CM Funds [see profile] will be adding a third family member in the fall. Van Den Berg Management, which does business as Century Management, is expecting to launch the Opportunity Fund in October. The fund will be the third in the CM Advisors Family of Funds. [SEC filing]

Stephen W. Shipman, who joined Van Den Berg last year, will act as the portfolio manager for the CM Opportunity Fund. Before signing on with the advisor, he was an executive vice president and director of research at Bjurman, Barry & Associates, where he spent a dozen years.

Shipman will focus the portfolio on small cap stocks with market caps of less than $2.5 billion and the fund will be benchmarked to the Russell 2000 Growth Index.

The no-load fund will carry an expense ratio of 150 bps, including an investment management fee of 125 bps. Ultimus Fund Solutions is providing back-office support to the fund. 

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