Firm expands target-date lineup, plus DoubleLine launches third fund, and more.
Vanguard said it will add a fund to its 11-fund target-date lineup in the third quarter of this year. Vanguard Target Retirement 2055 will be aimed at 18-22 year olds who hope to retire 45 years from now. The fund of Vanguard index funds will start with a somewhat conservative asset allocation of 90% equities and 10% Vanguard Total Bond Market Index
As of April 30, Vanguard's target-date series had $64 billion in net assets.
Vanguard GNMA, International Value Shuffle Managers
Wellington Management's Michael Garrett has rejoined the team running Analyst Pick Vanguard GNMA
Lazard Asset Management named Michael Fry and Michael Bennett comanagers of the firm's portion of Vanguard International Value
DoubleLine Launches Core Bond Fund
DoubleLine Funds Trust is launching a new core bond fund, Core Fixed Income. Jeffrey Gundlach, CEO of DoubleLine Capital LP, will manage it.
The fund's investment universe will include Treasuries, agency and non-agency mortgage-backed securities, commercial MBS, global developed credit, and emerging-markets debt.
Core Fixed Income joins Total Return Bond
Fidelity Manager Change and New Fund Names
Harley Lank will become sole portfolio manager of Fidelity Advisor High Income Advantage
In other Fidelity news, a few funds will change their names Sept. 1, 2010. Fidelity Small Cap Independence
Calamos Brings Out Equity Fund
Calamos has launched a new offering: Calamos Discovery Growth. The fund will focus on small- and mid-cap domestic equities, with the potential to invest up to 25% in foreign securities. The expense ratio for the fund's A shares will be 1.50%.
New Lead Manager Takes Over American Century's Livestrong Lineup
American Century recently named Rich Weiss senior vice president and senior portfolio manager of asset-allocation portfolios. He will serve as the lead manager of the Livestrong lineup of target-date funds, replacing Scott Wittman. Weiss joins Enrique Chang, Irina Torelli, and Wittman on the teams that manage American Century's asset-allocation and target-date funds.
Wittman's duties have expanded recently. He currently serves as American Century's chief investment officer for asset allocation and quantitative equity. He replaced the retiring Jeff Tyler as head of asset allocation in mid-2009 and took over the quantitative equity role earlier this year when John Schniedwind retired.
The Hartford Launches New Funds
The Hartford introduced three new funds this week. Global Real Asset will be managed by a team led by Scott Elliott of Wellington and including Brian Garvey, Jay Bhutani, and Lindsey Thrift Politi. The fund seeks to hedge against inflation by investing in global mix of inflation-sensitive equities (40%-70% of assets) and bonds (20%-50%), as well as commodities (up to 25%). The managers will have the freedom to rotate across asset classes based on their economic outlooks. The expense ratio for the A shares is expected to be 1.05%.
Global All-Asset is also led by Wellington's Elliott and includes Garvey and Stephen Gorman. The managers can invest in any country, sector, or asset class, including currencies and derivatives. The allocation range is stocks (40%-80%), bonds (20%-60%), commodities (up to 25%), and cash (up to 40%). The expense ratio for the A shares is expected to be 1.05%.
International Value will be managed by Wellington's Toby Jayne and will invest at least 65% of assets in mostly large-cap foreign stocks. The expense ratio for the A shares is estimated at 1.40%.
Columbia will close Columbia Small Cap Value I
Following the SEC's implementation of new rules for money market funds, many of the funds filed prospectus changes. The rule changes relate to how concentrated a money market fund can be in a single issuer and specific securities, and there are also new limits on average portfolio maturity and the use of repurchase agreements.
DWS Disciplined Long/Short Growth
CRM 130/30 Value Investor
Tetsuya Hirano replaced Shuhei Abe as comanager of Hennessy Select SPARX Japan
Thomas Pence and Michael Smith replaced Aziz Hamzaogullari as comanagers of ING Wells Fargo Omega Growth
Huntington Funds will no longer offer B Shares. All outstanding B Shares will be converted to A Shares.
Vanguard changed the index for its International Value