USA Mutuals has teamed up with Burton Malkiel’s WaveFront Capital to launch its first converted hedge fund product. The new fund, the USA Mutuals/WaveFront Hedged Emerging Markets Fund (WAVFX), focuses on investments in the 23 countries classified as emerging markets, including China, Russia and Brazil. Year to date, the fund has returned 6.05%, according to the company.   The fund is a conversion of its hedge fund predecessor, managed by WaveFront Capital Management, and will maintain the same investment management team and quantitative-based investment strategy in its mutual fund form. The launch represents USA Mutuals’ first hedge fund conversion.  “We...