Fund Times: American Century Going Load?
Plus, a First Eagle manager resigns, Putnam fires manager, and more.
American Century Investment Management is planning to shake up its fund lineup's share class structure, which will result in many more of the funds going toward the load option. According to the firm, the intention is to replace a complicated and confusing share class structure with a straightforward one that individuals and advisors can better understand.
The changes, should they be approved by fund shareholders, will result in an increase in the load fund lineup from 26 funds to 39 total, including some prominent options. For instance, in the large-cap space, American Century Equity Income (TWEIX), American Century Equity Growth (BEQGX), and American Century Ultra (TWCUX), some of the firm's better-known funds, will all transition from the no-load Investor share classes to the load lineup, and will be primarily targeted toward fee-based advisors and retirement plans.
Lawrence Jones does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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