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April 09, 2012 at 08:36 PM
New products introduced over the last week include four new ETFs from iShares; a new platform from Natixis; a new high-yield bond ETF from Market Vectors; a new fund from RiverPark; and a new fund from Henderson Global.
In addition, Intech launched a new strategy; Loomis Sayles introduced a new fund; a new annuity became available from Security Benefit; and Guggenheim announced that it has renamed Rydex Specialized Products.
Here are the latest developments of interest to advisors:
1) iShares Launches New Income-Focused ETFs
BlackRock, Inc. announced that its iShares ETFs business launched two new funds April 3 and two more on April 5. Launching April 3 were iShares Emerging Markets High Yield Bond Fund (EMHY) and iShares Global ex USD High Yield Corporate Bond Fund (HYXU). Launching April 5 were iShares Global High Yield Corporate Bond Fund (GHYG) and iShares Morningstar Multi-Asset Income Index Fund (IYLD).
EMHY provides access to high-yield bonds denominated in USD and includes a 65% allocation to sovereign bonds and 35% to corporate issues. It is designed to track the Morningstar Emerging Markets High Yield Bond Index.
HYXU offers access to developed international non-U.S.-denominated high-yield bonds, which are denominated in euros, pounds sterling and Canadian dollars. Its highest country allocations are France (15%), the U.K. (15%), Germany (14%), and the Netherlands (12%). It is designed to track the Markit iBoxx Global Developed Markets ex-US High Yield Index.
GHYG provides complete global (U.S. and developed international) high yield in a “one ticket” trade via developed international corporate bonds denominated in the U.S. dollar, euros, the pound sterling, and the Canadian dollar. Based on the country of the issuer, the fund is allocated 69% to the U.S., 16% to Europe, 4% to the U.K., and 3% to Canada. It is designed to track the Markit iBoxx Global Developed Markets High Yield Index.
IYLD is an ETF of iShares ETFs that delivers income with a diversified, managed approach. The fund is allocated 60% to fixed income, 20% to equity and 20% to alternative income sources. It is designed to track the Morningstar Multi-Asset High Income Index.
2) Natixis Global Asset Management Unveils New Platform
Natixis Global Asset Management officially unveiled its new Durable Portfolio Construction platform to help individual investors, financial advisors and institutional investors worldwide address growing concerns about risk and market volatility in global markets. The platform focuses on portfolio construction and analytics to help investors manage volatility and enhance the diversification of their portfolios.
The platform recognizes investors’ wish to combine a desire for returns with asset protection, which rests on the ability to generate sufficient returns at appropriate levels of risk in all market conditions. The platform makes risk the primary consideration for asset allocation and is intended to help investors minimize the impact of extreme market movements, make smarter use of traditional asset classes, add exposure to alternative investments, and employing noncorrelated investment techniques such as hedging and long/short strategies.
3) Market Vectors launches International High Yield Bond ETF (IHY)
Market Vectors ETF Trust announced Tuesday the launch of its International High Yield Bond ETF (IHY). It seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the BofA Merrill Lynch Global Ex-US Issuers High Yield Constrained Index (HXUS), which is comprised of below-investment-grade debt issued by corporations located outside the U.S. and which may include emerging market countries. The bonds are denominated in major global currencies, including euros, U.S. dollars, Canadian dollars or British pounds sterling, issued in the major domestic or Eurobond markets.
IHY 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.
4) RiverPark Introduces the RiverPark Long/Short Opportunity Fund
RiverPark Advisors LLC introduced on April 2 the RiverPark Long/Short Opportunity Fund (RLSFX), an open-end mutual fund that seeks to provide long-term capital appreciation while protecting against downside risk. It is a conversion of an existing hedge fund launched by RiverPark in October 2009 and will be managed by Mitch Rubin, RiverPark’s CIO, who has been portfolio manager of the hedge fund since its inception.
