New products introduced over the last week include the International BuyBack Achievers Portfolio from Invesco; an unconstrained bond fund from Neuberger Berman; a suite of liquid alternative investments from Pioneer Investments; a collective investment trust from American Century; and two synthetic convertible security funds from Direxion.
In addition, Altegris launched a real estate long/short fund; New York Life announced a single-premium UL policy; the Phoenix Cos. announced an annuity offering a guaranteed lifetime income benefit; REISA and Blue Vault announced a strategic partnership to provide nontraded REIT return information; and NASDAQ OMX launched two indexes in the NASDAQ IBIS index family.
Here are the latest developments of interest to advisors:
1) Invesco PowerShares Launches International BuyBack Achievers Portfolio
Invesco PowerShares Capital Management LLC has announced the planned launch of the Invesco International BuyBack Achievers Portfolio (IPKW) on THurs. IPKW, which is based on the NASDAQ International BuyBack AchieversIndex, includes common stocks of foreign companies classified as International BuyBack Achievers in accordance with the proprietary selection methodology of the NASDAQ OMX Group, Inc.
BuyBack Achievers are companies that have effected a net reduction of 5% or more of their outstanding shares in the past 12 months, and have met additional criteria.
2) Neuberger Berman Announces Unconstrained Bond Fund
Neuberger Berman Group LLC has announced the launch of the Neuberger Berman Unconstrained Bond Fund (NUBAX, NUBCX, NUBIX, NRUBX), which seeks to maximize total returns over the long term.
The fund is an absolute return-oriented global strategy, unconstrained by the benchmark U.S. T-bill index, that seeks to take advantage of market mispricing. The full global credit and securitized spectrum will be utilized and the fund will have complete duration flexibility with the ability to have positive, negative or zero duration. The fund's managers include Andy Johnson, Neuberger Berman's head of global investment grade fixed income; Jon Jonsson, a London-based senior portfolio manager; and managing directors Thanos Bardas, David Brown, Ugo Lancioni, and Thomas Marthaler.
3) Pioneer Investments Announces Suite of Liquid Alternative Investments
Pioneer Investments has announced a suite of liquid alternative investments, three U.S. mutual funds and two non-U.S. funds available internationally. The products provide daily liquidity and transparency of portfolio holdings.
The new U.S.funds are the Pioneer Absolute Return Bond Fund (ARBYX); the Pioneer Long/Short Global Bond Fund (LSGAX); and the Pioneer Long/Short Opportunistic Credit Fund (LRCAX).
4) American Century Launches Collective Investment Trust
American Century Investments has announced the launch of a collective investment trust that incorporates its One Choice Target Date Portfolios. Also known as commingled or collective funds, CITs are tax-exempt pooled investment vehicles designed exclusively for qualified plans, including 401(k) plans, as well as for certain types of government plans. CITs are subject to banking regulations, rather than the Investment Company Act of 1940, which regulates mutual funds.
A One Choice Target Date Portfolio's target date is the approximate year when investors plan to retire. Each One Choice Target Date Portfolio seeks the highest total return consistent with its asset mix. Over time, the asset mix and weightings are adjusted to be more conservative. In general, as the target year approaches, the portfolio's allocation becomes more conservative by decreasing the allocation to stocks and increasing the allocation to bonds and money market instruments.
5) Direxion Adds Synthetic Convertible Security Strategies
Direxion announced that it has launched the Direxion Indexed Synthetic Convertible Strategy Fund (DXCBX) and Direxion Indexed Synthetic Convertible Strategy Bear Fund (DXCVX).
DXCBX seeks to generate investment results, before fees and expenses, that replicate the performance of the QES Synthetic Convertible Index. DXCVX attempts to obtain investment results mirroring the inverse of the performance of the same index, before fees and expenses.
