The products, expected to be launched in the first quarter of next year, include two domestic equity funds and a fixed-income fund. The AXP Mid Cap Value Fund will invest primarily in stocks with mid caps in the range of the Russell Mid Cap Value Index, according to a company statement. The AXP Large Cap Equity Fund will invest in firms with market caps of more than $5 billion, will be managed with a bias toward value and seek long-term capital growth, the statement said. Finally, the AXP U.S. Government Mortgage Fund will invest in mostly mortgage-backed securities.
Paula Meyer, VP of American Express Funds said the new offerings are intended to "provide our clients with additional choice and diversification options" within the fund family.
American Express Funds, a subsidiary of American Express Co., includes 53 retail funds and oversees more than $74 billion in assets.