Deep Dive: Want an insider’s way to play IPOs? This fund has had outsize success with its strategy

With thousands of actively managed mutual funds to choose from, it’s as difficult to be distinguished from the crowd as it is to beat the broad stock-market indexes. But the Federated Kaufmann Small Cap Fund has done both.

In an interview, John Ettinger, one of the fund’s managers, described the Kaufmann team’s specialty — analyzing and participating in initial public offerings (IPOs), and often holding those positions for long periods. About half of the fund’s 179 stock positions as of Feb. 28 originated when the shares were first offered to the public.

The Kaufmann Funds are part of the Federated Investors FII, +1.43% group, which includes several fund families.

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