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Portfolio > Portfolio Construction

Top Portfolio Products: T. Rowe Price Launches Credit Opportunities Fund

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New products and changes introduced over the last week include the Credit Opportunities Fund from T. Rowe Price; three funds from Invesco; and three actively managed subaccounts added by Nationwide Financial to one of its VA series.

In addition, TMC Bonds and Codestreet launched a dealer-only dark pool for corporate bonds and Manning & Napier added a dedicated distribution channel.

Here are the latest developments of interest to advisors:

1) T. Rowe Price Launches Credit Opportunities Fund

T. Rowe Price has announced the launch of the Credit Opportunities Fund (PRCPX), which invests in a variety of credit-related instruments across the corporate capital structure.

PRCPX, managed by Paul Karpers, has few constraints, allowing it to take advantage of an array of credit instruments that offer compelling risk/return trade-offs. It offers exposure to areas of the credit markets that may not be closely followed by many participants in the traditional asset management industry and, therefore, may be mispriced. PRCPX is expected to be volatile, with greater risk than a typical high-yield fund.

2) Invesco Adds Three Funds

Invesco has launched the Invesco Global Infrastructure Fund (GIZAX), Invesco Strategic Income Fund (SIZAX) and Invesco Strategic Real Return Fund (SRRAX).

GIZAX seeks to provide total return through growth of capital and current income, and may also provide investors with a hedge against potential inflation and an opportunity for portfolio diversification. The fund will invest in equity securities of companies with infrastructure assets in theU.S.and abroad, including up to 20% in master limited partnerships, and be managed by the real estate team.

SIZAX will look to provide current income, and secondarily long-term growth of capital, by investing primarily in U.S.and foreign debt securities, including emerging market debt securities. The team will broadly pursue income across such global fixed income sectors as high yield and investment grade credit, emerging markets, bank loans, and foreign and U.S. government securities.

SRRAX will seek to mitigate the effects of unanticipated inflation and to provide current income. The fund will employ a diversified approach to managing inflation risk by using different fixed income asset classes, including Treasury Inflation Protected Securities (TIPS), high-yield bonds and bank loans, which have the potential to perform well in inflationary environments while still offering competitive yield.

3) Nationwide Financial Adds Three Actively Managed Subaccounts to VA Series

Nationwide Financial has added three actively managed subaccounts to itsAmerica’s marketFLEX Variable Annuity Series. The NVIT Flexible Strategy Funds are designed to streamline the investment process for advisors and provide clients with wealth accumulation potential in a variable annuity package. The three subaccounts focus on portfolio outcomes based on income, growth and low-correlation strategies, and each allows managers to allocate assets as needed to respond to market conditions.

The three subaccounts are the Lazard NVIT Flexible Opportunistic Strategies Fund, a forward-looking, actively managed portfolio completion strategy that invests in nontraditional assets to provide long-term capital appreciation and returns; the NVIT Flexible Moderate Growth Fund, a total portfolio solution for long-term growth through a broad and flexible allocation in stocks, bonds and other asset classes; and the NVIT Flexible Fixed Income Fund, a total portfolio solution, built primarily to provide income but giving the manager the ability to actively pursue income by dynamically adjusting the asset allocation.

4) TMC Bonds, Codestreet Launch Dealer-Only Corporate Bond Dark Pool

TMC Bonds and Codestreet have announced the launch of a dealer-only dark pool for corporate bonds. The trading platform addresses the issue of constrained dealer liquidity by anonymously matching positions and indications of interest (IOIs) for sell-side participants across the full spectrum of investment grade, high-yield and distressed debt.

The Codestreet dealer pool works by unlocking the liquidity already available on Codestreet’s existing matching platform, which is used by banks and broker-dealers to identify internal trading opportunities across their positions, orders and client IOIs.

5) Manning & Napier Add Dedicated Distribution Channel

Manning & Napier, Inc. announced that it has added a dedicated distribution channel by creating a defined contribution investment only (DCIO) wholesaler team.

The creation of the DCIO team is designed to better address the needs of retirement advisors and the plans they serve.

Read the May 3 Portfolio Products Roundup at ThinkAdvisor.


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