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MassMutual modifies its Nasdaq-100 Fund to be actively managed
By Toni Weeks
San Diego, Dec. 22 - The board of trustees of the MassMutual Select Nasdaq-100 Fund has approved a proposal by the fund's investment adviser, Massachusetts Mutual Life Insurance Co., for the fund to become actively managed.
Accordingly, the fund's name, investment objective and policies will be changed on Feb. 22. The new name will be the MassMutual Select Fundamental Growth Fund.
The fund, which is currently passively managed, will get a new subadviser, who will actively select investments for the fund in an attempt to not only match but also to potentially outperform the fund's benchmark index, the Nasdaq-100 index.
The fund's investment objective will now be to seek the long-term growth of capital. Previously the objective was to approximate as closely as practicable the total return of the Nasdaq-100 index.
The fund intends to invest primarily in domestic equity securities that the fund's subadviser, Northern Trust Investment, Inc., believes offers potential for long-term growth. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stock, rights and warrants of issuers of any size. Most assets will be invested in securities of U.S. companies, but the fund may also invest up to 20% of its total assets in foreign securities and American Depositary Receipts, including emerging market securities. It can also hold a portion of its assets in cash or cash equivalents.
Previously, the fund invested, under normal circumstances, at least 80% of its net assets in the equity securities of companies included in its benchmark index.
MassMutual is a provider of life, disability income and long-term care insurance as well as retirement plans and is based in Springfield, Mass.
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