Our weekly roundup of new fund launches.
Putnam to launch new alternative strategies
Putnam Investments announced plans to launch several new mutual funds later this year that include three distinct alternative strategies.
The Putnam PanAgora Risk Parity Fund will seek total return amid varying economic conditions by way of strategy allocation, the Putnam PanAgora Market Neutral Fund will pursue uncorrelated alpha by investing in long/short equity strategies and the Putnam PanAgora Managed Futures Fund will seek absolute return through a managed futures strategy.
The funds are expected to launch in the third quarter, according to Putnam.
"These three new products will give mutual fund investors and their advisers access to strategies that have been used successfully by the institutional market for many years," said Putnam Investments CEO Robert L. Reynolds.
Altegris offers managed futures fund
Altegris Advisors announced enhancements to its managed futures strategy fund.
In an effort to provide clients additional transparency, the firm announced plans to cut costs, improve tax efficiency and create the potential for greater diversification for its Altegris Managed Futures Strategy Fund (MFTAX, MFTIX, MFTCX and MFTOX), an actively managed mutual fund investing in financial and commodity futures markets, according to the firm.
"As a pioneer in managed futures delivering diversifying strategies to institutional and retail audiences for over fifteen years, we recognize that transparency, low cost, and improved tax efficiency are of the utmost importance to investors," said Matt Osborne, CIO at Altegris and portfolio manager of the Altegris Managed Futures Strategy Fund.
Under the new allocation process, managers will trade directly for the fund by way of a sub-advisory and trading advisory agreements.
There will be no impact on the funds management fees, however the firm plans to make adjustments to its operating expenses and remove costs and fees associated with its previous allocation method, the firm said.
Closed-end fund from Steadfast and Alcentra
Steadfast Capital Markets and Alcentra, a BNY Mellon investment boutique, have teamed up to launch the Steadfast Alcentra Global Credit Fund, an unlisted closed-end fund.
The fund, which has as much as $3 billion in shares of its common stock for sale initially, seeks to growth capitalization in order to provide direct lending to middle-market companies in the United States and Western Europe.
"Teaming with Alcentra, a proven alternative lending investment manager, Steadfast Alcentra Global Credit Fund will seek to help finance the growth of successful private companies across the U.S. and Western Europe, while providing individual investors the opportunity to achieve an attractive risk-adjusted return and reliable income," said fund CEO Christopher Hilbert.
AssetMark offers custom portfolios for HNW investors
AssetMark announced efforts to expand its high-net-worth capabilities with a new strategy from Parametric, an asset management firm and affiliate of Eaton Vance.
Following the collaborative efforts with Parametric, AssetMark will launch the Parametric Custom Portfolios, a strategy that will implement a variety of diversification, risk and tax-management features in order to deliver custom, passive investment-based portfolios for high-net-worth investors, the firms said.
Parametric will provide its expertise in the tax-managed strategy and Eaton Vance will serve as the fixed-income subadvisor, according to AssetMark.
"This solution offers lower-cost, passive portfolios, while also delivering customization and tax management that high-net-worth investors require," said Natalie Wolfsen, AssetMark's EVP and chief commercialization officer.
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