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May 04, 2020 at 10:10 AM
Charles Schwab Investment Management is making changes to the Schwab U.S. REIT ETF (SCHH, with a net expense ratio of 0.07%).
On or about June 22, the index that the exchange-traded fund seeks to track will switch from the Dow Jones U.S. Select REIT Index to the Dow Jones Equity All REIT Capped Index, Schwab’s asset management division said.
The investment objective of the ETF will be modified to reflect that the ETF will track a more diverse index comprised of equity REIT securities, including REIT segments that were not included in the previous index, Schwab said. SCHH, however, will continue to exclude mortgage REITs. Additional details can be found in its prospectus supplement.
The changes, however, are “expected to have little to no impact on the ETF or for investors of the ETF,” the firm said, adding the ETF’s name, ticker and operating expense ratio will not change. It trades on the New York Stock Exchange Arca.
Matthews Asia Introduces Global Emerging Markets Fund
Matthews Asia launched the Matthews Emerging Markets Equity Fund, the first Matthews Asia strategy to invest in broad emerging markets, according to the firm.
Investor class shares (MEGMX, with a 1.15% net expense ratio after fee waiver and expense reimbursement) require a minimum initial investment of $2,500, while institutional class shares (MIEFX, 0.90%) require a minimum initial investment of $100,000.
Asia’s representation within the MSCI Emerging Market Index has grown to more than 75%, with the increasing inclusion of China’s domestically listed A-shares driving recent changes in benchmark weightings, Matthews said.
The Matthews Emerging Markets Equity Fund uses a fundamental, bottom-up investment approach and seeks to provide investors with a core, quality-growth portfolio, the firm said. The fund also “tends to focus on companies that generally can serve the growing needs of domestic consumers within their market, exhibit less cyclicality and have long-term structural growth potential,” it said.
“With Asia’s growing prominence in emerging markets, I believe this is the right time for an Asia specialist to launch an emerging market strategy that takes advantage of our 29 years of investment experience in the region and apply that to markets outside of Asia,” said William Hackett, the firm’s CEO.
Value Line Funds Joins Oranj Platform
Value Line Funds has joined the growing number of asset managers that have made their mutual funds and model portfolios available on the free to low-cost Oranj model marketplace platform.
The offerings from Value Line Funds range from small, mid and large capitalization equities, to fixed income and hybrid funds, the companies said.
“Value Line Funds’ approach to process, research, and focused strategies for its mutual funds is a value-add for financial advisors and a great addition to our model marketplace,” according to Oranj CEO and founder David Lyon. “The successful track record of their funds is a testament to the actively managed investment process that they utilize,” he said in a statement.
As a growing number of financial advisors select Value Line Funds offerings, it is now able to offer an “additional avenue for advisors to access our funds,” said Thomas Sarkany, Value Line Funds director of marketing.
Shareholders Approve BlackRock Fund Merger
Shareholders of the BlackRock Muni New York Intermediate Duration Fund (MNE), a closed end muni fund, approved its merger into the BlackRock New York Municipal Opportunities Fund an open-end mutual fund and a series of BlackRock Multi-State Municipal Series Trust, with NYMO being the surviving fund, BlackRock Advisors said.
The board of directors of MNE and board of trustees of NYMO had approved the merger in mid-December 2019.
