Manager changes, February 2015

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

AOFAX

Alger Growth Opportunities Fund

Jill Greenwald is no longer listed as portfolio manager of the fund

Amy Zhang is now portfolio manager of the fund; kudos to Alger for actually recognizing the fact – unknown to most of the industry – that women can be first-rate managers on first-rate funds.

2/15

AHSAX

Alger Health Sciences Fund

Joel Emery is no longer listed as a portfolio manager

Teresa McRoberts joins Dan Chung in managing the fund

2/15

AMGAX

Alger Mid Cap Growth Fund

Joel Emery is no longer listed as a portfolio manager

Teresa McRoberts joins Christopher Walsh, Brian Schulz, Michael Melnyk, Alex Goldman, and Ankur Crawford on the management team

2/15

ALSAX

Alger Small Cap Growth Fund

No one, but . . .

Jill Greenwald is joined by Amy Zhang in managing the fund

2/15

FXDAX

Altegris Fixed Income Long Short Fund

No one, but . . .

MAST Capital Management has been added as a subadvisor with Joe Lu, Peter Reed, and David Steinberg joining the existing team of Eric Bundonis, Robert Murphy, Kevin Schweitzer and Anilesh Ahuja.

2/15

MCRAX

Altegris Macro Strategy Fund

No one, but . . .

PhaseCapital has been added as a subadvisor with Pinaki Chatterjee and Geoffrey Goodell joining the team of Robert Murphy, Eric Bundonis, and John Tobin.

2/15

MBDFX

AMG Managers Total Return Bond Fund

PIMCO is no longer a subadvisor to the fund and Mihir Worah, Scott Mather, and Mark Kiesel are no longer portfolio managers.

Mary Kane, of subadvisor Gannet Welsh & Kotler, is the new portfolio manager.

2/15

AHFAX

Aurora Horizons Fund

No one, but . . .

Feingold O’Keeffe Capital has been added as a subadvisor.

2/15

BMCRX

BlackRock Flexible Equity Fund

Timothy Keefe is no longer listed as a portfolio manager on the fund

Peter Stournaras takes over portfolio management of the fund

2/15

BGORX

BlackRock Global Opportunities

No one, but . . .

Simon McGeough joined Thomas Callan and Ian Jamieson in managing the fund

2/15

BREAX

BlackRock International Opportunities

No one, but . . .

Simon McGeough joined Thomas Callan and Ian Jamieson in managing the fund

2/15

BMMAX

BlackRock Multi-Manager Alternative Strategies Fund

No one, but . . .

Achievement Asset Management has been added as a subadvisor, joining Independence Capital Asset Partners, LLC; LibreMax Capital, LLC; Meehan Combs, LP; Benefit Street Partners, LLC; and QMS Capital Management, LP.

2/15

BRTNX

Bretton Fund

No one, but . . .

Stephen Dodson will be joined by Raphael de Balmann in managing the fund and co-owning the adviser.

2/15

BCSIX

Brown Capital Management Small Company Fund

Amy Zhang leaves for an opportunity to manage her own fund, Alger Growth Opportunities (AOFAX).

Robert Hall, Keith Lee, Kempton Ingersol, Damien Davis, and Andrew Fones remain.

2/15

LEGAX

Columbia Large Cap Growth Fund

No one, but . . .

Tchintcia Barrows joins John Wilson and Peter Deininger in managing the fund

2/15

DDMAX

Deutsche Diversified Market Neutral Fund

Henderson Alternative Investment Advisor Ltd. will be resigning as a subadvisor in mid-May.

GAM International Management Limited will remain

2/15

FABLX

Fidelity Advisor Balanced Fund

Ford O’Neil is no longer listed as a portfolio manager

Pramod Atluri has joined the team of Robert Stansky, Steven Kaye, Robert Lee, Douglas Simmons, Pierre Sorel, Peter Saperstone, Tobias Welo, Brian Lempel, Jonathan Kasen, and Monty Kori.

2/15

FGBLX

Fidelity Global Balanced Fund

Risteard Hogan is off here after a year but remains at Fido Canada.

The rest of the team, Ruben Calderon, Geoff Stein, Andy Weir, John Lo, Stephen DuFour, Maria Nikishkova, and Stefan Lindblad, remains

2/15

FBNDX

Fidelity Investment Grade Bond Fund

No one, but . . .

Pramod Alturi joins Jeffrey Moore in managing the fund

2/15

GCMAX

Goldman Sachs Mid Cap Value Fund

No one, but . . .

Timothy Ryan joins the management team of Sean Gallagher, Andrew Braun, and Dolores Bamford

2/15

HRMDX

Heartland Mid Cap Value Fund

Theodore Baszler has retired.

Will Nasgovitz joins Colin McWey as a co-manager of the fund

2/15

HRSVX

Heartland Select Value Fund

Theodore Baszler has retired.

Colin McWey will join David Fondrie and Will Nasgovitz as a co-manager on the fund

2/15

HDPBX

Hodges Blue Chip 25 Fund

Don Hodges has passed away at the age of 80

Gary Bradshaw, Craig Hodges, and Eric Marshall remain

2/15

HDPEX

Hodges Equity Income Fund

Don Hodges has passed away at the age of 80

Gary Bradshaw, Craig Hodges, and Eric Marshall remain

2/15

HDPMX

Hodges Fund

Don Hodges has passed away at the age of 80

Eric Marshall will join Craig Hodges as co-portfolio manager to the fund

2/15

HDPCX

Hodges Pure Contrarian Fund

Don Hodges has passed away at the age of 80

Gary Bradshaw, Craig Hodges, and Eric Marshall remain

2/15

HDPSX

Hodges Small Cap Fund

Don Hodges has passed away at the age of 80

Craig Hodges, Gary Bradshaw, and Eric Marshall remain

2/15

HDSVX

Hodges Small Intrinsic Value Fund

Craig Hodges is no longer listed as a portfolio manager.

Gary Bradshaw, Eric Marshall, Derek Maupin, and Chris Terry remain

2/15

HDSMX

Hodges Small-Mid Cap Fund

Don Hodges has passed away at the age of 80

Gary Bradshaw, Craig Hodges, and Eric Marshall remain

2/15

INHAX

Inflation Hedges Strategy Fund

Jeffrey Heuer and Lindsay Politi are out, and Wellington Management Company will no longer be a subadvisor to the fund.

The rest of the extensive team remains.

2/15

INHAX

Inflation Hedges Strategy Fund

Alec Petro passed away on December 21, 2014

The rest of the team remains.

2/15

JVTAX

Janus Venture Fund

Maneesh Modi is no longer listed on the fund

Jonathan Coleman remains as the sole portfolio manager

2/15

OWLSX

Old Westbury Large Cap Strategies Fund

No one, but . . .

Harding Loevner has been added as a subadvisor to the fund, and is responsible for day-to-day management. Consequently, Rusty Johnson, Craig Shaw, Pradipta Chakrabortty, Scott Crawshaw and Richard Schmidt have been added to the management team. Messrs. Johnson and Shaw will be co-lead portfolio managers.

2/15

PBAAX

PNC Balanced Allocation Fund

Andrew Harding is no longer listed as a portfolio manager

Sean Rhoderick will take over Mr. Harding’s portfolio management responsibilities.

2/15

RHFRX

Royce Heritage Fund

No one, but . . .

Steven McBoyle becomes the fund’s lead portfolio manager. Charles Royce and James Harvey continue to manage the fund with him.

2/15

RINSX

Russell International Developed Markets Fund

James Carpenter and Philip Hoffman are no longer listed as portfolio managers

Jon Eggins is now the portfolio manager

2/15

RTIYX

Russell Select International Equity Fund

James Carpenter and Philip Hoffman are no longer listed as portfolio managers

Jon Eggins is now the portfolio manager

2/15

SNAEX

Shroder North American Equity Fund

Liane Evans has resigned from the fund.

The rest of the team, Stuart Adrian, Stephen Langford, Ben Corris, James Larkman, and Jason Abercrombie, remain.

2/15

THDAX

Thornburg Developing World Fund

Lewis Kaufman, the fund’s star manager, has decamped for the opportunity to manage a new Artisan fund.

Ben Kirby and Charles Wilson are the new portfolio managers

2/15

TSCGX

Touchstone Capital Growth Fund

Ashfield Capital Partners is out as a subadvisor to the fund. As a result, Gregory Jones, Peter Johnson, J. Stephen Lauck, and Marc Lieberman are no longer listed as portfolio managers.

Russell Implementation Services will act as an interim advisor until The London Company comes on board at the end of April. William Hollister will serve as the portfolio manager until that time.

2/15

IHIYX

Transamerica High Yield Bond Fund

Bradley Beman is no longer listed as a portfolio manager

Kevin Bakker and James Schaeffer move up to co-lead portfolio manager positions. Benjamin Miller remains on the fund as a portfolio manager

2/15

TMSCX

Turner Medical Sciences Long/Short Fund

No one, but . . .

Robert Turner joins Michael Tung in managing the fund

2/15

TSPCX

Turner Spectrum

No one, but …

Mr. Turner has now added himself and his two sons to the management team; son Eric in mid-2014, himself and son Michael in early 2015. Not entirely clear that a $50 million fund needed three more managers but, hey, when you own the company …

 

VPDAX

Vantagepoint Diversifying Strategies Fund

No one, but . . .

Stuart Spangler was added as a portfolio manager, joining Mark Shenkman

2/15

SSVSX

Victory Special Value Fund

As part of a change in investment strategy, Gregory Ekizian is no longer listed as a portfolio manager.

Lawrence Babin, Paul Danes, Carolyn Rains, Martin Shagrin, and Thomas Uutala comprise the new management team.

2/15

NTKLX

Voya Multi-Manager International Small Cap Fund

No one, but . . .

Victory Capital Management has been added as a subadvisor to the fund.

2/15

WTEIX

Westcore Growth Fund

Ross Moscatelli is no longer a portfolio manager

Craig Juran will continue on.

2/15

WRAAX

Wilmington Multi-Manager Alternatives Fund

Loeb King Capital will no longer be a subadvisor to the fund as part of their larger withdrawal from the fund world.

Calamos Advisors, Highland Capital Management, and Highland Capital Healthcare Advisors will become new subadvisors to the fund. The list of old, new, continuing, provisional, and assistant night shift managers is extensive: 19.

2/15

ZLSCX

Ziegler Strategic Income

Sergio Castellon left in January

Brian Schuster joins Paula Horn in managing the fund.

2/15

 

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About Chip

Cheryl Welsch, MBA (Western Governors). Cofounder, technical director. Chip is the lead developer for information technology, virtual reality, and business programs 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.