Orinda Macro Opportunities Fund plans launch; Epstein will lead

By Toni Weeks

San Diego, Jan. 13 - Advisors Series Trust announced plans for a new fund that will pursue absolute returns across market cycles, according to an N-1A filing with the Securities and Exchange Commission.

The Orinda Macro Opportunities Fund will seek long-term capital appreciation and attractive long-term returns with low sensitivity to traditional equity and fixed-income indexes. It will allocate its assets among alternative investment portfolio managers, who will employ complementary long/short investment strategies.

The fund may invest up to 10% of its net assets in initial public offerings and may invest without limit in foreign securities, including up to 50% of its net assets in securities of emerging markets issuers. The fund may also invest up to 80% of its net assets in fixed-income securities, up to 60% in currencies and forward currency contracts and up to 85% in derivatives, including options, futures, forward currency contracts and swaps.

The fund expects to have a portfolio turnover of more than 100% on an annual basis.

Lawrence E. Epstein will be the portfolio manager. He is a co-founder of Orinda Asset Management, LLC, the fund's Orinda, Calif.-based investment adviser. Prior to Orinda, Epstein was a partner at Cabezon Capital Markets. He also held positions at New Albio Partners, Partners Capital Investment Group, LLC, Laurel Management Co., LLC and Fauchier Partners Ltd.

Shareholder fees for the new fund will consist of a maximum sales charge of 5% for class A shares. Both class A and class I shares will be subject to a 1% redemption fee for shares held less than 60 days.

Management fees for both share classes will be 2.3%. Orinda has agreed to waive a portion of its fees and/or pay fund expenses, excluding acquired fund fees, interest, taxes, interest and dividend expense on securities sold short and extraordinary expenses, in order to limit net annual fund operating expenses to 2.96% for class A shares and 2.66% for class I shares.

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