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Portfolio > Portfolio Construction

Gabelli Launches Food of All Nations Fund: Top Portfolio Products

By Emily Zulz

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Gabelli Funds announced the launch of Gabelli Food of All Nations NextShares (FOANC), which will invest primarily in common stocks of domestic and foreign companies of all capitalizations in the food and beverage industries.

FOANC will list and commence trading on Nasdaq Stock Market on Tuesday. The primary objective of the fund is capital appreciation. FOANC is the second member of the Gabelli NextShares Trust, a nontransparent, exchange-traded managed fund (ETMF), offered under an agreement with NextShares Solutions LLC, a subsidiary of Eaton Vance Corp.

Consumer companies have long been a core competency at GAMCO. Gabelli Funds is a subsidiary of GAMCO Investors Inc.

GAMCO considers food and beverage companies in particular strong businesses because they are cash flow generators that have recurring revenue and enjoy pricing power.

According to Kevin Dreyer, portfolio manager and co-CIO of GAMCO Investors, the new fund reflects the promising growth prospects they see in this sector.

Growth in the food and beverage market — which currently represents more than $5 trillion globally and $1.5 trillion in the United States — is driven by population growth, pricing and, increasingly, the rise of the emerging middle class around the world.

According to Dreyer, a growing middle class offers an untapped market as emerging market economies transition to consumption-oriented markets with a new taste for branded food, beverage and consumer products.

Dreyer also believes a consolidation trend in the food and beverage industry will provide opportunities for investors. Companies in the food and beverage industries are doing more deals, and the sector is becoming increasingly consolidated.

“We see great opportunity for investors in both potential targets and acquirers as consolidation continues to play out in coming years,” he said in a statement.

DoubleLine Launches DoubleLine Shiller Enhanced International CAPE Fund

The DoubleLine Shiller Enhanced International CAPE mutual fund recently opened to shareholders via two share classes: I shares (DSEUX) and N shares (DLEUX). The new fund will extend DoubleLine’s smart beta strategy to European stocks.

DoubleLine Shiller Enhanced International CAPE, which launched on Dec. 23, 2016, seeks to exceed the total return of the Morgan Stanley Capital International (MSCI) Europe Net Return Index over a full market cycle. The MSCI Europe index is an index of large market-capitalization stocks of European companies.

The new fund builds upon the success of the DoubleLine’s first smart-beta equities fund, the $2.2 billion DoubleLine Shiller Enhanced CAPE (I shares DSEEX; N shares DSENX), which seeks to outperform the Standard & Poor’s 500 index of large-cap stocks of U.S. companies. MassMutual Introduces Custom Pension Discount Curve to Help Pension Plan Sponsors

MassMutual introduced new customized pension yield curves to help plan sponsors measure their pension obligations in a more informed and transparent way.

The yield curve provides an improved benchmark to calculate the value of pension liabilities that gets reflected in a plan sponsor’s balance sheet and profit and loss statement. MassMutual’s custom yield curves should help plan sponsors determine an appropriate discount rate to measure liabilities for their pension and other postretirement benefit obligations.

MassMutual’s curve, which meets the pension and postretirement benefit obligation requirements set by the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC), offers plan sponsors and their auditors an alternative solution with greater transparency than similarly available benchmarks on the market.

LPL and Prudential Offer Beaumont Capital Management’s Investment Strategies

Beaumont Capital Management (BCM) made its strategies available through LPL Financial and Pruco Securities LLC, doing business as Prudential Financial Planning Services. The changes went into effect as of the third and fourth quarters of 2016, respectively.

BCM’s tactical and defensive-oriented strategies, as well as its commitment to constant education, seek to protect investors from purely emotional decisions that can derail them from reaching their financial goals.

BCM’s four flagship Sector Rotation strategies are now available as separately managed accounts through LPL Financial. Through Prudential Financial Planning Services, BCM rolled out eight of its sector strategies available on Envestnet’s TAMP Fund Strategist Portfolio (FSP) platform.

 — Read last week’s roundup here: Research Affiliates Launches Factor Index Suite: Top Portfolio Products

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