Elkhart, Indiana-based Martin Capital Management, LLC, has launched its maiden mutual fund, the Martin Focused Value Fund (MFVRX/MFVIX), which will bet undervalued shares of publicly traded U.S. companies.

The fund is managed by firm founder Frank K. Martin and has an expense ratio of 140 basis points. According to Martin, the fund is not compelled to be 100% invested and will even hold a large portion of its portfolio in cash “if we're not finding bargains - or if we feel that global economic threats pose a significant risk to investors' capital.”

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