While he has attracted sophisticated institutions and multimillionaires to invest in his main fund, it remains unclear how successful he will be at persuading smaller (and less knowledgeable) investors to purchase his E.T.F.s.
His largest fund, U.S. Quantitative Value, launched in 2014 and still has assets of just $74 million, making it a minnow compared with other multibillion-dollar E.T.F.s
“They are not for everyone,” said Ben Johnson, an E.T.F. expert at Morningstar and a participant in the march. Indeed, Mr. Johnson said, referring to the volatility of Mr. Gray’s funds, “you have to be willing to have your face ripped off from time to time.”
In a way, it was that willingness that led 60 middle-aged finance professionals (and one senseless reporter) to march up and down mountains, with heavy packs, in 80-degree heat — on a Saturday, no less.
The hardier among us finished the course in eight hours.
That group did not include Mr. Gray. He brought up the rear, cajoling the last of his followers to stumble across the finish line nearly two hours later.
A good money manager, after all, never leaves a client behind.
A photo caption in an earlier version of this article misidentified the military branch in which Ryan Sorensen served. He was a Marine, not a Navy SEAL.
By LANDON THOMAS Jr.
https://www.nytimes.com/2017/10/02/business/dealbook/hiking-mountains-gladly-with-a-marine-turned-fund-manager.html
Source link
