Updates
The Renaissance at Matthews Asia continues. After a period of considerable disarray, one of the firm’s founders, Mark Headley, returned from retirement to become CEO. On February 13, 2026, the firm announced that founders G. Paul Matthews, who founded the firm in 1991, and Mark Headley will acquire a controlling ownership interest in the firm. The buyback isn’t just a financial transaction; It’s a statement that the firm believes its problems were governance-related rather than market-related (the “Asia is dead” thesis). Winnie Chwang, Michael J. Oh, CFA, and Inbok Song “ceased to be” managers of three Matthews funds. Tiffany Hsiao’s profile and responsibilities were increased. CEO Mark Headley resumed work as a manager of the Pacific Tiger fund and ETF. Kathy Xu is joining Matthews from APG Asset Management, a Dutch firm with nearly 700 million Euros under management, to co-manage Pacific Tiger with him.
Briefly Noted . . .
AQR funds are reorganizing four of its funds into other existing funds: AQR Large Cap Momentum Style fund into the AQR Large Cap Multi-Style fund; AQR Small Cap Momentum Style fund into the AQR Small Cap Multi-Style fund; and AQR International Defensive Style fund and the AQR International Momentum Style fund into the AQR International Multi-Style Fund. Each reorganization is expected to close during the second calendar quarter of 2026.
Launches and Reorganizations
BlackRock has filed to offer the iShares Flexible Equity Active ETF, a global long/short all-cap equity fund. The portfolio relies heavily on quantitative models and artificial intelligence to dictate much of its shape, a reliance BlackRock explicitly flags as a principal risk. About the only meaningful restriction on the managers’ freedom is that the fund will always maintain a positive net exposure to equities (in effect, avoiding a net-short position). There’s also a provision allowing for currency hedging and real asset exposure.
The managers will be Rick Rieder (lead manager at the three-star BlackRock Strategic Income Opportunities Fund), Randy Berkowitz, CFA (first manager on a series of three-star “Active” ETFs for BlackRock), and Russ Koesterich, CFA, JD (lead manager at the four-star BlackRock Global Allocation Fund).
Bridgeway Funds is reorganizing three of its mutual funds, Small Cap Value, Aggressive Investors 1, and Ultra Small Company Market funds into the following exchange traded funds: Bridgeway Select Small-Cap Value, Aggressive Investors, and Ultra-Small Company Market ETFs, respectively. If approved by the shareholders of the target funds, the reorganization is expected to take effect during the third quarter of 2026.
Pending board approval, Cohen & Steers Future of Energy Fund is being reorganized as an ETF. The conversion is currently expected to occur during the second or third quarter of 2026.
Ritholtz Wealth has registered to offer the Goaltender ETF (GTND). It’s a “trend-following strategy” whose portfolio can shift once a month. Using a fairly simple metric, the fund becomes more or less aggressive with each month’s market action. The firm has run the same discipline in an asset-allocation strategy; we can find no public record of the strategy’s performance. The strategy is designed to complement a core equity holding and is a tool for managing investor (bad) behavior during market extremes.
Sterling Capital Short Duration Bond and Ultra Short Bond funds are being reorganized into the Sterling Capital Short Duration Bond ETF and Sterling Capital Ultra Short Bond ETF, respectively. Each reorganization is expected to occur on March 30. Shareholders of the mutual funds are not required to approve the reorganization.
Small Wins for Investors
Allspring Special Small Cap Value Fund is reopening to new investors on or about March 27th. The $3.6 billion fund closed to new investors on November 14, 2018, and has seen net outflows pretty much monthly since COVID. Below-average return and risk over the past five years, low turnover, high active share, quality-tilted portfolio, stable management team, and high insider ownership.
Boston Partners Global Investors, Inc. has contractually agreed to lower its investment advisory fee to 1.60% of the Boston Partners Long/Short Equity fund’s average daily net assets for the. Prior to March 1, 2026, the Fund’s investment advisory fee was 2.25%. The Adviser has also agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual fund operating expenses (excluding short sale dividend expenses, brokerage commissions, extraordinary items, interest, or taxes) to 1.70% or 1.95% of the average daily net assets attributable to the fund’s Institutional class shares or Investor class shares, respectively.
Vanguard has lowered expense ratios for 84 mutual fund and exchange-traded share classes across 53 funds, amounting to nearly $250 million in fee reductions in 2026. Vanguard’s product lineup across all asset classes and styles now has an average expense ratio of 0.06%. The expense reductions were effective immediately.
Old Wine, New Bottles
Effective on or after May 12, 2026, the AQR Global Equity Fund will be renamed AQR Global Fund.
Effective on or about April 28, 2026, BlackRock Diversified Equity Fund will be renamed BlackRock Diversified Equity Alpha Fund. Because “Alpha” is, you know, manly.
Effective April 13, 2026, Eaton Vance Greater India Fund will change its name to Eaton Vance India Fund, which, I suppose, is more euphonious than Eaton Vance Lesser India Fund.
Effective March 1, 2026, the Harbor Convertible Securities Fund was renamed Harbor Ares Systematic Convertible Securities Fund. The change reflects a renaming of the fund’s sub-advisor. On the same day, Harbor Scientific Alpha High-Yield ETF was renamed Harbor Ares Systematic High Yield ETF, and Harbor Scientific Alpha Income ETF became Harbor Ares Systematic Multi-Sector Income ETF.
Effective on or about March 4, 2026, Janus Henderson Absolute Return Income Opportunities Fund will be renamed Janus Henderson Low Duration Multi-Sector Income Fund.
Effective on February 26, 2026, the LDR Real Estate Value-Opportunity Fund changed to LDR High Income Realty Fund.
Matthews Asia has proposed renaming two of their funds: Matthews China Discovery Active ETF will become Matthews China Innovators Active ETF, and Matthews China Small Companies Fund will become Matthews China Innovators Fund. The latter fund will have the ability to invest across all market capitalizations but will, they aver, continue to focus on smaller companies.
On May 1, 2026, Six Circles Tax Aware Ultra-Short Duration Fund will become Six Circles Tax Aware Intermediate Duration Fund. Its portfolio duration will spike from under one year to something in the 3-8 year range.
The Tema Monopolies and Oligopolies ETF, which has not yet launched, had a change of heart and now hopes to be known as the Tema International Durable Quality ETF.
On or about April 17, 2026, T. Rowe Price International Disciplined Equity Fund will be reorganized into the T. Rowe Price Overseas Stock Fund.
On July 24, 2026, the Voya Balanced Income Portfolio, which is currently available only through “separate accounts of insurance companies serving as investment options under variable contracts or by qualified pension or retirement plans,” will be converted to Voya Balanced Income Fund, whose “A” share class will be available to anyone.
Off to the Dustbin of History
On or about March 31, 2026, iMGP Polen Capital Emerging Markets ex-China Growth ETF will cease operations, liquidate its assets, and prepare to distribute proceeds.
KraneShares Global Luxury Index ETF and KraneShares European Carbon Allowance Strategy ETF are being liquidated on March 13, 2026.
Matthews Asia Growth will be merged into Matthews Asia Innovators Fund on or about May 12, 2026.
Nuveen Sustainable Core ETF turned out to be unsustainable and will be liquidated on April 6, 2026. Nuveen Dividend Growth ETF and the Nuveen Winslow Large-Cap Growth ESG ETF will exit the same day.
Westwood LBRTY Global Equity will be liquidated on or about March 6.
