Vanguard, en mi humilde opinión, la mejor gestora existente, sacará al mercado dos nuevos etf´s de renta fija, uno con visión global y otro de emergentes.
Os adjunto la información que facilita la compañía.
VANGUARD TO FURTHER EXPAND ITS INDEX FUND ROSTER
WITH INTRODUCTION OF TWO INTERNATIONAL BOND FUNDS AND ETFS
VALLEY FORGE, PA, OCTOBER 31, 2011— Vanguard plans to introduce two international bond index funds, which represent the company’s first international fixed income offerings for U.S. investors. Registration statements have been filed with the U.S. Securities and Exchange Commission for the following funds: Vanguard Total International Bond Index Fund and Vanguard Emerging Markets Government Bond Index Fund.
A New “Total” Fund
Vanguard Total International Bond Index Fund will seek to track the investment performance of the Barclays Global Aggregate ex-USD Float Adjusted Index (Hedged). The target benchmark comprises a wide spectrum of more than 7,000 global government, agency, and corporate securities in 57 countries in Asia, Europe, Canada and South America.
“The new Vanguard Total International Bond Index Fund will provide a low-cost way to obtain diversified exposure to one of the world’s largest asset classes,” said Vanguard CEO Bill McNabb.
Mr. McNabb noted that the new broad market offering will complement Vanguard’s other “Total Market” index funds, which cover U.S. stocks, international stocks, and U.S. bonds. Vanguard Total Stock Market Index Fund, Vanguard Total International Stock Index Fund, and Vanguard Total Bond Market Index Fund have aggregate net assets of nearly $300 billion. “These ‘building block’ funds have an enduring appeal to individual investors, retirement plan participants, and financial advisors seeking to assemble balanced, well-diversified portfolios,” said Mr. McNabb.
Currency Hedging to Reduce Risk
The Total International Bond Index Fund will employ currency hedging strategies, entering into various currency transactions to protect against uncertainty in future exchange rates. By hedging currency exposure, the fund’s investment returns are expected to more closely correlate with the underlying performance of international bonds without currency distortions. The majority of international bond funds offered today do not use hedging strategies, according to Lipper, Inc. data.
Exposure to Emerging Markets Bonds
Vanguard Emerging Markets Government Bond Index Fund will seek to track the investment performance of the Barclays Emerging Markets Sovereign Index (USD). The target benchmark features approximately 200 government bonds in 39 countries. By investing solely in U.S. dollar denominated international bonds, the fund will not subject U.S.-based investors to currency risk.
The Emerging Markets Government Bond Index Fund will offer exposure to a sizable and growing portion of the international fixed income universe. Emerging markets government bonds feature different risk-return characteristics than the aggregate international fixed income market, affording another diversification opportunity.
Vanguard expects to offer both conventional shares (Investor, Admiral, and Institutional) and ETF Shares of the new funds, with estimated expense ratios ranging from 0.30% to 0.50% (as shown in the accompanying table). To help offset the transaction costs associated with international bonds, the Total International Bond Index Fund and the Emerging Markets Government Bond Index Fund will assess purchase fees of 0.25% and 0.75%, respectively, on the conventional shares.
Experienced Index Management Team
The new funds will be managed by the Vanguard Fixed Income Group, which is one of the world’s largest fixed income managers and oversees $600 billion in domestic and international fixed income assets. The group has managed global bond funds for the European markets since 2000, including Vanguard® Global Bond Index Fund and more than ten others. Gregory Davis, CFA, and Yan Pu, CFA®, will jointly manage the new funds. Mr. Davis, a principal in Vanguard’s Fixed Income Group and head of the Bond Index Group, has managed investments for Vanguard since 2000. Ms. Pu joined Vanguard in 2004 and has more than ten years of investment management experience.
Vanguard has offered an international stock fund since 1983 and international stock index funds since 1990. The firm introduced the first bond index mutual fund in 1986—Vanguard Total Bond Market Index Fund, one of the largest fixed income funds in the industry, with $95 billion in assets.
Vanguard introduced the first index mutual fund for individual investors in 1976 with the launch of the Vanguard 500 Index Fund. The company’s first ETF—Vanguard Total Stock Market ETF (ticker: VTI)—began trading in 2001 and is now one of the largest in the industry, with $17 billion in net assets. Vanguard manages $850 billion in aggregate index fund assets.
Vanguard, headquartered in Valley Forge, Pennsylvania, is one of the world’s largest investment management companies and a leading provider of company-sponsored retirement plan services. Vanguard manages approximately $1.55 trillion in U.S. mutual fund assets, and offers more than 170 funds to U.S. investors and more than 60 additional funds in non-U.S. markets.