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Fund Changes - Feb-20
 Fund Changes
 Weeklies History:

Fund Changes Weekly


Week 8: 2/24/2020-2/28/2020

  • Suzanne Henige will replace Greg Savage on the portfolio management team of a number of iShares Index funds, including the iShares S&P 500 Index fund ($20.6 billion), iShares MSCI EAFE International Index fund ($7.3 billion), and iShares Russell 2000 Small Cap Index fund ($2.1 billion), among others...
  • Sheila Amoroso will no longer help manage the Franklin Federal Tax-Free Income fund ($11.1 billion) effective July 1, 2020...
  • Effective March 1, 2020, Douglas D. Spratley will join Joseph K. Lynagh as co-manager of the T. Rowe Price money market funds (effective January 1, 2021, Lynagh will step down and Spratley will become the funds' sole portfolio manager)...
  • Mousumi Chinara will join Patrick D. Quinn in managing the Northern Tax-Advantaged Ultra-Short Fixed Income fund ($4.2 billion), replacing Jason R. Gookin as a portfolio manager to the fund...
  • Franklin Templeton registers the Franklin Emerging Technology fund which will invest in small- and mid-cap companies in technology-related industries, particularly in new technology trends such as artificial intelligence, autonomous vehicles, Internet of Things (IoT), cloud computing, and cyber security, among others...
  • The Vanguard Managed Payout fund ($1.7 billion) will eliminate its monthly payout feature, and change its investment objective from making “monthly cash distributions while seeking to have these distributions and the invested capital keep pace with inflation over time,” to seeking “to deliver a targeted-inflation adjusted return through long-term capital appreciation and moderate income.” The fund will be renamed the Vanguard Managed Allocation fund...
  • The PGIM Short-Term Corporate Bond fund ($10.2 billion) will reduce its contractual advisory fee rate by 2 basis points at each step in its fee schedule to 0.38% on assets up to $10 billion, and 0.37% on assets over $10 billion, and will also lower the fee paid to its affiliated sub-advisor...
  • The Schwab Emerging Markets Equity ETF ($6.2 billion) will lower its management fee from 0.13% to 0.11%, and the Schwab International Small-Cap Equity ETF ($2.2 billion) will lower its fee from 0.12% to 0.11%...
  • Effective June 30, 2020, Kevin Ramundo will retire and no longer serve as a portfolio manager to the portion of the Bridge Builder Municipal Bond fund ($6.5 billion) allocated to FIAM (Michael Maka will join the FIAM team March 1, 2020)...
  • Timbercreek Investment Management (U.S.) will no longer serve on American Century's sub-advisory team for the AC Alternatives Income fund ($262 million)...
  • Voya Investment Management will replace Mellon Investments Corporation as sub-advisor to the WisdomTree Interest Rate Hedged High Yield Bond fund ($202 million)...
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Week 7: 2/17/2020-2/21/2020

  • Franklin Resources plans to acquire Legg Mason for $4.5 billion in an all-cash transaction...
  • Toby M. Thompson will join Charles M. Shriver to co-manage a number of T. Rowe Price funds, including the T. Rowe Price Spectrum Income ($6.9 billion), T. Rowe Price Balanced ($4.6 billion), T. Rowe Price Spectrum Growth ($3.7 billion), and T. Rowe Price Spectrum target risk funds, among other funds…
  • BlackRock registers the BlackRock High Yield Muni Income Bond ETF, which intends to invest at least 80% in medium- to low-quality bonds, and will primarily invest in municipal bonds with a maturity of five years or longer...
  • Goldman Sachs files the Goldman Sachs Clean Energy Income fund, which will invest in U.S. and non-U.S. equity securities issued by clean energy companies...
  • Lord Abbett files the Lord Abbett Enhanced Floating Rate fund, an interval fund investing in floating or adjustable rate instruments and derivatives and other instruments that effectively enable the fund to achieve a floating rate of income, and will seek to enhance returns through the use of leverage…
  • DLD Asset Management and Magnetar Asset Management will join the sub-advisory team of the UBS PACE Alternative Strategies Investments fund ($501 million)...
  • The Wells Fargo Target Date and Dynamic Target Date funds invest in underlying funds that are each intended to provide exposure to a specific market segment. Previously, each segment would seek to track a specific index. Effective July 1, 2020, each segment will employ a systematic, rules based methodology to build a portfolio of stocks that provides exposure to factors such as value, quality, momentum, size, and low volatility tied to a stock's potential for enhanced risk-adjusted returns relative to the market...
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Week 6: 2/10/2020-2/14/2020

  • HSBC registers the HSBC ESG Prime Money Market fund, which is the latest addition of money market funds into the ESG space and will use a proprietary system to assign an ESG score to each potential investment in a portfolio of high quality debt obligations...
  • Four BlackRock iShares ESG MSCI ETFs, including the iShares ESG MSCI USA ETF ($3.4 billion), will expand the criteria for their ESG screens by excluding companies involved in certain fossil fuel-related activities such as thermal coal production and oil sands extraction...
  • Effective April 1, 2020, T. Rowe Price target date funds, including the T. Rowe Price Retirement, T. Rowe Price Retirement I, and T. Rowe Price Target series, will go from not charging a management fee to charging an all-inclusive management fee. The all-inclusive management fee will decline over time as a fund reduces its overall stock exposure along its glide path. Along with the advisory fee change, the funds will shift from their original glide path to an enhanced glide path by increasing the overall equity allocation at certain points in the fund’s investment life cycle...
  • The T. Rowe Price Institutional Large-Cap Growth fund ($16.8 billion, to be named T. Rowe Price Large-Cap Growth) and T. Rowe Price Institutional Large-Cap Value fund ($3.6 billion, to be named T. Rowe Price Large-Cap Value) will both modify their advisory fee from a flat fee of 0.55% to a fee that will be the lesser of the current management fee of 0.55% and a “combined fee,” which will consist of an individual fund fee of 0.26% and a group fee...
  • Matthews Asia registers the Matthews Emerging Markets Equity fund, which will invest 80% in companies located in emerging market countries and may include "frontier" market countries, with up to 20% in developed market companies...
  • Baillie Gifford Overseas Limited files the Baillie Gifford Japan Growth fund which will use a fundamental bottom-up stock selection process for issuers located in Japan, without regard to the fund’s underlying benchmark index the TOPIX, and aims to hold the securities for long periods (typically 5 years) which is expected to result in relatively low portfolio turnover…
  • Effective December 31, 2020, Stephen S. Smith plans to step down as a member of the portfolio management team of four BrandywineGLOBAL funds, including the BrandywineGLOBAL - Global Opportunities Bond fund ($2.9 billion) and BrandywineGLOBAL - Unconstrained Bond fund ($921 million), among others...
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Week 5: 2/3/2020-2/7/2020

  • Stephen M. McFee will become the sole portfolio manager to the Vanguard Tax-Exempt Bond Index fund ($7.7 billion), replacing Adam M. Ferguson, the Vanguard Massachusetts Tax-Exempt fund ($2.4 billion), replacing Mathew M. Kiselak, and the Vanguard Ohio Long-Term Tax-Exempt fund ($1.5 billion), replacing James M. D’Arcy...
  • Benjamin Griffiths will join Justin Thomson to co-manage the T. Rowe Price International Discovery fund ($8.4 billion)...
  • JPMorgan files three ETFs, including the JPMorgan Large Cap Growth ETF, which unlike other actively managed ETFs will not publicly disclose the composition of its portfolio, and instead will disclose its strategy and types of securities in which it intends to invest, and will publish each business day a verified intraday indicative value (VIIV) on a per share basis in one second intervals during regular trading hours on the exchange. JPMorgan also registers the actively managed JPMorgan Equity Premium Income ETF, which will seek to provide a significant portion of the returns associated with the S&P 500 with lower volatility, and will generate income through the use of equity-linked notes; and files the JPMorgan International Growth ETF, which will be actively managed and will invest in large and mid cap foreign securities...
  • Lord Abbett registers the Lord Abbett Climate Focused Bond fund, which will invest in bonds and other fixed income securities of issuers that the fund's management team believe will have a positive impact on the climate through an issuer’s operations or its products and services; and also files the Lord Abbett Short Duration High Yield fund, which will seek to maintain a weighted average duration range of three years or less...
  • Effective April 1, 2020, the T. Rowe Price Global Technology fund ($4.99 billion) will resume accepting new accounts and purchases from most investors who invest directly with T. Rowe Price (the fund was closed to new investors on September 29, 2017)...
  • Phil Ruvinsky will join Lawrence Kemp to co-manage the BlackRock Capital Appreciation fund ($3.4 billion) and BlackRock Large Cap Focus Growth fund ($1.3 billion); and Olivia Treharne will join Andrew Wheatley-Hubbard to co-manage the BlackRock Global Dividend fund ($1.8 billion)...
  • Bradley Galko will join the portfolio management team of four Eaton Vance funds, including the Eaton Vance Tax-Advantaged Dividend Income ($2.6 billion) and Eaton Vance Large Cap Value ($1.7 billion) funds...
  • VanEck files the actively managed VanEck Vectors Sustainable Muni ETF, which will invest in investment grade municipal debt securities that fund issuers with operations or projects helping to promote progress towards sustainable development...
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