Redemptionfees have some merit as they are often designed to stop traders from moving in and out of the fund attempting to make a quick speculation profit.
As funds fall out of her momentum rankings, she rotates--or "upgrades"--into new market leaders, but tends not to hold funds for less than six months to avoid redemptionfees.
Risks to our thesis include financial market weakness, an inability to meet relevant investment benchmarks, redemption risk and lower-than-expected performance fees.