Portfolio

The current rise in the markets is not a bear market rally, but actually a turn for the better, according to Fidelity U.K. portfolio manager Anthony Bolton, Reuters reports.

Optimism is returning to the markets, with 26% of fund managers surveyed by Merrill Lynch believing that the global economy will improve within the next 12 months. In January, that measure was net negative 24%.

Direxion Funds has launched four three-times leveraged exchange-traded funds, expanding its existing lineup of 16 multi-directional, leveraged funds to 20.

Although the underlying credit card and auto debt assets in the TALF funds are leveraged as much as 20:1, mutual fund companies anxious to invest in them are telling the Securities and Exchange Commission that they are structured as safe, non-recourse loans, the New York Daily News reports.

The Eighth U.S. Circuit Court of Appeals has just ruled in favor of investors in a case against Ameriprise Financial over the fees of 11 of its RiverSource mutual funds. Coming on the heels of a similar case against Harris Associates that the Supreme Court will hear this fall, it could signal a new era in favor of investors.

The Eighth U.S. Circuit Court of Appeals has just ruled in favor of investors in a case against Ameriprise Financial over the fees of 11 of its RiverSource mutual funds. Coming on the heels of a similar case against Harris Associates that the Supreme Court will hear this fall, it could signal a new era in favor of investors.

Fidelity’s net profits fell only 4% last year, and they may be weak again this year, despite cost-cutting measures and laying off 3,000 workers, Fidelity President Rodger Lawson warned employees in a recent memo. As a result, the company may scale back on year-end bonuses and merit pay for those in the middle and lower earnings brackets.

Charles Schwab reported that its first quarter profits declined 29% to $218 million, or 19 cents per share, compared to a year earlier, when it earned $305 million, or 26 cents per share.

Following a three-month investigation, the state of Oregon is seeking $36.2 million in damages from OppenheimerFunds due to steep losses in one of its funds included in the state’s 529 college savings plan; the Oppenheimer Core Bond Fund fell 36% in value last year, and is down another 10% year-to-date.

Although assets are still way down from their peaks, there were two encouraging signs last month that the tide may be turning for hedge funds.