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Wednesday, February 05, 2003|
Metzler/Payden Opens Five European Equity Funds
Metzler/Payden is launching five new European mutual funds. The Metzler/Payden European Emerging Markets Fund, Metzler/Payden European Quant Equity Fund, Metzler/Payden Euroland Blue Chip Fund, Metzler/Payden European Growth Fund and the Metzler/Payden International Equities Fund are now available to U.S. investors.
Soeren Rytoft, senior vice president of Metzler/Payden, notes that "European stocks have been undervalued relative to U.S. stocks for the last 18 months or so, and there are telling signs that an economic recovery is under way. Europe is one third of the world in terms of population and should be part of every well-diversified investment portfolio."
Also, he noted that the European Central Bank may lower rates one more time, while the Euro likely will continue to gain on the dollar into the near future. Rytoft sees an upper band at around 115 dollar to the Euro. Both dynamics would be reelatively bullish for U.S. investors of Euro stocks.
As part of Metzler/Payden's expansion, Rytoft has relocated to the firm's U.S. headquarters in Los Angeles from Metzler Bank's base in Frankfurt. He advises U.S. clients on separate account and mutual fund strategies.
Metzler/Payden is a joint venture of Payden & Rygel, an independent U.S. investment manager, and Metzler Bank, a European investment manager. Like all Payden & Rygel funds, the new Metzler/Payden funds have no loads and low expense ratios. The minimum investment to open an account is set at $5,000.
The European Emerging Markets Fund invests in Eastern European countries that are positioned to benefit from the expansion of Euroland and Euro currency. The European Quant Equity Fund utilizes a computer model based on quantitative data from the pool of the largest 500-700 stocks in Europe. The European Growth Fund, an all-cap fund, focuses on the region and has an overweight in small- and mid-cap stocks.
The Euroland Blue Chip Fund is equivalent to a Dow Jones Industrial Average Index fund. It is designed for investors who seek to invest in Europe without the volatility of an emerging market or growth fund. The International Equities Fund invests in Europe and Asia. Metzler Bank and Payden & Rygel are jointly managing the fund.
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