August 2016 IssueLong scroll reading

Manager changes, July 2016

By Chip

Wow. Barely three dozen managers were subjected to the walk of shame (or, perhaps, the happy dance out the door) this month. There were two high profile changes.

Rob Taylor is retiring from management of Oakmark Global and Oakmark International, both of which are reopening to new investors. David Herro is being added as co-manager of the former and becomes sole manager of the latter. Since Mr. Herro is already managing $20 billion, the additional assignments either suggest that Oakmark is running out of talent or that Mr. Herro is feeling a bit megalomaniacal.

At we noted above, for reasons unexplained, Kumar Palghat has left Janus Unconstrained Global Bond (JUCAX) after one year.

In iconic changes, as we note below, West Shore is out at West Shore and Burnham is out at Burnham. 

Because bond fund managers, traditionally, had made relatively modest impacts of their funds’ absolute returns, Manager Changes typically highlights changes in equity and hybrid funds.

Ticker Fund Out with the old In with the new Dt
AZBAX AllianzGI Small-Cap Blend Fund John McCraw is no longer listed as a portfolio manager for the fund. Stephen Lyford joins Kunal Ghosh, Robert Marren and Mark Roemer on the management. 7/16
ELSAX Altegris Equity Long Short Fund Convector Capital Management will no longer serve as a subadvisor to the fund, and Emmanuel Ferreira will be removed as a portfolio manager. Kelly Wiesbrock, Richard Chilton, Eric Bundonis, Edgardo Goldaracena, and Jay Abramson will continue to manage the fund. 7/16
TLSVX AMG Trilogy International Small Cap Fund David Runkle is no longer listed as a portfolio manager for the fund. Gregory Gigliotti, Jessica Reuss and William Sterling will continue to manage the fund. 7/16
EFEAX Ashmore Emerging Markets Frontier Equity Fund Alejandro Garza is no longer listed as a portfolio manager for the fund. Felicia Morrow, Bryan D’Aguiar and Andrew Brudenell will continue to manage the fund. 7/16
ESSAX Ashmore Emerging Markets Small-Cap Equity Fund Alejandro Garza is no longer listed as a portfolio manager for the fund. Felicia Morrow will continue to manage the fund. 7/16
EMEAX Ashmore Emerging Markets Value Fund Alejandro Garza is no longer listed as a portfolio manager for the fund. Felicia Morrow will continue to manage the fund. 7/16
BDERX Bradesco Latin American Equity Fund Roberto Sadao, Arai Shinkai and Pedro Angeli Villani are no longer listed as portfolio managers for the fund. Aline de Souza Cardoso and Natalia Kerkis will be the prinicpal portfolio managers. 7/16
CSIEX Calvert Equity Portfolio Richard England will retire on October 31, 2016. Enjoy life, sir! Joseph Hudepohl, Lance Garrison, Jeffrey Miller and Robert Walton will remain on the management team. 7/16
EVCGX Eaton Vance Greater China Growth Fund Stephen Ma is no longer listed as a portfolio manager for the fund. Christopher Darling joins June Lui, lead portfolio manager, in managing the fund. 7/16
ETHSX Eaton Vance Worldwide Health Sciences Fund Sven Borho, Geoffrey Hsu, Richard Klemm, Trevor Polischuk and Samuel Isaly are no longer listed as portfolio managers for the fund. Jason Kritzer and Samantha Pandolfi will manage the fund. 7/16
FMCDX Fidelity Advisor Stock Selector Mid Cap Fund Rayna Lesser Christopher Lin has replaced her as a co-manager, joining Edward Yoon, Samuel Wald, Pierre Sorel, Douglas Simmons, Gordon Scott, Shadman Riaz and Monty Kori. 7/16
FCVSX Fidelity Convertible Securities Fund Thomas Soviero, who is likely being charged with closer attention to his primary fund, Fidelity Leveraged Company Stock Adam Kramer has replaced him as the portfolio manager 7/16
FSLVX Fidelity Stock Selector Large Cap Value Fund No one, but … John Sheehy joins the management team of John Mirshekari, Katherine Buck, Laurie Bertner, Justin Bennett, Stephen Barwikowski and Matthew Friedman. 7/16
FCARX Fiera Capital Diversified Alternatives Fund (formerly Rothschild Larch Lane Alternatives Fund) Rothschild Asset Management Inc.  generally and Ki Akrami, Nicolas de Croisset, and Shakil  Riaz specifically As yet unnamed person or persons from Fiera Capital 7/16
FEBAX First Eagle Global Income Builder Fund Giorgio Caputo will no longer serve as a portfolio manager for the fund. Kimball Brooker joins Robert Hordon, Edward Meigs and Sean Slein on the management team. 7/16
FADVX Frost Value Equity Fund Michael Brell will no longer serve as a portfolio manager for the fund. Craig Leighton, Tom Stringfellow and Tom Bergeron will continue to manage the fund. 7/16
GMAMX Goldman Sachs Multi-Manager Alternatives Fund Effective August 19, 2016, Jason Gottlieb will no longer serve as a portfolio manager for the fund. Ryan Roderick, Betsy Gorton and Kent Clark will continue to manage the fund. 7/16
HSFAX HSBC Frontier Markets Fund No one, but … Christopher Turner is joined by Ramzi Sidani in managing the fund. 7/16
GTSAX Invesco Small Cap Growth Fund Juliet Ellis will no longer manage the fund, but will remain as Chief Investment Officer overseeing Invesco’s U.S. Growth Equity Group. Juan Hartsfield will stup up to become lead portfolio manager and Clay Manley will continue on as assistant portfolio manager. 7/16
SIZAX Invesco Strategic Income Fund Ivan Bakrac will no longer serve as a portfolio manager for the fund. Robert Waldner and Ken Hill will continue to manage the fund. 7/16
IUBAX Invesco Unconstrained Bond Fund Ivan Bakrac will no longer serve as a portfolio manager for the fund. Robert Waldner and Ken Hill will continue to manage the fund. 7/16
JUCAX Janus Global Unconstrained Bond Kumar Palghat is moving on after one year in the same room with Bill Gross William Gross will continue to manage the fund on his own. 7/16
JASOX John Hancock New Opportunities Fund Juliet Ellis will no longer serve as a portfolio manager of the fund. Juan Hartsfield will become the fund’s lead portfolio manager. David Paddock, Justin Bennitt, Gregory Manley, Joseph Chi, Jed Fogdall, Henry Gray, Joseph Craigen and Daniel Miller will all continue on the management team. 7/16
JHUAX John Hancock U.S. Equity Boston-based subadvisor GMO is out. This happens a lot near the peak of bull markets. Boston-based subadvisor Wellington Managements is in. That’s generally a very safe choice. 7/16
OAKGX Oakmark Global Robert Taylor is retiring on September 30, 2016. David Herro will join Clyde McGregor as comanager of the fund. 7/16
OAKIX Oakmark International Robert Taylor is retiring on September 30, 2016. David Herro will become the sole manager of the fund. 7/16
JPPAX Perkins Global Value Tadd H. Chessen, the second of two co-managers added in 2013. The other 2013 hire left in 2015. George Maglares joins founding manager Gregory Kolb 7/16
JIFAX Perkins International Value Tadd H. Chessen George Maglares joins founding manager Gregory Kolb 7/16
PMHAX PIMCO EqS Long/Short Fund Geoffrey Johnson is no longer listed as a portfolio manager for the fund. John Devir and Benjamin Strom will now manage the fund. 7/16
PQDAX PIMCO Global Dividend Fund Brad Kinkelaar is no longer listed as a portfolio manager for the fund. Marc Seidner will now be running the fund. 7/16
PVIAX PIMCO International Dividend Fund Brad Kinkelaar and Adam Muller are out. Marc Seidner will now be running the fund. 7/16
PVDAX PIMCO U.S. Dividend Fund Brad Kinkelaar and Adam Muller are out. Marc Seidner will now be running the fund, likely a sign of PIMCO’s ongoing retrenchment of their equities operation. 7/16
LRRAX QS Strategic Real Return Fund Y. Wayne Lin is no longer listed as a portfolio manager for the fund. Fredrick Marki joins S. Kenneth Leach, Paul Wynn, Stephen Lanzendorf, Dennis McNamara, Joseph Giroux, Thomas Picciochi, Ellen Tesler and Adam Petryk in managing the fund. 7/16
RMBHX RMB Fund, formerly Burnham Fund BURHX Jon Burnham is out, ending a 41 year run by Burnham pere et fils Todd Griesbach, president of RMB Capital Management , is in. 6/1
SANAX Sandalwood Opportunity Fund Acuity Capital Management will no longer serve as a subadvisor for the fund. Shelton Capital Management will subadvise the fund. Two portfolio managers, David Harris and John Harnisch, previously with Acuity are now with Shelton and will continue to manage the fund. 7/16
SAFAX Seeyond Multi-Asset Allocation Fund Effective immediately, Jonathan Birtwell no longer serves as associate portfolio manager of the fund. Frédéric Babu, Stéphanie Bigou, Didier Jauneaux, Frank Trividic, Simon Aninat and Yufeng Xie remain as portfolio managers of the fund. 7/16
TVOAX Touchstone Small Cap Value Fund Russell Implementation Services subadvised the fund for a short period, while the transition to LMCG Investments, LLC was completed. That transition is now done. R. Todd Vingers will be the portfolio manager of the fund. 7/16
USEMX USAA Emerging Markets Greg Rippel is no longer managing the portion of the Fund subadvised by Brandes Mauricio Abadia, Senior Analyst at Brandes, is going solo. 7/16
USAAX USAA Growth Fund Effective immediately, Eric Strange is no longer a portfolio manager with the fund Aziz Hamzaogullari, Paul Radomski and Michael Schroer remain with the fund. 7/16
VCVLX Vanguard Capital Value Fund Peter Higgins is no longer listed as a portfolio manager for the fund. David Palmer will continue to manage the fund. 7/16
AWSFX West Shore Real Return Fund West Shore will no longer serve as a subadvisor to the fund and Steve Cordasco is no longer listed as a portfolio manager for the fund. Robert Sullivan, of Satuit CM, joins Michael Shamosh in managing the fund. 7/16

 

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About Chip

Cheryl Welsch, MBA (Western Governors). Cofounder, technical director. Chip is the director of information technology for SUNY-Sullivan, where she’s also served as instructor, academic adviser and member of the president’s cabinet. Chip is responsible for making the Observer actually happen; in cooperation with our graphic designer, she also controls how the Observer looks and acts. She also writes our monthly Manager Changes feature and whittles away at the typofest in our drafts.