Fidelity Investments yesterday filed four new retail funds with the SEC: Structured Large Cap Value, Structured Midcap Value, Structured Large Cap Growth, and Structured Midcap Growth.
Each of the actively managed funds is intended to follow a Russell benchmark. The funds are expected to launch in early fall.
The word 'structure' in the funds' names emphasizes the managers' intentions to stick closely to the fund's corresponding benchmark, according to a company spokesperson.
The Large Cap Value Fund will follow the Russell 1000 Value Index; the Midcap Value Funds will follow the Russell Midcap Value Index; the Large Cap Growth Fund will follow the Russell 1000 Growth Index; the Midcap Growth Fund will follow the Russell Midcap Growth Index.
The growth funds will be managed by Robert Macdonald; the value funds will be managed by Jeff Kerrigan.