Plus, Vanguard adds a board member, American Century news, and more.
Morningstar's fund analysts cover 2,000 mutual funds. Their full analyst reports, including Stewardship Grades, are available in Morningstar Principia Mutual Funds Advanced and Morningstar Advisor Workstation Office Edition.
Buffalo Small Cap
Out of the 60-plus funds that have been shuttered so far this year, FMI Common Stock is the only mid-cap blend offering to close. Only one of Buffalo Small Cap's small-growth peers has also closed its doors: Dreyfus Discovery
Ballooning assets haven't been a problem for most equity funds this year following the global downturn. According to Morningstar fund flow data, the vast majority of recent inflows has gone to fixed-income funds, not equity funds. This year, through Aug. 31, U.S. equity funds took in $8.01 billion, while $209.1 billion went into taxable and municipal-bond funds.
Vanguard Adds New Board Member
This week, F. Joseph Loughrey was named to the board of directors of The Vanguard Group and to the board of trustees of each of Vanguard's mutual funds. Loughrey is the former president and chief operating officer of Cummins Inc.
American Century Adjusts Names and Strategies and Eliminates B Shares
For several years now, small-cap siblings American Century New Opportunities
In other firm news, following the lead of many other fund shops, American Century is discontinuing the B shares of those funds that offered them, with a few exceptions. This change is also effective Dec. 1.
Summary Prospectuses Starting to Roll Out
American Century also announced that it will make summary prospectuses available for five funds on Oct. 1. By Aug. 1, 2010, all American Century funds will have a summary prospectus. The fund firm Amana has summary prospectuses for their three funds, Amana Trust Income
The summary prospectus, a three- to four-page reader-friendly overview of a fund's investment objectives, was approved by the SEC last year. Funds must still offer the traditional long-form prospectus.
Jess Tan's short tenure as manager of Fidelity Southeast Asia
Klaus Bockstaller replaces Tom Rodwell on the portfolio management team of Forward Emerging Markets
Trustees of John Hancock2 Optimized Value
Beginning Dec. 1, Class B shares of Virtus Mutual Funds will no longer be sold, and existing Class B shares will be converted to Class A shares.
All 12 of the Old Mutual Target Date Funds will be liquidated on Nov. 9. These funds never really caught the attention of investors, as all but one fund had less than $400,000 in assets.
Scott Opsal is no longer a portfolio manager of the MEMBERS Mutual Funds. David Hottmann will replace Opsal as co-portfolio manager of MEMBERS Conservative Allocation
Detlev Schlichter is off the portfolio management team of AssetMark Core Plus Fixed Income
Pending the approval of shareholders, Morgan Stanley Natural Resource Development