Motley Fool Asset Management announced Wednesday that it has launched Motley Fool Great America Fund as a follow-up to its Motley Fool Independence Fund.
While the Independence Fund invests in both domestic and international companies, the Motley Fool Great America Fund seeks to fill "what is often a crucial hole in U.S. investors' stock portfolios by focusing on lightly followed U.S. companies that may offer real value opportunities for patient, long-term stock investors," the Alexandria, Va.-based asset manager said in a news release.
The Independence Fund, which was Motley Fool Asset Management's first mutual fund was launched in 2009 and attracted nearly $100 million in its first year, and roughly six months later, Motley Fool Asset Management grew to $200 million in assets, according to the release.
"The Motley Fool has been critical of the mutual fund industry for more than 15 years for practices that put the interests of the managers over those of the investors, including high turnover, closet indexing and time horizons measured in months, at longest," said Bill Mann (left), portfolio manager at Motley Fool Asset Management, in the release. "We launched Motley Fool Independence Fund and Motley Fool Great America Fund with the belief that there was a ready market for funds that treat shareholders like members rather than clients."
