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Fund Changes - Jan-19
 Fund Changes
 Weeklies History:

Fund Changes Weekly


Week 3: 1/14/2019-1/18/2019

John Hall will join the portfolio management team of the Old Westbury Large Cap Strategies fund ($16 billion), replacing Michael Crawford and John Alexander Christie on the fund's management team. Hall will no longer take part in managing the Old Westbury Small & Mid Cap Strategies fund ($5.3 billion) and the Old Westbury All Cap Core fund ($1.8 billion) (Jeffrey A. Rutledge will also no longer help manage the Old Westbury All Cap Core fund but will continue to serve on the team managing the Old Westbury Large Cap Strategies fund)...Jonathan Nixon will no longer serve on the management team of the Invesco ETFs, including the Invesco S&P 500 Equal Weight ETF ($15 billion)...Rodney M. Rayburn will join Mark J. Vaselkiv as a co-portfolio manager of the T. Rowe Price High Yield fund ($6.5 billion) and T. Rowe Price Institutional High Yield fund ($1.4 billion) (effective January 1, 2020, Vaselkiv will step down and Rayburn will serve as sole portfolio manager to the fund)...Samuel Cox will no longer help manage four Putnam funds, including the Putnam Growth Opportunities fund ($5 billion), leaving Richard Bodzy as the fund's sole portfolio manager, and the Putnam Global Health Care fund ($1.3 billion), leaving Michael Maguire as the fund's sole portfolio manager...Oppenheimer funds will reorganize into corresponding, newly-formed Invesco funds, which will have the same objective and will be advised by Invesco Advisers (for mutual funds) and by Invesco Capital Management (for ETFs), pending shareholder approval at a meeting scheduled for April 12, 2019...The underlying index of each of the Schwab Fundamental Index funds and Schwab Fundamental Index ETFs will use the FTSE Global Total Cap Index as its starting universe, in connection with the Russell RAFI Index Series transitioning its starting universe from the Russell Global Index to the FTSE Global Total Cap Index...Thirty-nine Franklin Templeton funds with a focus on investment in taxable and tax-exempt fixed income will lower their front-end sales charges on Class A and A1 shares...Reema Agarwal will replace Mark Boyadjian on the portfolio management team of the Franklin Floating Rate Daily Access fund ($3.3 billion)...Nuveen will update its lineup of ETFs by replacing "Nushares" with "Nuveen" in each fund's name...   MORE>>


Week 2: 1/7/2019-1/11/2019

Effective January 1, 2020, Kenneth L. Abrams will transition from Wellington Management's portion of the Vanguard Explorer fund ($13.5 billion) and will continue to focus on other strategies he currently manages at Wellington (Daniel J. Fitzpatrick will remain as a manager of Wellington's portion of the fund)...Stephen Rodosky will replace Jeremie Banet on the portfolio management team of five PIMCO funds, including the PIMCO Real Return fund ($9.69 billion), PIMCO CommodityRealReturn Strategy fund ($5.36 billion), and PIMCO RealEstateRealReturn Strategy fund ($1.7 billion)...Federated registers two ESG bond funds which may take long and short positions to achieve their investment objectives: the Federated Hermes Unconstrained Credit fund and Federated Hermes Absolute Return Credit fund (both funds will be sub-advised by Hermes Investment Management)...Legg Mason files the BrandywineGLOBAL-Global Opportunities Bond (USD Hedged) fund, which will invest 80% in fixed income securities of issuers located in developed market countries (defined as having a sovereign debt rating of A- or better or included in the FTSE World Government Bond Index) and will maintain at least 80% of its net assets in U.S. dollar currency exposure. The fund intends to maintain an average weighted portfolio quality of A- or better and will limit investment in high yield debt to 35%. It may invest in securities of any maturity and its weighted average effective duration is expected to range from 1 to 10 years...Franklin Templeton will revise the asset allocation glide path of its Franklin LifeSmart Retirement target date funds through the establishment of "neutral" and "defensive" glide paths to which each fund may shift depending on market volatility. The funds will also increase equity allocations over the course of the neutral glide path, remove specific allocation to alternative investments, and extend the "landing point" of its glide path to approximately five years after the target year in a fund's name (during this period each fund will continue to decrease its equity allocation and increase its fixed income allocation)...Richard J. Inzunza will no longer serve on the portfolio management team of the Northern High Yield Fixed Income fund ($3.58 billion)...William (Billy) G. Montana will join the team at Jackson Square Partners currently managing the Delaware U.S. Growth fund ($2.2 billion)...Global X Management files the Global X Cloud Computing ETF, which will track an index designed to provide exposure to exchange-listed companies that are positioned to benefit from the increased adoption of cloud computing technology...Jacobs Levy Equity Management will replace LMCG Investments on the sub-advisory team of the UBS PACE Small/Medium Co Growth Equity Investments fund ($434 million)...   MORE>>


Week 1: 1/1/2019-1/4/2019

Mortimer J. Buckley will succeed F. William McNabb III as chairman of the board of the Vanguard funds effective January 1, 2019...James Mordy retired from Wellington Management Company and will no longer serve as a co-portfolio manager for Wellington’s portion of the Vanguard Windsor fund ($16.8 billion) (David W. Palmer will manage Wellington's portion and continue to serve alongside current portfolio managers from Pzena)...JPMorgan makes portfolio management changes to several funds: Nicholas Gartside has resigned from J.P. Morgan Investment Management and will leave the team of the JPMorgan Global Bond Opportunities fund ($2.4 billion) and JPMorgan Unconstrained Debt fund ($1.3 billion), among others, and Alexander Sammarco will replace Chad A. Engelbert on the team managing the JPMorgan Floating Rate Income fund ($2.3 billion)...The Vanguard Convertible Securities fund ($897 million) plans to dissolve and liquidate on or about March 19, 2019...Deep Basin Capital and Strategy Capital will serve as additional sub-advisors to a portion of the TIFF Multi-Asset fund ($2.5 billion), replacing Marathon Asset Management, SandPointe Asset Management, and Shapiro Asset Management on the fund's sub-advisory team (Deep Basin will invest primarily in global equity securities in the energy and energy-exposed sectors, and Strategy Capital plans to invest primarily in U.S. companies with sustainable, long-term competitive advantages)...BlackRock will no longer serve on the sub-advisory team of the SEI Institutional Managed Trust (SIMT) Tax-Managed Large Cap fund ($3.5 billion), and will be replaced by Fred Alger Management on the teams managing four other SEI funds, including the SEI SIMT Large Cap Growth fund and SEI SIMT Large Cap fund (Fiera Capital is also removed from the sub-advisory lineup of the Large Cap fund)...Effective January 10, 2019, the First Eagle Overseas fund ($12.8 billion) will again begin accepting new investors without special restriction (the fund has been closed to certain new investors since May 9, 2014)...Andrew Warwick will join the portfolio management team of the Dreyfus Global Real Return fund ($1.88 billion)...Tom Chan and Kevin Sung will replace Teresa Zheng as portfolio managers to the Xtrackers Harvest CSI 300 China A-Shares ETF ($1.2 billion) and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF ($22 million), advised by DWS subsidiary DBX Advisors...The Cohen & Steers Real Estate Securities fund ($4.5 billion), Cohen & Steers Realty Shares fund ($3.7 billion), and Cohen & Steers Institutional Realty Shares fund ($2.7 billion) will each change their benchmark from the FTSE NAREIT Equity REITs Index to the FTSE Nareit All Equity REITs Index, effective after the close of business on March 31, 2019. The new index is described as containing all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria, while the current benchmark is described as containing all equity REITs not designated as timber REITs or infrastructure REITs...   MORE>>


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