Baron Global Growth
Baron Global Growth will pursue capital appreciation. It will be a diversified fund that uses the same selection criteria as the other Baron products. It will invest domestically, and in developed and developing markets. It’s nominally an all-cap fund, though Baron’s tradition is to focus especially on small- to mid-cap stocks. Alex Umansky, a former Morgan Stanley manager who also runs Baron Fifth Avenue Growth (BFTHX), will manage the fund. $2,000 investment minimum, reduced to $500 for accounts with an AIP. Expenses not yet set.
Fidelity Global Bond
Fidelity Global Bond Fund will seek high current income by investing, mostly, in investment grade corporate and government bonds. Up to 20% of the fund might be in junk bonds. As with the International Bond fund (below), there’s an odd promise of index-hugging: “FMR uses the Barclays Capital® Global Aggregate GDP Weighted Index as a guide in structuring the fund and selecting its investments.” The fund will be managed by Jamie Stuttard, formerly head of European and U.K. Fixed Income for Schroder Investment Management (London) and a portfolio manager. $2500 minimum initial investment, reduced to $500 for IRAs. 0.75% e.r. Expect the fund to launch in May 2012.
Fidelity Global Equity Income Fund
Fidelity Global Equity Income Fund will seek “reasonable income” but will also “consider the potential for capital appreciation.” The plan is to invest in dividend-paying stocks, but they won’t rule out the possibility to high-yield bonds. One goal is to provide a higher yield than its benchmark, currently 2.3%. Ramona Persaud will manage the fund. She managed Select Banking for a couple years , became an analyst for Diversified International (since November 2011) and comanages Equity- Income (FEQIX). I’m not sure what to make of that. Equity-Income has been consistently mediocre. A new team, including Persaud, took over in October but hasn’t made a measurable difference yet. Expenses of 1.20%. Minimum investment of $2500. Expect the fund to launch in May 2012.
Fidelity International Bond Fund
Fidelity International Bond Fund will seek a high level of current income by investing in investment-grade non-U.S securities, including some in the emerging markets. In a vaguely disquieting commend, the prospectus notes “FMR uses the Barclays Capital® Global Aggregate Ex USD GDP Weighted Index as a guide in structuring the fund and selecting its investments.” That seems to rule out adding much value beyond what the index offers. The fund will be managed by Jamie Stuttard, formerly head of European and U.K. Fixed Income for Schroder Investment Management (London) and a portfolio manager. He’ll be assisted by Curt Hollingsworth, a long-time Fidelity employee. There’s a $2500 investment minimum, reduced to $500 for IRAs, and an e.r. of 0.80%. This is also set to be a May 2012 launch.
Fidelity Spartan Inflation-Protected Bond Index Fund
Fidelity Spartan Inflation-Protected Bond Index Fund will own the inflation-protected debt securities included in the Barclays Capital U.S. Treasury Inflation-Protected Securities. The fund will be co-managed by Alan Bembenek and Curt Hollingsworth. There will be a $10,000 investment minimum and a 0.20% e.r. The fund will launch in May 2012.
Flex-Funds Spectrum Fund
Flex-Funds Spectrum Fund will seek long-term capital appreciation by investing in domestic and foreign mutual funds, ETFs, closed-end funds, unit investment trusts, S&P Drawing Rights, futures and common stocks. It will be global and all-cap. It can go 100% to fixed income if the equity market gets scary. The fund will be managed by a team led by Robert Meeder, who’s been with the advisor since 2005. Expenses not yet set. Initial minimum investment of $2500, reduced to $500 for IRAs.
iShares Morningstar Multi Asset High Income Index ETF
iShares Morningstar Multi Asset High Income Index ETF will try to match a proprietary Morningstar index which is global, broadly diversified and seeks to deliver high current income while gaining some long term capital appreciation. This will be a fund of funds, investing mostly in ETFs. Its asset allocation target is 20% equities (two dividend and two infrastructure funds), 60% fixed income (including Treasuries, high-yield and emerging markets) and 20% in REITs and preferred shares (designated as an “alternatives” asset class). It will be managed, to the extent index funds are, by James Mauro and Scott Radell. Expenses not yet set.
Martin Focused Value Fund
Martin Focused Value Fund will be a focused, global, all-cap stock fund which pursues long-term growth of capital. The manager reserves the right to move to cash and bonds “during market downturns, or until compelling bargains in the securities markets are found.” Frank K. Martin, who earned his BA in 1964 and advertises “45 years of investment industry experience,” will manage the fund. Expenses capped at 1.40% for the retail shares. $2500 minimum initial investment.
