May 14, 2012

Top Portfolio Products: Baird Launches Fund; Fidelity Adds Two

The Hartford adds managers, funds; more

Portfolio Products logoNew products introduced over the last week include a new small-cap value fund from Baird; two new funds from Fidelity; and three new investment managers and sixteen new funds for The Hartford’s defined contribution retirement program offerings.

In addition, Neuberger Berman announced a long/short fund and Market Vectors introduced an ETF.

Here are the latest developments of interest to advisors:

Baird Launches Small-Cap Value Fund

Baird announced recently that it has launched the Baird Small Cap Value Fund (BSVIX/BSVSX). Michelle Stevens and her small-/mid-cap equity team will manage the new fund.

The fund is no-load and has a management fee of 0.85%. The expense ratio is 1.1% for the institutional class and 1.25% for the investor class.

Fidelity Investments Launches Global Equity Income Funds

Fidelity Investments announced Thursday the launch of its first global equity income funds: Fidelity Global Equity Income Fund (FGILX), available directly to investors, and Fidelity Advisor Global Equity Income Fund (FGABX), available through financial advisors. Ramona Persaud is the portfolio manager for both.

FGILX and FGABX compare their performance to the MSCI All Country World Index Net MA Tax Index. Fidelity has contractually agreed to cap expenses for Fidelity Global Equity Income Funds, subject to certain exceptions, at 1.20% for the retail share class. It has also agreed to the following contractual expense caps, subject to certain exceptions, for the Advisor share classes: Class A (FBLYX): 1.45%; Class C (FGTNX): 2.20%; Class T (FGABX): 1.70%; and Institutional Class (FBUSX): 1.20%.

The Hartford Adds New Investment Managers And Funds

The Hartford announced Tuesday that it has introduced three new investment managers and 16 new investment options to its defined contribution retirement program offerings. Calamos Investments and Delaware Investments have been added to retirement plans for both corporate and nonprofit sponsors. TIAA-CREF has been added for nonprofit sponsors, including schools, charities, government entities and others. The new investment options are:

For corporate and nonprofit plans: Calamos Global Equity Fund (CAGEX); Delaware Diversified Income Fund (DPDFX); and Delaware Extended Duration Bond Fund (DEEAX); Eaton Vance Atlanta Capital SMID-Cap Fund (EAASX); Federated Clover Small Value Fund (VSFAX); Hartford High Yield Fund (HAHIX); Invesco Van Kampen American Franchise Fund (VAFAX); Oppenheimer Equity Income Fund (OAEIX); Oppenheimer International Diversified Fund (OIDAX); and Prudential Jennison Natural Resources Fund (PGNAX).

For nonprofits: TIAA-CREF Bond Index Fund (TBIIX); TIAA-CREF Equity Index Fund (TIEIX); TIAA-CREF Large-Cap Growth Index Fund (TRIRX); TIAA-CREF Large-Cap Value Index Fund (TRCVX); PIMCO Total Return III Fund (PTSAX); Invesco Real Estate Fund (IARAX).

Neuberger Berman Introduces Long Short Fund

Neuberger Berman announced Wednesday that it has introduced the Neuberger Berman Long Short Fund (NLSAX, NLSCX, NLSIX), providing investors with a long-short investment strategy that seeks long-term capital appreciation and principal preservation, and is available with daily liquidity at a minimum investment of $1,000.

The fund is managed by Charles Kantor and the portfolio management team includes William Muller, Charles Nguyen and Marc Regenbaum. The fund’s managers may invest in fixed-income securities and in equities of both U.S. and non-U.S. companies. The fund seeks both long-term capital appreciation and principal preservation, and may serve as a complement to traditional equity and fixed-income strategies. 

Market Vectors Launches Emerging Markets High-Yield Bond ETF

Market Vectors ETF Trust announced on Wednesday the launch of Market Vectors Emerging Markets High-Yield ETF (HYEM), which seeks to replicate, as closely as possible, before fees and expenses, the price and yield performance of the Bank of America Merrill Lynch High-Yield emerging Markets Liquid Corporate Plus Index (EMHY). The index is made up of U.S. dollar-denominated bonds issued by non-sovereign emerging market issuers that are rated below investment grade.

The fund has a gross expense ratio of 0.53% and a net expense ratio of 0.40%, which is capped at least until Sept. 1, 2013. Cap excludes certain expenses, such as interest.

Read the May 4 Portfolio Products Roundup at AdvisorOne.

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