January 2017 IssueLong scroll reading

Manager changes

By Chip

Each month, dozens of funds undergo changes to their management teams; sometimes those changes are minor (one of 13 co-managers has stepped aside) and sometimes they fundamentally change a fund’s prospects (Rajiv Jain’s departure from Virtus EM Opportunities triggered billions in outflows).  Among this month’s three dozen changes is the baffling dismissal of two successful teams from BBH International Equity (BBHEX), the arrival of a co-manager for David Herro at Oakmark International (OAKIX) and the removal of the co-manager at two of Tom Marsico’s funds.

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
NRFAX AEW Real Estate Fund   No one, but … Gina Szymanski will join the portfolio management team of Matthew Troxell, J. Hall Jones and John Garofalo. 12/16
AGCAX Arbitrage Credit Opportunities Fund James Powers will no longer serve as a portfolio manager to the fund. Gregory Loprete and Robert Ryon will continue to manage the fund. 12/16
BEQRX Balter L/S Small Cap Equity Fund Apis Capital Advisors will no longer serve as a subadvisor to the fund. The fund’s assets will be managed by the adviser or the remaining subadvisors. 12/16
BBHEX BBH International Equity Fund Walter Scott & Partners Limited and Mondrian Investment Partners Limited will no longer serve as subadvisors to the fund. Odd decision with such a strong fund and long-tenured team. Select Equity Group will subadvise the fund. 12/16
CLPAX Catalyst Exceed Defined Risk Fund, formerly Catalyst/Lyons Hedged Premium Return Fund In lieu of the planned liquidation, the fund instead undergoes a change in name, objective, and management team. Lyons Wealth Management, LLC will no longer serve as subadvisor of the fund. Alexander Read, Matthew Ferratusco and Brandon Burns will no longer be portfolio managers of the fund. Joseph Halpern joins Michael Schoonover in managing the fund. 12/16
DGDAX Dreyfus Global Dynamic Bond Fund Jonathan Day is no longer listed as a portfolio manager for the fund. Parmeshwar Chadha joins Howard Cunningham and Paul Brain in managing the fund. 12/16
GPGAX Dreyfus GNMA Fund Robert Bayston is no longer managing the fund. Eric Seasholtz and Karen Gemmett have taken over management of the fund. 12/16
FSRBX Fidelity Select Banking Portfolio No one, but … Matt Reed joins John Sheehy in managing the fund. 12/16
FSCHX Fidelity Select Chemicals Portfolio Mahmoud Sharaf no longer manages the fund Richard Malnight now manages the fund. 12/16
FSHOX Fidelity Select Housing Portfolio Holger Boerner is no longer listed as a portfolio manager for the fund. Neil Nabar will manage the fund. 12/16
FWRLX Fidelity Select Wireless Portfolio Kyle Weaver no longer manages the fund Matthew Drukker and Harlan Carere co-manage the fund. 12/16
FMSVX FMC Strategic Value Fund Edward Lefferman will cease serving as a co-portfolio manager of the fund after 18 years.  A strange fund, blinding performance for years but they refused to apply for a ticker symbol. Paul Patrick will continue to manage the fund. 12/16
ITHAX Hartford Capital Appreciation Effective immediately, David Palmer, W. Michael Reckmeyer, III and Peter Higgins will no longer serve as additional portfolio managers to the fund. Greg Pool and Tom Simon will serve as additional portfolio managers. 12/16
HGAAX Henderson All Asset Fund Effective January 31, 2017, Chris Paine will no longer serve as a portfolio manager of the fund. Paul O’Connor will continue to serve. 12/16
KGSCX Kalmar “Growth-with-Value” Small Cap Fund No one, but … James Gowen joins Ford Draper and Dana Walker in managing the fund. 12/16
SWOSX Laudus Small-Cap MarketMasters Fund No one, but … Voya Investment Management is added as a new investment manager with Joseph Basset and James Hasso added to the management team. 12/16
MFOCX Marsico Focus Fund Coralie Witter is no longer a portfolio manager for the fund. Thomas Marsico will continue as the sole manager of the fund. 12/16
MGRIX Marsico Growth Fund Coralie Witter is no longer a portfolio manager for the fund. Thomas Marsico will continue as the sole manager of the fund. 12/16
TMFEX Motley Fool Epic Voyage Fund William Mann, III is leaving Motley Fool Asset Management to join The Motley Fool, LLC The rest of the team remains with Bryan Hinmon stepping up to Chief Investment Officer and Senior Portfolio Manager roles. 12/16
TMFGX Motley Fool Great America Fund William Mann, III is leaving Motley Fool Asset Management to join The Motley Fool, LLC The rest of the team remains with Bryan Hinmon stepping up to Chief Investment Officer and Senior Portfolio Manager roles. 12/16
FOOLX Motley Fool Independence Fund William Mann, III is leaving Motley Fool Asset Management to join The Motley Fool, LLC The rest of the team remains with Bryan Hinmon stepping up to Chief Investment Officer and Senior Portfolio Manager roles. 12/16
NOIAX Natixis Oakmark International Fund No one, but … Michael Manelli joins David Herro in managing the fund 12/16
NTBAX Navigator Tactical Fixed Income No one, but … Jonathan Fiebach joins Robert Bennett, Mason Wev, David Rights and K. Sean Clark in managing the fund. 12/16
NMFIX Northern Multi-Manager Global Listed Infrastructure Fund Brookfield Asset Management is no longer listed as an advisor to the fund. Maple-Brown Abbott Limited will subadvise a portion of the fund. 12/16
OAKIX Oakmark International Fund No one, but … Michael Manelli joins David Herro in managing the fund 12/16
OARDX Oppenheimer Rising Dividends Fund No one, but … Josh Peters joins Manind Govil in managing the fund. 12/16
PECZX PIMCO Emerging Markets Corporate Bond Said Saffari is no longer managing the fund. The fund is jointly managed by Kofi Bentsi, Mohit Mittal, Yacov Arnopolin and Luke Spajic 12/16
PECZX PIMCO Emerging Markets Corporate Bond Fund Said Saffari is no longer managing the fund. Kofi Bentsi, Mohit Mittal, Yacov Arnopolin and Luke Spajic will manage the fund. 12/16
PGMMX Principal Multi-Manager Equity Long/Short Fund Columbus Circle Investors is no longer an advisor to the fund. There’s no change listed to the management team. Not sure what’s up. 12/16
PPGAX Putnam Global Sector Fund The following are no longer managing the fund: Walter Scully, Ferat Ongoren, David Morgan, Vivek Gandhi, Kelsey Chen, Jacquelyne Cavenaugh, Christopher Eitzmann, Greg Kelly, Sheba Alexander, Isabel Buccellati, Di Yao, Neil Desai, Ryan Kauppila, Daniel Schiff and Michael Maguire. Kathryn Lakin joins Samuel Cox and Aaron Cooper on the management team. 12/16
LQISX QS Global Market Neutral Fund Austin Kairnes is no longer listed as a manager for the fund. Jacqueline Hurley joins Russell Shtern, Stephen Lanzendorf and Joseph Giroux on the management team. 12/16
LMISX QS U.S. Large Cap Equity Fund Austin Kairnes is no longer listed as a manager for the fund. Jacqueline Hurley and Russell Shtern join Stephen Lanzendorf on the management team. 12/16
SANAX Sandalwood Opportunity Fund Shelton Capital Management is no longer a subadvisor to the fund. The management will be handled by the fund’s other subadvisors. 12/16
SHAAX Schooner Hedged Alternative Income Fund Morgan Avitabile will no longer manage the fund. Anthony Fusco and Gregory Levinson will continue to manage the fund. 12/16
SCORX Sextant Core Fund Bryce Fegley and long-time manager Peter Nielsen will no longer manage this small disappointing fund Phelps McIlvaine and Christopher Paul were added in December to co-manage the fund. 12/16
TGLDX The Tocqueville Gold Fund No one, but … Ryan McIntyre joins John Hathaway and Douglas Groh in managing the fund. 12/16
IMUAX Transamerica Multi-Manager Alternative Strategies Portfolio Prat Patel is no longer listed as a portfolio manager for the fund. Timothy Galbraith is joined by Rishi Goel and James Schaeffer. 12/16

 

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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.