investment Funds ..............................................................................522
Organization & Ownership.................................................................................522
Bridges Investment Counsel .................................................................................523
History ...............................................................................................................523
Early Phase....................................................................................................523
Middle Phase..................................................................................................523
Recent Phase.................................................................................................523
Statistics ............................................................................................................523
Businesses ........................................................................................................523
Mutual Funds..................................................................................................523
Organization & Ownership.................................................................................523
Bridgeway Funds ..................................................................................................524
History ...............................................................................................................524
Early Phase....................................................................................................524
Middle Phase..................................................................................................524
Recent Phase.................................................................................................524
Statistics ............................................................................................................524
Businesses ........................................................................................................524
Mutual Funds..................................................................................................524
Organization & Ownership.................................................................................525
Brown Advisory.....................................................................................................525
History ...............................................................................................................525
Early Phase....................................................................................................525
Middle Phase..................................................................................................525
Recent Phase.................................................................................................525
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
17
Statistics ............................................................................................................525
Businesses ........................................................................................................525
Mutual Funds..................................................................................................526
Organization & Ownership.................................................................................526
Brown Brothers Harriman .....................................................................................526
History ...............................................................................................................526
Businesses ........................................................................................................526
Mutual Funds..................................................................................................526
Organization & Ownership.................................................................................526
Brown Capital Management..................................................................................527
History ..............................................................................................................527
Equity Service Phase .....................................................................................527
Mutual Fund Phase ........................................................................................527
Recent Phase.................................................................................................527
Statistics ............................................................................................................527
Businesses ........................................................................................................527
Separate Accounts .........................................................................................528
Mutual Funds..................................................................................................528
Organization & Ownership.................................................................................529
Builders.................................................................................................................529
History ...............................................................................................................529
Early Phase....................................................................................................529
Middle Phase..................................................................................................529
Recent Phase.................................................................................................529
Statistics ............................................................................................................529
Businesses ........................................................................................................530
Mutual Funds..................................................................................................530
Organization & Ownership.................................................................................530
Bullfish..................................................................................................................530
History ...............................................................................................................530
Early Phase....................................................................................................530
Middle Phase..................................................................................................530
Recent Phase.................................................................................................530
Statistics ............................................................................................................530
Businesses ........................................................................................................530
Mutual Funds..................................................................................................531
Organization & Ownership.................................................................................531
Burnham Financial Group .....................................................................................531
History ...............................................................................................................531
Statistics ............................................................................................................531
Businesses ........................................................................................................531
Mutual Funds..................................................................................................531
Organization & Ownership.................................................................................532
Calamos Asset Management ................................................................................533
History ...............................................................................................................533
Early Phase....................................................................................................533
IPO Phase......................................................................................................533
Recent Phase.................................................................................................533
Statistics ............................................................................................................534
Businesses ........................................................................................................534
Mutual Funds..................................................................................................534
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
18
Separately Managed Accounts.......................................................................535
Closed-End Funds..........................................................................................535
Institutional Accounts......................................................................................535
Organization & Ownership.................................................................................535
Caldwell Financial .................................................................................................535
History ...............................................................................................................535
Early Phase....................................................................................................535
Middle Phase..................................................................................................536
Recent Phase.................................................................................................536
Statistics ............................................................................................................536
Businesses ........................................................................................................536
Mutual Funds..................................................................................................536
Hedge Funds..................................................................................................536
Organization & Ownership.................................................................................536
California Investment Trust ...................................................................................536
History ...............................................................................................................536
Early Phase....................................................................................................537
Middle Phase..................................................................................................537
Recent Phase.................................................................................................537
Statistics ............................................................................................................537
Businesses ........................................................................................................537
Mutual Funds..................................................................................................537
Organization & Ownership.................................................................................537
Cambiar Funds .....................................................................................................537
History ...............................................................................................................538
Early Phase....................................................................................................538
Middle Phase..................................................................................................538
Recent Phase.................................................................................................538
Statistics ............................................................................................................538
Businesses ........................................................................................................538
Mutual Funds..................................................................................................538
Organization & Ownership.................................................................................538
Canaccord Capital ................................................................................................539
History ...............................................................................................................539
Businesses ........................................................................................................539
Canaccord Adams..........................................................................................539
Organization & Ownership.................................................................................540
Capital One Financial............................................................................................540
History ...............................................................................................................540
Businesses ........................................................................................................540
Hibernia..........................................................................................................540
Hibernia Funds Asset Management ............................................................541
Hibernia Funds.........................................................................................541
Organization & Ownership.................................................................................541
Capstone Investments ..........................................................................................541
History ...............................................................................................................541
Early Phase....................................................................................................541
Middle Phase..................................................................................................542
Recent Phase.................................................................................................542
Statistics ............................................................................................................542
Businesses ........................................................................................................542
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
19
Mutual Funds..................................................................................................542
Organization & Ownership.................................................................................542
Caterpillar .............................................................................................................542
History ...............................................................................................................542
Early Phase....................................................................................................543
Middle Phase..................................................................................................543
Recent Phase.................................................................................................543
Statistics ............................................................................................................543
Businesses ........................................................................................................543
Caterpillar Investment Management ...............................................................543
The Preferred Funds ...................................................................................543
Organization & Ownership.................................................................................543
Causeway Funds ..................................................................................................544
History ...............................................................................................................544
Early Phase....................................................................................................544
Middle Phase..................................................................................................544
Recent Phase.................................................................................................544
Statistics ............................................................................................................544
Businesses ........................................................................................................544
Mutual Funds..................................................................................................544
Organization & Ownership.................................................................................544
Century Funds ......................................................................................................545
History ..............................................................................................................545
Early Phase....................................................................................................545
Middle Phase..................................................................................................545
Recent Phase.................................................................................................545
Statistics ............................................................................................................545
Businesses ........................................................................................................545
Mutual Funds..................................................................................................545
Organization & Ownership.................................................................................545
Century Management Advisors.............................................................................546
History ...............................................................................................................546
Early Phase....................................................................................................546
Middle Phase..................................................................................................546
Recent Phase.................................................................................................546
Statistics ............................................................................................................546
Businesses ........................................................................................................546
Mutual Funds..................................................................................................547
Organization & Ownership.................................................................................547
Champlain Investment Partners............................................................................547
History ...............................................................................................................547
Start-Up Phase...............................................................................................547
Growth Phase.................................................................................................547
Statistics ............................................................................................................547
Businesses ........................................................................................................548
Separate Accounts .........................................................................................548
Small-Cap Commingled Fund.........................................................................548
Mutual Funds..................................................................................................548
Organization & Ownership.................................................................................549
Chartwell Investments...........................................................................................549
History ...............................................................................................................549
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
20
Early Phase....................................................................................................549
Middle Phase..................................................................................................550
Recent Phase.................................................................................................550
Statistics ............................................................................................................550
Businesses ........................................................................................................550
Mutual Funds..................................................................................................550
Organization & Ownership.................................................................................550
Chase Investment Counsel ...................................................................................550
History ...............................................................................................................550
Businesses ........................................................................................................550
Mutual Funds..................................................................................................551
Organization & Ownership.................................................................................551
Choice ..................................................................................................................552
History ...............................................................................................................552
Early Phase....................................................................................................552
Middle Phase..................................................................................................552
Recent Phase.................................................................................................552
Statistics ............................................................................................................552
Businesses ........................................................................................................552
Mutual Funds..................................................................................................552
Organization & Ownership.................................................................................552
Citizens Funds ......................................................................................................552
History ...............................................................................................................553
Early Phase....................................................................................................553
Middle Phase..................................................................................................553
Recent Phase.................................................................................................553
Statistics ............................................................................................................553
Businesses ........................................................................................................553
Mutual Funds..................................................................................................553
Organization & Ownership.................................................................................553
City National Corporation......................................................................................554
History ...............................................................................................................554
Businesses ........................................................................................................554
City National Asset Management....................................................................554
CNI Charter Funds ......................................................................................554
Convergend Capital Management...............................................................555
Matthews International Capital Management ...........................................555
Organization & Ownership.................................................................................557
Claymore Securities..............................................................................................557
History ...............................................................................................................557
Early Phase....................................................................................................557
Middle Phase..................................................................................................557
Recent Phase.................................................................................................557
Statistics ............................................................................................................557
Businesses ........................................................................................................558
Claymore Macro Shares.................................................................................558
Closed-End Funds..........................................................................................558
Exchange-Traded Funds ................................................................................558
Separately Managed Accounts.......................................................................558
Mutual Funds..................................................................................................558
Unit Investment Trusts....................................................................................558
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
21
Organization & Ownership.................................................................................559
Clough Capital Partners........................................................................................559
History ...............................................................................................................559
Statistics ............................................................................................................559
Businesses ........................................................................................................559
Closed-End Mutual Funds ..............................................................................559
Hedge Funds..................................................................................................560
Institutional Accounts......................................................................................560
Organization & Ownership.................................................................................560
Cohen & Steers ....................................................................................................560
History ...............................................................................................................560
Early Phase....................................................................................................560
Public Phase ..................................................................................................560
Acquisition Phase...........................................................................................561
Statistics ............................................................................................................561
Businesses ........................................................................................................562
Mutual Funds..................................................................................................562
Separate Accounts .........................................................................................562
Mutual Fund Distribution.................................................................................562
Organization & Ownership.................................................................................563
Commerce Bank ...................................................................................................563
History ...............................................................................................................563
Businesses ........................................................................................................563
Asset Management ........................................................................................563
Commerce Funds........................................................................................563
Organization & Ownership.................................................................................563
Commonwealth International Series Trust ............................................................564
History ...............................................................................................................564
Early Phase....................................................................................................564
Middle Phase..................................................................................................564
Recent Phase.................................................................................................564
Statistics ............................................................................................................564
Businesses ........................................................................................................564
Mutual Funds..................................................................................................564
Organization & Ownership.................................................................................565
Concorde Capital ..................................................................................................565
History ...............................................................................................................565
Statistics ............................................................................................................565
Businesses ........................................................................................................565
Mutual Funds..................................................................................................565
Organization & Ownership.................................................................................565
Conestoga Capital Advisors..................................................................................566
History ...............................................................................................................566
Early Phase....................................................................................................566
Middle Phase..................................................................................................566
Recent Phase.................................................................................................566
Statistics ............................................................................................................566
Businesses ........................................................................................................566
Mutual Funds..................................................................................................566
Organization & Ownership.................................................................................566
Constellation Funds Group ...................................................................................567
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
22
History ...............................................................................................................567
Early Phase....................................................................................................567
Middle Phase..................................................................................................567
Recent Phase.................................................................................................567
Statistics ............................................................................................................567
Businesses ........................................................................................................567
Mutual Funds..................................................................................................567
Organization & Ownership.................................................................................568
Copley ..................................................................................................................568
History ...............................................................................................................568
Early Phase....................................................................................................568
Middle Phase..................................................................................................568
Recent Phase.................................................................................................568
Statistics ............................................................................................................568
Businesses ........................................................................................................568
Mutual Funds..................................................................................................568
Organization & Ownership.................................................................................568
Corbyn Investment Management ..........................................................................569
History ...............................................................................................................569
Early Phase....................................................................................................569
Greenspring Fund Launch Phase...................................................................569
Recent Phase.................................................................................................569
Statistics ............................................................................................................569
Businesses ........................................................................................................569
Greenspring Fund ..........................................................................................570
Organization & Ownership.................................................................................570
Corner Cap Investment Counsel ...........................................................................570
History ...............................................................................................................571
Early Phase....................................................................................................571
Middle Phase..................................................................................................571
Recent Phase.................................................................................................571
Statistics ............................................................................................................571
Businesses ........................................................................................................571
Mutual Funds..................................................................................................571
Organization & Ownership.................................................................................571
Country Financial..................................................................................................572
History ...............................................................................................................572
Statistics ............................................................................................................572
Businesses ........................................................................................................572
Country Trust Bank ........................................................................................572
Country Mutual Funds .................................................................................572
Organization & Ownership.................................................................................572
Coventry ...............................................................................................................572
History ...............................................................................................................573
Early Phase....................................................................................................573
Middle Phase..................................................................................................573
Recent Phase.................................................................................................573
Statistics ............................................................................................................573
Businesses ........................................................................................................573
Mutual Funds..................................................................................................573
Organization & Ownership.................................................................................573
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
23
CRA Fund Advisors ..............................................................................................573
History ...............................................................................................................574
Early Phase....................................................................................................574
Middle Phase..................................................................................................574
Recent Phase.................................................................................................574
Statistics ............................................................................................................574
Businesses ........................................................................................................574
Mutual Funds..................................................................................................574
Organization & Ownership.................................................................................574
Credit Suisse Group..............................................................................................574
History ...............................................................................................................575
Businesses ........................................................................................................575
Asset Management ........................................................................................575
Credit Suisse Mutual Funds ........................................................................575
Organization & Ownership.................................................................................575
CUNA Mutual Group.............................................................................................575
History ...............................................................................................................575
Businesses ........................................................................................................576
Members Capital Advisors..............................................................................576
Members Mutual Funds...............................................................................576
Organization & Ownership.................................................................................576
Cutler Investment Group.......................................................................................576
History ...............................................................................................................577
Early Phase....................................................................................................577
Middle Phase..................................................................................................577
Recent Phase.................................................................................................577
Statistics ............................................................................................................577
Businesses ........................................................................................................577
Mutual Funds..................................................................................................577
Organization & Ownership.................................................................................577
Dal Investment Company......................................................................................577
History ...............................................................................................................578
Early Phase....................................................................................................578
Middle Phase..................................................................................................578
Recent Phase.................................................................................................578
Statistics ............................................................................................................578
Businesses ........................................................................................................578
Fundx Upgrader Mutual Funds .......................................................................579
Organization & Ownership.................................................................................579
David Tice & Associates .......................................................................................580
History ...............................................................................................................580
Early Phase....................................................................................................580
Middle Phase..................................................................................................580
Recent Phase.................................................................................................580
Statistics ............................................................................................................580
Businesses ........................................................................................................580
Prudent Bear Fund .........................................................................................580
Organization & Ownership.................................................................................580
Davis Advisors......................................................................................................581
History ...............................................................................................................581
Early Phase....................................................................................................581
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
24
Middle Phase..................................................................................................581
Recent Phase.................................................................................................581
Statistics ............................................................................................................581
Businesses ........................................................................................................581
Institutional Investors......................................................................................581
Private Client Separately Managed Accounts.................................................582
Mutual Funds..................................................................................................582
Davis Funds ................................................................................................582
Selected Funds ...........................................................................................582
Organization & Ownership.................................................................................582
Dean Family Funds...............................................................................................583
History ...............................................................................................................583
Early Phase....................................................................................................583
Middle Phase..................................................................................................583
Recent Phase.................................................................................................583
Statistics ............................................................................................................583
Businesses ........................................................................................................583
Mutual Funds..................................................................................................583
Organization & Ownership.................................................................................583
Denver Investment................................................................................................584
History ...............................................................................................................584
Early Phase....................................................................................................584
Middle Phase..................................................................................................584
Recent Phase.................................................................................................584
Statistics ............................................................................................................584
Businesses ........................................................................................................584
Denver Investment Management....................................................................585
Blue Chip Value Fund.....................................................................................585
West Core Funds ...........................................................................................585
Organization & Ownership.................................................................................585
Deutsche Bank .....................................................................................................585
History ...............................................................................................................585
Businesses ........................................................................................................585
Private Clients & Asset Management .............................................................586
Asset & Wealth Management ......................................................................586
Scudder Investments ...............................................................................586
Organization & Ownership.................................................................................587
DF Dent Funds .....................................................................................................587
History ...............................................................................................................587
Early Phase....................................................................................................588
Middle Phase..................................................................................................588
Recent Phase.................................................................................................588
Statistics ............................................................................................................588
Businesses ........................................................................................................588
Mutual Funds..................................................................................................588
Organization & Ownership.................................................................................588
Diamond Hill Investments .....................................................................................588
History ...............................................................................................................588
Early Phase....................................................................................................589
Middle Phase..................................................................................................589
Recent Phase.................................................................................................589
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
25
Statistics ............................................................................................................589
Businesses ........................................................................................................589
Mutual Funds..................................................................................................589
Hedge Funds..................................................................................................589
Organization & Ownership.................................................................................589
Dimensional Fund Advisors ..................................................................................589
History ...............................................................................................................589
Businesses ........................................................................................................590
Mutual Funds..................................................................................................590
Organization & Ownership.................................................................................590
Directors Investment Group ..................................................................................590
History ...............................................................................................................590
Early Phase....................................................................................................591
Middle Phase..................................................................................................591
Recent Phase.................................................................................................591
Statistics ............................................................................................................591
Businesses ........................................................................................................591
Parkway Advisors...........................................................................................591
Monteagle Funds............................................................................................592
Organization & Ownership.................................................................................593
DLB Fund Group...................................................................................................593
History ...............................................................................................................593
Early Phase....................................................................................................594
Middle Phase..................................................................................................594
Recent Phase.................................................................................................594
Statistics ............................................................................................................594
Businesses ........................................................................................................594
Mutual Funds..................................................................................................594
Organization & Ownership.................................................................................594
Dodge & Cox Funds .............................................................................................594
History ...............................................................................................................595
Mutual Fund Introduction Phase.....................................................................595
Middle Phase..................................................................................................595
Mutual Fund Expansion Phase.......................................................................595
Statistics ............................................................................................................595
Businesses ........................................................................................................595
Institutional Management ...............................................................................596
Mutual Funds..................................................................................................596
Organization & Ownership.................................................................................596
Domini Social Investments....................................................................................597
History ...............................................................................................................597
Early Phase....................................................................................................597
Middle Phase..................................................................................................597
Recent Phase.................................................................................................597
Statistics ............................................................................................................597
Businesses ........................................................................................................598
Mutual Funds..................................................................................................598
Organization & Ownership.................................................................................598
Driehaus Capital Management..............................................................................598
History ...............................................................................................................598
Early Phase....................................................................................................598
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26
Middle Phase..................................................................................................598
Recent Phase.................................................................................................598
Statistics ............................................................................................................599
Businesses ........................................................................................................599
Mutual Funds..................................................................................................599
Organization & Ownership.................................................................................599
DSI International ...................................................................................................599
History ...............................................................................................................599
Early Phase....................................................................................................599
Middle Phase..................................................................................................600
Recent Phase.................................................................................................600
Statistics ............................................................................................................600
Businesses ........................................................................................................600
Mutual Funds..................................................................................................600
Indexing..........................................................................................................600
Organization & Ownership.................................................................................600
Dunham & Associates...........................................................................................600
History ...............................................................................................................600
Businesses ........................................................................................................601
Dunham Funds...............................................................................................601
Organization & Ownership.................................................................................605
Dupree Mutual Funds ...........................................................................................606
History ...............................................................................................................606
Early Phase....................................................................................................607
Middle Phase..................................................................................................607
Recent Phase.................................................................................................607
Statistics ............................................................................................................607
Businesses ........................................................................................................607
Mutual Funds..................................................................................................607
Organization & Ownership.................................................................................607
Eagle Growth Shares............................................................................................607
History ...............................................................................................................608
Early Phase....................................................................................................608
Middle Phase..................................................................................................608
Recent Phase.................................................................................................608
Statistics ............................................................................................................608
Businesses ........................................................................................................608
Mutual Funds..................................................................................................608
Organization & Ownership.................................................................................608
Eaton Vance .........................................................................................................608
History ...............................................................................................................608
Early Phase....................................................................................................609
Middle Phase..................................................................................................609
Recent Phase.................................................................................................609
Statistics ............................................................................................................609
Businesses ........................................................................................................609
Fox Asset Management..................................................................................609
Parametric Portfolios Associates ....................................................................610
Atlanta Capital Management ..........................................................................611
Organization & Ownership.................................................................................611
Edgemoor Capital Management ...........................................................................612
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
27
History ...............................................................................................................612
Early Phase....................................................................................................612
Middle Phase..................................................................................................612
Recent Phase.................................................................................................612
Statistics ............................................................................................................612
Businesses ........................................................................................................612
Meehan Focus Fund.......................................................................................612
Organization & Ownership.................................................................................613
Ell .........................................................................................................................613
History ...............................................................................................................613
Early Phase....................................................................................................613
Middle Phase..................................................................................................613
Recent Phase.................................................................................................613
Statistics ............................................................................................................613
Businesses ........................................................................................................613
Mutual Funds..................................................................................................613
Organization & Ownership.................................................................................613
Electric City...........................................................................................................614
History ...............................................................................................................614
Early Phase....................................................................................................614
Middle Phase..................................................................................................614
Recent Phase.................................................................................................614
Statistics ............................................................................................................614
Businesses ........................................................................................................614
Mutual Funds..................................................................................................614
Organization & Ownership.................................................................................614
Ellsworth Convertible Fund ...................................................................................615
History ...............................................................................................................615
Early Phase....................................................................................................615
Middle Phase..................................................................................................615
Recent Phase.................................................................................................615
Statistics ............................................................................................................615
Businesses ........................................................................................................615
Mutual Funds..................................................................................................615
Organization & Ownership.................................................................................615
Emerald Mutual Funds..........................................................................................616
History ...............................................................................................................616
Early Phase....................................................................................................616
Middle Phase..................................................................................................616
Recent Phase.................................................................................................616
Statistics ............................................................................................................616
Businesses ........................................................................................................616
Mutual Funds..................................................................................................616
Organization & Ownership.................................................................................617
Endowments.........................................................................................................617
History ...............................................................................................................617
Early Phase....................................................................................................617
Middle Phase..................................................................................................617
Recent Phase.................................................................................................617
Statistics ............................................................................................................617
Businesses ........................................................................................................617
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
28
Mutual Funds..................................................................................................617
Organization & Ownership.................................................................................617
Epoch Investment Partners...................................................................................618
History ...............................................................................................................618
Early Phase....................................................................................................618
Middle Phase..................................................................................................618
Recent Phase.................................................................................................618
Statistics ............................................................................................................618
Businesses ........................................................................................................618
Managed Accounts.........................................................................................618
Mutual Funds..................................................................................................619
Organization & Ownership.................................................................................619
E*Trade Financial .................................................................................................620
History ...............................................................................................................620
Businesses ........................................................................................................620
Kobren Insight Management...........................................................................620
Kobren Funds .............................................................................................620
Organization & Ownership.................................................................................620
Everest Fund ........................................................................................................621
History ...............................................................................................................621
Early Phase....................................................................................................621
Middle Phase..................................................................................................621
Recent Phase.................................................................................................621
Statistics ............................................................................................................621
Businesses ........................................................................................................621
Mutual Funds..................................................................................................621
Organization & Ownership.................................................................................622
Fairholme Capital Management ............................................................................622
History ...............................................................................................................622
Early Phase....................................................................................................622
Middle Phase..................................................................................................622
Recent Phase.................................................................................................622
Statistics ............................................................................................................622
Businesses ........................................................................................................623
Mutual Funds..................................................................................................623
Organization & Ownership.................................................................................623
Fairport Funds ......................................................................................................623
History ...............................................................................................................623
Early Phase....................................................................................................623
Middle Phase..................................................................................................623
Recent Phase.................................................................................................623
Statistics ............................................................................................................623
Businesses ........................................................................................................623
Mutual Funds..................................................................................................624
Organization & Ownership.................................................................................624
Federated Investors..............................................................................................624
History ...............................................................................................................624
Early Days Phase...........................................................................................624
Aetna Phase...................................................................................................624
Private Phase.................................................................................................625
Public Phase ..................................................................................................625
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
29
Statistics ............................................................................................................626
Businesses ........................................................................................................627
Mutual Funds..................................................................................................627
Separately Managed Accounts.......................................................................630
Retirement......................................................................................................630
Cash Management .........................................................................................630
Organization & Ownership.................................................................................630
Fenimore Asset Management ...............................................................................630
History ...............................................................................................................630
Early Phase....................................................................................................631
Middle Phase..................................................................................................631
Recent Phase.................................................................................................631
Statistics ...........................................................................................................631
Businesses ........................................................................................................631
FAM Funds.....................................................................................................631
Organization & Ownership.................................................................................631
Fidelity Investments ..............................................................................................631
History ...............................................................................................................632
Management & Research Years.....................................................................632
Peter Lynch Domination Phase ......................................................................632
Rapid Growth Years .......................................................................................633
Continued Growth & Executive Restructuring Phase......................................634
Statistics ............................................................................................................643
Businesses ........................................................................................................644
Personal & Workplace Investing.....................................................................645
Fidelity Institutional.........................................................................................653
National Financial Services Corporation......................................................658
Fidelity Institutional Wealth Services ..............................................................664
Fidelity Management & Research...................................................................675
Fidelity Shared Services.................................................................................682
Organization & Ownership.................................................................................683
History ...............................................................................................................684
Early Phase....................................................................................................684
Middle Phase..................................................................................................686
Recent Phase.................................................................................................686
Statistics ............................................................................................................686
Businesses ........................................................................................................686
Mutual Funds..................................................................................................686
Organization & Ownership.................................................................................686
Fifth Third Banncorp .............................................................................................686
History ...............................................................................................................686
Businesses ........................................................................................................687
Asset Management ........................................................................................687
Fifth Third Funds .........................................................................................687
Organization & Ownership.................................................................................687
Financial Advisory Service....................................................................................687
History ...............................................................................................................687
Early Phase....................................................................................................687
Middle Phase..................................................................................................688
Recent Phase.................................................................................................688
Statistics ............................................................................................................688
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
30
Businesses ........................................................................................................688
Mutual Funds..................................................................................................688
Weldon Capital Funds ....................................................................................688
Organization & Ownership.................................................................................688
Financial Counselors ............................................................................................688
History ...............................................................................................................689
Businesses ........................................................................................................689
FCI Funds ......................................................................................................689
Organization & Ownership.................................................................................689
First American Funds............................................................................................689
History ...............................................................................................................689
Early Phase....................................................................................................689
Middle Phase..................................................................................................689
Recent Phase.................................................................................................690
Statistics ............................................................................................................690
Businesses ........................................................................................................690
Mutual Funds..................................................................................................690
Organization & Ownership.................................................................................690
First Eagle Funds..................................................................................................690
History ...............................................................................................................690
Early Phase....................................................................................................690
Middle Phase..................................................................................................691
Recent Phase.................................................................................................691
Statistics ............................................................................................................691
Businesses ........................................................................................................691
Mutual Funds..................................................................................................691
Organization & Ownership.................................................................................691
First Financial Fund ..............................................................................................691
History ...............................................................................................................691
Early Phase....................................................................................................691
Middle Phase..................................................................................................691
Recent Phase.................................................................................................692
Statistics ............................................................................................................692
Businesses ........................................................................................................692
Mutual Funds..................................................................................................692
Organization & Ownership.................................................................................692
First Hand Funds ..................................................................................................692
History ...............................................................................................................692
Early Phase....................................................................................................693
Middle Phase..................................................................................................693
Recent Phase.................................................................................................693
Statistics ............................................................................................................693
Businesses ........................................................................................................693
Mutual Funds..................................................................................................693
Organization & Ownership.................................................................................693
First Investors .......................................................................................................693
History ...............................................................................................................693
Early Phase....................................................................................................693
Middle Phase..................................................................................................694
Recent Phase.................................................................................................694
Statistics ............................................................................................................694
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
31
Businesses ........................................................................................................694
Mutual Funds..................................................................................................694
Organization & Ownership.................................................................................694
First Leesport Bancorp..........................................................................................694
History ...............................................................................................................694
Businesses ........................................................................................................694
Johnson Family Funds ...................................................................................695
Organization & Ownership.................................................................................696
First Manhattan Company.....................................................................................696
History ...............................................................................................................697
Early Phase....................................................................................................697
Middle Phase .................................................................................................697
Recent Phase.................................................................................................697
Statistics ............................................................................................................697
Businesses ........................................................................................................697
Mutual Funds..................................................................................................697
Organization & Ownership.................................................................................697
First National of Nebraska ....................................................................................698
History ...............................................................................................................698
Businesses ........................................................................................................698
First National Bank Omaha.............................................................................698
Wealth Management ...................................................................................698
FNB Fund Advisors..................................................................................698
First Focus Funds .................................................................................698
Organization & Ownership.................................................................................701
First Pacific Advisors.............................................................................................701
History ...............................................................................................................701
Early Phase....................................................................................................702
Middle Phase..................................................................................................702
Recent Phase.................................................................................................702
Statistics ............................................................................................................702
Businesses ........................................................................................................702
FPA Funds .....................................................................................................702
Institutional Portfolios .....................................................................................702
Organization & Ownership.................................................................................703
First Source Bank .................................................................................................703
History ...............................................................................................................703
Businesses ........................................................................................................703
First Source Corporation Investment Advisors................................................703
First Source Monogram Funds ....................................................................703
Organization & Ownership.................................................................................705
Flag Investors Funds ............................................................................................705
History ...............................................................................................................705
Early Phase....................................................................................................706
Middle Phase..................................................................................................706
Recent Phase.................................................................................................706
Statistics ............................................................................................................706
Businesses ........................................................................................................706
Mutual Funds..................................................................................................706
Organization & Ownership.................................................................................706
Flaherty & Crumrine..............................................................................................706
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
32
History ...............................................................................................................706
Early Phase....................................................................................................707
Middle Phase..................................................................................................707
Recent Phase.................................................................................................707
Statistics ............................................................................................................707
Businesses ........................................................................................................707
Closed-End Funds..........................................................................................707
Organization & Ownership.................................................................................707
Flippin, Bruce, & Porter.........................................................................................708
History ...............................................................................................................708
Early Phase....................................................................................................708
Middle Phase..................................................................................................708
Recent Phase.................................................................................................708
Statistics ............................................................................................................708
Businesses ........................................................................................................708
Mutual Funds..................................................................................................708
The Williamsburg Investment Trust ................................................................709
Organization & Ownership.................................................................................709
Foresight Funds....................................................................................................709
History ...............................................................................................................709
Early Phase....................................................................................................709
Middle Phase..................................................................................................709
Recent Phase.................................................................................................709
Statistics ............................................................................................................709
Businesses ........................................................................................................709
Mutual Funds..................................................................................................710
Organization & Ownership.................................................................................710
Forrester Value .....................................................................................................710
History ...............................................................................................................710
Early Phase....................................................................................................710
Middle Phase..................................................................................................710
Recent Phase.................................................................................................710
Statistics ............................................................................................................710
Businesses ........................................................................................................711
Mutual Funds..................................................................................................711
Organization & Ownership.................................................................................711
Fort Pitt Capital Funds ..........................................................................................711
History ...............................................................................................................711
Early Phase....................................................................................................711
Middle Phase..................................................................................................711
Recent Phase.................................................................................................712
Statistics ............................................................................................................712
Businesses ........................................................................................................712
Mutual Funds..................................................................................................712
Organization & Ownership.................................................................................712
Fountainhead Funds.............................................................................................712
History ...............................................................................................................712
Early Phase....................................................................................................712
Middle Phase..................................................................................................713
Recent Phase.................................................................................................713
Statistics ............................................................................................................713
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
33
Businesses ........................................................................................................713
Mutual Funds..................................................................................................713
Organization & Ownership.................................................................................713
Franklin Resources...............................................................................................713
History ...............................................................................................................713
Early Private Years.........................................................................................714
Growth Years .................................................................................................714
Key Acquisition Years.....................................................................................716
Troubled Years...............................................................................................717
Renewed Growth Years .................................................................................718
Statistics ............................................................................................................719
Businesses ........................................................................................................722
Investment Management Business.................................................................722
Banking & Finance Operations .......................................................................741
Organization & Ownership.................................................................................743
Fred Alger Management .......................................................................................746
History ...............................................................................................................746
Businesses ........................................................................................................746
Mutual Funds..................................................................................................747
Alger Funds....................................................................................................747
Organization & Ownership.................................................................................747
Freedom Funds ....................................................................................................747
History ...............................................................................................................747
Early Phase....................................................................................................747
Middle Phase..................................................................................................747
Recent Phase.................................................................................................747
Statistics ............................................................................................................747
Businesses ........................................................................................................748
Mutual Funds..................................................................................................748
Organization & Ownership.................................................................................748
Friedman Billings Ramsey ....................................................................................748
History ...............................................................................................................748
Businesses ........................................................................................................748
FBR Mutual Funds .........................................................................................748
Organization & Ownership.................................................................................749
Frontegra Funds ...................................................................................................749
History ...............................................................................................................749
Early Phase....................................................................................................749
Middle Phase..................................................................................................749
Recent Phase.................................................................................................749
Statistics ............................................................................................................749
Businesses ........................................................................................................750
Mutual Funds..................................................................................................750
Organization & Ownership.................................................................................750
Gabelli & Company (GAMCO) Investors ...............................................................750
History ...............................................................................................................750
Early Phase....................................................................................................750
Mutual Fund Launch Phase............................................................................751
Recent Phase.................................................................................................751
Statistics ............................................................................................................751
Businesses ........................................................................................................752
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
34
Asset Management ........................................................................................752
Broker/Dealer .................................................................................................761
Research........................................................................................................761
Organization & Ownership.................................................................................761
Gardner Lewis Asset Management .......................................................................762
History ...............................................................................................................762
Early Phase....................................................................................................762
Middle Phase..................................................................................................762
Recent Phase.................................................................................................763
Statistics ............................................................................................................763
Businesses ........................................................................................................763
The Chesapeake Funds .................................................................................763
Organization & Ownership.................................................................................765
Gateway Investment Advisers...............................................................................765
History ...............................................................................................................765
Early Phase....................................................................................................765
Middle Phase..................................................................................................766
Recent Phase.................................................................................................766
Statistics ............................................................................................................766
Businesses ........................................................................................................766
Mutual Funds..................................................................................................766
Investment Research & Advice.......................................................................767
Mutual Fund Services.....................................................................................767
Organization & Ownership.................................................................................767
Gemini Israel Funds..............................................................................................767
History ...............................................................................................................767
Early Phase....................................................................................................768
Middle Phase..................................................................................................768
Recent Phase.................................................................................................768
Statist ics ...........................................................................................................768
Businesses ........................................................................................................768
Mutual Funds..................................................................................................768
Organization & Ownership.................................................................................768
General Electric (GE)............................................................................................768
History ...............................................................................................................768
Early Phase....................................................................................................769
Middle Phase..................................................................................................769
Recent Phase.................................................................................................769
Statistics ............................................................................................................769
Businesses ........................................................................................................769
General Electric Asset Management ..............................................................771
Organization & Ownership.................................................................................777
Genworth Financial ...............................................................................................777
History ...............................................................................................................777
Businesses ........................................................................................................777
Asset Mark Investment Services.....................................................................777
Organization & Ownership.................................................................................795
GKM .....................................................................................................................796
History ...............................................................................................................796
Early Phase....................................................................................................796
Middle Phase..................................................................................................796
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
35
Recent Phase.................................................................................................796
Statistics ............................................................................................................796
Businesses ........................................................................................................796
Mutual Funds..................................................................................................796
Organization & Ownership.................................................................................796
Glenmede Trust Company....................................................................................796
History ...............................................................................................................797
Businesses ........................................................................................................797
Investment Management ................................................................................797
Organization & Ownership.................................................................................797
GMO.....................................................................................................................797
History ...............................................................................................................797
Early Phase....................................................................................................798
Middle Phase..................................................................................................798
Recent Phase.................................................................................................798
Statistics ............................................................................................................798
Businesses ........................................................................................................798
Mutual Funds..................................................................................................798
Organization & Ownership.................................................................................798
Gold Bank.............................................................................................................798
History ...............................................................................................................798
Businesses ........................................................................................................798
Gold Trust Company ......................................................................................799
Organization & Ownership.................................................................................799
Goldman Sachs Group .........................................................................................799
History ...............................................................................................................799
Businesses ........................................................................................................799
Asset Management & Securities Service ........................................................799
Signal Funds ...............................................................................................800
Organization & Ownership.................................................................................800
Grand Prix Funds..................................................................................................800
History ...............................................................................................................800
Early Phase....................................................................................................800
Middle Phase..................................................................................................800
Recent Phase.................................................................................................800
Statistics ............................................................................................................801
Businesses ........................................................................................................801
Mutual Funds..................................................................................................801
Organization & Ownership.................................................................................801
Granum Value Fund .............................................................................................801
History ...............................................................................................................801
Early Phase....................................................................................................801
Middle Phase..................................................................................................801
Recent Phase.................................................................................................802
Statistics ............................................................................................................802
Businesses ........................................................................................................802
Mutual Funds..................................................................................................802
Organization & Ownership.................................................................................802
Green Century Capital Management.....................................................................802
History ...............................................................................................................802
Early Phase....................................................................................................803
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
36
Middle Phase..................................................................................................803
Recent Phase.................................................................................................803
Statistics ............................................................................................................803
Businesses ........................................................................................................803
Mutual Funds..................................................................................................803
Organization & Ownership.................................................................................803
Greenville Capital Management............................................................................803
History ...............................................................................................................804
Early Phase....................................................................................................804
Middle Phase..................................................................................................804
Recent Phase.................................................................................................804
Statistics ............................................................................................................804
Businesses ........................................................................................................804
Mutual Funds..................................................................................................804
Organization & Ownership.................................................................................804
Guardian Life ........................................................................................................804
History ...............................................................................................................805
Businesses ........................................................................................................805
Guardian Investor Services ............................................................................805
Organization & Ownership.................................................................................806
Guide Stone Financial...........................................................................................806
History ...............................................................................................................806
Businesses ........................................................................................................806
AB Funds Trust ..............................................................................................806
Organization & Ownership.................................................................................806
Guinness Atkinson Asset Management ................................................................806
History ...............................................................................................................807
Guinness Flight Global Asset Management Phase.........................................807
Investec Guinness Flight Phase .....................................................................807
Guinness Atkinson Phase ..............................................................................808
Statistics ............................................................................................................808
Businesses ........................................................................................................809
Guinness Atkinson Funds...............................................................................809
Organization & Ownership.................................................................................813
Hancock Bank.......................................................................................................814
History ...............................................................................................................814
Businesses ........................................................................................................814
Hancock Advisers...........................................................................................814
Hancock Horizon Funds ..............................................................................814
Organization & Ownership.................................................................................816
Harbor Funds........................................................................................................817
History ...............................................................................................................817
Early Phase....................................................................................................817
Middle Phase..................................................................................................817
Recent Phase.................................................................................................817
Statistics ............................................................................................................817
Businesses ........................................................................................................817
Mutual Funds..................................................................................................817
Organization & Ownership.................................................................................818
Harbour Investments.............................................................................................818
History ...............................................................................................................818
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
37
Businesses ........................................................................................................818
Mutual Funds..................................................................................................818
Organization & Ownership.................................................................................818
Harding Loevner ...................................................................................................819
History ...............................................................................................................819
Early Phase....................................................................................................819
Middle Phase..................................................................................................819
Recent Phase.................................................................................................819
Statistics ............................................................................................................819
Businesses ........................................................................................................819
Mutual Funds..................................................................................................819
Organization & Ownership.................................................................................820
Harris Insight Funds .............................................................................................820
History ...............................................................................................................820
Early Phase....................................................................................................820
Middle Phase..................................................................................................820
Recent Phase.................................................................................................820
Statistics ............................................................................................................820
Businesses ........................................................................................................820
Mutual Funds..................................................................................................821
Organization & Ownership.................................................................................821
HBOS Financial Services......................................................................................821
History ...............................................................................................................821
Businesses ........................................................................................................821
Halifax ............................................................................................................821
Organization & Ownership.................................................................................821
Heartland Advisors ...............................................................................................821
History ...............................................................................................................822
Early Phase....................................................................................................822
Middle Ph ase.................................................................................................822
Recent Phase.................................................................................................822
Statistics ............................................................................................................822
Businesses ........................................................................................................822
Mutual Funds..................................................................................................822
Organization & Ownership.................................................................................822
Hennessy Advisors ...............................................................................................822
History ...............................................................................................................823
Early Phase....................................................................................................823
Middle Phase..................................................................................................823
Recent Phase.................................................................................................823
Statistics ............................................................................................................823
Businesses ........................................................................................................823
Mutual Funds..................................................................................................823
Organization & Ownership.................................................................................824
Heritage Asset Management.................................................................................824
History ...............................................................................................................824
Early Phase....................................................................................................824
Middle Phase..................................................................................................824
Recent Phase.................................................................................................824
Statistics ............................................................................................................824
Businesses ........................................................................................................824
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
38
Mutual Funds..................................................................................................825
Organization & Ownership.................................................................................825
HGK Asset Management ......................................................................................825
History ...............................................................................................................825
Early Phase....................................................................................................825
Middle Phase..................................................................................................825
Recent Phase.................................................................................................825
Statistics ............................................................................................................825
Businesses ........................................................................................................826
HGK Fund ......................................................................................................826
Organization & Ownership.................................................................................826
Highland Funds.....................................................................................................826
History ...............................................................................................................826
Early Phase....................................................................................................826
Middle Phase..................................................................................................826
Recent Phase.................................................................................................827
Statistics ............................................................................................................827
Businesses ........................................................................................................827
Mutual Funds..................................................................................................827
Organization & Ownership.................................................................................827
Hillman Capital Management ................................................................................827
History ...............................................................................................................827
Early Phase....................................................................................................828
Middle Phase..................................................................................................828
Recent Phase.................................................................................................828
Statistics ............................................................................................................828
Businesses ........................................................................................................828
Mutual Funds..................................................................................................828
Organization & Ownership.................................................................................828
Holland Capital Management................................................................................828
History ...............................................................................................................828
Early Phase....................................................................................................829
Middle Phase..................................................................................................829
Recent Phase.................................................................................................829
Statistics ............................................................................................................829
Businesses ........................................................................................................829
Mutual Funds..................................................................................................829
Organization & Ownership.................................................................................829
Homestead Funds ................................................................................................830
History ...............................................................................................................830
Early Phase....................................................................................................830
Middle Phase..................................................................................................830
Recent Phase.................................................................................................830
Statistics ............................................................................................................830
Businesses ........................................................................................................830
Mutual Funds..................................................................................................830
Organization & Ownership.................................................................................830
Hotchkis & Wiley...................................................................................................831
History ...............................................................................................................831
Early Phase....................................................................................................831
Middle Phase..................................................................................................831
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
39
Recent Phase.................................................................................................831
Statistics ............................................................................................................831
Businesses ........................................................................................................831
Mutual Funds..................................................................................................831
Organization & Ownership.................................................................................831
HSBC ...................................................................................................................832
History ...............................................................................................................832
Businesses ........................................................................................................832
HSBC Asset Management..............................................................................832
HSBC Investor Funds..................................................................................832
Organization & Ownership.................................................................................832
Huntington Bancshares.........................................................................................832
History ...............................................................................................................832
Businesses ........................................................................................................833
Huntington Funds ...........................................................................................833
Organization & Ownership.................................................................................833
Hussman Investment Trust ...................................................................................833
History ...............................................................................................................834
Early Phase....................................................................................................834
Middle Phase..................................................................................................834
Recent Phase.................................................................................................834
Statistics ............................................................................................................834
Businesses ........................................................................................................834
Mutual Funds..................................................................................................834
Organization & Ownership.................................................................................834
ICAP .....................................................................................................................835
History ...............................................................................................................835
Early Phase....................................................................................................835
Middle Phase..................................................................................................835
Recent Phase.................................................................................................835
Statistics ............................................................................................................835
Businesses ........................................................................................................835
Mutual Funds..................................................................................................835
Organization & Ownership.................................................................................835
ICM Funds ............................................................................................................836
History ...............................................................................................................836
Early Phase....................................................................................................836
Middle Phase..................................................................................................836
Recent Phase.................................................................................................836
Statistics ............................................................................................................836
Businesses ........................................................................................................836
Mutual Funds..................................................................................................836
Organization & Ownership.................................................................................836
ICON Funds..........................................................................................................837
History ..............................................................................................................837
Early Phase....................................................................................................837
Middle Phase..................................................................................................837
Recent Phase.................................................................................................837
Statistics ............................................................................................................837
Businesses ........................................................................................................837
Mutual Funds..................................................................................................837
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
40
Organization & Ownership.................................................................................838
IMS Capital Management .....................................................................................838
History ...............................................................................................................838
Development Phase .......................................................................................838
Mutual Fund Introduction Phase.....................................................................838
Expansion Phase ...........................................................................................838
Statistics ............................................................................................................839
Businesses ........................................................................................................839
Separate Accounts .........................................................................................840
Mutual Funds..................................................................................................840
Organization & Ownership.................................................................................841
Independence Funds ............................................................................................842
History ...............................................................................................................842
Early Phase....................................................................................................842
Middle Phase..................................................................................................842
Recent Phase.................................................................................................842
Statistics ............................................................................................................842
Businesses ........................................................................................................842
Mutual Funds..................................................................................................842
Organization & Ownership.................................................................................842
Independent Bank Corporation .............................................................................843
History ...............................................................................................................843
Businesses ........................................................................................................843
Rockland Trust ...............................................................................................843
Organization & Ownership.................................................................................843
Industry Leaders ...................................................................................................843
History ...............................................................................................................843
Early Phase....................................................................................................844
Middle Phase..................................................................................................844
Recent Phase.................................................................................................844
Statistics ............................................................................................................844
Businesses ........................................................................................................844
Mutual Funds..................................................................................................844
Organization & Ownership.................................................................................844
ING Group ............................................................................................................844
History ...............................................................................................................845
Businesses ........................................................................................................845
ING Financial Partners ...................................................................................845
ING Funds...................................................................................................845
Organization & Ownership.................................................................................846
Integrity Mutual Funds ..........................................................................................846
History ...............................................................................................................846
Early Phase....................................................................................................847
Middle Phase..................................................................................................847
Expansion Phase ...........................................................................................848
Statistics ............................................................................................................849
Businesses ........................................................................................................850
Integrity Money Management .........................................................................851
Integrity Funds Distributor ..............................................................................855
Integrity Funds Services .................................................................................856
Integrity Capital Financial Services.................................................................856
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
41
Organization & Ownership.................................................................................856
International Strategy & Investment ......................................................................859
History ...............................................................................................................859
Early Phase....................................................................................................859
Mutual Fund Introduction Phase.....................................................................859
Recent Phase.................................................................................................859
Statistics ............................................................................................................860
Businesses ........................................................................................................860
International Strategy & Investment Group (Broker/Dealer) ............................860
International Strategy & Investment (Advisor).................................................860
Organization & Ownership.................................................................................863
In Trust Bank ........................................................................................................864
History ...............................................................................................................864
Businesses ........................................................................................................864
American Independence Funds......................................................................864
Organization & Ownership.................................................................................864
Invesco .................................................................................................................864
History ...............................................................................................................865
Independent Companies Phase .....................................................................865
Amvescap Phase ...........................................................................................865
Invesco Phase................................................................................................866
Statistics ............................................................................................................867
Businesses ........................................................................................................867
AIM Investments.............................................................................................867
Atlantic Trust Private Wealth Management.....................................................873
Atlantic Whitehall Funds..............................................................................874
Powershares Capital Management.................................................................876
Organization & Ownership.................................................................................879
Investors Capital ...................................................................................................880
History ..............................................................................................................880
Early Phase....................................................................................................880
Middle Phase..................................................................................................880
Recent Phase.................................................................................................880
Statistics ............................................................................................................881
Businesses ........................................................................................................881
Mutual Funds..................................................................................................881
Organization & Ownership.................................................................................881
Jacob Internet Fund..............................................................................................881
History ...............................................................................................................881
Early Phase....................................................................................................881
Middle Phase..................................................................................................882
Recent Phase.................................................................................................882
Statistics ............................................................................................................882
Businesses ........................................................................................................882
Mutual Funds..................................................................................................882
Organization & Ownership.................................................................................882
James Investment Research.................................................................................882
History ...............................................................................................................882
Investment Advisor Phase..............................................................................883
Mutual Fund Phase ........................................................................................883
Recent Phase.................................................................................................883
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
42
Statistics ............................................................................................................883
Businesses ........................................................................................................883
Separate Accounts .........................................................................................883
Mutual Funds..................................................................................................883
Organization & Ownership.................................................................................884
Janus Capital Group .............................................................................................884
History ...............................................................................................................885
Extraordinary Growth Phase...........................................................................885
Crisis Phase ...................................................................................................885
Scandals Phase .............................................................................................887
Statistics ............................................................................................................888
Businesses ........................................................................................................888
Janus Capital Management ............................................................................889
Intech .............................................................................................................890
Perkins, Wolf, McDonnell, & Company ...........................................................891
Rapid Solutions Group ...................................................................................891
Organization & Ownership.................................................................................891
Jensen Investment Management ..........................................................................892
History ...............................................................................................................892
Early Phase....................................................................................................893
Middle Phase..................................................................................................893
Recent Phase.................................................................................................893
Statistics ............................................................................................................893
Businesses ........................................................................................................893
Mutual Funds..................................................................................................893
Organization & Ownership.................................................................................893
Johnson Investment Counsel................................................................................893
History ...............................................................................................................893
Businesses ........................................................................................................894
Johnson Wealth Advisors ...............................................................................894
Johnson Mutual Funds ................................................................................894
Organization & Ownership.................................................................................896
JP Morgan Chase .................................................................................................897
History ...............................................................................................................897
Businesses ........................................................................................................897
Asset Management & Private Banking...........................................................897
JP Morgan Fund Management ....................................................................897
JP Morgan Funds.....................................................................................897
American Century Investments ...................................................................899
Organization & Ownership.................................................................................904
Julius Baer............................................................................................................904
History ...............................................................................................................904
Businesses ........................................................................................................904
GAM...............................................................................................................905
Mutual Funds ..............................................................................................905
Organization & Ownership.................................................................................905
Jundt Funds..........................................................................................................905
History ...............................................................................................................905
Early Phase....................................................................................................905
Middle Phase..................................................................................................905
Recent Phase.................................................................................................905
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
43
Statistics ............................................................................................................906
Businesses ........................................................................................................906
Mutual Funds..................................................................................................906
Organization & Ownership.................................................................................906
JW Seligman ........................................................................................................906
History ...............................................................................................................906
Early Phase....................................................................................................906
Middle Phase..................................................................................................906
Recent Phase.................................................................................................906
Statistics ............................................................................................................906
Businesses ........................................................................................................907
Seligman Funds .............................................................................................907
Organization & Ownership.................................................................................907
Kalmar Pooled Investment Trust...........................................................................907
History ...............................................................................................................907
Early Phase....................................................................................................907
Middle Phase..................................................................................................907
Recent Phase.................................................................................................908
Statistics ............................................................................................................908
Businesses ........................................................................................................908
Mutual Funds..................................................................................................908
Organization & Ownership.................................................................................908
Keeley Asset Management ...................................................................................908
History ...............................................................................................................908
Early Phase....................................................................................................909
Middle Phase..................................................................................................909
Recent Phase.................................................................................................909
Statistics ............................................................................................................909
Businesses ........................................................................................................909
Mutual Funds..................................................................................................909
Organization & Ownership.................................................................................909
Kelmoore Investment Company............................................................................909
History ...............................................................................................................910
Introduction Phase .........................................................................................910
Fund Launches Phase....................................................................................910
Investigation Phase ........................................................................................910
Statistics ............................................................................................................910
Businesses ........................................................................................................911
Kelmoore Strategic Funds ..............................................................................911
Separately Managed Accounts.......................................................................913
Organization & Ownership.................................................................................914
Key Corp...............................................................................................................914
History ...............................................................................................................914
Businesses ........................................................................................................914
Victory Capital Management...........................................................................914
Victory Funds ..............................................................................................914
Organization & Ownership.................................................................................915
Kinetics Mutual Funds...........................................................................................915
History ...............................................................................................................915
Early Phase....................................................................................................916
Middle Phase..................................................................................................916
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
44
Recent Phase.................................................................................................916
Statistics ............................................................................................................916
Businesses ........................................................................................................916
The Internet Fund...........................................................................................916
Separately Managed Accounts.......................................................................916
Organization & Ownership.................................................................................916
Kirr Marbach Partners...........................................................................................917
History ...............................................................................................................917
Early Phase....................................................................................................917
Middle Phase..................................................................................................917
Recent Phase.................................................................................................917
Statistics ............................................................................................................917
Businesses ........................................................................................................917
Mutual Funds..................................................................................................917
Organization & Ownership.................................................................................918
Kit Cole Investment Advisory Services..................................................................918
History ...............................................................................................................918
Early Phase....................................................................................................918
Middle Phase..................................................................................................918
Recent Phase.................................................................................................918
Statistics ............................................................................................................918
Businesses ........................................................................................................918
Mutual Funds..................................................................................................919
Organization & Ownership.................................................................................919
Kopp Funds ..........................................................................................................919
History ...............................................................................................................919
Early Phase....................................................................................................919
Middle Phase..................................................................................................919
Recent Phase.................................................................................................919
Statistics ............................................................................................................920
Businesses ........................................................................................................920
Mutual Funds..................................................................................................920
Organization & Ownership.................................................................................920
Kornitzer Capital Management..............................................................................920
History ...............................................................................................................920
Early Phase....................................................................................................920
Sub-Adviser Phase.........................................................................................921
Recent Phase.................................................................................................921
Statistics ............................................................................................................921
Businesses ........................................................................................................922
Kornitzer Private Client Services ....................................................................922
Great Plains Trust Company ..........................................................................922
Buffalo Funds .................................................................................................922
Organization & Ownership.................................................................................922
Lake Forest Funds................................................................................................922
History ...............................................................................................................922
Early Phase....................................................................................................923
Middle Phase..................................................................................................923
Recent Phase.................................................................................................923
Statistics ............................................................................................................923
Businesses ........................................................................................................923
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
45
Mutual Funds..................................................................................................923
Organization & Ownership.................................................................................923
Lazard, Freres, & Company..................................................................................923
History ...............................................................................................................923
Businesses ........................................................................................................923
Lazard Asset Management.............................................................................924
Organization & Ownership.................................................................................924
Leader Mutual Funds............................................................................................925
History ...............................................................................................................925
Early Phase....................................................................................................925
Middle Phase..................................................................................................925
Recent Phase.................................................................................................925
Statistics ............................................................................................................925
Businesses ........................................................................................................925
Mutual Funds..................................................................................................925
Organization & Ownership.................................................................................925
Legacy Bank.........................................................................................................926
History ...............................................................................................................926
Businesses ........................................................................................................926
Legacy Portfolio Management ........................................................................926
Organization & Ownership.................................................................................926
Legg Mason..........................................................................................................926
History ...............................................................................................................926
Businesses ........................................................................................................927
Brandywine ....................................................................................................927
Barrett Associates ..........................................................................................927
Batterymarch..................................................................................................927
Brandywine ....................................................................................................927
Citigroup Asset Management .........................................................................927
Organization & Ownership.................................................................................934
Lend Lease...........................................................................................................935
History ...............................................................................................................935
Businesses ........................................................................................................935
Lend Lease Rosen .........................................................................................935
Organization & Ownership.................................................................................935
Leuthold Weedon Capital Management ................................................................935
History ...............................................................................................................935
Early Phase....................................................................................................936
Middle Phase..................................................................................................936
Recent Phase.................................................................................................936
Statistics ............................................................................................................936
Businesses ........................................................................................................936
Mutual Funds..................................................................................................936
Organization & Ownership.................................................................................936
Liberty Funds........................................................................................................936
History ...............................................................................................................937
Early Phase....................................................................................................937
Middle Phase..................................................................................................937
Recent Phase.................................................................................................937
Statistics ............................................................................................................937
Businesses ........................................................................................................937
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
46
Mutual Funds..................................................................................................937
Organization & Ownership.................................................................................937
Light......................................................................................................................937
History ...............................................................................................................937
Early Phase....................................................................................................938
Middle Phase..................................................................................................938
Recent Phase.................................................................................................938
Statistics ............................................................................................................938
Businesses ........................................................................................................938
Mutual Funds..................................................................................................938
Organization & Ownership.................................................................................938
Lincoln Financial Group ........................................................................................938
History ...............................................................................................................938
Businesses ........................................................................................................939
Delaware Investments ....................................................................................939
Organization & Ownership.................................................................................940
Lindbergh..............................................................................................................940
History ...............................................................................................................940
Early Phase....................................................................................................940
Middle Phase..................................................................................................940
Recent Phase.................................................................................................940
Statistics ............................................................................................................941
Businesses ........................................................................................................941
Mutual Funds..................................................................................................941
Organization & Ownership.................................................................................941
Litman Gregory Companies ..................................................................................941
History ...............................................................................................................941
Businesses ........................................................................................................941
Masters’ Select Funds ....................................................................................942
Organization & Ownership.................................................................................942
Lord Abbett & Company........................................................................................942
History ...............................................................................................................942
Businesses ........................................................................................................943
Mutual Funds..................................................................................................943
Organization & Ownership.................................................................................943
Lord Asset Management Trust..............................................................................943
History ...............................................................................................................943
Early Phase....................................................................................................943
Middle Phase..................................................................................................943
Recent Phase.................................................................................................943
Statistics ............................................................................................................943
Businesses ........................................................................................................943
Mutual Funds..................................................................................................944
Organization & Ownership.................................................................................944
Lowe, Brockenbrough, & Company.......................................................................944
History ...............................................................................................................944
Businesses ........................................................................................................944
Jamestown Funds ..........................................................................................944
Organization & Ownership.................................................................................946
Luther King Capital Management..........................................................................946
History ...............................................................................................................946
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
47
Early Phase....................................................................................................946
Middle Phase..................................................................................................946
Recent Phase.................................................................................................947
Statistics ............................................................................................................947
Businesses ........................................................................................................947
Aquinas Funds ...............................................................................................947
Organization & Ownership.................................................................................947
Madison Investment Advisors ...............................................................................947
History ...............................................................................................................947
Businesses ........................................................................................................948
Madison Mosaic Funds...................................................................................948
Organization & Ownership.................................................................................950
Mairs & Power Funds............................................................................................950
History ...............................................................................................................950
Early Phase....................................................................................................951
Middle Phase..................................................................................................951
Recent Phase.................................................................................................951
Statistics ............................................................................................................951
Businesses ........................................................................................................951
Mutual Funds..................................................................................................951
Organization & Ownership.................................................................................951
Manarin Investment Counsel ................................................................................951
History ...............................................................................................................952
Early Phase....................................................................................................952
Middle Phase..................................................................................................952
Recent Phase.................................................................................................952
Statistics ............................................................................................................952
Businesses ........................................................................................................952
Lifetime Achievement Fund ............................................................................952
Organization & Ownership.................................................................................952
Manning & Napier Advisors...................................................................................953
History ...............................................................................................................953
Early Phase....................................................................................................953
Middle Phase..................................................................................................953
Recent Phase.................................................................................................953
Statistics ............................................................................................................953
Businesses ........................................................................................................953
Exeter Funds Family.......................................................................................953
Organization & Ownership.................................................................................954
Manulife Financial .................................................................................................954
History ...............................................................................................................954
Businesses ........................................................................................................954
John Hancock Funds......................................................................................954
Organization & Ownership.................................................................................955
Marketocracy Funds .............................................................................................955
History ...............................................................................................................955
Early Phase....................................................................................................956
Middle Phase..................................................................................................956
Recent Phase.................................................................................................956
Statistics ............................................................................................................956
Businesses ........................................................................................................956
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
48
Mutual Funds..................................................................................................956
Organization & Ownership.................................................................................956
Markman Capital...................................................................................................956
History ...............................................................................................................956
Early Phase....................................................................................................957
Middle Phase .................................................................................................957
Recent Phase.................................................................................................957
Statistics ............................................................................................................957
Businesses ........................................................................................................957
Mutual Funds..................................................................................................957
Organization & Ownership.................................................................................957
Marshall & Ilsley Bank...........................................................................................957
History ...............................................................................................................958
Businesses ........................................................................................................958
Marshall Funds...............................................................................................958
Organization & Ownership.................................................................................958
Marsico Capital Management ...............................................................................958
History ...............................................................................................................958
Early Phase....................................................................................................959
Bank of America Phase ..................................................................................959
Independence Phase......................................................................................959
Statistics ............................................................................................................959
Businesses ........................................................................................................959
Mutual Funds..................................................................................................959
Separate Accounts .........................................................................................960
Organization & Ownership.................................................................................960
Mass Mutual Financial Group ...............................................................................960
History ...............................................................................................................960
Businesses ........................................................................................................960
Oppenheimer Funds.......................................................................................961
Organization & Ownership.................................................................................964
Mastrapasqua Asset Management........................................................................965
History ...............................................................................................................965
Early Phase....................................................................................................965
Middle Phase..................................................................................................965
Recent Phase.................................................................................................965
Statistics ............................................................................................................965
Businesses ........................................................................................................965
Mutual Funds..................................................................................................965
Organization & Ownership.................................................................................966
Matrix Asset Advisors ...........................................................................................966
History ..............................................................................................................966
Early Phase....................................................................................................966
Middle Phase..................................................................................................966
Recent Phase.................................................................................................966
Statistics ............................................................................................................966
Businesses ........................................................................................................966
Mutual Funds..................................................................................................967
Organization & Ownership.................................................................................967
Matterhorn ............................................................................................................967
History ...............................................................................................................967
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
49
Early Phase....................................................................................................967
Middle Phase..................................................................................................967
Recent Phase.................................................................................................967
Statistics ............................................................................................................967
Businesses ........................................................................................................967
Mutual Funds..................................................................................................967
Organization & Ownership.................................................................................968
Matthew 25 Fund ..................................................................................................968
History ...............................................................................................................968
Early Phase....................................................................................................968
Middle Phase..................................................................................................968
Recent Phase.................................................................................................968
Statistics ............................................................................................................968
Businesses ........................................................................................................969
Mutual Funds..................................................................................................969
Organization & Ownership.................................................................................969
Matthews International Capital Management ........................................................969
History ...............................................................................................................969
Managed Accounts Phase..............................................................................969
No-Load Fund Phase .....................................................................................969
Statistics ............................................................................................................970
Businesses ........................................................................................................970
Asian Funds ...................................................................................................970
Organization & Ownership.................................................................................970
Maxim Group ........................................................................................................971
History ...............................................................................................................971
Early Phase....................................................................................................971
Middle Phase..................................................................................................971
Recent Phase.................................................................................................971
Statistics ............................................................................................................971
Businesses ........................................................................................................971
Mutual Funds..................................................................................................972
Organization & Ownership.................................................................................972
McCormick Capital Management ..........................................................................972
History ...............................................................................................................972
Early Phase....................................................................................................972
Middle Phase..................................................................................................972
Recent Phase.................................................................................................972
Statistics ............................................................................................................972
Businesses ........................................................................................................972
Elite Mutual Funds..........................................................................................973
Organization & Ownership.................................................................................973
McKee Investment Managers ...............................................................................973
History ...............................................................................................................973
Early Phase....................................................................................................973
Middle Phase..................................................................................................973
Recent Phase.................................................................................................973
Statistics ............................................................................................................974
Businesses ........................................................................................................974
Mutual Funds..................................................................................................974
Organization & Ownership.................................................................................974
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50
McMorgan & Company .........................................................................................974
History ...............................................................................................................974
Early Phase....................................................................................................974
Middle Phase..................................................................................................975
Recent Phase.................................................................................................975
Statistics ............................................................................................................975
Businesses ........................................................................................................975
Mutual Funds..................................................................................................975
Organization & Ownership.................................................................................975
MDL Financial.......................................................................................................975
History ...............................................................................................................975
Early Phase....................................................................................................976
Middle Phase..................................................................................................976
Recent Phase.................................................................................................976
Statistics ............................................................................................................976
Businesses ........................................................................................................976
Mutual Funds..................................................................................................976
Organization & Ownership.................................................................................976
Meeder Financial ..................................................................................................976
History ...............................................................................................................976
Businesses ........................................................................................................976
The Flex-Funds ..............................................................................................977
Organization & Ownership.................................................................................979
Memorial Funds ....................................................................................................979
History ...............................................................................................................979
Early Phase....................................................................................................979
Middle Phase..................................................................................................979
Recent Phase.................................................................................................980
Statistics ............................................................................................................980
Businesses ........................................................................................................980
Mutual Funds..................................................................................................980
Organization & Ownership.................................................................................980
Mercantile Bankshares Corporation ......................................................................980
History ...............................................................................................................980
Businesses ........................................................................................................980
Mercantile Capital Advisors ............................................................................980
Mercantile Mutual Funds .............................................................................981
Organization & Ownership.................................................................................981
Merger ..................................................................................................................981
History ...............................................................................................................981
Early Phase....................................................................................................981
Middle Phase..................................................................................................981
Recent Phase.................................................................................................981
Statistics ............................................................................................................981
Businesses ........................................................................................................981
Mutual Funds..................................................................................................981
Organization & Ownership.................................................................................982
Merit Advisors Investment Trust............................................................................982
History ...............................................................................................................982
Early Phase....................................................................................................982
Middle Phase..................................................................................................982
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51
Recent Phase.................................................................................................982
Statistics ............................................................................................................982
Businesses ........................................................................................................982
Mutual Funds..................................................................................................982
Organization & Ownership.................................................................................982
Metropolitan West Asset Management .................................................................983
History ...............................................................................................................983
Early Phase....................................................................................................983
Middle Phase..................................................................................................983
Recent Phase.................................................................................................983
Statistics ............................................................................................................983
Businesses ........................................................................................................983
Mutual Funds..................................................................................................983
Organization & Ownership.................................................................................984
Metzler Bank.........................................................................................................984
History ...............................................................................................................984
Businesses ........................................................................................................984
Metzler Payden Funds....................................................................................984
Organization & Ownership.................................................................................984
MH Elite ................................................................................................................984
History ...............................................................................................................985
Early Phase....................................................................................................985
Middle Phase..................................................................................................985
Recent Phase.................................................................................................985
Statistics ............................................................................................................985
Businesses ........................................................................................................985
Mutual Funds..................................................................................................985
Organization & Ownership.................................................................................985
Midas Funds .........................................................................................................985
History ...............................................................................................................985
Early Phase....................................................................................................986
Middle Phase..................................................................................................986
Recent Phase.................................................................................................986
Statistics ............................................................................................................986
Businesses ........................................................................................................986
Mutual Funds..................................................................................................986
Organization & Ownership.................................................................................986
Mitsubishi UFJ Financial Group ............................................................................986
History ...............................................................................................................987
Businesses ........................................................................................................987
Union Bank of California.................................................................................987
High Mark Funds.........................................................................................987
Morgan Stanley ..............................................................................................987
Morgan Stanley Investment Management ...................................................987
Van Kampen ............................................................................................987
Organization & Ownership.................................................................................988
MMA Praxis ..........................................................................................................988
History ...............................................................................................................988
Early Phase....................................................................................................989
Middle Phase..................................................................................................989
Recent Phase.................................................................................................989
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
52
Statistics ............................................................................................................989
Businesses ........................................................................................................989
Mutual Funds..................................................................................................989
Organization & Ownership.................................................................................989
Monetta Mutual Funds ..........................................................................................989
History ...............................................................................................................989
Early Phase....................................................................................................990
Middle Phase..................................................................................................990
Recent Phase.................................................................................................990
Statistics ............................................................................................................990
Businesses ........................................................................................................990
Mutual Funds..................................................................................................990
Organization & Ownership.................................................................................990
MP 63 Fund ..........................................................................................................990
History ...............................................................................................................990
Businesses ........................................................................................................991
Index Mutual Funds........................................................................................991
Organization & Ownership.................................................................................991
M&T Bank.............................................................................................................991
History ...............................................................................................................991
Businesses ........................................................................................................991
MTB Investment Advisors...............................................................................991
MTB Group of Funds...................................................................................992
Organization & Ownership.................................................................................992
Muhlenkamp & Company......................................................................................992
History ...............................................................................................................992
Early Phase....................................................................................................992
Middle Phase..................................................................................................992
Recent Phase.................................................................................................992
Statistics ............................................................................................................993
Businesses ........................................................................................................993
Mutual Funds..................................................................................................993
Organization & Ownership.................................................................................993
Munder Capital Management................................................................................993
History ...............................................................................................................993
Early Phase....................................................................................................993
Middle Phase..................................................................................................994
Recent Phase.................................................................................................994
Statistics ............................................................................................................994
Businesses ........................................................................................................994
Mutual Funds..................................................................................................994
Organization & Ownership.................................................................................994
Murphy Morris.......................................................................................................994
History ...............................................................................................................994
Early Phase....................................................................................................995
Middle Phase..................................................................................................995
Recent Phase.................................................................................................995
Statistics ............................................................................................................995
Businesses ........................................................................................................995
Mutual Funds..................................................................................................995
Organization & Ownership.................................................................................995
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53
Mutual of America Life Insurance Company..........................................................995
History ...............................................................................................................995
Businesses ........................................................................................................996
Mutual Funds..................................................................................................996
Organization & Ownership.................................................................................996
National Asset Management .................................................................................996
History ...............................................................................................................996
Early Phase....................................................................................................996
Middle Phase..................................................................................................996
Recent Phase.................................................................................................996
Statistics ............................................................................................................996
Businesses ........................................................................................................997
Organization & Ownership.................................................................................997
National Life Group...............................................................................................997
History ...............................................................................................................997
Businesses ........................................................................................................997
Sentinel Asset Management...........................................................................997
Sentinel Funds ............................................................................................998
Organization & Ownership...............................................................................1001
Nationwide..........................................................................................................1001
History .............................................................................................................1002
Businesses ......................................................................................................1002
Gartmore Global Investments.......................................................................1002
Organization & Ownership...............................................................................1002
Natixis.................................................................................................................1002
History .............................................................................................................1003
Businesses ......................................................................................................1003
Natixis Global Asset Management (North America)......................................1003
Loomis, Sayles, & Company .....................................................................1003
Harris Associates ......................................................................................1003
Oakmark Funds .....................................................................................1004
Reich & Tang ............................................................................................1004
Hansberger Global Investors.....................................................................1004
Capital Growth Management.....................................................................1005
West Peak Financial Advisers ...................................................................1005
Natixis Advisor Mutual Funds ....................................................................1006
Organization & Ownership...............................................................................1006
Navellier & Associates ........................................................................................1006
History .............................................................................................................1006
Businesses ......................................................................................................1006
Mutual Funds................................................................................................1007
Organization & Ownership...............................................................................1008
Needham & Company.........................................................................................1009
History .............................................................................................................1009
Businesses ......................................................................................................1009
Needham Investment Management..............................................................1009
Organization & Ownership...............................................................................1011
Neiman Funds ....................................................................................................1011
History .............................................................................................................1011
Early Phase..................................................................................................1012
Middle Phase................................................................................................1012
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
54
Recent Phase...............................................................................................1012
Statistics ..........................................................................................................1012
Businesses ......................................................................................................1012
Mutual Funds................................................................................................1012
Organization & Ownership...............................................................................1012
Neuberger Berman Management........................................................................1012
History .............................................................................................................1012
Businesses ......................................................................................................1013
Neuberger Berman Funds ............................................................................1013
Organization & Ownership...............................................................................1013
New Alternatives Fund........................................................................................1013
History .............................................................................................................1013
Early Phase..................................................................................................1014
Middle Phase................................................................................................1014
Recent Phase...............................................................................................1014
Statistics ..........................................................................................................1014
Businesses ......................................................................................................1014
Mutual Funds................................................................................................1014
Organization & Ownership...............................................................................1014
New York Life .....................................................................................................1014
History .............................................................................................................1015
Businesses ......................................................................................................1015
Main Stay Investments .................................................................................1015
Organization & Ownership...............................................................................1015
Nicholas Company..............................................................................................1015
History .............................................................................................................1016
Early Phase..................................................................................................1016
Middle Phase................................................................................................1016
Recent Phase...............................................................................................1016
Statistics ..........................................................................................................1016
Businesses ......................................................................................................1016
Mutual Funds................................................................................................1016
Organization & Ownership...............................................................................1016
Noah Investment Group......................................................................................1016
History .............................................................................................................1017
Early Phase..................................................................................................1017
Middle Phase................................................................................................1017
Recent Phase...............................................................................................1017
Statistics ..........................................................................................................1017
Businesses ......................................................................................................1017
Mutual Funds................................................................................................1017
Organization & Ownership...............................................................................1017
North American Islamic Trust..............................................................................1017
History .............................................................................................................1017
Early Phase..................................................................................................1018
Middle Phase................................................................................................1018
Recent Phase...............................................................................................1018
Statistics ..........................................................................................................1018
Businesses ......................................................................................................1018
Allied Asset Advisors ....................................................................................1018
Organization & Ownership...............................................................................1018
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
55
North Century Funds...........................................................................................1019
History .............................................................................................................1019
Early Phase..................................................................................................1019
Middle Phase................................................................................................1019
Recent Phase...............................................................................................1019
Statistics ..........................................................................................................1019
Businesses ......................................................................................................1019
Mutual Funds................................................................................................1019
Organization & Ownership...............................................................................1019
Northeast Investments ........................................................................................1020
History .............................................................................................................1020
Early Phase..................................................................................................1020
Middle Phase................................................................................................1020
Recent Phase...............................................................................................1020
Statistics ..........................................................................................................1020
Businesses ......................................................................................................1020
Mutual Funds................................................................................................1020
Organization & Ownership...............................................................................1020
Northern Capital..................................................................................................1021
History .............................................................................................................1021
Early Phase..................................................................................................1021
Middle Phase................................................................................................1021
Recent Phase...............................................................................................1021
Statistics ..........................................................................................................1021
Businesses ......................................................................................................1021
Mutual Funds................................................................................................1021
Organization & Ownership...............................................................................1021
Northern Trust.....................................................................................................1022
History .............................................................................................................1022
Businesses ......................................................................................................1022
Mutual Funds................................................................................................1022
Organization & Ownership...............................................................................1022
Northstar Financial Services Group ....................................................................1023
History .............................................................................................................1023
Businesses ......................................................................................................1023
Advisor One Funds.......................................................................................1023
Organization & Ownership...............................................................................1023
North Track Funds ..............................................................................................1023
History .............................................................................................................1023
Early Phase..................................................................................................1024
Middle Phase................................................................................................1024
Recent Phase ..............................................................................................1024
Statistics ..........................................................................................................1024
Businesses ......................................................................................................1024
Mutual Funds................................................................................................1024
Separately Managed Accounts.....................................................................1024
Organization & Ownership...............................................................................1024
Northwestern Mutual...........................................................................................1024
History .............................................................................................................1025
Businesses ......................................................................................................1025
Northwestern Mutual Investment Services....................................................1025
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
56
Mason Street Funds..................................................................................1025
Russell Investment Group .........................................................................1026
Organization & Ownership...............................................................................1039
Numeric Investors...............................................................................................1039
History .............................................................................................................1039
Businesses ......................................................................................................1039
Numeric Investors Family of Funds ..............................................................1040
Organization & Ownership...............................................................................1040
Nuveen ...............................................................................................................1041
History .............................................................................................................1041
Businesses ......................................................................................................1041
NWQ Investment Management ....................................................................1041
Organization & Ownership...............................................................................1041
Oak Associates...................................................................................................1042
History .............................................................................................................1042
Early Phase..................................................................................................1042
Middle Phase................................................................................................1042
Recent Phase...............................................................................................1042
Statistics ..........................................................................................................1042
Businesses ......................................................................................................1042
Mutual Funds................................................................................................1042
Organization & Ownership...............................................................................1043
Oak Value Trust..................................................................................................1043
History .............................................................................................................1043
Early Phase..................................................................................................1043
Middle Phase................................................................................................1043
Recent Phase...............................................................................................1043
Statistics ..........................................................................................................1043
Businesses ......................................................................................................1043
Mutual Funds................................................................................................1044
Organization & Ownership...............................................................................1044
Oberweis Securities............................................................................................1044
History .............................................................................................................1044
Early Phase..................................................................................................1044
Middle Phase................................................................................................1044
Recent Phase...............................................................................................1044
Statistics ..........................................................................................................1044
Businesses ......................................................................................................1045
Mutual Funds................................................................................................1045
Organization & Ownership...............................................................................1045
Ocean State........................................................................................................1045
History .............................................................................................................1045
Statistics ..........................................................................................................1045
Businesses ......................................................................................................1045
Mutual Funds................................................................................................1046
Organization & Ownership...............................................................................1046
Old Mutual ..........................................................................................................1046
History .............................................................................................................1046
Businesses ......................................................................................................1046
Pacific Financial Research ...........................................................................1046
Clipper Fund .............................................................................................1046
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
57
First Pacific Advisors ....................................................................................1047
Analytic Investors .........................................................................................1047
Thompson, Siegel, & Walmsley....................................................................1047
Liberty Ridge Capital ....................................................................................1051
PBHG Funds.............................................................................................1051
Organization & Ownership...............................................................................1051
Old Westbury......................................................................................................1051
History .............................................................................................................1051
Early Phase..................................................................................................1051
Middle Phase................................................................................................1052
Recent Phase...............................................................................................1052
Statistics ..........................................................................................................1052
Businesses ......................................................................................................1052
Mutual Funds................................................................................................1052
Organization & Ownership...............................................................................1052
Olstein & Associates...........................................................................................1052
History .............................................................................................................1052
Early Phase..................................................................................................1053
Middle Phase................................................................................................1053
Recent Phase...............................................................................................1053
Statistics ..........................................................................................................1053
Businesses ......................................................................................................1053
Mutual Funds................................................................................................1053
Organization & Ownership...............................................................................1053
Pacific Global Investment Management..............................................................1053
History .............................................................................................................1053
Mutual Fund Introductions Phase .................................................................1054
Mutual Fund Expansion Phase.....................................................................1054
Recent Phase...............................................................................................1054
Statistics ..........................................................................................................1054
Businesses ......................................................................................................1054
Pacific Advisors Funds .................................................................................1054
Pacific Global Fund Distributors ...................................................................1056
Pacific Global Investors ................................................................................1056
Organization & Ownership...............................................................................1056
Pacific Heights Investments................................................................................1057
History .............................................................................................................1057
Early Phase..................................................................................................1057
Middle Phase................................................................................................1057
Recent Phase...............................................................................................1057
Statistics ..........................................................................................................1057
Businesses ......................................................................................................1057
Mutual Funds................................................................................................1058
Organization & Ownership...............................................................................1058
Pacific Income Advisors......................................................................................1058
History .............................................................................................................1058
Businesses ......................................................................................................1058
Pacific Income Advisors Mutual Funds .........................................................1058
Organization & Ownership...............................................................................1059
Pacific Life ..........................................................................................................1059
History .............................................................................................................1059
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
58
Statistics ..........................................................................................................1059
Businesses ......................................................................................................1059
Pacific Funds................................................................................................1060
Organization & Ownership...............................................................................1060
Parnassus Investments.......................................................................................1060
History .............................................................................................................1061
Early Phase..................................................................................................1061
Middle Phase................................................................................................1061
Recent Phase...............................................................................................1061
Statistics ..........................................................................................................1061
Businesses ......................................................................................................1061
Mutual Funds................................................................................................1061
Organization & Ownership...............................................................................1061
Pax World Funds ................................................................................................1062
History .............................................................................................................1062
Early Phase..................................................................................................1062
Middle Phase................................................................................................1062
Recent Phase...............................................................................................1062
Statistics ..........................................................................................................1062
Businesses ......................................................................................................1062
Mutual Funds................................................................................................1062
Organization & Ownership...............................................................................1062
Payden & Rygel ..................................................................................................1063
History .............................................................................................................1063
Early Phase..................................................................................................1063
Middle Phase................................................................................................1063
Recent Phase...............................................................................................1063
Statistics ..........................................................................................................1063
Businesses ......................................................................................................1063
Payden Funds ..............................................................................................1063
Organization & Ownership...............................................................................1064
Payson Funds.....................................................................................................1064
History .............................................................................................................1064
Early Phase..................................................................................................1064
Middle Phase................................................................................................1064
Recent Phase...............................................................................................1064
Statistics ..........................................................................................................1064
Businesses ......................................................................................................1064
Mutual Funds................................................................................................1064
Organization & Ownership...............................................................................1065
Pearl Funds ........................................................................................................1065
History .............................................................................................................1065
Early Phase..................................................................................................1065
Middle Phase................................................................................................1065
Recent Phase...............................................................................................1065
Statistics ..........................................................................................................1065
Businesses ......................................................................................................1065
Mutual Funds................................................................................................1066
Fund-of-Funds..............................................................................................1066
Organization & Ownership...............................................................................1066
Penn Street.........................................................................................................1066
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
59
History .............................................................................................................1066
Early Phase..................................................................................................1066
Middle Phase................................................................................................1066
Recent Phase...............................................................................................1066
Statistics ..........................................................................................................1066
Businesses ......................................................................................................1066
Mutual Funds................................................................................................1067
Organization & Ownership...............................................................................1067
Performance Capital Services.............................................................................1067
History .............................................................................................................1067
Early Phase..................................................................................................1067
Middle Phase................................................................................................1067
Recent Phase...............................................................................................1067
Statistics ..........................................................................................................1067
Businesses ......................................................................................................1067
Mutual Funds................................................................................................1067
Organization & Ownership...............................................................................1068
Perritt Capital Management ................................................................................1068
History .............................................................................................................1068
Early Phase..................................................................................................1068
Middle Phase................................................................................................1068
Recent Phase...............................................................................................1068
Statistics ..........................................................................................................1068
Businesses ......................................................................................................1068
Mutual Funds................................................................................................1068
Organization & Ownership...............................................................................1069
Petroleum & Resources Corporation...................................................................1069
History .............................................................................................................1069
Early Phase..................................................................................................1069
Middle Phase................................................................................................1069
Recent Phase...............................................................................................1069
Statistics ..........................................................................................................1069
Businesses ......................................................................................................1069
Mutual Funds................................................................................................1070
Organization & Ownership...............................................................................1070
PIC Investment Group ........................................................................................1070
History .............................................................................................................1070
Early Phase..................................................................................................1070
Middle Phase................................................................................................1070
Recent Phase...............................................................................................1070
Statistics ..........................................................................................................1070
Businesses ......................................................................................................1070
Mutual Funds................................................................................................1070
Organization & Ownership...............................................................................1071
Pictet & Cie.........................................................................................................1071
History .............................................................................................................1071
Businesses ......................................................................................................1071
Mutual Funds................................................................................................1071
Organization & Ownership...............................................................................1071
PMFM.................................................................................................................1071
History .............................................................................................................1072
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
60
Early Phase..................................................................................................1072
Middle Phase................................................................................................1072
Recent Phase...............................................................................................1072
Statistics ..........................................................................................................1072
Businesses ......................................................................................................1072
Mutual Funds................................................................................................1072
Organization & Ownership...............................................................................1072
PNC Financial Services Group ...........................................................................1072
History .............................................................................................................1073
Businesses ......................................................................................................1073
Regional Community Banking ......................................................................1073
BIMC.........................................................................................................1073
First Funds.............................................................................................1073
Hilliard-Lyons ............................................................................................1073
Organization & Ownership...............................................................................1073
Polaris Capital.....................................................................................................1074
History .............................................................................................................1074
Early Phase..................................................................................................1074
Middle Phase................................................................................................1074
Recent Phase...............................................................................................1074
Statistics ..........................................................................................................1074
Businesses ......................................................................................................1074
Mutual Funds................................................................................................1074
Organization & Ownership...............................................................................1074
Polynous Capital Management ...........................................................................1075
History .............................................................................................................1075
Early Phase..................................................................................................1075
Middle Phase................................................................................................1075
Recent Phase...............................................................................................1075
Statistics ..........................................................................................................1075
Businesses ......................................................................................................1075
Mutual Funds................................................................................................1075
Organization & Ownership...............................................................................1076
Power Corporation of Canada.............................................................................1076
History .............................................................................................................1076
Businesses ......................................................................................................1076
Putnam Investments.....................................................................................1076
Organization & Ownership...............................................................................1077
Prasad Series Trust ............................................................................................1077
History .............................................................................................................1077
Early Phase..................................................................................................1077
Middle Phase................................................................................................1077
Recent Phase...............................................................................................1077
Statistics ..........................................................................................................1077
Businesses ......................................................................................................1077
Mutual Funds................................................................................................1078
Organization & Ownership...............................................................................1078
Presbyterian Foundation.....................................................................................1078
History .............................................................................................................1078
Early Phase..................................................................................................1078
Middle Phase................................................................................................1078
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
61
Recent Phase...............................................................................................1078
Statistics ..........................................................................................................1078
Businesses ......................................................................................................1078
New Covenant Funds ...................................................................................1079
Organization & Ownership...............................................................................1079
Primecap Management Company.......................................................................1079
History .............................................................................................................1079
Vanguard Funds Introduction Phase ............................................................1080
Odyssey Funds Introductions Phase ............................................................1080
Recent Phase...............................................................................................1080
Statistics ..........................................................................................................1080
Businesses ......................................................................................................1081
Odyssey Funds ............................................................................................1081
Organization & Ownership...............................................................................1083
Principal Financial Group....................................................................................1083
History .............................................................................................................1083
Businesses ......................................................................................................1083
WM Group of Funds .....................................................................................1084
Organization & Ownership...............................................................................1085
Proactive Asset Allocation Funds........................................................................1086
History .............................................................................................................1086
Early Phase..................................................................................................1086
Middle Phase................................................................................................1086
Recent Phase...............................................................................................1086
Statistics ..........................................................................................................1086
Businesses ......................................................................................................1086
Mutual Funds................................................................................................1086
Fund-of-Funds..............................................................................................1087
Organization & Ownership...............................................................................1087
Professionally Managed Portfolios......................................................................1087
History .............................................................................................................1087
Early Phase..................................................................................................1087
Middle Phase................................................................................................1087
Recent Phase...............................................................................................1087
Statistics ..........................................................................................................1087
Businesses ......................................................................................................1087
Mutual Funds................................................................................................1088
Organization & Ownership...............................................................................1088
Profit Investment Management ...........................................................................1088
History .............................................................................................................1088
Early Phase..................................................................................................1088
Middle Phase................................................................................................1088
Recent Phase...............................................................................................1088
Statistics ..........................................................................................................1088
Businesses ......................................................................................................1089
Mutual Funds................................................................................................1089
Organization & Ownership...............................................................................1089
Pro Funds Group ................................................................................................1089
History .............................................................................................................1089
Businesses ......................................................................................................1089
Mutual Funds................................................................................................1089
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
62
Organization & Ownership...............................................................................1115
Progressive Investment Management.................................................................1115
History .............................................................................................................1115
Early Phase..................................................................................................1115
Middle Phase................................................................................................1115
Recent Phase...............................................................................................1116
Statistics ..........................................................................................................1116
Businesses ......................................................................................................1116
Mutual Funds................................................................................................1116
Organization & Ownership...............................................................................1116
Prospect Asset Management ..............................................................................1116
History .............................................................................................................1116
Early Phase..................................................................................................1117
Middle Phase................................................................................................1117
Recent Phase...............................................................................................1117
Statistics ..........................................................................................................1117
Businesses ......................................................................................................1117
Mutual Funds................................................................................................1117
Organization & Ownership...............................................................................1117
Prudential Financial ............................................................................................1117
History .............................................................................................................1118
Businesses ......................................................................................................1118
Jennison.......................................................................................................1118
M&G Investments.........................................................................................1118
Organization & Ownership...............................................................................1118
Quaker................................................................................................................1118
History .............................................................................................................1118
Early Phase..................................................................................................1119
Middle Phase................................................................................................1119
Recent Phase...............................................................................................1119
Statistics ..........................................................................................................1119
Businesses ......................................................................................................1119
Mutual Funds................................................................................................1119
Organization & Ownership...............................................................................1119
Quantitative Investment Advisors........................................................................1119
History .............................................................................................................1119
Early Phase..................................................................................................1120
Middle Phase................................................................................................1120
Recent Phase...............................................................................................1120
Statistics ..........................................................................................................1120
Businesses ......................................................................................................1120
Quant Funds ................................................................................................1120
Organization & Ownership...............................................................................1121
Rafferty Holdings ................................................................................................1121
History .............................................................................................................1121
Businesses ......................................................................................................1121
Direxion Funds .............................................................................................1122
Organization & Ownership...............................................................................1125
Rainier Investment Management ........................................................................1125
History .............................................................................................................1126
Early Phase..................................................................................................1126
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
63
Middle Phase................................................................................................1126
Recent Phase...............................................................................................1126
Statistics ..........................................................................................................1126
Businesses ......................................................................................................1126
Mutual Funds................................................................................................1127
Separately Managed Accounts.....................................................................1127
Organization & Ownership...............................................................................1128
Renaissance Capital ...........................................................................................1128
History .............................................................................................................1128
Businesses ......................................................................................................1128
Mutual Funds................................................................................................1128
Organization & Ownership...............................................................................1128
Regions Financial Corporation............................................................................1129
History .............................................................................................................1129
Businesses ......................................................................................................1129
AmSouth Bank .............................................................................................1129
Oak Brook Investments .............................................................................1129
Organization & Ownership...............................................................................1129
Reynolds Capital Management ...........................................................................1130
History .............................................................................................................1130
Early Phase..................................................................................................1130
Middle Phase................................................................................................1130
Recent Phase...............................................................................................1130
Statistics ..........................................................................................................1130
Businesses ......................................................................................................1130
Mutual Funds................................................................................................1130
Organization & Ownership...............................................................................1131
Rice Hall James..................................................................................................1131
History .............................................................................................................1131
Early Phase..................................................................................................1131
Middle Phase................................................................................................1131
Recent Phase...............................................................................................1131
Statistics ..........................................................................................................1131
Businesses ......................................................................................................1131
Mutual Funds................................................................................................1132
Organization & Ownership...............................................................................1132
RN Croft Financial Group....................................................................................1132
History .............................................................................................................1132
Businesses ......................................................................................................1132
Mutual Funds................................................................................................1132
Organization & Ownership...............................................................................1132
Rochdale Investment Management.....................................................................1133
History .............................................................................................................1133
Early Phase..................................................................................................1133
Middle Phase................................................................................................1133
Recent Phase...............................................................................................1133
Statistics ..........................................................................................................1133
Businesses ......................................................................................................1133
Mutual Funds................................................................................................1133
Organization & Ownership...............................................................................1134
Rock Canyon ......................................................................................................1134
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
64
History .............................................................................................................1134
Early Phase..................................................................................................1134
Middle Phase................................................................................................1134
Recent Phase...............................................................................................1134
Statistics ..........................................................................................................1134
Businesses ......................................................................................................1134
Mutual Funds................................................................................................1135
Organization & Ownership...............................................................................1135
Royal Bank of Scotland.......................................................................................1135
History .............................................................................................................1135
Businesses ......................................................................................................1135
ABN AMRO Asset Management...................................................................1135
ABN AMRO Funds ....................................................................................1135
Alleghany Funds .......................................................................................1136
Chicago Capital Management ...................................................................1136
Montag & Caldwell ....................................................................................1136
River Road Asset Management.................................................................1136
TAMRO Capital Partners...........................................................................1136
Veredus Asset Management .....................................................................1136
Organization & Ownership...............................................................................1136
Royce Funds ......................................................................................................1137
History .............................................................................................................1137
Early Phase..................................................................................................1137
Middle Phase................................................................................................1137
Recent Phase...............................................................................................1137
Statistics ..........................................................................................................1137
Businesses ......................................................................................................1137
Mutual Funds................................................................................................1137
Organization & Ownership...............................................................................1137
RS Investment Management...............................................................................1138
History .............................................................................................................1138
Early Phase..................................................................................................1138
Middle Phase................................................................................................1138
Recent Phase...............................................................................................1138
Statistics ..........................................................................................................1138
Businesses ......................................................................................................1138
Mutual Funds................................................................................................1138
Organization & Ownership...............................................................................1139
Ruane, Cuniff, & Goldfarb...................................................................................1139
History .............................................................................................................1139
Early Phase..................................................................................................1139
Middle Phase................................................................................................1139
Recent Phase...............................................................................................1139
Statistics ..........................................................................................................1139
Businesses ......................................................................................................1139
Sequoia Funds .............................................................................................1140
Organization & Ownership...............................................................................1140
Runkel Value Fund .............................................................................................1140
History .............................................................................................................1140
Early Phase..................................................................................................1141
Middle Phase................................................................................................1141
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
65
Recent Phase...............................................................................................1141
Statistics ..........................................................................................................1141
Businesses ......................................................................................................1141
Mutual Funds................................................................................................1141
Organization & Ownership...............................................................................1141
RW Baird & Company.........................................................................................1141
History .............................................................................................................1142
Businesses ......................................................................................................1142
Baird Advisors ..............................................................................................1142
Baird Investment Management.....................................................................1142
Organization & Ownership...............................................................................1144
Salem Investment Counselors ............................................................................1144
History .............................................................................................................1144
Early Phase..................................................................................................1145
Middle Phase................................................................................................1145
Recent Phase...............................................................................................1145
Statistics ..........................................................................................................1145
Businesses ......................................................................................................1145
Shepherd Street Fund ..................................................................................1145
Organization & Ownership...............................................................................1145
Santa Barbara Group..........................................................................................1145
History .............................................................................................................1145
Early Phase..................................................................................................1146
Middle Phase................................................................................................1146
Recent Phase...............................................................................................1146
Statistics ..........................................................................................................1146
Businesses ......................................................................................................1146
Mutual Funds................................................................................................1146
Organization & Ownership...............................................................................1146
Saratoga Capital Management ...........................................................................1146
History .............................................................................................................1146
Businesses ......................................................................................................1146
Saratoga Advantage Trust Funds.................................................................1147
Organization & Ownership...............................................................................1152
Satuit Capital Management Trust........................................................................1152
History .............................................................................................................1152
Early Phase..................................................................................................1152
Share Class Introduction Phase ...................................................................1152
Statistics ..........................................................................................................1152
Businesses ......................................................................................................1152
Mutual Funds................................................................................................1153
Organization & Ownership...............................................................................1154
Saturna Capital Corporation................................................................................1154
History .............................................................................................................1154
Early Phase..................................................................................................1154
Middle Phase................................................................................................1154
Recent Phase...............................................................................................1154
Statistics ..........................................................................................................1154
Businesses ......................................................................................................1155
Mutual Funds................................................................................................1155
Brokerage.....................................................................................................1155
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
66
Organization & Ownership...............................................................................1155
Schneider Capital Management..........................................................................1155
History .............................................................................................................1155
Early Phase..................................................................................................1156
Middle Phase................................................................................................1156
Recent Phase...............................................................................................1156
Statistics ..........................................................................................................1156
Businesses ......................................................................................................1156
Mutual Funds................................................................................................1156
Organization & Ownership...............................................................................1156
Schroders ...........................................................................................................1156
History .............................................................................................................1156
Businesses ......................................................................................................1156
Schroders US Mutual Funds.........................................................................1157
Organization & Ownership...............................................................................1157
Security Capital (US) Management.....................................................................1157
History .............................................................................................................1157
Early Phase..................................................................................................1157
Middle Phase................................................................................................1157
Recent Phase...............................................................................................1157
Statistics ..........................................................................................................1157
Businesses ......................................................................................................1158
Mutual Funds................................................................................................1158
Organization & Ownership...............................................................................1158
SEI Investments..................................................................................................1158
History .............................................................................................................1158
Businesses ......................................................................................................1158
LSV Asset Management...............................................................................1158
Organization & Ownership...............................................................................1160
Shaker Funds .....................................................................................................1162
History .............................................................................................................1162
Early Phase..................................................................................................1162
Middle Phase................................................................................................1162
Recent Phase...............................................................................................1162
Statistics ..........................................................................................................1162
Businesses ......................................................................................................1162
Mutual Funds................................................................................................1162
Organization & Ownership...............................................................................1163
Shay Investment Services ..................................................................................1163
History .............................................................................................................1163
Early Phase..................................................................................................1163
Middle Phase................................................................................................1163
Recent Phase...............................................................................................1163
Statistics ..........................................................................................................1163
Businesses ......................................................................................................1163
Separate Accounts .......................................................................................1164
Mutual Funds................................................................................................1164
Organization & Ownership...............................................................................1164
Shepherd Values Family of Funds ......................................................................1165
History .............................................................................................................1165
Early Phase..................................................................................................1165
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
67
Middle Phase................................................................................................1165
Recent Phase...............................................................................................1165
Statistics ..........................................................................................................1165
Businesses ......................................................................................................1165
Mutual Funds................................................................................................1165
Organization & Ownership...............................................................................1166
Sirach Funds ......................................................................................................1166
History .............................................................................................................1166
Early Phase..................................................................................................1166
Middle Phase................................................................................................1166
Recent Phase...............................................................................................1166
Statistics ..........................................................................................................1166
Businesses ......................................................................................................1166
Mutual Funds................................................................................................1166
Organization & Ownership...............................................................................1167
Sit Investment Associates...................................................................................1167
History .............................................................................................................1167
Early Phase..................................................................................................1167
Middle Phase................................................................................................1167
Recent Phase...............................................................................................1167
Statistics ..........................................................................................................1167
Businesses ......................................................................................................1167
Mutual Funds................................................................................................1168
Organization & Ownership...............................................................................1168
Skyline Asset Management.................................................................................1168
History .............................................................................................................1168
Early Phase..................................................................................................1168
Middle Phase................................................................................................1168
Recent Phase...............................................................................................1168
Statistics ..........................................................................................................1169
Businesses ......................................................................................................1169
Mutual Funds................................................................................................1169
Organization & Ownership...............................................................................1169
Snow Capital Management .................................................................................1169
History .............................................................................................................1169
RAS Capital Phase.......................................................................................1169
Product Offering Phase ................................................................................1170
Product Expansion Phase ............................................................................1170
Statistics ..........................................................................................................1170
Businesses ......................................................................................................1170
Separately Managed Accounts.....................................................................1170
Snow Funds ..............................................................................................1171
Organization & Ownership...............................................................................1171
Societe Generale ................................................................................................1172
History .............................................................................................................1172
Businesses ......................................................................................................1172
Trust Company of the West ..........................................................................1172
TCW Galileo Funds...................................................................................1172
Organization & Ownership...............................................................................1173
Sound Shore Fund..............................................................................................1174
History .............................................................................................................1174
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
68
Early Phase..................................................................................................1174
Middle Phase................................................................................................1174
Recent Phase...............................................................................................1174
Statistics ..........................................................................................................1174
Businesses ......................................................................................................1174
Mutual Funds................................................................................................1174
Organization & Ownership...............................................................................1174
Southeastern Asset Management.......................................................................1175
History .............................................................................................................1175
Early Phase..................................................................................................1175
Middle Phase................................................................................................1175
Recent Phase...............................................................................................1175
Statistics ..........................................................................................................1175
Businesses ......................................................................................................1175
Longleaf Partners Funds ..............................................................................1176
Organization & Ownership...............................................................................1176
Sparrow Capital Management.............................................................................1176
History .............................................................................................................1176
Early Phase..................................................................................................1176
Middle Phase................................................................................................1176
Recent Phase...............................................................................................1176
Statistics ..........................................................................................................1177
Businesses ......................................................................................................1177
Mutual Funds................................................................................................1177
Organization & Ownership...............................................................................1177
SPARX Group.....................................................................................................1177
History .............................................................................................................1177
Early Phase..................................................................................................1178
Middle Phase................................................................................................1178
Recent Phase...............................................................................................1178
Statistics ..........................................................................................................1178
Businesses ......................................................................................................1178
SPARX Funds ..............................................................................................1178
Organization & Ownership...............................................................................1178
Spirit of America .................................................................................................1178
History .............................................................................................................1178
Early Phase..................................................................................................1179
Middle Phase................................................................................................1179
Recent Phase...............................................................................................1179
Statistics ..........................................................................................................1179
Businesses ......................................................................................................1179
Mutual Funds................................................................................................1179
Organization & Ownership...............................................................................1179
STAAR Investment Trust ....................................................................................1179
History .............................................................................................................1179
Early Phase..................................................................................................1180
Middle Phase................................................................................................1180
Recent Phase...............................................................................................1180
Statistics ..........................................................................................................1180
Businesses ......................................................................................................1180
Mutual Funds................................................................................................1180
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
69
Organization & Ownership...............................................................................1180
State Farm Insurance .........................................................................................1180
History .............................................................................................................1180
Businesses ......................................................................................................1181
State Farm Mutual Funds .............................................................................1181
Organization & Ownership...............................................................................1183
State Street Corporation .....................................................................................1184
History .............................................................................................................1184
Businesses ......................................................................................................1184
State Street Global Advisors.........................................................................1184
Organization & Ownership...............................................................................1185
Sterling Research ...............................................................................................1185
History .............................................................................................................1185
Statistics ..........................................................................................................1186
Businesses ......................................................................................................1186
Mutual Funds................................................................................................1186
Organization & Ownership...............................................................................1186
STI......................................................................................................................1186
History .............................................................................................................1186
Early Phase..................................................................................................1187
Middle Phase................................................................................................1187
Recent Phase...............................................................................................1187
Statistics ..........................................................................................................1187
Businesses ......................................................................................................1187
Mutual Funds................................................................................................1187
Organization & Ownership...............................................................................1187
Stock Car Stocks ................................................................................................1187
History .............................................................................................................1187
Early Phase..................................................................................................1187
Middle Phase................................................................................................1187
Recent Phase...............................................................................................1188
Statistics ..........................................................................................................1188
Businesses ......................................................................................................1188
Mutual Funds................................................................................................1188
Organization & Ownership...............................................................................1188
Stonebridge ........................................................................................................1188
History .............................................................................................................1188
Early Phase..................................................................................................1188
Middle Phase................................................................................................1188
Recent Phase...............................................................................................1188
Statistics ..........................................................................................................1189
Businesses ......................................................................................................1189
Mutual Funds................................................................................................1189
Organization & Ownership...............................................................................1189
Strategic Partners ...............................................................................................1189
History .............................................................................................................1189
Early Phase..................................................................................................1189
Middle Phase................................................................................................1189
Recent Phase...............................................................................................1190
Statistics ..........................................................................................................1190
Businesses ......................................................................................................1190
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
70
Mutual Funds................................................................................................1190
Organization & Ownership...............................................................................1190
Stratton Mutual Funds.........................................................................................1190
History .............................................................................................................1190
Early Phase..................................................................................................1191
Middle Phase................................................................................................1191
Recent Phase...............................................................................................1191
Statistics ..........................................................................................................1191
Businesses ......................................................................................................1191
Mutual Funds................................................................................................1191
Organization & Ownership...............................................................................1191
Sun Life Financial of Canada ..............................................................................1191
History .............................................................................................................1192
Businesses ......................................................................................................1192
MFS Investments .........................................................................................1192
Organization & Ownership...............................................................................1194
Sutton Place Associates .....................................................................................1194
History .............................................................................................................1194
Businesses ......................................................................................................1194
Forward Management ..................................................................................1195
Organization & Ownership...............................................................................1203
Sycuan Funds.....................................................................................................1203
History .............................................................................................................1204
Early Phase..................................................................................................1204
Middle Phase................................................................................................1204
Recent Phase...............................................................................................1204
Statistics ..........................................................................................................1204
Businesses ......................................................................................................1204
Mutual Funds................................................................................................1204
Organization & Ownership...............................................................................1204
Tamarack............................................................................................................1204
History .............................................................................................................1205
Early Phase..................................................................................................1205
Middle Phase................................................................................................1205
Recent Phase...............................................................................................1205
Statistics ..........................................................................................................1205
Businesses ......................................................................................................1205
Mutual Funds................................................................................................1205
Organization & Ownership...............................................................................1205
Tanaka ...............................................................................................................1206
History .............................................................................................................1206
Early Phase..................................................................................................1206
Middle Phase................................................................................................1206
Recent Phase...............................................................................................1206
Statistics ..........................................................................................................1206
Businesses ......................................................................................................1206
Mutual Funds................................................................................................1206
Organization & Ownership...............................................................................1206
TD Bank Financial Group....................................................................................1206
History .............................................................................................................1207
Businesses ......................................................................................................1207
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
71
TD Waterhouse ............................................................................................1207
TD Ameritrade..............................................................................................1207
Wholesale Banking.......................................................................................1243
Organization & Ownership...............................................................................1244
Temasek Holdings ..............................................................................................1246
History .............................................................................................................1246
Early Phase..................................................................................................1246
Middle Phase................................................................................................1246
Recent Phase...............................................................................................1246
Statistics ..........................................................................................................1246
Businesses ......................................................................................................1247
Fullerton-Monex Asian Fund.........................................................................1247
Organization & Ownership...............................................................................1247
Texas Capital Bank.............................................................................................1247
History .............................................................................................................1247
Businesses ......................................................................................................1247
Texas Capital Value Funds...........................................................................1247
Organization & Ownership...............................................................................1247
The Arbitrage Fund.............................................................................................1248
History .............................................................................................................1248
Early Phase..................................................................................................1248
Middle Phase................................................................................................1248
Recent Phase...............................................................................................1248
Statistics ..........................................................................................................1248
Businesses ......................................................................................................1248
Mutual Funds................................................................................................1248
Organization & Ownership...............................................................................1249
The Bank of New York Mellon Corporation .........................................................1249
History .............................................................................................................1249
Businesses ......................................................................................................1249
Bank of New York Asset Management .........................................................1249
BNY Hamilton Funds.................................................................................1249
Organization & Ownership...............................................................................1249
The Berkshire Focus Fund..................................................................................1250
History .............................................................................................................1250
Early Phase..................................................................................................1250
Middle Phase................................................................................................1250
Recent Phase...............................................................................................1250
Statistics ..........................................................................................................1250
Businesses ......................................................................................................1250
Mutual Funds................................................................................................1250
Organization & Ownership...............................................................................1251
The Bruce Fund..................................................................................................1251
History .............................................................................................................1251
Early Phase..................................................................................................1251
Middle Phase................................................................................................1251
Recent Phase...............................................................................................1251
Statistics ..........................................................................................................1251
Businesses ......................................................................................................1251
Mutual Funds................................................................................................1252
Organization & Ownership...............................................................................1252
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
72
The Capital Group Companies............................................................................1252
History .............................................................................................................1252
Domestic Growth Phase...............................................................................1252
Global Expansion Phase ..............................................................................1254
Quiet Asset Growth Phase ...........................................................................1254
Statistics ..........................................................................................................1255
Businesses ......................................................................................................1256
Capital Research & Management.................................................................1257
American Funds ...........................................................................................1257
Capital Guardian ..........................................................................................1269
Capital International......................................................................................1269
Capital Bank & Trust.....................................................................................1270
Organization & Ownership...............................................................................1270
The Catholic Funds.............................................................................................1272
History .............................................................................................................1272
Early Phase..................................................................................................1272
Middle Phase................................................................................................1272
Recent Phase...............................................................................................1272
Statistics ..........................................................................................................1272
Businesses ......................................................................................................1272
Mutual Funds................................................................................................1272
Organization & Ownership...............................................................................1273
The Charles Schwab Corporation .......................................................................1273
History .............................................................................................................1273
Businesses ......................................................................................................1273
Schwab Funds..............................................................................................1274
Laudus Funds...............................................................................................1275
Organization & Ownership...............................................................................1276
The Hartford .......................................................................................................1276
History .............................................................................................................1276
Businesses ......................................................................................................1276
Hartford Mutual Funds..................................................................................1277
Organization & Ownership...............................................................................1277
The Henssler Financial Group ............................................................................1278
History .............................................................................................................1278
Early Phase..................................................................................................1279
Middle Phase................................................................................................1279
Recent Phase...............................................................................................1279
Statistics ..........................................................................................................1279
Businesses ......................................................................................................1279
Mutual Funds................................................................................................1279
Organization & Ownership...............................................................................1279
The Holland Balanced Fund................................................................................1279
History .............................................................................................................1279
Early Phase..................................................................................................1280
Middle Phase................................................................................................1280
Recent Phase...............................................................................................1280
Statistics ..........................................................................................................1280
Businesses ......................................................................................................1280
Mutual Funds................................................................................................1280
Organization & Ownership...............................................................................1280
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73
The Japan Fund..................................................................................................1280
History .............................................................................................................1281
Founding Phase ...........................................................................................1281
Scudder Phase.............................................................................................1281
Post-Scudder Phase.....................................................................................1281
Statistics ..........................................................................................................1281
Businesses ......................................................................................................1287
Mutual Funds................................................................................................1287
Organization & Ownership...............................................................................1291
The Killen Group.................................................................................................1292
History .............................................................................................................1292
Early Phase..................................................................................................1292
Middle Phase................................................................................................1292
Recent Phase...............................................................................................1292
Statistics ..........................................................................................................1292
Businesses ......................................................................................................1292
The Killen Group Mutual Funds ....................................................................1293
The Berwyn Funds .......................................................................................1293
Organization & Ownership...............................................................................1293
The Nottingham Company ..................................................................................1293
History .............................................................................................................1293
Early Phase..................................................................................................1293
Middle Phase................................................................................................1294
Recent Phase...............................................................................................1294
Statistics ..........................................................................................................1294
Businesses ......................................................................................................1294
Mutual Funds................................................................................................1294
Organization & Ownership...............................................................................1294
The Phoenix Companies.....................................................................................1294
History .............................................................................................................1294
Businesses ......................................................................................................1294
Phoenix Investment Partners........................................................................1295
Kayne Anderson Rudnick..........................................................................1295
Organization & Ownership...............................................................................1295
The Reserve Funds ............................................................................................1295
History .............................................................................................................1296
Early Phase..................................................................................................1296
Middle Phase................................................................................................1296
Recent Phase...............................................................................................1296
Statistics ..........................................................................................................1296
Businesses ......................................................................................................1296
Mutual Funds................................................................................................1296
Organization & Ownership...............................................................................1296
The Royce Funds ...............................................................................................1297
History .............................................................................................................1297
Early Phase..................................................................................................1297
Middle Phase................................................................................................1297
Recent Phase...............................................................................................1297
Statistics ..........................................................................................................1297
Businesses ......................................................................................................1297
Mutual Funds................................................................................................1297
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
74
Organization & Ownership...............................................................................1297
The Security Benefit Group of Companies ..........................................................1298
History .............................................................................................................1298
Businesses ......................................................................................................1298
Rydex Investments.......................................................................................1298
Organization & Ownership...............................................................................1322
The Timothy Plan................................................................................................1324
History .............................................................................................................1324
Early Phase..................................................................................................1324
Middle Phase................................................................................................1324
Recent Phase...............................................................................................1325
Statistics ..........................................................................................................1325
Businesses ......................................................................................................1325
Mutual Funds................................................................................................1325
Organization & Ownership...............................................................................1325
The Union Bank & Trust Company......................................................................1325
History .............................................................................................................1325
Businesses ......................................................................................................1325
Stratus Funds...............................................................................................1325
Organization & Ownership...............................................................................1326
The Vanguard Group ..........................................................................................1326
History .............................................................................................................1326
Business Establishment Phase ....................................................................1326
Business Expansion Phase ..........................................................................1326
Product Introduction Phase ..........................................................................1327
Business Realignment Phase.......................................................................1327
Statistics ..........................................................................................................1329
Businesses ......................................................................................................1329
Individual Investors Group............................................................................1329
Organization & Ownership...............................................................................1336
The Wall Street Fund..........................................................................................1336
History .............................................................................................................1336
Early Phase..................................................................................................1337
Middle Phase................................................................................................1337
Recent Phase...............................................................................................1337
Statistics ..........................................................................................................1337
Businesses ......................................................................................................1337
Mutual Funds................................................................................................1337
Organization & Ownership...............................................................................1337
The Winthrop Corporation...................................................................................1337
History .............................................................................................................1338
Businesses ......................................................................................................1338
Wright Investors Service...............................................................................1338
Organization & Ownership...............................................................................1340
The World Funds ................................................................................................1340
History .............................................................................................................1340
Early Phase..................................................................................................1340
Middle Phase................................................................................................1340
Recent Phase...............................................................................................1340
Statistics ..........................................................................................................1340
Businesses ......................................................................................................1341
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75
Mutual Funds................................................................................................1341
Organization & Ownership...............................................................................1341
Thomas Herzfeld Advisors..................................................................................1341
History .............................................................................................................1341
Early Phase..................................................................................................1341
Middle Phase................................................................................................1341
Recent Phase...............................................................................................1341
Statistics ..........................................................................................................1341
Businesses ......................................................................................................1341
Mutual Funds................................................................................................1342
Organization & Ownership...............................................................................1342
Thomas White International ................................................................................1342
History .............................................................................................................1342
Mutual Funds Introduction Phase .................................................................1342
Best Independent Research Phase ..............................................................1343
Recent Phase...............................................................................................1343
Statistics ..........................................................................................................1343
Businesses ......................................................................................................1343
Asset Management ......................................................................................1343
Equity Research ...........................................................................................1343
Mutual Fund .................................................................................................1344
Organization & Ownership...............................................................................1345
Thompson Investment Management...................................................................1345
History .............................................................................................................1345
Businesses ......................................................................................................1345
Thompson Plumb Funds ..............................................................................1346
Organization & Ownership...............................................................................1346
Thornburg Companies ........................................................................................1347
History .............................................................................................................1347
Early Phase..................................................................................................1347
Company Introductions Phase......................................................................1347
Award Phase................................................................................................1347
Statistics ..........................................................................................................1348
Businesses ......................................................................................................1348
Thornburg Investment Management.............................................................1348
Thornburg Mortgages...................................................................................1353
Thornburg Securities ....................................................................................1354
Organization & Ownership...............................................................................1355
Thrivent Financial ...............................................................................................1355
History .............................................................................................................1355
Early Phase..................................................................................................1355
Middle Phase................................................................................................1355
Recent Phase...............................................................................................1355
Statistics ..........................................................................................................1355
Businesses ......................................................................................................1355
Mutual Funds................................................................................................1355
Organization & Ownership...............................................................................1356
Thurlow Funds....................................................................................................1356
History .............................................................................................................1356
Early Phase..................................................................................................1356
Middle Phase................................................................................................1356
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76
Recent Phase...............................................................................................1356
Statistics ..........................................................................................................1356
Businesses ......................................................................................................1356
Mutual Funds................................................................................................1357
Organization & Ownership...............................................................................1357
Teachers Insurance & Annuity Association-College Retirement Equities Fund (TIAA-CREF) ................................................................................................................1357
History .............................................................................................................1357
Businesses ......................................................................................................1357
Mutual Funds................................................................................................1357
Organization & Ownership...............................................................................1358
T. Leavell & Associates.......................................................................................1358
History .............................................................................................................1358
Early Phase..................................................................................................1358
Mutual Fund Introductions Phase .................................................................1358
Recent Phase...............................................................................................1358
Statistics ..........................................................................................................1358
Businesses ......................................................................................................1359
Mutual Funds................................................................................................1359
Separate Accounts .......................................................................................1361
Organization & Ownership...............................................................................1361
Tocqueville .........................................................................................................1361
History .............................................................................................................1361
Early Phase..................................................................................................1361
Middle Phase................................................................................................1361
Recent Phase...............................................................................................1361
Statistics ..........................................................................................................1362
Businesses ......................................................................................................1362
Mutual Funds................................................................................................1362
Organization & Ownership...............................................................................1362
Toews Funds ......................................................................................................1362
History .............................................................................................................1362
Early Phase..................................................................................................1362
Middle Phase................................................................................................1362
Recent Phase...............................................................................................1363
Statistics ..........................................................................................................1363
Businesses ......................................................................................................1363
Mutual Funds................................................................................................1363
Organization & Ownership...............................................................................1363
Torray Corporation..............................................................................................1363
History .............................................................................................................1363
Early Phase..................................................................................................1363
Middle Phase................................................................................................1363
Recent Phase...............................................................................................1363
Statistics ..........................................................................................................1364
Businesses ......................................................................................................1364
Torray Funds................................................................................................1364
Organization & Ownership...............................................................................1364
Tortoise Capital Advisors ....................................................................................1364
History .............................................................................................................1364
Early Phase..................................................................................................1364
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77
Middle Phase................................................................................................1365
Recent Phase...............................................................................................1365
Statistics ..........................................................................................................1365
Businesses ......................................................................................................1365
Closed End Mutual Funds ............................................................................1365
Separately Managed Accounts.....................................................................1366
Organization & Ownership...............................................................................1366
Trend Star Advisors ............................................................................................1366
History .............................................................................................................1366
Early Phase..................................................................................................1367
Middle Phase................................................................................................1367
Recent Phase...............................................................................................1367
Statistics ..........................................................................................................1367
Businesses ......................................................................................................1367
Trend Star Funds .........................................................................................1367
Sub-advised Mutual Funds........................................................................1368
Organization & Ownership...............................................................................1368
Tri-Continental Corporation.................................................................................1368
History .............................................................................................................1368
Early Phase..................................................................................................1369
Middle Phase................................................................................................1369
Recent Phase...............................................................................................1369
Statistics ..........................................................................................................1369
Businesses ......................................................................................................1369
Mutual Funds................................................................................................1369
Organization & Ownership...............................................................................1369
T. Rowe Price Group ..........................................................................................1369
History .............................................................................................................1370
Early Phase..................................................................................................1370
Middle Phase................................................................................................1370
Recent Phase...............................................................................................1370
Statistics ..........................................................................................................1370
Businesses ......................................................................................................1371
T. Rowe Price Asset Management ...............................................................1371
T. Rowe Price Stable Asset Management ....................................................1374
T. Rowe Price International ..........................................................................1374
T. Rowe Price Association............................................................................1374
Global Investment Services ..........................................................................1374
Organization & Ownership...............................................................................1375
Trusco Capital Management ...............................................................................1375
History .............................................................................................................1376
Early Phase..................................................................................................1376
Middle Phase................................................................................................1376
Recent Phase...............................................................................................1376
Statistics ..........................................................................................................1376
Businesses ......................................................................................................1376
Mutual Funds................................................................................................1376
Organization & Ownership...............................................................................1376
Trust for Credit Unions........................................................................................1377
History .............................................................................................................1377
Early Phase..................................................................................................1377
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Middle Phase................................................................................................1377
Recent Phase...............................................................................................1377
Statistics ..........................................................................................................1377
Businesses ......................................................................................................1377
Mutual Funds................................................................................................1377
Organization & Ownership...............................................................................1377
Trustmark Corporation ........................................................................................1378
History .............................................................................................................1378
Businesses ......................................................................................................1378
Trustmark Investment Advisors ....................................................................1378
Performance Funds...................................................................................1378
Organization & Ownership...............................................................................1381
Turner Investment Partners ................................................................................1382
History .............................................................................................................1382
Early Phase..................................................................................................1382
Middle Phase................................................................................................1382
Recent Phase...............................................................................................1382
Statistics ..........................................................................................................1382
Businesses ......................................................................................................1382
Mutual Funds................................................................................................1382
Organization & Ownership...............................................................................1382
Tygh Capital Management..................................................................................1383
History .............................................................................................................1383
Businesses ......................................................................................................1383
Mutual Funds................................................................................................1383
Organization & Ownership...............................................................................1383
UBS....................................................................................................................1384
History .............................................................................................................1384
Businesses ......................................................................................................1384
UBS Global Asset Management ...................................................................1384
Organization & Ownership...............................................................................1386
UMB Bank ..........................................................................................................1386
History .............................................................................................................1386
Businesses ......................................................................................................1387
UMB Scout Funds ........................................................................................1387
Organization & Ownership...............................................................................1387
Uni Credito Italian Banking Group.......................................................................1387
History .............................................................................................................1387
Businesses ......................................................................................................1387
Pioneer Investments.....................................................................................1387
Organization & Ownership...............................................................................1388
Unifi Companies .................................................................................................1388
History .............................................................................................................1388
Businesses ......................................................................................................1388
Calvert Group Funds ....................................................................................1389
Summit Mutual Funds...................................................................................1389
Organization & Ownership...............................................................................1391
Unified Series Trust ............................................................................................1391
History .............................................................................................................1392
Early Phase..................................................................................................1392
Middle Phase................................................................................................1392
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Recent Phase...............................................................................................1392
Statistics ..........................................................................................................1392
Businesses ......................................................................................................1392
Mutual Funds................................................................................................1392
Organization & Ownership...............................................................................1392
United Association ..............................................................................................1392
History .............................................................................................................1393
Businesses ......................................................................................................1393
United Association S&P 500 Index Mutual Fund...........................................1393
Organization & Ownership...............................................................................1393
United States Auto Association (USAA)..............................................................1393
History .............................................................................................................1393
Businesses ......................................................................................................1393
USAA Mutual Funds .....................................................................................1393
Organization & Ownership...............................................................................1394
USA Mutuals.......................................................................................................1394
History .............................................................................................................1394
Early Phase..................................................................................................1394
Middle Phase................................................................................................1394
Recent Phase...............................................................................................1394
Statistics ..........................................................................................................1394
Businesses ......................................................................................................1394
Mutual Funds................................................................................................1395
Organization & Ownership...............................................................................1395
US Bancorp ........................................................................................................1395
History .............................................................................................................1395
Businesses ......................................................................................................1395
US Bancorp Asset Management ..................................................................1395
First American Funds ................................................................................1395
Organization & Ownership...............................................................................1396
US Global Investors............................................................................................1396
History .............................................................................................................1396
Early Phase..................................................................................................1396
Middle Phase................................................................................................1396
Recent Phase...............................................................................................1396
Statistics ..........................................................................................................1396
Businesses ......................................................................................................1396
Mutual Funds................................................................................................1396
Security Trust & Financial Company.............................................................1397
Organization & Ownership...............................................................................1397
US Global Leaders Growth Fund ........................................................................1397
History .............................................................................................................1397
Early Phase..................................................................................................1397
Middle Phase................................................................................................1397
Recent Phase...............................................................................................1397
Statistics ..........................................................................................................1397
Businesses ......................................................................................................1397
Mutual Funds................................................................................................1397
Organization & Ownership...............................................................................1398
Valley Forge Asset Management ........................................................................1398
History .............................................................................................................1398
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80
Early Phase..................................................................................................1398
Middle Phase................................................................................................1398
Recent Phase...............................................................................................1398
Statistics ..........................................................................................................1398
Businesses ......................................................................................................1398
Mutual Funds................................................................................................1399
Organization & Ownership...............................................................................1399
Value Line...........................................................................................................1399
History .............................................................................................................1399
Businesses ......................................................................................................1399
Mutual Funds................................................................................................1399
Organization & Ownership...............................................................................1400
Van Eck ..............................................................................................................1400
History .............................................................................................................1400
Early Phase..................................................................................................1400
Middle Phase................................................................................................1400
Recent Phase...............................................................................................1400
Statistics ..........................................................................................................1400
Businesses ......................................................................................................1401
Mutual Funds................................................................................................1401
Organization & Ownership...............................................................................1401
Vantagepoint Funds............................................................................................1401
History .............................................................................................................1401
Early Phase..................................................................................................1401
Middle Phase................................................................................................1401
Recent Phase...............................................................................................1401
Statistics ..........................................................................................................1402
Businesses ......................................................................................................1402
Mutual Funds................................................................................................1402
Organization & Ownership...............................................................................1402
Van Wagoner......................................................................................................1402
History .............................................................................................................1402
Early Phase..................................................................................................1403
Middle Phase................................................................................................1403
Recent Phase...............................................................................................1403
Statistics ..........................................................................................................1403
Businesses ......................................................................................................1403
Mutual Funds................................................................................................1403
Organization & Ownership...............................................................................1403
Veracity Funds....................................................................................................1403
History .............................................................................................................1403
Early Phase..................................................................................................1403
Middle Phase................................................................................................1404
Recent Phase...............................................................................................1404
Statistics ..........................................................................................................1404
Businesses ......................................................................................................1404
Mutual Funds................................................................................................1404
Organization & Ownership...............................................................................1404
Viking..................................................................................................................1404
History .............................................................................................................1404
Early Phase..................................................................................................1405
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81
Middle Phase................................................................................................1405
Recent Phase...............................................................................................1405
Statistics ..........................................................................................................1405
Businesses ......................................................................................................1405
Mutual Funds................................................................................................1405
Organization & Ownership...............................................................................1405
Vintage ...............................................................................................................1405
History .............................................................................................................1405
Early Phase..................................................................................................1406
Middle Phase................................................................................................1406
Recent Phase...............................................................................................1406
Statistics ..........................................................................................................1406
Businesses ......................................................................................................1406
Mutual Funds................................................................................................1406
Organization & Ownership...............................................................................1406
Volumetric Fund..................................................................................................1406
History .............................................................................................................1406
Early Phase..................................................................................................1407
Middle Phase................................................................................................1407
Recent Phase...............................................................................................1407
Statistics ..........................................................................................................1407
Businesses ......................................................................................................1407
Mutual Funds................................................................................................1407
Organization & Ownership...............................................................................1407
Waddell & Reed..................................................................................................1407
History .............................................................................................................1408
Early Phase..................................................................................................1408
Middle Phase................................................................................................1408
Recent Phase...............................................................................................1408
Statistics ..........................................................................................................1408
Businesses ......................................................................................................1408
Mutual Funds................................................................................................1409
Independent Broker/Dealer...........................................................................1409
Organization & Ownership...............................................................................1413
Wasatch Advisors ...............................................................................................1413
History .............................................................................................................1413
Businesses ......................................................................................................1413
Wasatch Funds ............................................................................................1413
Organization & Ownership...............................................................................1413
Washington Trust Bancorp .................................................................................1414
History .............................................................................................................1414
Businesses ......................................................................................................1414
Weston Financial..........................................................................................1414
New Century Portfolios..............................................................................1414
Organization & Ownership...............................................................................1416
Weitz Funds........................................................................................................1416
History .............................................................................................................1417
Early Phase..................................................................................................1417
Middle Phase................................................................................................1417
Recent Phase...............................................................................................1417
Statistics ..........................................................................................................1417
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Businesses ......................................................................................................1417
Mutual Funds................................................................................................1417
Organization & Ownership...............................................................................1417
Wells Family of Real Estate Funds .....................................................................1418
History .............................................................................................................1418
Early Phase..................................................................................................1418
Middle Phase................................................................................................1418
Recent Phase...............................................................................................1418
Statistics ..........................................................................................................1418
Businesses ......................................................................................................1418
Mutual Funds................................................................................................1418
Organization & Ownership...............................................................................1418
Wells Fargo Corporation .....................................................................................1419
History .............................................................................................................1419
Businesses ......................................................................................................1419
Wells Fargo Funds Management..................................................................1419
Strong Funds................................................................................................1419
Evergreen Investments.................................................................................1420
Atlas Mutual Funds.......................................................................................1423
South Trust...................................................................................................1424
Organization & Ownership...............................................................................1424
WesBanco ..........................................................................................................1424
History .............................................................................................................1424
Early Phase..................................................................................................1425
Middle Phase................................................................................................1425
Recent Phase...............................................................................................1425
Statistics ..........................................................................................................1425
Businesses ......................................................................................................1425
West Mark ....................................................................................................1425
Organization & Ownership...............................................................................1425
West Bancorporation ..........................................................................................1425
History .............................................................................................................1425
Businesses ......................................................................................................1426
Vintage Mutual Funds...................................................................................1426
Organization & Ownership...............................................................................1427
Westport Investments .........................................................................................1427
History .............................................................................................................1428
Early Phase..................................................................................................1428
Middle Phase................................................................................................1428
Recent Phase...............................................................................................1428
Statistics ..........................................................................................................1428
Businesses ......................................................................................................1428
Mutual Funds................................................................................................1428
Organization & Ownership...............................................................................1428
WH Reaves & Company .....................................................................................1428
History .............................................................................................................1429
Early Phase..................................................................................................1429
Separately Managed Accounts Phase..........................................................1429
Closed-End Mutual Funds Phase .................................................................1429
Statistics ..........................................................................................................1429
Businesses ......................................................................................................1429
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83
Mutual Funds................................................................................................1430
Large Cap Value Separately Managed Accounts .........................................1431
Hedge Funds................................................................................................1431
Organization & Ownership...............................................................................1431
William Blair........................................................................................................1431
History .............................................................................................................1431
Businesses ......................................................................................................1431
Mutual Funds................................................................................................1431
Organization & Ownership...............................................................................1432
Wilmington Trust.................................................................................................1432
History .............................................................................................................1432
Businesses ......................................................................................................1432
Wilmington Funds.........................................................................................1432
Cramer, Rosenthal, McGlynn .......................................................................1432
Organization & Ownership...............................................................................1432
Wilshire Associates.............................................................................................1433
History .............................................................................................................1433
Businesses ......................................................................................................1433
Mutual Funds................................................................................................1433
Organization & Ownership...............................................................................1434
Wintergreen Advisors..........................................................................................1434
History .............................................................................................................1434
Early Phase..................................................................................................1434
Middle Phase................................................................................................1434
Recent Phase...............................................................................................1435
Statistics ..........................................................................................................1435
Businesses ......................................................................................................1435
Mutual Funds................................................................................................1435
Organization & Ownership...............................................................................1435
Wintrust Financial Corporation............................................................................1435
History .............................................................................................................1435
Businesses ......................................................................................................1436
Wayne Hummer Investments .......................................................................1436
Wayne Hummer Asset Management ............................................................1436
Organization & Ownership...............................................................................1437
Wireless..............................................................................................................1438
History .............................................................................................................1438
Early Phase..................................................................................................1438
Middle Phase................................................................................................1438
Recent Phase...............................................................................................1438
Statistics ..........................................................................................................1438
Businesses ......................................................................................................1438
Mutual Funds................................................................................................1438
Organization & Ownership...............................................................................1438
Yacktman Funds.................................................................................................1438
History .............................................................................................................1439
Early Phase..................................................................................................1439
Middle Phase................................................................................................1439
Recent Phase...............................................................................................1439
Statistics ..........................................................................................................1439
Businesses ......................................................................................................1439
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
84
Mutual Funds................................................................................................1439
Separate Accounts .......................................................................................1440
Organization & Ownership...............................................................................1440
Profiles of Mutual Fund Companies Service Providers...........................................1440
ALPS Holdings....................................................................................................1440
History .............................................................................................................1440
Businesses ......................................................................................................1440
ALPS Fund Services ....................................................................................1441
Organization & Ownership...............................................................................1441
American Stock Transfer & Trust Company ........................................................1441
History .............................................................................................................1441
Statistics ..........................................................................................................1441
Businesses ......................................................................................................1441
Organization & Ownership...............................................................................1442
Broadridge Financial Solutions ...........................................................................1442
History .............................................................................................................1442
Businesses ......................................................................................................1442
Securities Processing ...................................................................................1442
Investor Communications .............................................................................1443
Organization & Ownership...............................................................................1443
Citigroup .............................................................................................................1443
History .............................................................................................................1443
Businesses ......................................................................................................1444
Global Transaction Services.........................................................................1444
Organization & Ownership...............................................................................1444
DST ....................................................................................................................1444
History .............................................................................................................1445
Early Phase..................................................................................................1445
Middle Phase................................................................................................1445
Recent Phase...............................................................................................1445
Statistics ..........................................................................................................1445
Businesses ......................................................................................................1445
Organization & Ownership...............................................................................1445
First Data ............................................................................................................1445
History .............................................................................................................1445
Early Phase..................................................................................................1446
Middle Phase................................................................................................1446
Recent Phase...............................................................................................1446
Statistics ..........................................................................................................1446
Businesses ......................................................................................................1446
Organization & Ownership...............................................................................1446
Foreside Funds Services ....................................................................................1446
History .............................................................................................................1446
Early Phase..................................................................................................1447
Middle Phase................................................................................................1447
Recent Phase...............................................................................................1447
Statistics ..........................................................................................................1447
Businesses ......................................................................................................1447
Organization & Ownership...............................................................................1447
Integrated Fund Services....................................................................................1447
History .............................................................................................................1447
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
85
Early Phase..................................................................................................1447
Middle Phase................................................................................................1447
Recent Phase...............................................................................................1448
Statistics ..........................................................................................................1448
Businesses ......................................................................................................1448
Organization & Ownership...............................................................................1448
Mercatus.............................................................................................................1448
History .............................................................................................................1448
Businesses ......................................................................................................1448
Financial Research Corporation (FRC).........................................................1448
Organization & Ownership...............................................................................1449
National Investment Company Service Organization ..........................................1449
History .............................................................................................................1449
Early Phase..................................................................................................1449
Middle Phase................................................................................................1449
Recent Phase...............................................................................................1449
Statistics ..........................................................................................................1449
Businesses ......................................................................................................1449
Organization & Ownership...............................................................................1450
Northstar Financial Service Group ......................................................................1451
History .............................................................................................................1451
Businesses ......................................................................................................1451
Advisor One Funds.......................................................................................1451
Organization & Ownership...............................................................................1451
Paul, Hastings, Janofsky, & Walker ....................................................................1451
History .............................................................................................................1451
Businesses ......................................................................................................1452
Corporate Law..............................................................................................1452
Organization & Ownership...............................................................................1452
Price Waterhouse Coopers.................................................................................1452
History .............................................................................................................1452
Businesses ......................................................................................................1452
Tax Services ................................................................................................1452
Audit Services ..............................................................................................1453
Financial Planning Services..........................................................................1453
Organization & Ownership...............................................................................1453
UMB Bank ..........................................................................................................1453
History .............................................................................................................1453
Businesses ......................................................................................................1453
UMB Fund Services......................................................................................1453
Organization & Ownership...............................................................................1454
US Bancorp ........................................................................................................1454
History .............................................................................................................1454
Statistics ..........................................................................................................1454
Businesses ......................................................................................................1454
US Bancorp Fund Services ..........................................................................1454
Quasar Distributors ......................................................................................1454
Organization & Ownership...............................................................................1454
US Stock Transfer Corporation ...........................................................................1455
History .............................................................................................................1455
Early Phase..................................................................................................1455
11.02.01 – Mutual Funds Tiburon Strategic Advisors, LLC™
86
Middle Phase................................................................................................1455
Recent Phase...............................................................................................1455
Statistics ..........................................................................................................1455
Businesses ......................................................................................................1455
Transfer Agent Services ...............................................................................1455
Organization & Ownership...............................................................................1455
Profiles of Mutual Fund Companies Markets & Distribution Channels Examples....1456
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prohibited without the written consent of Tiburon Strategic Advisors, LLC