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March 08, 2014 at 06:36 AM
New products and changes introduced over the last week include the Goldman Sachs Small/Mid Cap Value Fund; the Perritt Low Priced Stock Fund; an expanded advisory role for the advisor of the Vanguard Windsor II Fund; a new version of LPL Financial’s Portfolio Manager; and an integrated platform for Wells Fargo’s health savings accounts and 401(k) services.
In addition, NASDAQ OMX announced expanded availability of some of its global indexes; AdvisorShares announced the launch for its YieldPro ETF; Envestnet launched liquid endowment portfolios; First Trust launched the Dorsey Wright Focus 5 ETF; and Scivantage launched the next generation of its Scivantage Investor platform.
Here are the latest developments of interest to advisors:
1) Goldman Sachs Asset Management Launches Small/Mid Cap Value Fund
Goldman Sachs Asset Management (GSAM) has announced the launch of the Goldman Sachs Small/Mid Cap Value Fund (GMVAX, A shares; GSMVX, I shares). The fund seeks long-term capital appreciation in a portfolio of small- and mid-cap securities that portfolio management believes are undervalued and have potential attractive risk-reward profiles.
The fund aims to actively invest in 125—200 small- and mid-cap stocks across a variety of industries with typical market capitalizations ranging from $2 billion to $6 billion. It is benchmarked to the Russell 2500 Value Index. Fund shares are available not only in A and I shares, but also in C, R and IR shares. A and C shares are available with $1,000 minimum initial investments.
2) Perritt Capital Management Launches Perritt Low Priced Stock Fund
Perritt Capital Management has announced the Perritt Low Priced Stock Fund (PLOWX),which will invest in micro-cap and small-cap stocks priced under $15 when purchased.
Co-portfolio managers are Michael Corbett, the firm’s chief investment officer, and Brian Gillespie.
The firm also announced that George Metrou has been named co-portfolio manager of the Perritt MicroCap Opportunities Fund (PRCGX) and Matt Brackman has been named co-portfolio manager of the Perritt Ultra MicroCap Fund (PREOX). Michael Corbett remains lead manager on both.
3) Vanguard Announces Expanded Role for Fund Advisor
Vanguard has announced new investment advisory arrangements for the Vanguard Windsor II Fund (VWNFX), increasing the percentage of the fund’s assets for which Hotchkis & Wiley Capital Management, LLC is responsible. Hotchkis & Wiley will now manage about 11% of VWNFX’s assets, assuming the roughly 4% of fund assets previously managed by Armstrong Shaw Associates Inc., which is no longer an advisor to the fund.
Barrow, Hanley, Mewhinney & Strauss, LLC continues to manage about 60% of the fund’s assets, Lazard Asset Management LLC about 16%, and Sanders Capital, LLC about 10%. Vanguard Equity Investment Group continues to manage the remainder of the fund’s assets.
4) LPL Financial Announces Release of Upgrades to Portfolio Manager
LPL Financial (LPLA) has announced that a new version of Portfolio Manager has been released.
The new version features redesigned reports; the ability for advisors to personalize branding; the ability to choose views of either time-weighted or dollar-weighted (IRR) calculations; and report frequency scheduling.
5) Wells Fargo Integrates HSA, 401(k) Services Platforms
Wells Fargo has announced that its health savings account (HSA) and 401(k) services platforms have been integrated.
