Washington, D.C.-based Pennsylvania Avenue Funds have launched a new fund following what it calls an event-driven investment stategy.

Thomas Kirchner, portfolio manager for The Pennsylvania Avenue Event-Driven Fund, explained that the fund will invest in firms undergoing proxy fights, mergers and troubled times. Few funds, he noted, take advantage of merger and capital reorganization arbitrage opportunities. There are also few funds investing in distressed securities.

"We cater primarily to investors interested in alternative strategies but concerned about the risks of unregulated hedge funds. In addition, because we invest directly in securities rather than other funds, we exxpect to have lower expenses than so-called 'retail hedge funds,' which can incure multiple layering of fees," said Kirchner.

The fund is being offered in an Investor Class. It carries a 100 basis point management fees and a total expense ratio of 150 bps. It has a minimum investment of $1,000.  

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