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TFS recognized as Alternatives Fund Manager of the Year

January 15, 2013

Chicago, IL -- Morningstar, Inc., a leading provider of independent investment research, has recognized Eric Newman, Kevin Gates, Larry Eiben, Richard Gates, Chao Chen, and Yan Liu of TFS Capital as the Alternatives Fund Manager of the Year.

"These managers are the recipients of our first Alternatives Fund Manager of the Year award, as the team far outpaced its market-neutral category rivals on both an absolute and risk-adjusted basis as measured by its Sharpe ratio," said Michael Herbst in a Morningstar announcement.

TFS Capital LLC is an independent advisory firm, founded in 1997, that provides portfolio management services to investment funds. The firm currently manages three mutual funds, the TFS Market Neutral Fund (Ticker: TFSMX), the TFS Small Cap Fund (Ticker: TFSSX), and the TFS Hedged Futures Fund (Ticker: TFSHX), and also offers several private investment funds ("hedge funds") that are available to accredited investors. The firm is registered with the SEC under the Investment Advisers Act of 1940 and maintains offices in both Richmond, Virginia and West Chester, Pennsylvania.

The original three founders of TFS are still actively employed with the firm. Moreover, TFS has had no turnover within the portfolio management team.

Since inception, TFS has been dedicated to the building of quantitative models that are designed to exploit market inefficiencies. In aggregate, the portfolio management team has devoted more than thirty years to the research and development of its proprietary techniques. The firm's managers have been quoted in numerous industry publications including Barrons, The Wall Street Journal, USA Today, MarketWatch,, and Investment News.

TFS Capital ( is located at 10 North High Street in downtown West Chester to become the first occupants in the structure recently remodeled by Eli Kahn and Jack Loew.

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Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. They offer an extensive line of products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 385,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 8 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. They also offers investment management services and has approximately $195 billion in assets under advisement or management as of Sept. 30, 2012. We have operations in 27 countries.

Morningstar offer investment consulting and retirement planning services through Morningstar Associates, LLC and Ibbotson Associates; registered investment advisors and wholly owned subsidiaries of Morningstar, Inc. They offer Morningstar® Managed Portfolios, an asset management service for financial advisors, through Morningstar Investment Services, Inc., a registered investment advisor, broker/dealer, and a subsidiary of Morningstar, Inc.

-- Malcolm Johnstone



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