Dreyfus Launches Two Fund of Funds
September 29 2009 - 9:48AM
PR Newswire (US)
Satellite Alpha Invests in Non-Traditional Assets Diversified
Global Invests in Equities Issued by U.S. and Foreign Companies NEW
YORK, Sept. 29 /PRNewswire-FirstCall/ -- The Dreyfus Corporation,
part of BNY Mellon Asset Management, today announced the
introduction of two new fund of funds. Dreyfus Satellite Alpha Fund
seeks long-term capital appreciation by allocating its assets to
Dreyfus-advised mutual funds that invest in non-traditional asset
classes, including commodities, currencies and real estate. Dreyfus
Diversified Global Fund seeks long-term capital appreciation by
allocating its assets to Dreyfus-advised mutual funds that invest
primarily in equities issued by U.S. and foreign companies. Dreyfus
Satellite Alpha "Many individual investors are seeking a
professionally managed solution that enables them to invest in
non-traditional asset classes that have low correlations to
traditional asset classes, especially in the wake of the recent
financial crisis," said Phil Maisano, Vice Chairman and Chief
Investment Officer for Dreyfus and Chief Investment Strategist for
BNY Mellon Asset Management. "Dreyfus Satellite Alpha has been
constructed within a 1940-Act platform to provide exposure to
non-traditional asset classes such as commodities, currencies and
real estate in addition to inflation-protected securities and
global stocks and bonds." Dreyfus Satellite Alpha Fund seeks
long-term capital appreciation by allocating its assets among other
Dreyfus-advised mutual funds that provide exposure to alternative
or non-traditional (i.e., satellite) asset categories or investment
strategies. The fund's portfolio managers seek to deliver "alpha"
by investing in satellite asset categories and investment
strategies which generally have a lower correlation with the broad
U.S. stock and bond markets. The underlying funds are selected by
the Dreyfus Investment Committee based on their investment
objectives and management policies, portfolio holdings, risk/reward
profiles, historical performance, and other factors, including the
correlation and covariance among the underlying funds. Underlying
Funds and BNY Mellon Asset Management multi-boutique managers
include: Dreyfus Global Absolute Return managed by Mellon Capital
Management Corporation; Dreyfus Inflation Adjusted Securities
managed by Standish investment professionals; Dreyfus International
Bond managed by Standish investment professionals; Dreyfus Global
Real Estate Securities managed by Urdang Securities Management,
Inc. ; Dreyfus Natural Resources managed by The Boston Company
Asset Management investment professionals; Dreyfus Emerging Markets
Debt Local Currency managed by Standish investment professionals
and Emerging Markets Opportunity managed by Blackfriars Asset
Management. Dreyfus Diversified Global Fund "Dreyfus Diversified
Global fund is distinctive among global funds; the underlying funds
are managed by an array of BNY Mellon Asset Management affiliates
with different points of view and investment philosophies which
differentiate this fund from other global funds that only deliver a
single viewpoint," Maisano said. The Dreyfus Diversified Global
fund seeks long-term capital appreciation by allocating its assets
among other mutual funds advised by The Dreyfus Corporation that
invest primarily in equity securities issued by U.S. and foreign
companies. The fund is designed to provide diversification by
investing the majority of its assets in underlying funds that
provide exposure to multiple global strategies. The underlying
funds are selected by the Dreyfus Investment Committee based on
their investment objectives and management policies, portfolio
holdings, risk/reward profiles, historical performance, and other
factors, including the correlation and covariance among the
underlying funds. Dreyfus seeks to diversify the fund's investments
by including underlying funds that have global portfolios that
focus on, but are not limited to, growth, equity income, core, real
estate, sustainability and tactical asset allocation. The Dreyfus
Investment Committee determines the underlying funds and sets the
target allocations. Underlying Funds and BNY Mellon Asset
Management multi-boutique managers include: Dreyfus Global Equity
Income managed by Newton Capital Management Limited; Global Alpha
managed by Mellon Capital Management Corporation; Global Stock
managed by Walter Scott & Partners Limited; Dreyfus Global
Sustainability managed by Mellon Capital Management Corporation and
Dreyfus Global Real Estate Securities managed by Urdang Securities
Management, Inc. Another underlying fund, Dreyfus Worldwide Growth,
is managed by Fayez Sarofim & Co. Notes to Editors: The Dreyfus
Corporation, established in 1951 and headquartered in New York
City, is one of the nation's leading asset management and
distribution companies, currently managing more than $400 billion
in mutual funds and separately managed accounts. BNY Mellon Asset
Management is the umbrella organization for BNY Mellon's affiliated
investment management firms and global distribution companies.
Fayez Sarofim & Co. is not a BNY Mellon company. BNY Mellon is
the corporate brand of The Bank of New York Mellon Corporation. BNY
Mellon is a global financial services company focused on helping
clients manage and service their financial assets, operating in 34
countries and serving more than 100 markets. The company is a
leading provider of financial services for institutions,
corporations and high-net-worth individuals, providing superior
asset management and wealth management, asset servicing, issuer
services, clearing services and treasury services through a
worldwide client-focused team. It has $20.7 trillion in assets
under custody and administration, $926 billion in assets under
management, services $11.8 trillion in outstanding debt, and
processes global payments averaging $1.8 trillion per day.
Additional information is available at bnymellon.com. Investors
should consider the fees, charges, expenses and risks associated
with an investment in these funds. Investors should contact their
financial advisors or call 1-800-334-6899 or 1-800-346-8893 to
obtain a prospectus, which contains this and other information
about the funds, and should read the prospectus carefully before
investing. Equity funds are subject generally to market, market
sector, market liquidity, issuer and investment style risks, among
other factors, to varying degrees, all of which are more fully
described in the fund's prospectus. Bond funds are subject
generally to interest rate, credit, liquidity and market risks to
varying degrees. Generally, all other things being equal, bond
prices and interest rate changes are inversely related and a rise
in rates will cause bond prices to decline. Investing
internationally involves special risks, including changes in
currency exchange rates, political, economic and social
instability, a lack of comprehensive company information, differing
auditing and legal standards and less market liquidity. These risks
generally are greater with emerging markets countries than with
more economically and politically established foreign countries.
Dreyfus Satellite Alpha Fund seeks to provide exposure to
alternative or non-traditional (i.e., satellite) asset categories
or investment strategies, so the fund's performance will be linked
to the performance of these more volatile asset categories and
strategies. Accordingly, investors should consider purchasing
shares of the fund only as part of an overall diversified portfolio
and should be willing to assume the risks of potentially
significant fluctuations in the value of fund shares. Dreyfus
Satellite Alpha Funds' share price is likely to be more volatile
than those of other funds that do not concentrate in one or a
limited number of industries or economic sectors. The Funds
concentration in securities of companies in these sectors could
cause the Funds performance to be more volatile than those funds
invested in a broader range of industries. Securities of companies
in these sectors can perform different than the overall market. As
"fund of funds," each Fund pursues its objective by investing in a
combination of other affiliated mutual funds rather than individual
securities, and is subject to the risks associated with each fund's
investment portfolio. Each fund can be expected to allocate its
assets within prescribed ranges from the noted target percentage
(as described in the prospectus). Because each fund has investment
exposure to companies principally engaged in the real estate
sector, the value of the funds' shares will be affected by factors
particular to the real estate sector and may fluctuate more widely
than that of a fund which invests in a broader range of industries.
The securities of issuers that are principally engaged in the real
estate sector may be subject to risks similar to those associated
with the direct ownership of real estate. In addition to the risks
which are linked to the real estate sector in general, REITs are
subject to additional risks. Equity REITs may be affected by
changes in the value of the underlying property owned by the trust,
while mortgage REITs may be affected by the quality of any credit
extended. Interest payments on inflation-indexed bonds can be
unpredictable and will vary as the principal and/or interest is
periodically adjusted based on the rate of inflation. If the index
measuring inflation falls, the interest payable on these securities
will be reduced. Any increase in the principal amount of an
inflation-indexed bond will be considered taxable ordinary income,
even though investors do not receive their principal until
maturity. Blackfriars, Mellon Capital, Newton, Walter Scott and
Urdang serve as sub-advisors to the underlying funds for which
Dreyfus serves as investment advisor. Target percentages and ranges
for the underlying funds are provided in each fund's prospective
prospectus. Standish Mellon Asset Management and The Boston Company
Asset Management investment professionals manage the named
underlying funds under a dual-employee relationship with Dreyfus,
applying their respective proprietary investment processes.
Standish, The Boston Company Asset Management and Dreyfus are
affiliated BNY Mellon Asset Management companies. BNY Mellon Asset
Management is The Bank of New York Mellon Corporation's umbrella
organization for its affiliated investment and brokerage firms. All
information source BNY Mellon Asset Management as of June 30, 2009,
except where noted. This press release is issued by BNY Mellon
Asset Management to members of the financial press and media and
the information contained herein should not be construed as
investment advice. Past performance is not a guide to future
performance. DATASOURCE: Dreyfus; BNY Mellon; BNY Mellon Asset
Management CONTACT: Patrice M. Kozlowski, +1 212-922-6030,
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