Forward Management announced Tuesday a new mutual fund based on a hedge fund strategy that seeks to profit from both up and down market movements: the Forward Tactical Enhanced Fund. The company’s Tactical Growth Fund, designed for investors seeking to preserve capital, has attracted $860 million in assets from its launch in mid-September 2009.

“Broadmark, which has been running the strategy of both funds, hasn’t had a down year since 2001, including in 2008,” said Jeff Cusack, President of Forward Management in San Francisco, in a telephone interview. The 2010 annualized return for the Tactical Growth Fund was 2.57%.

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