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SAN FRANCISCO, January 9, 2007 - Forward Management, LLC today announced the launch of an innovative, new mutual fund, the Forward Long/Short Credit Analysis Fund (Ticker: FLSDX). This unique, actively managed long/short fixed income fund seeks to maximize total rate of return and minimize investment risk using a credit-based, relative value investment strategy.
The fund, open only to qualified clients as defined by the Securities and Exchange Commission, requires a minimum investment of $25,000.
“This fund is the first of its kind for mutual fund investors and it employs many of the investment strategies used by hedge funds to generate total returns, within the structure of a mutual fund,” explained J. Alan Reid, Jr., President of Forward Management. “The fund offers many of the benefits of a mutual fund, including transparency, liquidity and simplified tax reporting (annual 1099s versus K1s) and the benefits of a hedge fund strategy.”
New York-based Cedar Ridge Partners, LLC, will act as sub-advisor for the fund, with Alan Hart and Guy Benstead serving as portfolio managers. Hart founded Cedar Ridge Partners in 2004 and has managed a credit-based hedge fund for the past 32 months. His prior experience includes 21 years as an investment banker specializing in municipal bonds with Bear, Stearns & Co. Inc., Goldman, Sachs & Co. and The First Boston Corporation. Benstead additionally brings 22 years of investment banking experience focused on credit risk in the fixed income markets with Bear, Stearns & Co. Inc. and Drexel Burnham Lambert.
The sub-advisor will screen a range of different sectors to locate undervalued and overlooked investment opportunities, as well as execute arbitrage strategies across the various fixed income markets. Rather than relying on interest rate forecasts, the managers base their investment decisions on fundamental analysis and credit assessments of individual issues and sectors. The strategy identifies the differential pricing of credit risk across the municipal bond and corporate bond and preferred securities markets, and takes advantage of market anomalies and inefficiencies across a wide array of credit risk markets using opportunistic trading strategies.
About Forward Management, LLC
Forward Management, LLC, based in San Francisco, is the investment advisor to the Forward Funds, a family of fourteen mutual funds. In addition, the firm offers a range of separately managed accounts including Large Cap, REIT, Equity Income and Micro Cap. Forward Management developed ReFlow, an innovative liquidity tool for portfolio managers that provides enhanced performance and tax efficiency, which is used by the Forward Funds, as well as other leading mutual fund managers.
Forward Management offers institutional money managers, financial advisors and individual investors access to industry leading investment managers, investment products and services. The firm specializes in identifying sub-advisors who have long track records of managing assets in specific investment disciplines and asset classes. More information on Forward Management and the Forward Funds can be found at www.forwardfunds.com.
You should consider the investment objectives, risks, charges and expenses carefully before investing. A prospectus with this and other information may be obtained by calling (800) 999-6809 or by downloading one from www.forwardfunds.com. It should be read carefully before investing.
There are risks involved with investing, including loss of principal. Past performance does not guarantee future results.
Forward Funds are distributed by ALPS Distributors, Inc.
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