Saturna Capital, investment adviser to the Amana Mutual Funds Trust, has launched lower-cost institutional shares for the no-load Amana Income, Amana Growth, and Amana Developing World Funds.
The Amana Funds follow a conservative, tax-efficient, value investment style. They are managed by Nicholas Kaiser, nominee to Morningstar's Ultimate Stock Pickers list for the past four years, and deputy portfolio manager Scott Klimo.
The new shares are traded under the following names and ticker symbols: Amana Income Fund Institutional (AMINX), Amana Growth Fund Institutional (AMIGX), and Amana Developing World Fund Institutional (AMIDX). Existing shares of the Amana Income, Amana Growth, and Amana Developing World are now designated as Investor shares, traded under the original tickers of AMANX, AMAGX, and AMDWX, respectively.
"We created the new Amana shares to offer our larger investors a more cost-effective way to invest in them. The institutional shares deepen our offerings for institutional investors and retirement plans," says Jane Carten, Saturna's president and CEO. "Retirement plans favour institutional share classes on their investment menus in response to government policies aimed at lowering fees for retirement plans. Many advisory firms also prefer funds with lower expenses in their model portfolios and managed accounts.”
Craig Churman, vice president of product development at Saturna, says: "The funds have long been an appealing choice for conservative, long-term investors who now have the ability to take advantage of lower fees that meet more stringent fiduciary requirements. The new, lower-cost shares should appeal to fee-only advisers, retirement plans, trust companies, endowments, and 401(k) plans."
