NAV:
$11.59
4:00pm EST on 02 Jun 2004
|
The
Pennsylvania Avenue Event-Driven Fund
A Series of The Pennsylvania
Avenue Funds
The Fund has been established recently
and was first offered to the public on November 21, 2003.
The Fund seeks to achieve
capital growth by engaging in investment strategies related to corporate
'events', such as mergers, reorganizations, bankruptcies or proxy fights.
It invests in the securities of companies of any size and uses derivatives
both as a substitute for investing in the underlying securities, as well
as for hedging purposes. Under normal market conditions,
the Fund invests at least 80% of its assets in the securities of companies
which are undergoing a corporate 'event'. The following four particular
strategies are exclusive examples of such 'events':
Merger
arbitrage: The Fund invests in the securities of companies subject to publicly
announced mergers, takeovers, tender offers, and other corporate reorganizations.
-
Capital
structure arbitrage: The Fund invests in different securities issued by
the same issuer whose different securities are mispriced relative to each
other.
Distressed
securities investments: The Fund invests in distressed securities, which
are securities of companies who are in or near bankruptcy or whose securities
are otherwise undergoing extreme financial situations that put the continuation
of the issuer as a going concern at risk.
Proxy
fight investments: The Fund invests in securities of companies which are
subject to a proxy fight over control over the company.
As compared with conventional
investing, the Adviser considers the Fund's investment strategies to be
less dependent on the overall direction of stock prices.
The Pennsylvania Avenue Event-Driven Fund is offered only by prospectus. The prospectus contains more complete information about the Fund, including fees, expenses and risk factors. You should read it carefully before investing or sending money. The Fund is not available to residents of certain jurisdictions or countries.
Click here to get a prospectus
©2003-2004 The Pennsylvania Avenue Funds. All rights reserved.
Thursday 03rd of June 2004 12:08:10 PM
|
Read Our 2003 Annual Report
Updated Prospectus is now available
|
