ROCKVILLE, Md. (HedgeWorld.com)–Rydex Investments announced that its fund of funds, Rydex SPhinX Fund, has surpassed the US$100 million market in assets less than a year from inception.
The Rydex family of mutual funds was founded in 1993 by the late A.P. “Skip” Viragh. It moved into the hedge fund industry in June 2003, when the Securities and Exchange Commission registered Rydex SPhinX Fund, a fund of funds that is now available on the Morgan Keegan, Raymond James, Charles Schwab, Waterhouse and DATAlynx platforms.
The Rydex SPhinX fund was created in response to adviser demand for investment vehicles that vary from the traditional long-only funds, according to Jeff Joseph, managing director of Rydex Capital Partners, the fund’s investment adviser and an affiliate of Rydex Investments. “The fund has proven to be a useful means for advisers to expand their business by offering a broader array of investment options to their clients,” said Mr. Joseph in a statement marking the US$100 million landmark.
The fund recently became available to broker-dealers in a load product. This load can be waived by investors who want to incorporate the fund into a fee-based wrap program.
Harold Evensky, Coral Gables, Fla., is a recent convert to the value Rydex SPhinX can add to portfolio’s. He previously had relied on a broad-based market exchange-traded fund for his clients’ equity investment allocations but explained his shift to Rydex SPhinX as a way of reducing risk.