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June 15, 2012 at 10:08 AM
New products introduced over the last week include a reconstitution of several Russell Indexes to be completed by Friday; a new fund from Fidelity; and a new inflation-neutral strategy from F-Squared.
In addition, Thornburg offered new R shares for bond funds and Phoenix launched a new indexed annuity.
Here are the latest developments of interest to advisors:
1) Russell Posts Index Addition Lists in Annual Reconstitution
Russell Investments has posted its official lists of companies set to join or leave the U.S. broad-market Russell 3000 Index and Russell Microcap Index when its institutional U.S. equity indexes are fully reconstituted on June 22. These lists, as well as additions and deletions for the Russell Global Index, are available at the Russell reconstitution website.
Key measures of market size are lower this year due to market performance over the past year. Combined capitalization of stocks in the Russell 3000 will decrease from $16.7 trillion at May 31, 2011 to $15.8 trillion as of May 31, 2012. Similarly, the median market capitalization will decrease from $1.04 billion to $910 million. For the Russell Global Index, combined market capitalization will decrease from $52.2 trillion on May 31, 2011 to $44.2 trillion as of May 31, 2012 and median market capitalization will decrease from $1.09 billion in 2011 to $908 million.
2) Fidelity Launches Fidelity Stock Selector Mid Cap Fund
Fidelity Investments announced Tuesday the launch of the Fidelity Stock Selector Mid Cap Fund, available directly to investors. It seeks long-term growth of capital and invests at least 80% of its assets in stocks of companies between large and small capitalizations. It may invest in domestic and foreign issuers, and can invest in growth or value stocks or both.
With an overall strategy emphasizing stock picking in their respective sectors, the managers of the Fidelity Advisor Stock Selector Mid Cap Fund (FMCDX) will also manage the assets of the retail class of the fund. These managers include Monty Kori, industrials and materials; Rayna Lesser, telecom services and information technology; Shadman Riaz, energy; Gordon Scott, consumer staples and consumer discretionary; Douglas Simmons, utilities; Pierre Sorel, financials; Patrick Venanzi, health care; and Samuel Wald, REITs, an industry group of financials.
3) F-Squared Announces Inflation-Neutral Fixed Income Strategy
