The new additions will join the current Fidelity Freedom Funds and Advisor Freedom Funds (See Fidelity Unveils Lifestyle Fund Offerings ) . These are funds of funds that invest in 13 different Fidelity Advisor Funds and Fidelity Cash Reserves, Fidelity said in a news release.
Of the new funds, four – Freedom 2005, Freedom 2015, Freedom 2025 and Freedom 2035 -are available for purchase through a variety of financial institutions. The other four – Advisor Freedom 2005, Advisor Freedom 2015, Advisor Freedom 2025 and Advisor Freedom 2035 – are available for purchase through a variety of financial institutions.
The new funds are designed to become more conservative as they approach their target dates, utilizing an actively managed, proprietary risk control strategy. Within several years after reaching their target date, each fund will close and merge into Freedom Income Fund or Advisor Freedom Income Fund.
Ren Cheng, who has managed the Freedom Funds since their inception, will manage the new Freedom Fund portfolios, and will co-manage the new Advisor Freedom Fund portfolios with Jonathan Shelon. A nine-year Fidelity veteran, Cheng is portfolio manager of structured investments for the Structured Investment Group within Strategic Advisers, a subsidiary of Fidelity Investments.
« Man Convicted For "Shorting" Longshoreman's