November 2016 IssueLong scroll reading

Manager changes

By Chip

Among the dozens of manager changes this month, one stands out. Greg McCrickard’s long career at a T. Rowe Price manager has drawn to a close, though he’ll remain a while longer as a mentor of the firm’s young analysts.  McCrickard managed T. Rowe Price Small-Cap Stock Fund  OTCFX for 24 years. He’s succeeded by Frank Alonso who became McCrickard’s associate portfolio manager in 2013 and who did a nice job Price US small cap fund that’s only available to foreign investors. In general, Price handles these transitions better than anyone.

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
GDAMX AlphaCore Absolute Fund Gladys Chow and Jerry Miccolis are no longer listed as portfolio managers for the fund. Jonathan Belanger and Richard Pfister will manage the fund. 10/16
ANFLX Angel Oak Flexible Income Fund No one, but . . . Navid Abghari and Johannes Palsson have joined Brad Friedlander, Sam Dunlap, Clayton Triick and Sreeniwas Prabhu on the management team. 10/16
ANGLX Angel Oak Multi-Strategy Income Fund No one, but . . . Navid Abghari and Johannes Palsson have joined Brad Friedlander, Ashish Negandhi, Berkin Kologlu, Sam Dunlap and Sreeniwas Prabhu on the management team. 10/16
AEOAX Ashmore Emerging Markets Equity Opportunities Fund Felicia Morrow is no longer listed as a portfolio manager for the fund. The team of Ricardo Xavier, Herbert Saller, Robin Forrest, Jan Dehn, Mark Coombs and Fernando Assad will now manage the fund. 10/16
BGMAX BMO Mid-Cap Growth Patrick Gundlach and Kenneth Salmon will no longer serve as portfolio managers for the fund. David Corris and Thomas Lettenberger have assumed management of the fund. 10/16
BAMCX BMO Mid-Cap Value Fund Matthew Fahey, Brian Janowski and Gregory Dirkse are no longer listed as portfolio managers for the fund. David Corris and Thomas Lettenberger have assumed management of the fund. 10/16
MSGIX BMO Small-Cap Growth Fund Patrick Gundlach and Kenneth Salmon will no longer serve as portfolio managers for the fund. David Corris and Thomas Lettenberger have assumed management of the fund. 10/16
BACVX BMO Small-Cap Value Matthew Fahey, Brian Janowski and Gregory Dirkse are no longer listed as portfolio managers for the fund. David Corris and Thomas Lettenberger have assumed management of the fund. 10/16
BATCX BMO TCH Core Plus Bond Fund Alan Habacht will retire at the end of the year. William Canida, Scott M. Kimball, Daniela Mardarovici, Frank Reda, and Janelle Woodward will continue to manage the fund. 10/16
BATIX BMO TCH Corporate Income Fund Alan Habacht will retire at the end of the year. William Canida, Scott M. Kimball, Daniela Mardarovici, Frank Reda, and Janelle Woodward will continue to manage the fund. 10/16
BAMEX BMO TCH Emerging Markets Bond Fund Alan Habacht will retire at the end of the year. William Canida, Scott M. Kimball, Daniela Mardarovici, Frank Reda, and Janelle Woodward will continue to manage the fund. 10/16
CGAEX Calvert Global Energy Solutions Fund Colm O’Connor and Treasa Ni Chonghaile are no longer listed as portfolio managers for the fund. The team of Lise Bernhard, Jade Huang, Christopher Madden, Dale Stout and Laurie Webster take over management of the fund. 10/16
CGDAX Credit Suisse Global Sustainable Dividend Equity Fund Adam Steffanus and Michael Valentinas are out. They’ve been replaced by Christian Stauss and Heather Kidde. 10/16
DHDAX Destra Dividend Total Return Fund Miller-Howard Investments will no longer subadvise the fund. John Cusick, Michael Roomberg, John Leslie, Lowell Miller, Bryan Spratt and Roger Young are no longer listed as portfolio managers for the fund. William Garvey, C. Craig O’Neil and Alexander Oxenham will now manage the fund. 10/16
SCGSX Deutsche Capital Growth Fund Thomas Hynes, Owen Fitzpatrick and Brendan O’Neill are no longer listed as portfolio managers for the fund. Sebastion Werner will manage the fund. 10/16
FEAAX Fidelity Advisor Emerging Asia Fund No one, but … John Dance has joined Colin Chickles in managing the fund. 10/16
FAGAX Fidelity Advisor Growth Opportunities Fund Steven Wymer will no longer serve as a portfolio manager for the fund. Kyle Weaver will carry on as sole portfolio manager for the fund. 10/16
FCVSX Fidelity Convertible Securities Fund Thomas Soviero is no longer listed as a portfolio manager for the fund. Adam Kramer will now manage the fund. 10/16
FSEAX Fidelity Emerging Asia Fund No one, but … John Dance has joined Colin Chickles in managing the fund. 10/16
FLVCX Fidelity Leveraged Company Stock Fund Thomas Soviero is no longer listed as a portfolio manager for the fund. Mark Notkin will manage the fund. 10/16
FSHOX Fidelity Select Construction and Housing Portfolio Holger Boerner is no longer listed as a portfolio manager for the fund. Neil Nabar will manage the fund. 10/16
FSRPX Fidelity Select Retailing Portfolio No one, but . . . Nicola Stafford joins Deena Friedman in managing the fund. 10/16
FSLSX Fidelity Value Strategies Fund Thomas Soviero is no longer listed as a portfolio manager for the fund. Matthew Friedman will manage the fund. 10/16
IVTAX Ivy Managed International Opportunities Fund F. Chase Brundage and Cynthia Prince-Fox are no longer listed as portfolio managers for the fund. John Maxwell and Aaron Young will now manage the fund. 10/16
SWOIX Laudus International MarketMasters Fund Robert Taylor will no longer serve as a portfolio manager for the fund. The other 13 managers remain. 10/16
MILIX Miles Capital Alternatives Advantage Fund Allen Goody will no longer serve as a portfolio manager for the fund. Steve Stotts will continue as the sole portfolio manager of the fund. 10/16
DBBEX Miller/Howard Drill Bit to Burner Tip Fund Roger Young has retired and will no longer serve as a portfolio manager for the fund. Bryan Spratt, Michael Roomberg, John Leslie, John Cusick and Lowell Miller remain on the management team. 10/16
MHIEX Miller/Howard Income-Equity Fund Roger Young has retired and will no longer serve as a portfolio manager for the fund. Bryan Spratt, Michael Roomberg, John Leslie, John Cusick and Lowell Miller remain on the management team. 10/16
NHFIX Northern High-Yield Fixed Income No one, but . . . Richard Inzunza is joined by Bradley Camden and Eric Williams in managing the fund. 10/16
OWLCX Old Westbury Large Cap Core Fund, soon to be Old Westbury All Cap Core Fund. As part of the change in strategy, Alexander Lloyd will no longer serve as a portfolio manager for the fund. John Christie will be joined by Jeffrey Rutledge, John Hall and Michael Morrisroe. 10/16
OWSMX Old Westbury Small & Mid Cap Fund, soon to be Old Westbury Small & Mid Cap Strategies Fund As part of the change, as of the end of the year, John Hall and Michael Morrisroe will no longer serve as portfolio managers for the fund. Edward Aw, who just became a manager in June 2016, is joined by Nancy Sheft and Holly MacDonald to form the new management team. 10/16
OPTFX Oppenheimer Capital Appreciation Fund Michael Kotlarz will no longer serve as a portfolio manager for the fund. Paul Larson is now managing the fund. 10/16
OARDX Oppenheimer Rising Dividends Fund Joseph Higgins and Neil McCarthy are no longer listed as portfolio managers for the fund. Manind Govil will manage the fund. 10/16
OALVX Optimum Large Cap Value Fund As part of the change in subadvisors, Randell Cain will no longer serve as a portfolio manager for the fund. Paul Roukis and Christopher Kaufman join Steven Gorham and Nevin Chitkara in managing the fund. 10/16
PEVAX PACE Small/Medium Co Value Equity Investments Wells Capital Management will no longer subadvise the fund. Samir Sikka is no longer listed as a portfolio manager for the fund. Sapience Investments is a new subadvisor to the fund. Jack Murphy joins the management team. 10/16
PGIAX Putnam Global Industrial Fund Ferat Ongoren is no longer listed as a portfolio manager for the fund. Daniel Schiff will now manage the fund. 10/16
PGIAX Putnam Global Industrials Fund Ferat Ongoren is no longer listed as a portfolio manager for the fund. Daniel Schiff will now manage the fund. 10/16
PPGAX Putnam Global Sector Fund Ferat Ongoren is no longer listed as a portfolio manager for the fund. Daniel Schiff joins Sheba Alexander, Isabel Buccellati, Jacquelyne Cavanaugh, Kelsey Chen, Aaron Cooper, Samuel Cox, Neil Desai, Christopher Eitzmann, Vivek Gandhi, Ryan Kauppila, Greg Kelly, David Morgan, Walter Scully and Di Yao on the management team. 10/16
RIMEX Rainier Large Cap Equity Fund Mark Dawson is resigning, effective immediately. Mark Broughton and Stacie Cowell will join Michael Emery in managing the fund. 10/16
RIMMX Rainier Mid Cap Equity Fund James Margard is retiring at the end of the year and resigning as portfolio manager immediately. Andrea Durbin is no longer listed as a portfolio manager for the fund, but no reason is given. Michael Emery joins Stacie Cowell and Mark Broughton in managing the fund. 10/16
RIMSX Rainier Small/Mid Cap Equity Fund James Margard is retiring at the end of the year and resigning as portfolio manager immediately. Andrea Durbin is no longer listed as a portfolio manager for the fund, but no reason is given. Michael Emery joins Stacie Cowell and Mark Broughton in managing the fund. 10/16
RBTRX RBC BlueBay Diversified Credit Fund Anthony Robertson will no longer serve as a portfolio manager for the fund. Justin Jewell and Thomas Kreuzer join Mark Dowding, David Dowsett, Polina Kurdyavko, Michael Reed and Nick Shearn on the management team. 10/16
RCFIX Rockefeller Core Taxable Bond Fund Mark Iannarelli has resigned and is no longer listed as a portfolio manager for the fund. Jimmy Chang and Andrew Kello will now manage the fund. 10/16
RCTEX Rockefeller Intermediate Tax Exempt National Bond Fund Mark Iannarelli has resigned and is no longer listed as a portfolio manager for the fund. Jimmy Chang and Andrew Kello will now manage the fund. 10/16
RCNYX Rockefeller Intermediate Tax Exempt New York Bond Fund Mark Iannarelli has resigned and is no longer listed as a portfolio manager for the fund. Jimmy Chang and Andrew Kello will now manage the fund. 10/16
SFHIX Shenkman Floating Rate High Income Fund No one, but . . . Justin Slatky joined Mark Shenkman, David Lerner and Jeffrey Gallow in managing the fund. 10/16
SCFAX Shenkman Short Duration High Income Fund No one, but . . . Justin Slatky joined Mark Shenkman, Neil Weschler and Nicholas Sarchese in managing the fund. 10/16
TRSSX T. Rowe Price Institutional Small-Cap Stock Fund Gregory McCrickard is no longer listed as a portfolio manager for the fund. Frank Alonso is now managing the fund. 10/16
OTCFX T. Rowe Price Small-Cap Stock Fund Gregory McCrickard is no longer listed as a portfolio manager for the fund. It’s a major change, long in the planning. Frank Alonso is now managing the fund. 10/16
BCIIX The Brown Capital Management International Equity Fund Martin Steinik will no longer serve as a portfolio manager for the fund. Maurice Haywood and Duncan Evered will carry on. 10/16
BCSVX The Brown Capital Management International Small Company Fund Martin Steinik will no longer serve as a portfolio manager for the fund. Maurice Haywood and Duncan Evered will carry on. 10/16
TNRIX TIAA-CREF Global Natural Resources Fund Navaneel Ray is no longer listed as a portfolio manager for the fund. Jeff Bellman and Dhaval Patel will now run the fund. 10/16
IIVAX Transamerica Small/Mid Cap Value No one, but . . . Thompson, Siegel & Walmsley, LLC will be added as a subadvisor on December 5th. 10/16
USAWX USAA World Growth Fund No one, but . . . David Mannheim and Roger Morley are joined by Ryan McAllister on the management team. 10/16
WBELX William Blair Emerging Markets Leaders Fund No one, but . . . Todd McClone and Jeffrey Urbina are joined by John Murphy on the management team. 10/16
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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.