Evolve launches actively managed ETFs managed by Nuveen

Rudy Luukko 16 October, 2017 | 5:00PM

Evolve Active U.S. Core Equity, one of three new exchange-traded funds launched today by Evolve Funds Group Inc., will be managed by a Nuveen Asset Management team led by Bob Doll, the U.S. firm's chief equity strategist.

The ETF will invest primarily in stocks that are constituents of the Russell 1000 index of U.S. large-cap stocks. Stock selection will be based on security rankings provided by multi-factor quantitative models and on fundamental analysis of the securities. In addition, Doll and his team will use risk-management techniques to establish constraints on the amounts invested in individual securities and sectors.

The ETF's investment process is similar to that of the US$409-million Nuveen Large-Cap Value, a U.S.-domiciled mutual fund that Doll has led since joining Nuveen in June 2013. In the current Morningstar analyst report on the U.S. fund, analyst Linda Abu Mushrefova says Doll used the same approach at his previous employer, BlackRock, where his fund had above-average returns in the U.S. large-value category. "A few concerning aspects of the model, such as no ability to shift toward cash and inflexibility surrounding its sell discipline, lead to a process rating of Neutral," Mushrefova wrote in her May 5 report.

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About Author

Rudy Luukko

Rudy Luukko  Rudy Luukko is a freelance writer who contributes to Morningstar.ca on topics involving fund industry trends and regulatory issues. He retired in May 2018 from his position as editor, investment and personal finance, at Morningstar Canada, where he had worked since 2004. He has also worked as an editor and writer for various general, specialty and institutional media, and he has co-authored courses for the Canadian Securities Institute. Follow Rudy on Twitter: @RudyLuukko.

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