The open-end mutual fund seeks long-term opportunities in publicly traded companies that could benefit from renewed investment in infrastructure projects in the U.S. and around the globe, according to the announcement. The fund is also positioned to find near-term opportunities created by the U.S. Government’s $787 billion stimulus package.
Warren Spitz, senior portfolio manager at RiverSource Investments and manager of the new fund, noted that unprecedented government spending could immediately impact companies in the energy, materials, and industrials sectors, while direct spending will especially benefit utilities, construction, heavy equipment, and engineering in the near term. According to Spitz, technology service providers, airlines, automakers and manufacturers will benefit indirectly over the long run.
RiverSource Recovery and Infrastructure Fund will invest at least 75% of its assets in U.S. companies, while up to 25% can be invested in international holdings.
More information is available at www.riversource.com.