SEC Division of Investment Management staff letter: Bramwell Growth Fund

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1...(":01.....~... ..,',' ,.'.;.l,¡).,..'....-~..,...,....-.:.....,.l!'l. t y. ",~, i' ....' t);~ /:~l.'\ ~ , -,:; ',';;'! (j ¡ , ; ; t.. . ' t ..' : ::~~.,.~7l ..t.,._,:;:...~~"t.liC"¿.~ AUG ï \9% ì RESPONSE OF THE OFFICE OF CHIEF COUNSEL, DIVIS ION OF INVESTMENT MANAGEMENT Our Ref. No. 95-740-CC Bramwell Growth Fund File No. 811 - 8456 Your letter dated June 30, 1996 requests our assurance that we would not recommend enforcement action to the Commission under
Section 34 (b) of the Investment Company Act of 1940 (the
II Investment Company Act ") or Section 206 of the Investment Advisers Act of 1940 (the IIAdvisers Actll) if the prosflectus of the Bramwell Growth Fund (the II Fund II ) includes, in addition to the total return information for the Fund, performance information relating to another open- end investment company for which the Fund's portfolio manager previously served as portfolio manager, under the circumstances described below. Facts The Fund is a registered open-end investment company whose registration statement became effective on August 1, 1994. The Fund has entered into an advisory agreement with Bramwell Capital Management, Inc. (IIBramCapll), a registered investment adviser. Elizabeth R. Bramwell, the founder and Chief Investment Officer of BramCap, acts as the portfolio manager for the Fund and is responsible for day-to-day management of the Fund. Prior to forming BramCap, Ms. Bramwell was President, Chief Investment Officer, and Trustee of The Gabelli Growth Fund (IIGGFII), a registered open-end investment company, from GGF's inception on April 10, 1987 through February 9, 1994. You represent that Ms. Bramwell was primarily responsible for the day-to-day management of GGF's portfolio and that no other person played a significant role in managing GGF's portfolio. i You represent that, during the time that GGF was managed by Ms. Bramwell, it had investment objectives, policies and strategies that were substantially similar in all material respects to those of the Fund.2 Both funds are diversified open￾end investment companies that cite capital growth as a primary investment obj ective. You state that Ms. Bramwell uses the same analytical methods for identifying potential investments for the Fund as she used for GGF. You also note that Ms. Bramwell was identified in 8GF's prospectus as the individual primarily responsible for the day- to-day management of GGF's portfolio. 2 You represent that Ms. Bramwell managed no other comparable registered funds or private accounts while managing GGF.