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Rating:A New Hancock Fund Lures $1 Million a Day Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, August 25, 2009

A New Hancock Fund Lures $1 Million a Day

by: Armie Margaret Lee

Less than a month after it hit the market, John Hancock's Technical Opportunities Fund, has already become one of the Boston fund firm's top sellers. The Wellington Management-subadvised fund has been attracting about $1 million a day, making it one of Hancock's 10 most popular funds, Keith Harstein, president and CEO of John Hancock Mutual Funds, told Bloomberg last week.

Rolled out on August 3, the fund follows a bottom-up technical approach but can also invest up to 100 percent of fund assets in cash.

"One of the questions posed to us by advisers most often since the market turmoil began two years ago has been 'why can't portfolio managers go to cash?' during a period of extreme volatility," Hartstein said in a news release on Monday.

The fund is the only other fund aside from the Huntington Technical Opportunities Fund to utlize techinical analysis solely, according to Bloomberg. The management team makes use of signals including crossing moving averages, price gaps and volume changes, as well as declining/increasing relative strength in picking stocks.

A three-person team led by Frank Teixeira, director of technical portfolio analysis and equity portfolio manager at Wellington, run the fund.

For Wellington, the sub-advisory mandate represents another opportunity to deepen relationships with other firms besides Vanguard.

The relationship between Wellington and Hancock dates back to 1991. Wellington manages $4 billion in Hancock mutual funds and other products, according to company spokesperson Beth McGoldrick. Wellington has a total of nine subadvisory assignments from Hancock.  

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