NEW YORK -- Domini Social Investments, New York, launched the Domini Social Bond Fund, a socially responsible bond fund with a community development component. It is managed by DSIL and submanaged by South Shore Bank, a community development financial institution.
The new fund will use the same social and environmental screens applied to the Domini Social Equity Fund and will invest up to 10% of its assets in debt instruments and other investments that support and promote community development. Community investments will focus on affordable housing and helping low- to medium-income entrepreneurs through financing small business loans.
New PBHG fund spotlights tech, communications stocks
BOSTON -- PBHG Funds launched the PBHG Global Technology & Communications Fund. The concentrated equity fund will invest at least 65%of its assets in stocks and ADRs of U.S. and non-U.S. companies doing business in the technology and communications sectors. The fund, to be managed by Michael Ma, will invest in securities of at least three different countries. Holdings will range from small cap to large cap.
Communications is focus of new Northern Trust fund
CHICAGO -- Northern Trust Global has launched the Northern Global Communications Fund, which invests in companies that design, develop, manufacture or distribute communication services and equipment. The retail fund won't have institutional share classes, but the fund can be sold to institutional markets, said Northern Funds spokesperson Jeannette Temple. It will be co-managed by Ken Turek and Michael Eggly.
Northern Trust offers 29 mutual funds and has $323 billion in assets under management, including $200 billion in institutional assets.
Vanguard adds international, socially conscious funds
VALLEY FORGE, Pa. -- Vanguard Group launched three new index funds, including a socially conscious fund and two international funds.
The Vanguard Calvert Social Index Fund tracks the performance of the Calvert Social index, a benchmark of 1,000 stocks screened for social criteria.
The Vanguard Developed Markets Index Fund invests its assets in the Vanguard European Stock Index Fund and the Vanguard Pacific Stock Index Fund, with a goal of replicating the weighting of each region in the Morgan Stanley Capital International Europe Australasia Far East index.
The Vanguard Institutional Developed Markets Index Fund invests in new institutional share classes in the Vanguard European Stock Index Fund and the Vanguard Pacific Stock Index Fund.
Also, Vanguard launched two other new funds. Grantham, Mayo, Van Otterloo was hired to subadvise the U.S. Value Fund, Vanguard's 19th actively managed fund. It will be managed by Christopher Darnell and Robert Soucy of GMO.
The Inflation-Protected Securities Fund invests in inflation-indexed government and corporate bonds.
Loomis Sayles Research Fund focuses on large-cap stocks
BOSTON -- Loomis Sayles introduced the Loomis Sayles Research Fund, an institutional fund focusing on large-cap stocks, although it also may include stocks of any cap size. Teams of analysts, representing each sector of the S&P 500, recommend stocks for purchase or sale in their respective sectors. The fund holds about 60 stocks.