Who said that there are too many mutual funds? So far this week at least six new funds have joined the universe of offerings, including funds from Wayne Hummer, Oakmark, OppenheimerFunds, an USAA.
Chicago-based
Wayne Hummer Investments new CorePortfolio Fund is an index fund with a twist. The fund's investment strategy is based on a proprietary model which constructs a portfolio focused on the very largest companies, as measured by market capitalization, in each of the 11 economic sectors in the S&P 500. According to Wayne Hummer, the model was developed from analysis of historical data, which showed a pattern of excess returns by the largest S&P companies.
The fund, which is targeted as a core holing in an investor's portfolio, carries a 2% load and a minimum investment of $1,000. It will be sold through Wayne Hummer's network of Investment Executives. Managers of the funds are
Thomas J. Rowland, president of Wayne Hummer Management Company an manager of the Wayne Hummer Growth Fund (WHGRX), and
David D. Cox.
While Wayne Hummer focuses its new fund at the large cap arena,
OppenheimerFunds is targeting the other extreme with its
Oppenheimer Main Street Small Cap Fund. The fund will utilize a quantitative investment approach relying on multi-factor models incorporating macro-economics, company performance, and valuation criteria while investing in stocks with a market cap of less than $1.8 billion. These factors are weighted according to their ability to indicate performance gains.
The fund requires a minimum investment of $1,000, except for IRAs and other retirement plan accounts, which have a minimum of $250. Investors may purchase either Class A, Class B, or Class C shares of the fund. The fund is available to investors in all states.
Charles Albers, and
Mark Zavanelli will comanage the fund.
Tomorrow
Harris Associates opens a new value-focused global fund comanaged by
Michael Welsh -- comanager of the firm's
Internal Fund and International Small Cap Fund -- and
Greg Jackson, senior investment analyst for domestic equities.
Finally,
USAA Investment Management Company today added three no-load funds to its lineup, growing its family to 38 offerings. Like all of USAA's funds, the three will be sold directly and not be available through the fund supermarkets, according to a spokesperson. Some USAA funds are available through Fidelity FundsNet, but these will not be among them.
The
USAA Small Cap Stock Fund, and the
USAA High-Yield Opportunities Fund are targeted at aggressive investors, according to
Michael J.C. Roth, president of San Antonio-based USAA Investments, while the
USAA Intermediate-Term Bond Fund is aimed at more conservative investors.
John Cabell and
Eric Efron, co-managers of the USAA Aggressive Growth Fund, will manage the USAA Small Cap Stock Fund.
Matthew Freund, formerly assistant vice president of fixed income research, will manage the USAA High-Yield Opportunities Fund.
Paul Lundmark -- manager of the USAA Short-Term Bond Fund -- will manage the USAA Intermediate-Term Bond Fund.
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