Short Takes: Strong Capital Adds Two Mutual Funds

Strong Capital Management this week rolled out two new mutual funds in the global high-yield debt and money market areas.

The Strong Step 1 Money Fund will cater specifically to the first-time investor, said a spokeswoman for the Menomonee Falls, Wis., company. Customers who invest at least $1,000 will receive an educational package to guide them through the investment process, she said. The portfolio will be managed by Jay Mueller, who manages two other money market funds for Strong.

The Strong Global High-Yield Bond Fund, meanwhile, will have a 65% weighting in emerging-market debt and 35% in high-yield domestic debt, said the spokeswoman. The fund can also hold up to 10% in defaulted bonds and in certain cases can have a 20% weighting in common stock "for flexibility," she said.

Strong, which was recently rumored as a potential takeover target, has 40 no-load mutual funds with $28 billion of assets under management.