Market Extra: Rural America now has a mutual fund dedicated to its long-awaited revival

By Joy Wiltermuth5 days ago

Rural America Growth & Income Fund (HRRLX), a new mutual fund launched by electric co-op asset manager Homestead Funds, looks to invest in rural businesses and communities long overdue for an economic boom.

The fund comes on the heels of President Joe Bidens first 100 days in office, in which sweeping measures to vaccinate the U.S. population have been put into action and plans outlined to invest trillions worth of federal dollars in the economy, including the heartland and its rural outposts.

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But while the stars may have aligned for its rollout, Homestead Funds began working on the Rural America fund more than a year ago, before a light appeared at the end of the tunnel of the COVID-19 crisis or Biden won the White House.

The timing couldnt be any more perfect, saidMark Santero, CEO of Homestead Funds, a $2.7 billion mutual-fund company, of the Biden administrations proposals to invest in Americas neglected infrastructure and in antipoverty measures for families, children and communities.

It looks like we are reacting to everything going on [in Washington], Santero said of the vast spending proposals to bolster the nation in the wake of the pandemic. But thats not the case. We saw an opportunity, and we wanted to create a fund that shows our membership we believe in the rural economy.

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