We wrote last month about the plan to convert Akre Focus Fund into an ETF (“Enduring Principles, Evolving Markets,” 8/2025), a move that would benefit shareholders by increasing interest in the portfolio, reducing expenses, and controlling taxes. That plan encountered a stumbling block: fund shareholders have not bestirred themselves to cast their vote (up or down) on the change proposal. According to the adviser’s rep, only 23% of shares have been voted, which requires an expensive second round of solicitations in hopes of reaching the 50.1% threshold.

If you are an Akre shareholder, vote! You received paper notifications and will see something comparable if you log in to your account. If you’re an RIA and your clients hold Akre shares, encourage them to take two minutes to lower their fees and tax bill.

This is, by the way, a common problem for advisers and explains the increasingly common practice of writing prospectuses that exclude the necessity of shareholder action.

Launches and conversions

The Aberdeen Group has announced plans to convert abrdn International Small Cap Fund to abrdn International Small Cap Active ETF (ASCI) and abrdn Intermediate Municipal Income Fund into abrdn Ultra Short Municipal Income Active ETF (AMUN). Tax-free, lower fees, all the usual stuff. Fans continue to hope that the firm will save enough money to be able to buy an “e”.

Baron Capital has filed registration filings for its first exchange-traded funds:

• Baron First Principles (non-diversified, leveraged high-quality US growth companies)
• Baron Global Durable Advantage (global growth through their growth s-curves; i.e., the initial phase of slow progress, a rapid growth phase, and finally, a plateau where growth slows down)
• SMID Cap ETF (small- to mid-cap growth companies, no mention of concentration or domicile).

In addition, Baron Fin Tech ($70 million AUM, three-star, low risk, below-average return, per Morningstar) and Technology (five-star, $100 million AUM, high return, above-average risk) funds are being converted into ETFs. Annual fees have not been stated at this time. The reorganizations are expected to be completed on or about December 12.

T. Rowe Price has filed its registration statement for the following ETFs:

• Active Core International Equity ETF;
• Active Core U.S. Equity ETF;
• Emerging Markets Equity Research ETF;
• High Income Municipal ETF;
• Innovation Leaders ETF;
• Long Municipal Income ETF;
• Multi-Sector Income ETF; and
• Short Municipal Income ETF.

The ETFs will be co-managed by numerous T. Rowe Price investment advisors; expenses have not been stated as of this writing.

Vanguard has registered three active fundamental stock exchange-traded funds. Vanguard Wellington Dividend Growth Active ETF (VDIG), Vanguard Wellington U.S. Growth Active ETF (VUSG), and Vanguard Wellington U.S. Value Active ETF (VUSV) are in registration. The expense ratios for VDIG, VUSG, and VUSV will be .40%, .35% and .30%, respectively.  VUSV will be managed by David Palmer, who manages the Vanguard Windsor fund; VUSG will be managed by Michael Masdea and Brian Barbetta, both of whom manage the Vanguard Global Equity fund; and VDIG will be managed by Peter Fisher, who manages the Vanguard Dividend Growth fund.

Oakmark has submitted an initial registration statement for three ETFs: Oakmark International Large Cap, Oakmark Global Large Cap, and Oakmark U.S. Concentrated ETFs.  Expenses have not been stated for any of the ETFs at this time. 

Anthony P. Coniaris, CFA, David G. Herro, CFA, and Eric Liu, CFA, will be the portfolio managers of the Oakmark International Large Cap ETF.  Anthony P. Coniaris, CFA, David G. Herro, CFA, M. Colin Hudson, CFA, Eric Liu, CFA, and John A. Sitarz, CFA, CPA, will be the portfolio managers of the Oakmark Global Large Cap ETF.  Robert F. Bierig and Alexander E. Fitch, CFA, will be the portfolio managers of Oakmark U.S. Concentrated ETF.

Small Wins for Investors

The Carillon Chartwell Small Cap fund will not be merged into the Carillon Chartwell Small Cap Growth fund. No reason was stated for the change of heart.

T. Rowe Price Small-Cap Stock Fund and its institutional sibling are opening to new investors on September 30th for investors who invest directly with T. Rowe Price. The fund was closed to new investors on January 2, 2014, due to its assets surpassing $10 billion under management. The fund was previously closed in 2004, only to reopen in 2009 with significant asset gathering over the years.

Closings (and related inconveniences)

Brown Advisory – WMC Strategic European Equity fund closed to new investors on August 8th.

Old Wines in New Bottles

Effective on or about October 13, 2025, Amplify High Income ETF will change to the Amplify CEF High Income ETF.

On October 14, 2025, the BlackRock Liquid Federal Trust Fund becomes the BlackRock Select Treasury Based Liquidity Fund. The new fund will narrow its strategy to invest 100% in U.S. Treasury instruments with maturities of three months or less and overnight repos.

Pending shareholder approval, DoubleLine Floating Rate will be merged with and into the American Beacon DoubleLine Floating Rate Income Fund sometime in Q4, 2025. Odd, on face. The DoubleLine version is both larger and has a substantially stronger three-year record.

Effective October 1, 2025, five Russell ETFs will drop the word “Active” from their names. There are the U.S. Small Cap Equity Active ETF, International Developed Equity Active, Global Equity Active ETF, Emerging Markets Equity Active ETF, and Global Infrastructure Active ETF. There’s nothing in the filing to suggest that the ETFs will become less active, just that they won’t own the term anymore.  Odd.

Pending shareholder approval (vote, people, vote!), the two STF funds will soon become Hennessy funds. STF Tactical Growth & Income ETF would become a shareholder of the Hennessy Tactical Growth and Income ETF, and the shareholders of the STF Tactical Growth ETF would become shareholders of the Hennessy Tactical Growth ETF. Which requires that the aforementioned shareholders get off their duffs and vote their proxy.

Off to the Dustbin

Anchor Risk Managed Global Strategies fund will be liquidated on or about August 28th.

BNY Mellon Dynamic Total Return fund will be liquidated on or about October 24th.

Calamos Dividend Growth fund is being reorganized into the Calamos Growth and Income fund on or about August 29th.

The Federated Hermes Short-Term Government Fund will be closed to new accounts on October 1st (why not now, do you suppose?) and will be liquidated on October 4, 2025.

Issachar Fund (founder on one of the 12 tribes of Israel, the name translates to “there is a reward,” check below for details) will cease operations on or about September 29, 2025. Kind of a cool lion’s head logo (the manager is named Lyons) paired with a 3.5% expense ratio, 1500% turnover ratio, a 75% cash stake, and 1.7% APR over 10 years.

JPMorgan Climate Change Solutions ETF will be liquidated on or about October 10th.

Jackson Square has proposed merging its Jackson Square Large-Cap Growth Fund and Jackson Square SMID-Cap Growth Fund with and into the $1 billion Spyglass Growth Fund, notwithstanding the fact that Spyglass doesn’t invest in small- to mid-cap stocks. Spyglass is concentrated, socially conscious, and led by a former Edgewood Growth manager. Nice people.

Southern Asset Management is merging its Longleaf International fund into its Longleaf Global fund.  A shareholder vote will occur; if the reorganization is approved, it will occur before or during December 2025.

Mirova International Megatrends fund was liquidated on August 19th.

NexPoint Climate Tech Fund has closed to new investors and will be liquidated on or about Sept 2, 2025

Vontobel Global Environmental Change fund was liquidated on or about August 29th.

WPG Partners Select Hedged fund will be liquidated on or about August 28th.