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).