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Portfolio > Portfolio Construction

Top Portfolio Products: Gundlach to Manage New DoubleLine Flexible Income Fund

By Marlene Y. Satter

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New products introduced over the last week include two mutual funds from DoubleLine, a suite of currency-hedged Japan ETFs from WisdomTree; the launch of an index unit from the ETF Securities Group, and the launch of the Ardsley Partners US Equity UCITS Fund on the Montlake UCITS platform.

In addition, MainStay and Cushing have partnered on MLP and energy-related funds, Everence and Praxis have committed to an auto industry green bond, FTSE has acquired the index business of MTS, America’s Best 401k has announced the release of its 401(k) plan fee checker, and SEI has launched a website for private wealth management clients.

Here are the latest developments of interest to advisors:

1) DoubleLine Adds Two Funds

DoubleLine Capital LP has announced the addition of two funds, the the DoubleLine Flexible Income Fund (I shares, DFLEX; N shares, DLINX) and the DoubleLine Low Duration Emerging Markets Fixed Income Fund (DBLLX; DELNX).

Jeffrey Gundlach, CEO and chief investment officer of DoubleLine, is the portfolio manager of the Flexible Income Fund. The fund seeks current income and capital appreciation by top-down active asset allocation among market sectors in the fixed income universe and by bottom-up securities selections. It has broad flexibility to use various investment strategies and to invest in a wide variety of fixed income instruments, and is not constrained by management against any index.

Luz Padilla, Mark Christensen and Su Fei Koo are the portfolio managers of the Low Duration Emerging Markets Fixed Income Fund. Although the fund may invest in securities of any maturity or duration, the team seeks to construct the portfolio with a dollar-weighted average effective duration of three years or less. The fund may invest without limit in investments denominated in any currency, but the team currently expects to invest substantially all of its assets in investments denominated in the U.S. dollar.

2) MainStay, Cushing Partner on MLP, Energy-Related Funds

MainStay Investments has announced the formation of a new subadvisory relationship with Cushing Asset Management LP, a subsidiary of Swank Capital LLC, a Dallas-based manager of master limited partnerships (MLPs) and other energy-related investments. Through this strategic relationship, MainStay would adopt three existing open-end mutual funds, managed by Cushing. Subject to shareholder approvals, on or about July 1, MainStay will become the investment advisor to the three funds and Cushing will be the subadvisor, as well as continuing to be responsible for day-to-day portfolio management.

MainStay will adopt the Cushing MLP Premier Fund (CSHAX; CSHCX; CSHZX), Cushing Royalty Energy Income Fund (A shares, CURAX; C shares, CURCX; I shares, CURZX) and Cushing Renaissance Advantage Fund (A shares, CRZAX; C shares, CRZCX; I shares, CRZZX) to the MainStay family of funds. The funds will be reorganized as MainStay Cushing mutual funds.

3) WisdomTree Announces Suite of Currency-Hedged Japan Funds

WisdomTree has announced a suite of currency-hedged Japan sector ETFs that seek to provide exposure to sectors within the Japanese equity markets while hedging exposure to the yen. Each has a net expense ratio of 0.43%.

The ETFs are the WisdomTree Japan Hedged Real Estate Fund (DXJR); the WisdomTree Japan Hedged Financials Fund (DXJF); the WisdomTree Japan Hedged Tech, Media and Telecom Fund (DXJT); the WisdomTree Japan Hedged Health Care Fund (DXJH); and the WisdomTree Japan Hedged Capital Goods Fund (DXJC).

4) ETF Securities Group Launches Index Unit

The ETF Securities Group has announced the launch of its index unit, ETFS Indices LLC, which is led by Dan Raab, head of indexes and managed futures at ETF Securities U.S., and will design and publish new futures-based indexes.

The suite of commodity indices launched by ETFS Indices includes four composite strategy indices based on commodity futures prices. Indices currently developed by ETFS Indices include Commodity Carry Strategy Long-Short Excess Return Index (ETCCSLSE); Commodity Rotator Strategy Long-Short Excess Return Index (ETCRSLSE); Commodity Rotator Strategy Long-Only Excess Return Index (ETCRSLOE); and Commodity Diversified Beta Long-Only Excess Return Index (ETCDBLOE).

5) Ardsley Partners U.S. Equity UCITS Fund Launches on Montlake Platform

ML Capital, the investment manager to the Montlake UCITS (Undertakings For The Collective Investment Of Transferable Securities) platform, has announced the launch of the Ardsley Partners U.S. Equity UCITS Fund.

The fund is managed by long-short equity manager Ardsley Partners, which is based in Stamford, Conn., and invests globally, with a focus on technology, telecom, life sciences, energy and alternative energy companies.

6) Everence and Praxis Commit to Auto Industry Green Bond

Everence Financial and the Praxis Intermediate Income Fund (MIIAX) have purchased a total of $3.5 million in the auto industry’s asset-backed green bond through Toyota Financial Services. The bond is designed to help people get loans for energy-efficient vehicles.

Proceeds of the bond will fund new retail finance contracts and lease contracts for qualified Toyota and Lexus hybrid or alternative fuel powertrain vehicles.

7) FTSE TMX Global Debt Capital Markets acquires MTS indices business

FTSE TMX Global Debt Capital Markets, a joint venture between FTSE Group and TMX Group’s information services division TMX Datalinx, has acquired the indices business of MTS, whose indices track the performance of the largest and most widely traded government-issued securities in European bonds.

As a result of the acquisition, MTS will initially hold a 3.1% stake in FTSE TMX Global Debt Capital Markets. FTSE will retain a 72.7% majority stake in the joint venture, with TMX Group holding a 24.2% stake. Following the acquisition, existing MTS index products will transition to the FTSE MTS brand name.

8) America’s Best 401k Announces Release of 401(k) Plan Fee Checker

America’s Best 401k has announced the release of its 401(k) plan fee checker. The free report, which is available for every existing 401(k) plan, is designed to allow plan sponsors and plan participants to get a better understanding of the effect of investment-related costs over time and to encourage business owners to consider alternatives if appropriate.

Entering a company name will cause the report to pull plan information from the DOL 5500 database and compare its investment-related costs to industry averages. Until later this year when all 2013 5500′s have been filed, the report uses 2012 filings. An update plan button permits modifying both plan assets and participants after the initial report is produced to display current figures.

9) SEI Launches Website for Private Wealth Management Clients

SEI has announced the launch of its website for private wealth management clients. The site provides individual and family clients an overview of all their assets in relation to their established goals, which can be organized by self, family and community. The website gives clients reporting flexibility and full transparency to customize views of their data and drill down to track how each goals-based portfolio is doing in achieving its objective.

The website also offers clients access to in-depth data surrounding all their financial resources. There is a section that provides a cash-flow summary, including deposits, withdrawals, and overall projections, and charts progress towards set targets. Clients using the site will have access to a secure document library for important personal documents, as well as an area to organize, view, and pay various personal and family bills.

Read the Apr. 4 Portfolio Products Roundup at ThinkAdvisor.

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