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Portfolio > Portfolio Construction

Top Portfolio Products: RiverNorth to Reopen Fund With DoubleLine

By Marlene Y. Satter

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Portfolio Products logoNew products introduced over the last week include a reopening of the RiverNorth/DoubleLine Strategy Income Fund and five fund conversions from BMO Global Asset Management.

In addition, Commonfund Capital closed its ninth natural resources fund.

Here are the latest developments of interest to advisors:

1) RiverNorth to Reopen DoubleLine-Subadvised Fund to New Investors

RiverNorth announced recently that it plans to reopen its RiverNorth/DoubleLine Strategy Income Fund (RNSIX). The fund, subadvised by DoubleLine Capital Management and its founder, Jeffrey Gundlach, was closed to new investors at the end of March in 2012, so that its assets would not reach a level that would negatively impact the fund’s investment strategy.

It is being reopened, according to RiverNorth, based on the company’s belief that inflows from new investors can be effectively invested while adhering to the fund’s strategy.

2) BMO Global Asset Management Announces Fund Conversions

BMO Global Asset Management announced Wednesday that five new open-end mutual funds are now available: BMO Target Retirement 2010 Fund (Y shares, BTRYX); BMO Target Retirement 2020 Fund (Y shares, BTRDX); BMO Target Retirement 2030 Fund (Y shares, BTRHX); BMO Target Retirement 2040 Fund (Y shares, BTRMX); and the BMO Target Retirement 2050 Fund (Y shares, BTRUX). The funds are the result of the conversion of the BMO Managed Asset Allocation Program (MAAP) target-date collective funds into traditional mutual funds, which was effective August 30.

The same portfolio management team at BMO that has been managing the collective funds will remain at the helm. Additionally, the new target-date mutual funds are expected to follow the same investment policies and management practices.

3) Commonfund Capital Closes Ninth Natural Resources Fund

Commonfund announced Thursday that its wholly owned subsidiary, Commonfund Capital, successfully closed its ninth private natural resources investment partnership program at $507 million in July.

Greg Jansen, Commonfund Capital managing director, commented that “The fund will focus on investments in the oil and gas production, oilfield services, power and energy infrastructure, mining, alternative energy and timber sectors in North America and around the world.”

Read the Aug. 29 Portfolio Products Roundup at ThinkAdvisor.

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