Prudential Investments has launched three new sector mutual funds, the Prudential Technology Fund, the Prudential Health Sciences Fund and the Prudential Financial Services Fund.
The funds are non-diversified, which means they are concentrated in one specific industry, plus the managers can invest more than 5% of assets in the securities of any one issuer.
Each fund is divided into two sub-portfolios with half of the assets actively managed in a concentrated style and half-managed in an enhanced index style. The concentrated portfolio will focus on 20 to 40 stocks. The enhanced index portfolio contains securities of the fund's focus industry selected from the S&P SuperComposite 1500 Index, an index which combines the S&P 500, S&P 400 and S&P 600 Indices, and represents 87% of the US' total market cap.
Susan Hirsch and
Jeff Rose will be responsible for sector stock selection of the Prudential Technology Fund.
Ted Lockwood will lead the quantitative management team of the fund's enhanced index
portfolio.
Kathleen McCarragher and
David Chan will manage sector stock selection for the Prudential Health Sciences Fund.
John Van Belle will lead the quantitative management of the fund's enhanced index portfolio.
The Prudential Financial Services Fund will be co-managed by Patrick
J. O'Brien and
Mark Stumpp. O'Brien will be responsible for sector stock selection, while Stumpp will lead the quantitative management team of the fund's enhanced index portfolio.
The subscription period for the new funds began on May 26 and will end on June 25. 
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