February 2017 IssueLong scroll reading

Manager changes, January 2017

By Chip

The good folks at Grandeur Peak worked hard in January to realign and rationalize the manager line-ups across all their funds, then Stewart Spencer left Emerging Opportunities (GPEOX) at month’s end to pursue other paths and an additional shuffle was in order. It’s worth watching. Meanwhile, founders Robert Gardiner and Blake Walker have resumed joint management of Global Opps and International Opp.

T. Rowe Price and Fidelity both had changes sufficiently consequential to trigger Morningstar reviews of their analyst ratings.

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
TNYAX 1290 Global Talents Fund William Howard is no longer listed as a portfolio manager for the fund. Anne Tolmunen joins Mark Beveridge, Alwi Chan and Kenneth Kozlowski in managing the fund. 1/17
AEEAX Aberdeen Asia Bond Fund Victor Rodriguez is no longer listed as a portfolio manager for the fund. Adam McCabe, Kenneth Akintewe, Thomas Drissner and Gareth Nicholson will continue to manage the fund. 1/17
IIESX AI International Fund (formerly American Independence Multi-Manager International Fund) Navellier has resigned as a subadviser to the fund, therefore Louis Navellierwill no longer serve as a portfolio manager for the fund. James Creighton and Nic Wherry will be joined by Charles McNally on the management team. 1/17
ABALX American Balanced Fund Dina Perry is no longer listed as a portfolio manager for the fund. John Smet, Hilda Applbaum, Gregory Johnson, Alan Berro, James Mulally, Jeffrey Lager, Michael Kerr, Alan Wilson and John Queen are continuing to manage the fund. 1/17
LGNAX American Independence Large Cap Growth Fund Navellier has resinged as a subadviser to the fund, therefore Louis Navellier and Michael Garaventa will no longer serve as portfolio managers for the fund. Charles McNally is now managing the fund. 1/17
MBESX AMG Chicago Equity Partners Balanced Fund Effectively immediately, David Coughenour will no longer serve as a portfolio manager for the fund. The fund will continue to managed by Robert Kramer, Patricia Halper, Curt Mitchell and Michael Budd. Check out our profile! 1/17
CESVX AMG Chicago Equity Partners Small Cap Value Fund Effectively immediately, David Coughenour will no longer serve as a portfolio manager for the fund. Patricia Halper, Robert Kramer and William Murray will continue to manage the fund. 1/17
MPAFX AMG Managers Cadence Capital Appreciation Fund William Bannick is no longer listed as a portfolio manager for the fund. Robert Fitzpatrick, Michael Skillman, Robert Ginsberg and Stephen Demirjian will continue to manage the fund. 1/17
MECIX AMG Managers Cadence Emerging Companies Fund William Bannick is no longer listed as a portfolio manager for the fund. Robert Fitzpatrick, Michael Skillman, Robert Ginsberg and Stephen Demirjian will continue to manage the fund. 1/17
MCMAX AMG Managers Cadence Mid Cap Fund William Bannick is no longer listed as a portfolio manager for the fund. Robert Fitzpatrick, Michael Skillman, Robert Ginsberg and Stephen Demirjian will continue to manage the fund. 1/17
BXMIX  Blackstone Alternative Multi-Strategy Fund Effective January 25, 2017, Wellington Management Company LLP no longer serves as a sub-adviser to the fund. The fund’s assets managed by Wellington have been re-allocated to the Fund’s other sub-advisers. 1/17
BPEAX BP Capital TwinLine Energy Fund Mark Laskin will no longer serve as a portfolio manager for the fund. William Woodson “Trip” Rodgers joins David Meaney, Brian Bradshaw, Toby Loftin and Brian Olsen in managing the fund. 1/17
BUFHX Buffalo High Yield Fund Alexander Hancock will no longer serve as a portfolio manager for the fund. Paul Dlugosch and Jeffrey Sitzman will continue to manage the fund. 1/17
BUFMX Buffalo Mid Cap Fund No one, but . . . Robert Male and Dave Carlsen are joined by Scott Moore on the management team. 1/17
BUFSX Buffalo Small Cap Fund No one, but . . . Robert Male and Jamie Cuellar are joined by Alexander Hancock on the management team. 1/17
CDHIX Calvert Developed Markets Ex-U.S. Responsible Index Fund Dale Stout, Lise Bernhard and Laurie Webster are no longer listed as portfolio managers for the fund. Thomas Seto will now manage the fund. 1/17
CIOAX Calvert International Opportunities Drew Edwards, Gregory Gigliotti, Marco Priani, Jessica Reuss, David Runkle and William Sterling are no longer listed as portfolio managers for the fund. Aidan Farrell, Jade Huang and Christopher Madden will now manage the fund. 1/17
CSXAX Calvert U.S. Large Cap Core Responsible Index Dale Stout, Lise Bernhard and Laurie Webster are no longer listed as portfolio managers for the fund. Thomas Seto will now manage the fund. 1/17
CGJAX Calvert U.S. Large Cap Growth Responsible Index Fund Dale Stout, Lise Bernhard and Laurie Webster are no longer listed as portfolio managers for the fund. Thomas Seto will now manage the fund. 1/17
CFJAX Calvert U.S. Large Cap Value Responsible Index Fund Dale Stout, Lise Bernhard and Laurie Webster are no longer listed as portfolio managers for the fund. Thomas Seto will now manage the fund. 1/17
CMJAX Calvert U.S. Mid Cap Core Responsible Index Fund Dale Stout, Lise Bernhard and Laurie Webster are no longer listed as portfolio managers for the fund. Thomas Seto will now manage the fund. 1/17
CHNAX Clough China Fund Eric Brock is no longer serving as co-manager of the fund. Francoise Vappereau and Brian Chen will remain as co-managers of the fund. 1/17
RRGAX Deutsche Global Real Estate Securities Fund Joseph Fisher and Daniel Ekins are no longer listed as portfolio managers for the fund. Robert Thomas joins John Hammon, John Vojticek, Chris Robinson and David Zonavetch in managing the fund. 1/17
DHROX Diamond Hill Research Opportunities Fund Effective January 31, 2017 all references to Bhavik Kothari in the Summary Prospectus, Prospectus and Statement of Additional information are removed. The rest of the extensive team remains. 1/17
DAIOX Dunham International Bond Fund Olaf Rogge is no longer listed as a portfolio manager for the fund. The other ten managers continue to manage the fund. 1/17
ELASX Emerald Small Cap Value Fund Effective January 3, 2017, Richard Giesen, Jr. is no longer serving as a manager of the fund. Steven Russell and Ori Elan will remain as the managers of the fund. 1/17
FDFFX Fidelity Independence Robert Bertelson no longer serves as portfolio manager of the fund. Jeffry Feingold will continue to manage the fund. 1/17
FSCRX Fidelity Small Cap Discovery Star manager Chuck Myers will step down at the end of 2017 Derek Janssen will switch over from Small Cap Value  
FCPVX Fidelity Small Cap Value Derek Janssen moves out to lead Small Cap Discovery in early 2018, leading to his gradual phase-out here and phase-in there Clint Lawrence will co-manage the fund for an undetermined period with Janssen before, they hope, succeeding him.  
FDVLX Fidelity Value Fund Stephen Barwikowski no longer serves as a co-manager of the fund. Matthew Friedman, Justin Bennett, Laurie Bertner, John Mirshekari, Shadman Riaz and Katherine Buck will continue to manage the fund. 1/17
GPEOX Grandeur Peak Emerging Markets Opportunities Fund Spencer Stewart has decided to follow his heart and pursue a new path. As a result, he will be leaving Grandeur Peak shortly. Blake Walker and Zach Larkin will remain as portfolio managers of the fund. 1/17
GPEOX Grandeur Peak Emerging Markets Opportunities Fund Robert Gardiner and Randy Pearce are no longer listed as portfolio managers for the fund. Blake Walker and Spencer Stewart will continue to manage the fund, joined by Zach Larkin as a “Guardian Portfolio Manager.” 1/17
GPMCX Grandeur Peak Global Micro Cap Fund Blake Walker is no longer listed as a portfolio manager for the fund. Amy Hu Sudnerland is joined by Mark Masden in managing the fund. Robert Gardiner remains as the “Guardian” manager. 1/17
GPGOX Grandeur Peak Global Opportunities Fund No one, but … Robert Gardiner and Blake Walker will continue as porfolion managers. Amy Hu Sunderland is listed as “Guardian” manager. 1/17
GPROX Grandeur Peak Global Reach Fund Robert Gardiner and Blake Walker are no longer listed as portfolio managers for the fund. Amy Hu Sudnerland, Liping Cai, Zach Larkin, Stuart Rigby, Brad Barth and Mark Madsen continue to manage the fund. Randy Pearce is listed as the “Guardian” manager. 1/17
GPIOX Grandeur Peak International Opportunities Fund Randy Pearce and Spencer Stewart are no longer listed as portfolio managers for the fund. Blake Walker and Robert Gardiner will continue to manage the fund, joined by Amy Hu Sunderland as a “Guardian Portfolio Manager.” 1/17
GLLIX Great Lakes Large Cap Value Fund Effective December 31, 2016, Steve Wittwer has resigned as portfolio manager and research analyst. Edward Calkins, Wells Frice and Huong Le will continue to manage the fund. 1/17
HLMOX Harding, Loevner Frontier Emerging Markets Portfolio G. Rusty Johnson is no longer listed as a portfolio manager for the fund. Pradipta Chakrabortty, Babatunde Ojo and Richard Schmidt will continue to serve as the portfolio managers of the fund. 1/17
HLMGX Harding, Loevner Global Equity Portfolio Alex Walsh will no longer serve as a portfolio manager for the fund. Peter Baughan, Ferrill Roll, Christopher Mack and Richard Schmidt will continue to serve as the portfolio managers of the fund. 1/17
HLMNX  Harding, Loevner International Equity Portfolio Peter Baughan will no longer serve as a portfolio manager for the fund. Ferrill Roll, Alexander Walsh, Bryan Lloyd, Patrick Todd and Andrew West will continue to serve as the portfolio managers of the fund. 1/17
HNASX Homestead Growth Fund Robert Sharps will no longer serve as a portfolio manager for the fund. Taymour Tamaddon will now manage the fund. 1/17
HCGAX HSBC Emerging Markets Debt Fund No one, but . . . Zeke Diwan joins Vinayak Potti in managing the fund. 1/17
HBMAX HSBC Emerging Markets Local Debt Fund No one, but . . . Billy Lang joins Nishant Upadhyay in managing the fund. 1/17
ICRAX ICON Consumer Staples Fund Rob Young, Craig Callahan and Donovan Paul are no longer listed as portfolio managers for the fund. Scott Snyder will now manage the fund. 1/17
ICIAX ICON Industrials Fund Rob Young, Craig Callahan and Donovan Paul are no longer listed as portfolio managers for the fund. Zach Jonson will now manage the fund. 1/17
ICTTX ICON Information Technology Fund Rob Young, Craig Callahan and Donovan Paul are no longer listed as portfolio managers for the fund. Derek Rollingson will now manage the fund. 1/17
JSFBX John Hancock Seaport Fund Effective June 30, 2017, Kirk Mayer will no longer serve as a portfolio manager of the fund. Following the effective date, Nicholas Adams, Steven Angeli, John Averill, Jennifer Berg, Robert Deresiewicz, Ann Gallo, Bruce Glazer, Andrew Heiskell, Jean Hynes, Mark Lynch and Keith White will continue as leaders of the fund’s investment management team. 1/17
LIMAX  Lateef Fund David Geisler no longer serves as a co-portfolio manager of the fund. Quoc Tran and James Tarkenton continue as co-portfolio managers of the fund. 1/17
LITOX Lazard Global Realty Equity Portfolio David Ronco and Antony Knep are no longer listed as portfolio managers for the fund. Jay Leupp will continue to manage the fund. 1/17
LREOX Lazard US Realty Equity Portfolio David Ronco is no longer listed as a portfolio manager for the fund. Jay Leupp will continue to manage the fund. 1/17
LRIOX Lazard US Realty Income Portfolio David Ronco is no longer listed as a portfolio manager for the fund. Jay Leupp will continue to manage the fund. 1/17
CURAX MainStay Cushing Energy Income Fund Judd Cryer will no longer serve as a portfolio manager of the fund. Matthew Lemme and Nick English will join Jerry Swank as portfolio managers of the fund. 1/17
ICAUX MainStay ICAP Equity Fund, which will be reorganized into the MainStay Epoch US Equity Yield Fund. Andrew Starr, Matthew Swanson and Thomas Cole are no longer listed as portfolio managers for the fund. William Priest, Eric Sappenfield, John Tobin, Kera Van Valen and Michael Welhoelter will now manage the fund. 1/17
ICSRX MainStay ICAP Select Equity Fund, which will be reorganized into the MainStay Epoch US Equity Yield Fund. Andrew Starr, Matthew Swanson and Thomas Cole are no longer listed as portfolio managers for the fund. William Priest, Eric Sappenfield, John Tobin, Kera Van Valen and Michael Welhoelter will now manage the fund. 1/17
MAPAX MainStay MAP Fund Andrew Starr, Matthew Swanson and Thomas Cole are no longer listed as portfolio managers for the fund. David Pearl, William Priest and Michael Welhoelter join Christopher Mullarkey, James Mulvey and J. Christian Kirtley in managing the fund. 1/17
MGJAX MassMutual Select BlackRock Global Allocation Fund Romualdo Roldan will no longer serve as a portfolio manager for the fund. Russ Koesterich, David Clayton and Kent Hogshire join Dan Chamby and Dennis Stattman in managing the fund. 1/17
MOSAX MassMutual Select Overseas Fund No one, but . . . Michael Manelli joins David Herro, Demetris Georghiou, Filipe Benzinho, Gerd Woort-Menker, Georgina Maxwell, Jeroen Huysinga, Daniel Ling, Marcus Smith and David Herro in managing the fund 1/17
MGEMX Morgan Stanley Institutional Fund Emerging Markets Portfolio Samuel Rhee will no longer serve as a portfolio manager to the fund Baite Ali, Munib Madni, Ruchir Sharma, Eric Carlson and Paul Psaila will continue to manage the fund. 1/17
NOIGX Northern International Equity Fund Douglas McEldowney is no longer listed as a portfolio manager for the fund. Mark Sodergren will now manage the fund. 1/17
PYFRX Payden Floating Rate Fund Sabur Moini is no longer listed as a portfolio manager for the fund. Jordan Lopez will continue to manage the fund. 1/17
PYHRX Payden High Income Fund Sabur Moini is no longer listed as a portfolio manager for the fund. Jordan Lopez will continue to manage the fund. 1/17
PRFAX PIMCO Total Return ESG Fund No one, but . . . Alex Struc joins Scott Mather, Alex Struc, Mark Kiesel and Mihir Worah in managing the fund. 1/17
PWREX Pioneer Real Estate Shares No one, but . . . Gina Szymanski will join the portfolio management team of Matthew Troxell, J. Hall Jones and John Garofalo. 1/17
PLBBX Plumb Balanced Fund Nathan Plumb has resigned as Associate Portfolio Manager, Vice President, and Chief Financial Officer of the fund in order to pursue other opportunities. Thomas Plumb will continue to manage the fund. 1/17
PLBEX Plumb Equity Fund Nathan Plumb has resigned as Associate Portfolio Manager, Vice President, and Chief Financial Officer of the fund in order to pursue other opportunities. Thomas Plumb will continue to manage the fund. 1/17
HDCAX Rational Dividend Capture Fund Michael Schoonover and David Miller are no longer listed as portfolio managers for the fund. Richard Garcia and Patrick Adams will now manage the fund. 1/17
SCGLX Scout Global Equity Fund Charles John will no longer serve as a portfolio manager for the fund. Derek Smashey and John Indellicate will continue to manage the fund. 1/17
TRLGX T. Rowe Price Institutional Large Cap Growth Fund Robert Sharps will no longer serve as a portfolio manager for the fund. Taymour Tamaddon, formerly of Health Science, will now manage the fund. 1/17
WMCEX Teton Westwood Mid-Cap Equity Fund Diane Wehner and Charles Stewart are no longer listed as portfolio managers for the fund. Nicholas Galluccio will serve as the sole portfolio manager. 1/17
TORYX The Torray Fund  Fred Fialco is no longer listed as a portfolio manager for the fund. Robert Torray is joined by Shawn Henderson in managing the fund. Mssr. Henderson previously served as co-manager from 2008-2012. 1/17
TMGFX Turner Midcap Growth Fund Christopher McHugh, who has managed the fund since the heady days of 1996, is out. As is, Christopher Baggini Jason Schrotberger will now manage the fund 1/17
VCVSX Vanguard Convertible Securities Fund Jean-Paul Nedelec is no longer listed as a portfolio manager for the fund. Abraham Ofer, Stuart Spangler, Jean-Piere Latrille and Peter Raketic will continue to manage the fund. 1/17
IICFX Voya Multi-Manager International Factors Fund Nicolas Choumenkovitch and Tara Stilwell are no longer listed as portfolio managers for the fund. Jaime Lee, Oleg Nusinzon, Steven Wetter and Kai Yee Wong will now manage the fund. 1/17
WLCAX Wells Fargo Large Company Value Fund Stephen Block and William Schaff are no longer listed as portfolio managers for the fund. Dennis Bein, Ryan Brown and Harindra de Silva will now manage the fund. 1/17
WTEIX Westcore Large-Cap Dividend Fund Craig Juran will no longer serve as a portfolio manager for the fund. Alex Ruehle, Lisa Ramirez, Paul Kuppinger, Troy Dayton, Derek Anguilm and Mark Adelmann will now manage the fund. 1/17
WTMGX Westcore Mid-Cap Value Dividend Fund Craig Juran will no longer serve as a portfolio manager for the fund. Alex Ruehle, Lisa Ramirez, Paul Kuppinger, Troy Dayton, Derek Anguilm and Mark Adelmann will now manage the fund. 1/17
WTSLX Westcore Small-Cap Growth Fund Craig Juran will no longer serve as a portfolio manager for the fund. Mitch Begun, Adam Bliss and Brian Fitzsimons will now manage the fund. 1/17
GVIEX Wilmington Multi-Manager International Fund Dimensional Fund Advisors, J O Hambro Capital Management Limited, LSV Asset Management, Northern Cross LLC, Oberweis Asset Management, Inc. and Parametric Portfolio Associates LLC were removed as sub-advisors to the fund. Allianz Global Investors U.S. LLC, AXA Investment Managers, Inc., Berenberg Asset Management LLC, Nikko Asset Management Americas, Inc. and Schroder Investment Management North America, Inc. were added as sub-advisors to the fund. 1/17
YWBIX Yorktown Mid-Cap Fund Daniel Crowe, Chad Kilmer, Robert Lanphier, Mark Leslie, David Mitchell and David Ricci are no longer listed as portfolio managers for the fund. David Basten and Michael Dixon are now managing the fund. 1/17
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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.