Thu, 10/07/2014 - 06:01
Covestor, an online investment management company, has launched the exchange traded fund-based Covestor Core Portfolios, in response to increasing demand for low-cost, passively managed investment products.
"Covestor's mission is to provide the widest breadth of portfolio choices at the lowest possible cost to help investors meet their financial goals," says Covestor CEO Asheesh Advani. "For less than the cost of one Starbucks grande latte a month, investors can now own diversified, buy-and-hold portfolios from Covestor."
The Covestor Core Portfolios add very low-cost, passively-managed solutions for the "core" part of investors' portfolios to the company's extensive selection of more than 100 actively managed "satellite" portfolios.
"Covestor Core Portfolios are a perfect complement to our satellite strategies," says Sanjoy Ghosh, the company's chief investment officer. "By creating these new products, we now offer both actively and passively managed portfolios."
The three new portfolios invest in ETFs selected with the guidance of Covestor's investment management team. The diversified portfolios will rebalance periodically.
Covestor Core Portfolios introduced this week are:
Covestor Core Moderate Portfolio - 40 per cent equities, 60 per cent bonds
Covestor Core Balanced Portfolio - 60 per cent equities, 40 per cent bonds
Covestor Core Growth Portfolio - 80 per cent equities, 20 per cent bonds
Within each Covestor Core Portfolio, ETFs representing asset classes are selected based on quantitative factors, including growth potential, income, stability, inflation hedging, and diversification of risk.
"We carefully pick the ETFs in each portfolio because they cover a wide range of economic situations and also have low fees," says Ghosh.
Covestor's no management fee portfolios have a USD10,000 minimum per portfolio.
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