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Fund Changes - Mar-19
 Fund Changes
 Weeklies History:

Fund Changes Weekly


Week 12: 3/18/2019-3/22/2019

Daniela Mardarovici will join the team managing the Delaware Diversified Income fund ($3.8 billion). Mardarovici joined Macquarie Investment Management in March 2019 from BMO Global Asset Management...Chaitanya Yaramada, who joined Brown Capital from Baird in February of this year, will join the portfolio management team of the Brown Capital Management Small Company fund ($5 billion)...Elizabeth Bernstein will no longer help manage the Invesco Mid Cap Growth fund ($2.9 billion)...Fidelity files the Fidelity Flex Large Cap Value II fund, which will use computer-aided, quantitative analysis to select a broadly diversified group of stocks with the potential to provide a higher total return than the Russell 1000 Value Index. The fund will have no management fee or 12b-1 fees, and will be available only to certain fee-based accounts offered by Fidelity...Finisterre Capital will replace Stone Harbor Investment Partners on the sub-advisory team of the Principal Global Diversified Income fund ($7.7 billion). Post Advisory Group will join the team sub-advising the Principal High Yield I fund ($3.6 billion), replacing Neuberger Berman Investment Advisers. Mellon Investments will no longer sub-advise the Principal Bond Market Index fund ($2 billion), and the fund will reduce its advisory fee from 0.25% to 0.14%...Effective May 1, 2019, the Principal Small-MidCap Dividend Income fund ($2.3 billion) will reopen to new investors...The BNY Mellon Municipal Opportunities fund ($1.96 billion) will close to new and existing investors effective March 31, 2019...BNP Paribas, acting through its New York branch, will replace State Street Bank and Trust Company as custodian of the Janus Investment funds...The Principal Preferred Securities fund ($5.3 billion) will invest 80% of its net assets in preferred securities and capital securities at the time of purchase, and will change its name to the Principal Spectrum Preferred and Capital Securities Income fund (previously, the fund's 80% policy did not include capital securities)...Franklin Templeton registers four Franklin Templeton SMACS funds (Series CH, E, H and I), which will be used exclusively for separately managed accounts advised or sub-advised by Franklin Advisers or its affiliates...Legg Mason ClearBridge funds update disclosure regarding their process for determining the material ESG factors facing both individual companies and industry sectors...The Janus Henderson Strategic Income fund ($959 million) will modify its 80% investment policy and change its name to Janus Henderson Developed World Bond fund...The RiverNorth Marketplace Lending Corporation plans to convert to an exchange-traded interval fund listed on the New York Stock Exchange, with the goal of increasing shareholder liquidity and reducing the fundís operating expenses...The Principal Global Diversified Income fund ($7.7 billion) will lower the purchase amount at which Class A shares will not be subject to an initial sales charge from $500,000 to $250,000...   MORE>>


Week 11: 3/11/2019-3/15/2019

The Schwab U.S. Dividend Equity ETF ($9 billion) will reduce its management fee from 0.07% to 0.06%, and the Schwab U.S. Small-Cap ETF ($8 billion) and Schwab U.S. Mid-Cap ETF ($6 billion) will lower their management fees from 0.05% to 0.04%...Robert B. (Guy) Davidson III will replace Fred S. Cohen on the portfolio management team of fourteen AB municipal income funds, including the Sanford C. Bernstein Fund Diversified Municipal portfolio ($6.7 billion), and both the Sanford C. Bernstein New York and California Municipal portfolios ($1.8 and 1.3 billion, respectively), among others...James Barber will no longer help manage eight Russell Investments funds, including the Russell Tax-Managed U.S. Large Cap fund ($3.2 billion), Russell U.S. Strategic Equity fund ($2.6 billion), and Russell Emerging Markets fund ($1.8 billion)...BlackRock registers the iShares Genomics and Immuno Biopharma ETF, which will track an index composed of developed and emerging market companies that could benefit from the long-term growth and innovation in genomics, immunology, and bioengineering...Hartford files two index funds: the Hartford Multifactor Large Cap Value and the Hartford Multifactor International funds, which will both invest in equity securities of companies that exhibit a favorable combination of factors, including valuation, momentum, and quality. The funds will track indexes that seek to outperform a cap-weighted universe of companies over a complete market cycle with up to 15% less volatility...Fidelity adds a 2065 fund to its Fidelity Advisor Freedom, Fidelity Freedom, Fidelity Freedom Index, Fidelity Freedom Blend, and Fidelity Flex Freedom target date fund line ups...DoubleLine files the DoubleLine Emerging Markets Local Currency Bond fund, which will invest principally in bonds of issuers in emerging market countries denominated in local (non-U.S.) currencies. Bonds in which the fund invests may pay interest at fixed or variable rates and may be of any maturity, and the fund will invest without limitation in fixed income instruments of any credit quality...Insight Investment International (formerly, Pareto Investment Management) will depart the sub-advisory team of the Russell Strategic Bond fund ($4.1 billion), Numeric Investors will no longer manage a portion of the Russell International Developed Markets fund ($2.39 billion), and Harding Loevner will leave the team managing the Russell Emerging Markets fund ($1.84 billion)...The AQR Long-Short Equity fund ($1.9 billion), AQR Multi-Strategy Alternative fund ($1.3 billion), AQR Equity Market Neutral fund ($991 million), and AQR Diversified Arbitrage fund ($447 million) are no longer closed to new investors effective March 15, 2019...MainStay will lower the purchase amount at which Class A and Investor Class shares will not be subject to an initial sales charge for three fixed income funds: the MainStay Floating Rate and MainStay MacKay Short Duration High Yield funds (from $500,000 to $250,000) and the MainStay MacKay Infrastructure Bond fund (from $1,000,000 to $250,000)...   MORE>>


Week 10: 3/4/2019-3/8/2019

Vanguard registers the Vanguard Global ESG Select Stock fund, which will invest globally in large and mid-size companies using bottom-up fundamental research to identify companies with strong long-term fundamentals and an emphasis on leading ESG practices (including "increased transparency into the companyís ESG practices, board diversity, management teams with aligned incentives, better governance practices, and realistic assessment of long-term ESG risks and opportunities"), maintaining a large gap between return on capital and cost of capital, as well as having a track record of effective capital allocation...Jeffrey Rosenberg will join the portfolio management team of the BlackRock CoreAlpha Bond fund ($1.3 billion)...Wells Fargo files the Wells Fargo Special International Small Cap fund, which will invest in undervalued small cap companies using both fundamentally based, bottom-up techniques with top-down, industry and sector analysis to identify global opportunities, with an investment limit in emerging market equity securities of 10%...Legg Mason registers five funds which will be sub-advised by QS Investors, each of which (other than the Legg Mason Adaptive Growth fund) currently plans to operate primarily as a fund of funds, including the Legg Mason Defensive, Legg Mason Income, Legg Mason Low Volatility, and Legg Mason High Growth funds...The Dreyfus Corporation, the primary mutual fund business of The Bank of New York Mellon Corporation, will change its name to "BNY Mellon Investment Adviser, Inc.," and certain Dreyfus funds will change their names accordingly...Elizabeth Slover will no longer help manage the Dreyfus Fund ($1.26 billion)...LMCG Investments will join the sub-advisory team of the Brinker Capital Destinations Multi Strategy Alternatives fund ($911 million)...The Columbia AMT-Free Intermediate Municipal Bond funds will each remove "AMT-Free" from their name and will modify their strategy to allow investment of up to 20% in securities that pay interest subject to U.S. federal income tax, including being subject to the federal AMT...   MORE>>


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