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Fund Changes - Oct-18
 Fund Changes
 Weeklies History:

Fund Changes Weekly


Week 42: 10/15/2018-10/19/2018

Lazard registers the Lazard International Compounders fund, which will invest primarily in equity securities of non-US companies considered to be “Compounders,” defined as businesses able to generate and sustain high levels of return on equity, return on capital, and cash flow return on investment, with a focus on those companies able to reinvest a significant portion of their cash flows back into their business at similarly attractive rates of return; Harrison Chan will leave the portfolio management team of the Columbia Dividend Opportunity fund ($2.9 billion); Robert Mandeville will join the team managing the Fidelity Conservative Income Municipal Bond fund ($1.7 billion), among other funds; Effective October 18, 2018, Stephen R. Cianci and Neil Moriarty III will join the portfolio management teams of the MainStay Income Builder fund ($1.5 billion), MainStay MacKay Total Return fund ($1.2 billion), and MainStay MacKay Unconstrained Bond fund ($1.16 billion), among others, replacing Louis N. Cohen, who will leave the funds on December 31, 2018; Eaton Vance registers the Eaton Vance Global Bond fund, which will invest in bonds and other fixed and floating-rate debt instruments of any duration in both developed and emerging markets, with at least 40% in foreign investments and at least 65% in instruments rated investment grade. The fund plans to invest in a wide variety of derivative instruments; American Beacon files the American Beacon AHL TargetRisk fund, which will seek capital growth by investing, primarily through derivative instruments, in equities, bonds, interest rates, corporate credit, and commodities, and will be sub-advised by AHL Partners using a proprietary quantitative model designed to provide an excess return with a stable level of volatility regardless of market conditions; James G. Gendelman left his position as portfolio manager at American Century and will no longer help manage the Mercer Non-US Core Equity fund ($2 billion). American Century will continue to help sub-advise the fund, along with the fund's four other sub-advisors: Arrowstreet, LSV Asset Management, MFS, and Parametric; The Goldman Sachs Income Builder fund ($1.7 billion) will implement an options strategy in which it will sell put and call options in an amount up to 12% of the value of the fund’s portfolio. The fund will no longer sell call options in an amount between 15% and 25% of the value of the fund's portfolio; Thomas S. White, Jr., the founder of Thomas White International (investment advisor to the Thomas White funds), recently sold his entire majority-ownership interest in the firm to the advisor in exchange for cash; Loring Ward Holdings, the parent company of LWI Financial (investment advisor to the SA funds), will be acquired by Focus Financial Partners, a partnership of independent fiduciary wealth management firms that includes The Buckingham Family of Financial Services...   MORE>>


Week 41: 10/8/2018-10/12/2018

William MacLeod will no longer serve on the portfolio management team of the Harbor International fund ($12.3 billion)...James Harper will leave the portfolio management teams of the Templeton Growth fund ($12.6 billion), Templeton Foreign fund ($6 billion), Templeton World fund ($4 billion) and Templeton Global Balanced fund ($1.46 billion)...Aaron J. Siebel will join Jeffrey A. Schwarte to co-manage the Principal LargeCap S&P 500 Index fund ($5.5 billion), Principal MidCap S&P 400 Index fund ($1.3 billion), Principal SmallCap S&P 600 Index fund ($1.3 billion), and Principal International Equity Index fund ($1 billion), replacing Thomas L. Kruchten...G. David MacEwen will retire on December 31, 2018, and will no longer help manage several American Century funds, including the American Century Diversified Bond fund ($4.2 billion) and American Century NT Diversified Bond fund ($2.68 billion), among others (Charles Tan will join the funds' portfolio management teams effective October 10, 2018)...David M. Poppe will retire from Ruane, Cunniff & Goldfarb, investment advisor to the Sequoia fund ($4 billion) and will no longer serve as a co-portfolio manager of the fund...BlackRock registers the BlackRock China A Opportunities fund, which will use proprietary return forecast models that incorporate quantitative analysis to identify large and mid-cap equity securities of issuers domiciled in the People’s Republic of China and listed in China (A-shares)...Federico Gilly and Matthew Schwab will join the team managing the Goldman Sachs Absolute Return Tracker fund ($2.6 billion), replacing Stephan Kessler...Pacific Investment Management Company (PIMCO) will acquire investment advisor Gurtin Municipal Bond Management...City National Rochdale files the City National Rochdale Short Term Emerging Markets Debt fund, which will be sub-advised by London-based GML Capital and will seek to generate interest income and preserve capital in order to achieve positive total returns by investing principally in short-term high yield debt instruments of corporate and sovereign issuers in or operating in emerging market countries...Colonial First State Asset Management (Australia) will no longer sub-advise a portion of the Principal Global Diversified Income fund ($8.68 billion)... Guggenheim Partners Investment Management will leave the sub-advisory team of the SEI Institutional Managed Trust Multi-Asset Income fund ($957 million)...Several Franklin Templeton funds, including the Templeton Growth fund, Templeton Foreign fund, Templeton World fund, and Templeton Global Smaller Companies fund add ESG language to their investment strategies, stating that when choosing equity investments the investment manager will assess the potential impacts of material environmental, social, and governance factors on the long-term risk and return profile of a company...The iShares North American Tech-Software ETF ($1.8 billion) and iShares North American Tech ETF ($1.45 billion) will each transition to tracking new indexes: the S&P North American Expanded Technology Software index (which includes North American equities in the software industry and select North American equities from interactive home entertainment and interactive media and services industries) and the S&P North American Expanded Technology Sector index (which includes North American equities in the technology sector and select North American equities from communication services and consumer discretionary sectors), respectively. The ETFs will update their names to reflect these changes...   MORE>>


Week 40: 10/1/2018-10/5/2018

John Alexander Christie and Jeffrey A. Rutledge of Bessemer Investment Management will join the team managing the Old Westbury Large Cap Strategies fund, replacing Harry Hagey, Jr....Fergus Shiel plans to retire on March 29, 2019, and will no longer manage the Fidelity Capital Appreciation fund ($6.5 billion) (Asher Anolic and Jason Weiner will become co-managers of the fund starting October 1, 2018)...Daniel J. Fuss will no longer serve on the team managing the Loomis Sayles Investment Grade Bond fund ($5.5 billion). The fund will also modify its investment strategy, removing the flexibility to invest up to 10% of its assets in equity securities and now allowing investment of up to 30% of assets in U.S. dollar-denominated foreign securities (where previously it could invest any portion of its assets in securities of Canadian issuers and up to 20% of its assets in other foreign securities)...Effective January 1, 2019, Ashish Shah will replace Jonathan Beinner on the portfolio management team of the Goldman Sachs Strategic Income fund ($3.5 billion) and Goldman Sachs Core Fixed Income fund ($1.1 billion) (Beinner will retire from Goldman Sachs on March 31, 2019)...Fidelity registers the Fidelity SAI Inflation-Focused fund, which will invest in commodity-linked derivative instruments, inflation-indexed securities, U.S. Treasury securities, cash, and cash equivalents, with up to 25% invested in a wholly-owned subsidiary organized under the laws of the Cayman Islands that invests in commodity-linked derivative instruments (the fund will be offered exclusively to certain Fidelity clients and affiliates)...Virtus registers the actively managed Virtus WMC Risk-Managed Alternative Equity ETF, which will be sub-advised by Wellington Management Company and will invest in a broadly diversified portfolio of global equity securities, utilize futures contracts and options, and target an equity portfolio beta of 0.45, similar to the volatility typical of long/short equity hedge fund strategies...Gunther Stein, CEO and chief investment officer of Symphony Asset Management, will no longer serve as a portfolio manager to the Nuveen Symphony Floating Rate Income fund ($2.4 billion), leaving Scott Caraher as the sole portfolio manager to the fund...Garth Yettick will join Denny Fish, replacing J. Bradley Slingerlend, to co-manage the Janus Henderson Global Technology fund ($3.1 billion)...Eli Rabinowich and John C. Hardy will jointly manage the Lord Abbett Value Opportunities fund ($3 billion) and Lord Abbett Small Cap Value fund ($1.1 billion), replacing Thomas B. Maher and Justin C. Maurer...BlackRock Investment Management will join the sub-advisory team of the Bridge Builder Municipal Bond fund ($3.6 billion)...The Loomis Sayles Small Cap Growth fund will reopen to new investors effective October 1, 2018...The Artisan International Small Cap fund will open to new investors and will change its name to the Artisan International Small-Mid fund, shifting its investments to common stocks and other securities of small- and mid-cap companies...The Invesco Floating Rate fund ($2.6 billion) will allow payment for loans in U.S. dollars or another currency (previously the fund could only invest in loans or securities that were U.S. dollar denominated or otherwise provided for payment in U.S. dollars), and also adds the ability to invest in forward foreign currency contracts and futures contracts, using currency futures to hedge its exposure to foreign currencies...   MORE>>


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