Principal Preservation Portfolios of Milwaukee, a fund family with $1.2 billion in assets under management, has announced that it has changed its name to the North Track Funds.
The fund family changed its name because of a change in the nature of its funds, according to Robert Tuszynski, president and CEO of the company. Originally, the company created and marketed conservative funds that focused on preserving investors' principal, said Tuszynski. Now the company has a "pro-active portfolio development strategy", which, combined with the increasing popularity of its more broadly based equity funds, is the reason for the change, he said.
"Why North Track?" said Tuszynski in a statement. "Being the polar opposite of south, "north" has always been a direction investors prefer their portfolios head. And with an emphasis on creating a diversified portfolio core made up of funds that follow, or track' specific economic sectors, the name North Track came together."
In addition, the company announced the launch of two unique index funds. Both funds, the Dow Jones U.S. Healthcare 100 Plus Fund and the Dow Jones U.S. Financial Services 100 Plus Fund, will be based on Dow Jones' healthcare and financial services indexes, according to the company. The company filed a proxy with the Securities and Exchange Commission on March 6, and expects the funds to be approved in mid-April. Once effective, North Track Funds will offer 12 index and actively-managed funds, according to the company.