Bob Doll isn't easing his way back into the mutual fund business. The former
BlackRock Inc. market strategist and frequent financial TV contributor has launched nine, yes, nine, new U.S. large-cap mutual funds with Nuveen Asset Management LLC.
The funds range from the traditional strategies — core, growth and value — to niches like concentrated, dividend-focused and stable growth. As if that weren't enough, the new offerings also include a few alternative strategies, including long/short equity, 130/30 and market neutral.
All of the funds will be piloted by Mr. Doll, who will use the same quantitative and fundamentally driven investment process to manage each of them. The stocks that the screen turns up will be tailored to each individual fund.
“U.S. large-cap is a very big and complicated category,” Mr. Doll said. “We're offering nine different ways to consume it. There's a product for everybody.”
Mr. Doll joined Nuveen, a company best known for municipal bond funds, as chief equity strategist less than six months after announcing his retirement at BlackRock.
While at
BlackRock he managed three U.S. large-cap equity funds: The
BlackRock Large Cap Value Fund (MDLVX), the
BlackRock Large Cap Growth Fund (MDLHX) and the
BlackRock Large Cap Core Fund (MDLRX). Each finished in the bottom quartile of large-cap funds over the final three years of Mr. Doll's run, according to Morningstar Inc.
The funds did fare better over the 10-year period ended in June 2012, when Mr. Doll stepped down. The large-cap value and growth funds both finished in the top half of their respective categories over the period and the large-cap core fund finished better than 47% of large-cap funds.
“We added 150 to 300 basis points a year, on average, for 13 years, with some chinks in the armor along the way,” Mr. Doll said.
Even with the market already up around 16% year-to-date, Mr. Doll sees the second half of the year posting another positive total return, albeit not one to match the first half of the year. “The second half will be positive, but not as positive,” he said. “And it will be bumpier.”
