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August 14, 2017 at 06:20 AM
Saturna Capital Corporation announced the launch of Z Shares for the Sextant Growth (SGZFX) and Sextant International Funds (SIFZX). The Z class shares are a lower-cost option with no sales loads and distribution or service fees.
With the launch of these new shares, all of Saturna’s mutual funds now have a clean share option for professional and individual investors.
(Related: MFS Adds Funds With ‘Clean Shares’)
A growing number of firms – MFS most recently – have been offering these lower cost “clean shares” to advisors in light of the DOL fiduciary rule. Clean shares, as defined by the Securities and Exchange Commission, are characterized by a lack any ongoing distribution expenses, sub-transfer agency, or recordkeeping fees, and that financial intermediaries transact shares solely on an agency basis.
(Related: Morningstar: Industry’s Idea of Clean Shares May Not Be Clean Enough)
Saturna Capital’s CEO, Jane Carten said in a statement: “Our clean shares offering is intended to meet the growing demand for lower costs and fee transparency in the mutual fund industry. In the changing environment for investment products and uncertainty around the Department of Labor’s Fiduciary rule, Saturna prioritizes investors’ best interest.”
The Z shares differ from investor shares with lower expense ratios, potentially different distributions, different net asset values (NAV) and returns, and different ticker symbols, but the investment objective of each fund and minimum investment amounts remain the same.
Shareholders of both funds were automatically moved to the new share class on July 11 unless otherwise requested.
Carlson Capital Management offers new Minnesota municipal bond
Carlson Capital Management announced that it added Dimensional Fund Advisors’ new Minnesota municipal bond portfolio to its investment lineup as part of its commitment to providing clients with a low-cost, diversified option that enhances their portfolio while also supporting the local infrastructure.
The DFA MN Municipal Bond Portfolio (DMNBX), which was launched by Dimensional Fund Advisors LP in July, offers an expense ratio that is approximately 37% less than the expense ratio for the lowest cost Minnesota municipal bond fund available as of July 3, based on Carlson Capital Management’s research. Its expense ratio is 31 basis points.
The fund seeks to provide current income that is expected to be exempt from federal personal income taxes and Minnesota state personal income taxes.
CUNA Mutual Retirement Solutions launches PlanOnTarget
CUNA Mutual Retirement Solutions launched PlanOnTarget, a major business expansion that will provide advisors, plan sponsors and third-party administrators with enhanced technology capabilities.
The expansion includes an upgraded website and recordkeeping and data management capabilities. PlanOnTarget delivers several new efficiencies for advisors, such as an online summary of an advisor’s book of business, easy navigation between plans and enhanced analytics. New self-service dashboards enable easier plan management, including benchmarking, plan design, retirement readiness, and financial and investment performance.
