Tour de FundsLauren Young
Here's something new and different: Lance Armstrong, the seven-time Tour de France winner and cancer survivor, is teaming up with American Century to roll out a new line of mutual funds that benefit cancer research.
According to the press release, the new LIVESTRONG mutual funds carry the same name as those ubiquitous yellow LIVESTRONG bracelets, which have sparked so many knockoffs. The LIVESTRONG Portfolios are "designed to simplify investing while supporting the (Lance Armstrong Foundation)." American Century will make an annual payment to the foundation based on investments in the LIVESTRONG Portfolios. The portfolios will be available through American Century and investment professionals starting in May 2006.
What's the connection between American Century and Lance? Well, the Stowers family, which founded American Century, has given millions for cancer research, so the idea to use Lance makes sense. It sounds like these will be lifecycle funds, too, but I'll listen in on the press conference and provide more details later on today.