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Fund Changes - Sept-17
 Fund Changes
 Weeklies History:

Fund Changes Weekly


Week 38: 9/18/2017-9/22/2017

Sonu Kalra and Christopher Lin will manage the Fidelity OTC Portfolio, replacing Gavin Baker...BNY Mellon will sell its indirect, wholly-owned subsidiary CenterSquare Investment Management, including CenterSquare's sub-investment advisory relationship with respect to the Dreyfus Global Infrastructure and Dreyfus Global Real Estate Securities funds, to Lovell Minnick Partners and members of the existing management team of CenterSquare...Grantham, Mayo, Van Otterloo & Co. files the GMO Climate Change Series fund, which will invest in equities of companies GMO believes are positioned to directly or indirectly benefit from efforts to curb or mitigate the long-term effects of global climate change, to address the environmental challenges presented by global climate change, or to improve the efficiency of resource consumption, and files the GMO Resources Series fund, investing in the natural resources sector (both funds are permitted to invest directly and indirectly in securities of companies tied economically to any country in the world, including emerging countries)...Robert F. Zagunis, an owner of 44% of outstanding shares of Jensen Investment Management, the investment advisor to the Jensen Quality Growth fund, will retire and sell his entire equity interest to the investment advisor on or about February 28, 2018. Upon his retirement, he will also leave the committee responsible for the fund's investment decisions...Causeway Capital registers its first exchange-traded managed funds: the Causeway Global Value NextShares and Causeway International Value NextShares...R. Canon Coleman II will no longer serve on the portfolio management team of the Invesco Small Cap Value and Invesco Value Opportunity funds...Effective January 1, 2018, the majority owners of Pax World Management, investment advisor to the Pax World funds, entered into an agreement to be acquired by Impax Asset Management...Snow Capital Management will leave the sub-advisory team of the GuideStone Small Cap Equity fund...Fidelity registers two index funds that will be offered exclusively to certain clients of Fidelity and its affiliates (they will not be available for sale to the general public): the Fidelity SAI International Index fund, which will track the Fidelity International Value Focus Index, and the Fidelity SAI U.S. Value Index fund, which will track the Fidelity U.S. Value Focus Index...Fidelity will liquidate its Fidelity Multi-Manager Target Date funds on or about December 8, 2017...   MORE>>


Week 37: 9/11/2017-9/15/2017

Judd Peters and Ryan Thomes of Hotchkis and Wiley will join the portfolio management team of the American Beacon Small Cap Value fund...The Boston Company Asset Management will join the sub-advisory team of the Principal Diversified Real Asset fund, and DDJ Capital Management and Mellon Capital Management will serve as additional sub-advisors of the Principal High Yield I fund, replacing J.P. Morgan Investment Management (Neuberger Berman will continue to sub-advise the fund)...Cardinal Capital Management will no longer sub-advise a portion of the Russell U.S. Small Cap Equity fund; Goldman Sachs Asset Management will replace AllianceBernstein on the sub-advisory team of the Russell Tax-Exempt Bond fund; and OFI Global Institutional will join the sub-advisory team of the Russell Multi-Strategy Income fund...Robert Stansky will join the team managing the Fidelity Advisor Stock Selector Mid Cap fund, and Gordon Scott will join Ramona Persaud as a manager to the Fidelity Advisor Dividend Growth fund...Schwab registers three domestic equity index funds: the Schwab U.S. Large-Cap Growth Index, Schwab U.S. Large-Cap Value Index, and Schwab U.S. Mid-Cap Index funds. Like their similarly named ETFs, the funds will be managed by Christopher Bliss, Ferian Juwono, and Sabya Sinha, but unlike their sister ETFs, which track Dow Jones indexes, the newly registered funds will track Russell indexes...Dreyfus files the Dreyfus Global Multi-Asset Income fund, which will use an actively-managed global multi-asset strategy that focuses on income generation and will be sub-advised by affiliate Newton Investment Management...The PIMCO All Asset and PIMCO All Asset All Authority (both fund of funds) each modify their strategy to state that the fund will invest substantially all of its assets in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of the PIMCO Funds Trust, or PIMCO ETF Trust or PIMCO Equity Series, except other funds of funds. Previously, the funds did not invest in shares of actively-managed funds of the PIMCO ETF Trust...William C. Stevens will no longer help manage the KP Fixed Income fund, and DeForest Hinman will serve as an additional portfolio manager to the KP Small Cap Equity fund...The Goldman Sachs Domestic Equity Insights funds will reduce their contractual management fees, including the Goldman Sachs Large Cap Growth Insights fund ($1.7 billion) which will lower its fee from 0.65% to 0.52% on the first billion, and the Goldman Sachs International Equity Insights fund ($1.2 billion) will reduce its contractual management fee by 4 basis points at each breakpoint (previously, the funds waived their management fees in order to achieve an effective net management rate similar to the new contractual fees)...The AB Performance Fee Series funds have been renamed the AB FlexFee funds...   MORE>>


Week 36: 9/4/2017-9/8/2017

State Street Global Advisors proposes three ETFs that will track "new economy" sector indices created by Kensho Technologies: the SPDR Kensho Intelligent Infrastructure, SPDR Kensho Smart Transportation, and SPDR Kensho Future Security ETFs. Kensho uses artificial intelligence technology to identify companies they believe are propelling the "Fourth Industrial Revolution" through innovations and emerging technologies that, according to Kensho, are "reshaping traditional industries and spawning new ones at a staggering rate"...Allianz Global Investors registers three funds which will charge performance-based management fees (consisting of a base fee which will be adjusted up or down, up to the full amount of the base fee, based on performance): the AllianzGI PerformanceFee Managed Futures Strategy fund (0.75% base fee), and two funds that will each seek total return exceeding its respective broad-based index while employing an option overlay strategy with the potential to enhance returns and/or control risk: the AllianzGI PerformanceFee Structured US Fixed Income fund (0.30% base fee) and the AllianzGI PerformanceFee Structured US Equity fund (0.60% base fee)...Brian Chang will join the portfolio management team of the Fidelity Strategic Dividend & Income fund (it is expected that Scott Offen will retire effective December 31, 2017, and will no longer help manage the fund)...Baillie Gifford Overseas and Polunin Capital Partners will serve as additional sub-advisors to the Old Westbury Small & Mid Cap Strategies fund, and Douglas Brodie of Baillie Gifford and Douglas Polunin of Polunin Capital will join the team managing the fund...Effective September 8, 2017, the Goldman Sachs Small Cap Value fund will reopen for approximately three months for investment by new investors (exchanges into the fund from other Goldman Sachs funds will also be permitted)...Jeff Cardon and Kabir Goyal will no longer help manage the Wasatch Small Cap Growth fund and the Wasatch International Growth fund, respectively...Kettle Hill Capital Management will join the sub-advisory team of the UBS PACE Alternative Strategies Investments fund...USCF Advisers proposes the actively managed ETFs, the USCF Contango-Killer Oil (No K-1) ETF, which will seek total return similar to or in excess of the long-term spot price of West Texas Intermediate light, sweet crude oil, over a full market cycle, and the USCF Contango-Killer Natural Gas (No K-1) ETF, which will seek total return in excess of the long-term returns of nearby Henry Hub Natural Gas futures over a full market cycle, each seeking their objective by attempting to substantially eliminate the effects of "Contango," defined as a condition in futures markets when commodity spot prices are lower than futures prices...   MORE>>


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