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Chicago-based Kovitz Investment Group Partners converts mutual funds to ETF


Kovitz Investment Group Partners, an independently-managed investment advisory and value-oriented wealth management firm based in Chicago, has announced the launch of a new actively managed ETF, Kovitz Core Equity ETF (NYSE Arca: EQTY). 

As part of the launch, Kovitz converted its existing mutual funds – Green Owl Intrinsic Value Fund (GOWLX) and Marathon Value Portfolio (MVPFX) – into the new ETF along with over USD500 million of assets from separately managed accounts.

“We believe this move allows Kovitz to opportunistically enter the ETF business and continue its history of bringing attractive solutions in an evolving marketplace,” says Mitchell Kovitz, Principal and Founder of Kovitz. “We’re glad to offer our Core Equity strategy through a tax efficient vehicle to our clients and other value-oriented investors. The ETF structure is well suited to our active management approach and can support the long-term portfolio goals of our clients.” 

ETFs can be tax efficient; the main advantage of an ETF structure is that it allows the investor to defer some of their capital gains until they sell their ETF shares.

The Kovitz Core Equity ETF is built around the Kovitz Core Equity flagship product that has traditionally been offered via separately managed accounts and mutual fund clients for 25 years. The firm writes that, designed to be the cornerstone of an investor’s equity exposure with a focus on compounding capital for clients, the Kovitz Core Equity strategy pursues investments in what the adviser believes to be undervalued high-quality companies with strong balance sheets that consistently generate high returns on capital and reinvest in their businesses.

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