New products introduced over the last week include six new funds from Putnam Investments, new retirement share classes for seven of Neuberger Berman’s funds, and an Islamic index series from Russell.
In addition, AdvisorShares launched a new ETF; Shelton Capital launched the Shelton Green Alpha Fund; and TD Ameritrade began offering mini-options to advisors.
Here are the latest developments of interest to advisors:
1) Putnam Investments Launches 6 Products
Putnam Investments is launching six new products designed to address several marketplace challenges, including volatility, the need for new sources of income and adjusting to a changing tax environment.
The new products are the Putnam Low Volatility Equity Fund (PLVEX), which seeks returns comparable to the U.S. equity market with lower volatility; the Putnam Strategic Volatility Equity Fund (PSVEX), which pursues better returns than stocks, but with volatility comparable to that of the market; the Putnam Global Dividend Fund (PGDEX), which seeks income and growth through a diversified portfolio of dividend-paying and value stocks from markets worldwide; the Putnam Emerging Markets Income Fund (PEMWX), which pursues high current income and capital appreciation through diverse return opportunities across the emerging market debt landscape; the Putnam Short-Term Municipal Income Fund (PSMEX), a national portfolio of short-term bonds seeking tax-free income with lower interest-rate sensitivity; and the Putnam Intermediate-Term Municipal Income Fund (PIMEX), a portfolio of intermediate-term municipal bonds seeking high current income exempt from federal income tax.
2) Neuberger Berman Introduces New Retirement Share Class for 7 Mutual Funds
Neuberger Berman Group has introduced retirement share classes (R6 shares) for seven of its mutual funds. The new shares offer a lower-cost option to retirement plan advisors and their plan sponsor clients and will initially be available for the following funds: NB Emerging Markets Equity (NEMRX); NB Genesis Fund (NRGSX); NB High Income Bond Fund (NHIRX); NB Mid Cap Growth Fund (NRMGX); NB Real Estate Fund (NRREX); NB Socially Responsive Fund (NRSRX); and NB Strategic Income Fund (NSTLX).
The new shares will be offered at net asset value (NAV) without front-end sales charges, contingent deferred sales charges (CDSC), or 12b-1 fees and became available for purchase on March 15. 3) Russell Introduces Russell-IdealRatings Islamic Index Series
Russell Indexes and IdealRatings introduced the Russell-IdealRatings Islamic Index Series, a newly enhanced index series for Shariah-compliant investors. These new indexes benefit Shariah multiasset investors by combining the Russell Global Indexes with the Shariah oversight of IdealRatings. IdealRatings applies its experience in Shariah-compliant investing to the Russell-IdealRatings Islamic Index to ensure the exclusion of noncompliant businesses according to Shariah law. IdealRatings’ oversight includes specific sector- and financial-based filters. It also includes monitoring and approval by a board of Islamic scholars.