Manager Changes, December 2013

By Chip

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

ASFAX

Absolute Strategies

No one, but . . .

Sabal Capital Management will become the eleventh subadviser to the fund

12/13

RAGHX

AllianzGI Wellness Fund

Ken Tsuboi

Michael Dauchot and Paul Wagner remain on this determinedly regrettable fund

12/13

AMECX

American Funds Income Fund of America

Grant Cambridge leaves the fund, but not the firm

David Daigle joins the rest of the team.

12/13

BHGIX

Baird LargeCap

Kenneth Hemauer and Douglas Guffy

Matthew Malgari

12/13

CFIMX

Clipper Fund

Ken Feinberg seems to have been shown the door

Danton Goei

12/13

AXEAX

Columbia European Equity

No one, but . . .

Nick Davis joins Dan Ison

12/13

RPFGX

Davis Financial

Ken Feinberg “will be departing our firm” and is being removed from all his funds

Chris Davis, who managed the fund for 16 years, returns

12/13

NYTVX

Davis New York Venture

Ken Feinberg

Danton Goei

12/13

FDTTX

Fidelity Advisor Capital Development

Harlan Carere

Matt Fruhan

12/13

FDGTX

Fidelity Advisor Dividend Growth

Larry Rakers is leaving the fund, but remaining with the firm.

Ramona Persaud will take the lead

12/13

FEIAX

Fidelity Advisor Europe Capital Appreciation Fund

No one, but . . .

Stefan Lindblad joins Risteard Hogan to oversee the final days before the fund’s merger

12/13

FICDX

Fidelity Canada Fund

No one, but . . .

Risteard Hogan is joining Doug Lober as a comanager

12/13

FDEQX

Fidelity Disciplined Equity Fund

Keith Quinton

Alex Devereaux is now the sole portfolio manager

12/13

FDGFX

Fidelity Dividend Growth

Larry Rakers is leaving the fund after five solid years characterized by high returns and high volatility, but he is remaining with the firm.

Ramona Persaud, who manages two mediocre equity-income funds, will take the lead

12/13

FIEUX

Fidelity Europe Fund

No one, but . . .

Stefan Lindblad joins Risteard Hogan to oversee the final days before the fund’s merger

12/13

FECAX

Fidelity Europe Capital Appreciation Fund

No one, but . . .

Stefan Lindblad joins Risteard Hogan to oversee the final days before the fund’s merger

12/13

FSPCX

Fidelity Select Insurance Portfolio

Court Dignan is leaving this fund, but remaining on Fidelity Mid Cap Value

Peter Deutsch is now the sole portfolio manager

12/13

FJBAC

Fidelity VIP Balanced Portfolio

Larry Rakers is leaving the fund, but not the firm

The Stock Selector Large Cap Team, which includes Bob Stansky in the lead of sector specialists Douglas Simmons, Brian Lempel, Tobias Welo, Monty Kori, Steve Kaye, Jonathan Kasen, Pierre Sorel, Bob Lee, and Peter Saperstone

12/13

LOVIX

First Pacific Low Volatility Fund

Brian Ishihara is leaving

Terrence Lee will remain as portfolio manager

12/13

HRUBX

Harbor Unconstrained Bond Fund

Chris Dialynas is going on sabbatical

Bill Gross will take over this low-cost clone of PIMCO Unconstrained

12/13

JCHLX

JHancock China Emerging Leaders

Yang Liu

Joseph Chi, Jed Fogdall, Henry Gray, and Karen Umland

12/13

HSKAX

JPMorgan Market Neutral

Peter Beebee

Terance Chen takes over a fund that has trailed 90% of its peers over the past 1, 3 and 5 years while charging a premium price.

12/13

LCSAX

LoCorr Long/Short Commodity Strategies

Galliard Capital Management

Nuveen Asset Management

12/13

MHBAX

Mariner Hyman Beck

Annette Cazenave and Eric Gurdian of RJO Investment Management

Brad Lloyd and Aron Schnell of Monte Capital Group though it’s unclear that any change will address the challenge of the managed futures model

12/13

OASVX

Optimum Small-Mid Cap Value Fund

Graham Wong leave the team

Prashant Inamdar joins the team.

12/13

PIPAX

PIMCO International StocksPLUS AR Strategy

Chris Dialynas is going on sabbatical

Marc Seidner

12/13

PUBAX

PIMCO Unconstrained Bond Fund

Chris Dialynas is going on sabbatical

Bill Gross will take over.

12/13

PHASX

Principal MidCap Growth Fund III

Subadvisors Jacobs Levy Equity Management and Turner Investments are out, along with the entire management team.

Robert W. Baird & Co and William Blair & Co, are in. The team consists of Kenneth Hemauer, Charles Severson, Robert Lanphier, and David Ricci

12/13

REDSX

Russell US Defensive Equity

Richard Yasenchak

David Hintz

12/13

RMCAX

Russell US Mid Cap Equity

Richard Yasenchak

Jon Eggins

12/13

SLASX

Selected American

Ominous wording: “As of January 1, 2014 Kenneth Feinberg will be removed as a portfolio manager” after 15 years

Danton Goei

12/13

NFSAX

State Farm International Index Fund

Shaun Murphy

Steven Santiccioli

12/13

FNAPX

Strategic Advisers Small-Mid Cap Multi-Manager Fund

Alger Asset managers are out as a subadvisor

The rest of the extensive team remains.

12/13

SSMIX

Symons Small Cap Institutional Fund

Richard Foran leaves

Colin Symons remains, and is joined by Matthew Karr.

12/13

RPIBX

T. Rowe Price International Bond

Ian Kelson is stepping back, but not yet retiring

Arif Husain will take the lead and Chris Rothery will remain as a comanager

12/13

PRJPX

T. Rowe Price Japan Fund

M. Campbell Gunn is retiring, citing health issues

Archibald Ciganer will take his place

12/13

TMOAX

Touchstone Mid Cap Value Opportunities

Brett Hawkins

Donald Cleven

12/13

IBALX

Transamerica Multi-Managed Balanced

BlackRock Financial Management is no longer a subadviser to the fund

Aegon USA Investment Management is the new subadviser to the fund

12/13

DVIBX

Transamerica Partners Balanced

BlackRock Financial Management is no longer a subadviser to the fund

Aegon USA Investment Management is the new subadviser to the fund

12/13

DVGCX

Transamerica Partners Core Bond

BlackRock Financial Management is no longer a subadviser to the fund

Aegon USA Investment Management is the new subadviser to the fund

12/13

DVHYX

Transamerica Partners High Yield

Eaton Vance Management is no longer a subadviser to the fund

Aegon USA Investment Management is the new subadviser to the fund

12/13

VEXPX

Vanguard Explorer

Jack Granahan is stepping back, but remains with Granahan Investment Management

The rest of the team, including comanagers Gary Hatton and Jane White, remain on the fund

12/13

VWESX

Vanguard Long-Term Investment Grade

No one, but . . .

The Vanguard Group is added as a secondary adviser to a modest portion of the Fund’s assets.

12/13

WHGSX

Westwood SmallCap Value

Graham Wong leaves the team

Prashant Inamdar joins the team.

12/13

WHGMX

Westwood SMidCap

Graham Wong leaves the team

Prashant Inamdar joins the team.

12/13

WHGPX

Westwood SMidCap Plus

Graham Wong leaves the team

Prashant Inamdar joins the team.

12/13

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About Chip

Cheryl Welsch, MBA (Western Governors). Cofounder, technical director. Chip is the dean of curriculum and accreditation at Eastern Iowa Community Colleges. 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.