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Fund Changes - Apr-19
 Fund Changes
 Weeklies History:

Fund Changes Weekly


Week 17: 4/22/2019-4/26/2019

  • Patrick Flynn, a co-portfolio manager of the Neuberger Berman High Income Bond fund ($2.2 billion), passed away unexpectedly on April 23, 2019...
  • Patrick Waddell will no longer help manage at least thirty-seven Fidelity Index funds and ETFs, and Manav Verma will replace Waddell on the portfolio management team of many of the funds...
  • Brian Woglom will replace Dan Gruemmer on the team managing the American Century Equity Income fund ($11.7 billion), and Philip Sundell will replace Gruemmer as a portfolio manager to the American Century Value fund ($2.9 billion)...
  • Matthew Csontos will serve as an additional portfolio manager to the PGIM Short-Term Corporate Bond fund ($9.2 billion), and Arvind Rajan plans to retire effective December 31, 2019, and will no longer help manage the PGIM Global Total Return fund ($1.9 billion)...
  • Nuveen files the closed-end Nuveen Municipal Credit Opportunities fund, which will invest across diverse sectors and industries in high yielding, low- to medium-quality municipal securities that the fundís sub-advisor believes to be undervalued...
  • John Hancock registers the John Hancock Short Duration Bond fund, which will invest at least 65% of net assets in investment-grade debt securities and cash and cash equivalents, and may invest up to 35% in below-investment-grade debt securities...
  • Principal registers three smart-beta ETFs: the Principal International Multi-Factor Core Index ETF, Principal U.S. Large-Cap Multi-Factor Core Index ETF, and Principal U.S. Small-MidCap Multi-Factor Core Index ETF...
  • BNY Mellon will replace State Street Bank and Trust Company as custodian to the Highland funds... 
  • Thomas D. Saberhagen will no longer help manage the Akre Focus fund ($10.5 billion)...
  • The SPDR Bloomberg Barclays Intermediate Treasury ETF will reduce its management fee 4 bp from 0.10% to 0.06%...
  • Effective April 26, 2019, the Vulcan Value Partners fund ($1.3 billion) will re-open to new investors...
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Week 16: 4/15/2019-4/19/2019

  • David Simner, who joined the portfolio management team of the Fidelity Advisor Strategic Income fund ($16.7 billion) in 2007, will no longer help manage the fund (Ario Emami Nejad and Rose McMellin joined the team in March, and Timothy Gill in December 2018)...
  • Blair A. Boyer, Rebecca Irwin, and Natasha Kuhlkin will join the portfolio management team of the PGIM Jennison Growth fund ($5.55 billion)...
  • State Street Global registers the State Street ESG Liquid Reserves fund, an ESG institutional money market fund, which will have a floating NAV and will consider ESG criteria in its investment decisions, such as "impact on climate change and air quality, energy management, human rights, labor practices, business ethics, board independence and accountability, shareholder rights and engagement, and alignment of compensation and business strategy"...
  • Michael Lima will join the team managing the Putnam Short Duration Income fund ($15.5 billion), which will change its name to Putnam Ultra Short Duration Income fund on June 1, 2019...
  • Effective April 17, 2019, the Diamond Hill Small Cap fund ($949 million) will re-open to new investors...
  • Nicholas Cowley, a current co-portfolio manager of the Janus Henderson International Opportunities fund ($2.25 billion), plans to depart Henderson Global Investors Limited on November 30, 2019, but will continue to serve on the fund's portfolio management team until further notice...
  • Christina L. Fletcher will join the portfolio management team of the First Trust Enhanced Short Maturity ETF ($4 billion)...
  • Jennison Associates and Polen Capital Management will replace Columbia Management Investment Advisers and HS Management Partners on the sub-advisory team of the Mercer US Large Cap Equity fund ($408 million)...
  • Effective April 30, 2019, the Goldman Sachs Strategic Factor Allocation fund ($1.6 billion) will expand its use of derivative instruments to include engaging in listed put and call option transactions on U.S. Treasury futures...
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Week 15: 4/8/2019-4/12/2019

  • Jonathan Duggan, portfolio manager of the Strategic Advisers Short Duration fund ($7 billion), and Christopher Heavey, manager of the Strategic Advisers Tax-Sensitive Short Duration fund ($3.4 billion), will now co-manage the funds together...
  • Federated files the Federated Hermes International Equity fund, which will seek to generate returns by investing in equity securities using a proprietary quant model to capture systematic behavioral biases of market participants, and will also incorporate the sub-advisor's proprietary ESG research as part of its approach to risk management...
  • In connection with Vanguard Quantitative Equity Group joining the advisory team of the Vanguard U.S. Growth fund ($26.4 billion), the fund adds disclosure regarding Vanguard's security selection process for investing in a diversified portfolio of large-cap domestic growth stocks, which it will manage using a quantitative process developed by Vanguard's Alpha Equity Investment team...
  • BlackRock registers the actively-managed iShares California Short Maturity Muni Bond ETF, which will invest primarily in investment-grade short-term fixed- and floating-rate municipal securities issued in the State of California by or on behalf of California state or local governments or agencies, whose interest payments are exempt from regular U.S. federal and California state income taxes...
  • Northern Trust registers three smart beta ETFs, the FlexShares Quality Low Volatility Index ETFs, each of which focuses either on the U.S. equity market, developed international markets, or emerging markets...
  • The Principal MidCap Value I fund ($2.53 billion) will reduce its advisory fee by 0.32% at each asset level of its breakpoint fee schedule...
  • John Hancock files three fixed income funds that will be available only to separately managed account clients where John Hancock Asset Management (or an affiliate) has an agreement to provide management or advisory services: the John Hancock Managed Account Shares Investment-Grade Corporate Bond, John Hancock Managed Account Shares Securitized Debt, and John Hancock Managed Account Shares Non-Investment-Grade Corporate Bond portfolios...
  • In connection with the acquisition of Foresters Investment Management Company's mutual fund management business by Macquarie Management Holdings, Inc., each of the First Investors funds will be reorganized into a substantially similar fund that is managed by Delaware Management Company...
  • Integrity Asset Management will leave the sub-advisory team of the SEI Institutional Investments Trust Small/Mid Cap Equity fund ($1.37 billion), and Mackenzie Investments Corporation will join the team managing the SEI Institutional Investments Trust World Select Equity fund ($1.07 billion)...
  • Effective July 1, 2019, the Dreyfus Treasury & Agency Cash Management fund ($19 billion) and Dreyfus Institutional Treasury and Agency Cash Advantage fund ($691 million) will each change its investment policy to allow investment only in U.S. Treasury securities, repurchase agreements collateralized solely by U.S. Treasury securities, and cash (previously the funds could also invest in securities issued by U.S. government agencies that were backed by the full faith and credit of the U.S. government). The funds will change their names to reflect these changes...
  • The MFS International Value fund ($29 billion) will change its name to the MFS International Intrinsic Value fund, and adds disclosure stating that MFS will focus on companies it believes have intrinsic value greater than the perceived value by the marketplace, which are defined as "companies with cash flow in excess of their capital expenditures, conservative balance sheets, sustainable competitive advantages, high returns on capital, or the ability to weather economic downturns"...
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Week 14: 4/1/2019-4/5/2019

  • Vanguard registers the Vanguard Commodity Strategy fund, which will use an active management approach to invest in commodity-linked investments, backed by a portfolio of inflation-indexed bonds and other fixed income securities. The Vanguard Managed Payout fund ($1.8 billion) has authorized investment in the fund, should it become available for sale...
  • Fidelity files six new index funds: the Fidelity Municipal Bond Index, Fidelity SAI Municipal Bond Index, Fidelity Mid Cap Growth Index, Fidelity Mid Cap Value Index, Fidelity Small Cap Growth Index, and Fidelity Small Cap Value Index funds...
  • David S. Lee will no longer be disclosed as one of the individuals primarily responsible for the portfolio management of the American Funds Capital Income Builder fund ($103.2 billion)...
  • Rick Rieder will replace Kent Hogshire on the portfolio management team of the BlackRock Global Allocation fund ($28 billion), and Joshua Tarnow will no longer help manage the BlackRock Floating Rate Income portfolio ($3.2 billion)...
  • Jose Luis Garcia will leave the portfolio management team of the MFS Research International fund ($8.4 billion)...
  • PGIM registers the PGIM Securitized Credit fund, which will invest 80% in securitized credit investments and other similar credit instruments using top-down economic analysis along with bottom-up research, in conjunction with proprietary quant models and risk management systems...
  • Peter J. Johnson will join the portfolio management team of the Mairs & Power Growth fund ($4.4 billion)...
  • Ethan Lovell will no longer help manage the Janus Henderson Global Life Sciences fund ($3.98 billion)...
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