Effective on October 1, 2020, all of the Alpha Architect funds will transition from index funds to actively-managed ones, though the change will likely be undetectable to investors since “the adviser’s methodology will be substantially unchanged from the current approach it uses.” The funds in question are

• Alpha Architect U.S. Quantitative Value ETF (QVAL)
• Alpha Architect International Quantitative Value ETF (IVAL)
• Alpha Architect U.S. Quantitative Momentum ETF (QMOM)
• Alpha Architect International Quantitative Momentum ETF (IMOM)
• Alpha Architect Value Momentum Trend ETF (VMOT).

On June 30, Trillium Asset Management was acquired by Australian financial Firm Perpetual Limited. Trillium is a US-based ESG manager with $3.8 billion under advisement. The change mostly benefits Perpetual, which gets access to ESG strategies, without noticeably inconveniencing – or immediately benefiting – Trillium investors.

SMALL WINS FOR INVESTORS

BlackRock has dropped the expense ratios for three giant ETFs by one basis point each: Core S&P 500 (IVV), Core S&P Mid-Cap (IJH) and Core S&P Small Cap (IJR). The resulting fees will be 3, 5 and 6 basis points, respectively. The cuts are mostly just to match Vanguard’s fees and deny them a marketing advantage.

Effective as of June 1, 2020, Boston Partners Small Cap Value Fund II dropped its investment advisory fee to 0.85% from 0.95%.

Effective immediately, RESQ Investment Partners, LLC, (the “Adviser”), has agreed to reduce the management fee of the RESQ Strategic Income Fund and RESQ Dynamic Allocation Fund from 1.45% to 1.20%.

Janus Henderson is reopening the no-load share class for all 38 US funds, beginning in July. Those include the famous (Janus Overseas), the infamous (Global Unconstrained Bond, the fund they whipped together to showcase Bill Gross’s skills), and some that are actually very good. Janus Henderson Balanced and Global Real Estate are both recognized as MFO Great Owl funds for their consistently top-tier risk-adjusted returns and Developed World Bond, which has outperformed its peers on the basis of a raw returns, as well.

Effective June 18, 2020, RBC Emerging Markets Small Cap Equity Fund (RSMAX) is dropping its investment advisory fee is reduced from 1.25% to 1.04%.

CLOSINGS (and related inconveniences)

Aegon Emerging Markets Debt (AMMVX) has closed to new investors, which is almost surely a prelude to its liquidation.

American Beacon has announced that effective May 29, 2020, they will no longer sell American Beacon funds directly to you. If you want to buy them, you’ll need to go to a supermarket just like everybody else.

Ivy Funds have eliminated the E, T, R, and Y share classes on a bunch of their funds.

OLD WINE, NEW BOTTLES

American Century Income & Growth Fund will be renamed Disciplined Core Value Fund effective as of September 25, 2020.

Effective as of July 1, 2020, Boston Partners Emerging Markets Long/Short Fund (BELSX) became Boston Partners Emerging Markets Dynamic Equity Fund. So far as we can tell, it’s still the same long/short fund, which is okay but hasn’t been anything special.

Cambiar Global Ultra Focus Fund has become Cambiar Aggressive Value Fund.

On or about September 2, 2020, Columbia Global Dividend Opportunity Fund becomes Columbia International Dividend Income Fund.

On June 15, 2020, Global X Future Analytics Tech ETF became Global X Artificial Intelligence & Technology ETF.

On August 30, 2020, Goldman Sachs Blue Chip Fund (GAGVX), which receives a low ESG grade from Morningstar, relaunches as Goldman Sachs U.S. Equity ESG Fund.

On July 1, 2020, Holmes Macro Trends Fund become Holmes Global Luxury Goods Fund.

Effective on or about September 30, 2020, Invesco Developing Markets Fund will be renamed Invesco Emerging Markets All Cap Fund.

Effective on or about August 4, 2020, Invesco Floating Rate Fund becomes Invesco Floating Rate ESG Fund with the necessary attendant tweaks to the portfolio.

On or around July 20, 2020, Knights of Columbus Global Real Estate Fund becomes Knights of Columbus Real Estate Fund.

Effective on or about July 1, 2020, MFS Strategic Income Fund becomes MFS Income Fund. Same fund just less … strategic about it.

Effective August 30, 2020, the Oppenheimer name disappears from 42 Invesco Oppenheimer funds. In a few cases, the inherited name also gets tweaked but with no substantive change to the fees, strategy or team.

Effective on or about September 30, 2020, Principal Shareholder Yield Index ETF becomes Principal Value ETF. At the same time, Principal Price Setters Index ETF becomes the Principal Quality ETF and Principal International Multi Factor Core Index ETF morphs into Principal International Multi-Factor ETF.

On June 30, 2020, Vaughan Nelson Value Opportunity Fund became Vaughan Nelson Mid Cap Fund with the consequent need to, you know, invest in mid cap stocks.

Effective on August 11, 2020, Western Asset SMASh Series Ec Fund will be renamed Western Asset SMASh Series Core Plus Completion Fund.

OFF TO THE DUSTBIN OF HISTORY

Eighty-six funds and ETFs are leaving us soon. That’s an unprecedented wave of disappearances, more than twice what we recorded last month. While 20 of those are mergers, in which one fund simply consumes one of its siblings, 66 are straight liquidations. Those are occurring at both large (BlackRock) and boutique (Amidex) firms, with niche and mainstream funds, and with funds with both weak and respectable records. Thirteen of the disappearances are ETFs with several other ETFs becoming “repurposed” in a way that represents the virtual liquidation of the original fund.

Ben Strack of Fund Intelligence, an industry newsletter, reports that the rate of ETF liquidations is running at double last year’s total (“ETF industry poised for record number of fund closures in 2020,” June 22, 2020). He’s projecting 150 closures by August.

In addition, Hartford announced eight mergers taking place in September