Plus, more manager shuffles, new funds, and more.
Capital Research & Management has named Ronald Morrow a portfolio counselor (comanager) on American Funds Growth Fund of America
Aston Plans New 'Enhanced Equity' Fund, New International Fund
Joining the growing crowd of fund families launching strategies involving the use of derivatives, Aston will soon introduce the Aston/MJB Enhanced Equity Income Fund. It's a domestic-stock offering that sticks to stocks with market caps of more than $4 billion. A lone subadvisor, MJB Financial Advisors, will oversee assets. MJB will not only invest in domestic stocks, but will also supplement the fund's return by writing covered calls, which are call options written on the stocks the fund owns. Such strategies are complex, but they're gaining popularity as fund companies introduce long-short strategies of myriad varieties. This fund will charge 1.10% initially. For more on option strategies, see Morningstar.com's new Options homepage.
The advisor shop will also launch Aston/Barings International soon. The fund will invest at least 80% of assets in non-U.S. stocks but have broad flexibility to buy stocks in both developed and emerging markets. Barings Asset Management, of London, will subadvise the offering. The fund's initial expense ratio will be 1.25%.
Calvert Manager to Step Down at Year-End
Manager Dan Boone will hand over the reins at Calvert Social Investment Equity
Forum's Long-Short Fund Adds Subadvisors
Forum Absolute Strategies
Claymore Plans New China Small-Cap ETF
Claymore advisors is taking the single-country fund concept one step further. Its proposed Claymore/AlphaShares China Small Cap ETF targets only Chinese small caps. It will track the AlphaShares China Small Cap Index, which targets stocks with market caps between $200 million and $1.5 billion. Claymore has yet to announce the fund's expense ratio, but has said it will not charge the 0.25% 12b-1 fee allowed by its initial filing. Country-focused funds and ETFs are volatile, even those focusing on large-cap stock s. For more information and insight on China-focused funds, check out this recent article.