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Chile approves handful of new US and European focused funds

Chile approves handful of new US and European focused funds

The Chilean regulator has approved eight new European and US funds while a few emerging market debt bonds were cut for falling short of the required minimum of $100 million assets under management.

The Comision Clasificadora de Riesgo (CCR) is the regulator which rates and approves the instruments Chile’s pension funds – who are among Latin America’s biggest international investors – are able to invest in.

The new strategies include a few big names such as Legg Mason, Julius Baer and Credit Suisse and include three equity funds, four bond strategies and two convertibles.

Below is the list of approved mutual funds and their respective managers:

Fund name

Managers

Credit Suisse (Lux) Corporate Short Duration Bond Fund (Euro and USD hedged available)

Romeo Sakac

Edmond de Rothschild Fund-Emerging Bonds

Jean-Jacques Durand (Citywire + rated)

Edmond de Rothschild Europe Convertible

Laurent Le Grin

Edmond de Rothschild Glob Convertibles

Kris Deblander

Investec Emerging Markets Local Currency Dynamic Debt Fund

Peter Eerdmans, Werner Gey van Pittius

Julius Baer EF Emerging Equity Fund

Tim Love

Lazard European Smaller Companies Fund

Edward Rosenfeld (Citywire AA-rated)

Legg Mason ClearBridge US Large Cap Growth Fund

Peter Bourbeau (Citywire + rated) Margaret Vitrano (Citywire + rated)

There were also five iShares ETFs added to the list of approved funds:

iShares Inc. - iShares Currency Hedged MSCI Emerging Markets ETF

iShares plc - iShares MSCI Japan USD Hedged UCITS ETF

iShares Trust - iShares Currency Hedged MSCI EAFE ETF

iShares Trust - iShares Currency Hedged MSCI Eurozone ETF

iShares VII plc - iShares MSCI EMU UCITS ETF

Under the regulator’s rules, funds must have a minimum of $100 million in assets to be approved for investment by pension funds. The following four funds have recently been struck off for falling below the limit.

Fund name

Manager

BlackRock Global Funds Renminbi Bond Fund

Suanjin Tan (Citywire A-rated)

BNY Mellon Emerging Markets Debt Fund

N/A

SPDR S&P BRIC 40 ETF

N/A

WisdomTree Chinese Yuan Strategy Fund

N/A

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Peter Eerdmans
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58/111 in Bonds - Emerging Markets Global Local Currency (Performance over 3 years) Average Total Return: -0.86%
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Laurent Le Grin
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60/72 in Bonds - Convertibles Europe (Performance over 3 years) Average Total Return: 1.28%
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20/72 in Bonds - Convertibles Europe (Performance over 3 years) Average Total Return: 7.21%
Peter Bourbeau
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19/421 in Equity - US (Performance over 3 years) Average Total Return: 40.68%
Margaret Vitrano
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20/421 in Equity - US (Performance over 3 years) Average Total Return: 40.68%
Tim Love
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68/492 in Equity - Global Emerging Markets (Performance over 1 year) Average Total Return: 26.15%
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