May 2017 IssueLong scroll reading

Manager changes, April 2017

By Chip

Each month, many funds under partial or complete changes in their management teams. Most are inconsequential, because they involve marginal changes in teams or the substitution of one inoffensive MBA-holder for another. 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.

Out of this month’s 40 tracked changes, the switch to AMG Managers Fairpointe Focused Equity Fund – which places star manager Thyra Zerhusen solely in charge of a struggling small fund – is interesting and the announcement that Salim Hart and Sam Chamovitz are the managers of Fidelity Low-Priced Stock Fund was briefly terrifying (the announcement did not make clear that Mr. Tillinghast remained). Jamie Harmon, has, however, actually departed.

Ticker Fund Out with the old In with the new Dt
ADVWX Advisory Research Global Value Fund Hyung Kim will no longer serve as a portfolio manager of the fund. James Langer, Marco Priani, Drew Edwards, Matthew Swaim and Bruce Zessar will continue to serve as portfolio managers. 4/17
LPEFX ALPS/Red Rocks Listed Private Equity Fund Adam Goldman and Mark Sunderhuse have provided notice of their resignations effective at the completion of a transition period, which is anticipated to be completed by no later than June 30, 2017. Kirk McCown, Andrew Drummond and Wyck Brown, have joined the portfolio management team. 4/17
AFFEX AMG Managers Fairpointe Focused Equity Fund Effective immediately, Robert Burnstine no longer serves as a portfolio manager of the fund. Thyra Zerhusen continues to serve as the portfolio manager primarily responsible for the day-to-day management of the fund 4/17
ANHAX Angel Oak High Yield Opportunities Fund James Hentges no longer serves as a portfolio manager for the fund. Berkin Kologlu, “Sreeni” Prabhu, Johannes Palsson, Navid Abghari and Matthew Kennedy will continue to manage the fund. 4/17
MDDCX BlackRock Emerging Markets Fund Luiz Soares is no longer listed as a portfolio manager for the fund. Andrew Swan and Gordon Fraser have taken over management of the fund. 4/17
MBGRX BlackRock Natural Resources Robert Shearer is no longer listed as a portfolio manager for the fund. Alastair Bishop, Thomas Holl and Skye MacPherson will now manage the fund. 4/17
CPRFX Camelot Premium Return Sarah Berndt is no longer a portfolio manager of the fund. Darren Munn will continue to manage the fund. 4/17
DHROX Diamond Hill Research Opportunities Fund Tod Schneider is no longer listed as a portfolio manager for the fund. The other twenty managers remain. 4/17
DAMDX Dunham Monthly Distribution Fund Roy Behren is no longer listed as a portfolio manager for the fund. David Baker is now managing the fund. 4/17
ETGIX Eaton Vance Greater India Fund Prashant Khemka will no longer serve as a portfolio manager for the fund. Kevin Ohn has assumed the management responsibility for the fund. 4/17
FVOAX Federated Managed Volatility Fund Michael Dieschbourg will no longer serve as a portfolio manager for the fund. Todd Abraham, Linda Bakhshian, Jerome Conner, Mark Durbiano, James Gordon, Damian McIntyre and John Nichol will continue to manage the fund. 4/17
FMCDX Fidelity Advisor Stock Selector Mid Cap Fund No one, but . . . Robert Stansky joins the management team of John Mirshekari, Christopher Lin, Edward Yoon, Samuel Wald, Pierre Sorel, Douglas Simmons, Gordon Scott and Shadman Riaz. 4/17
FGBFX Fidelity Global Bond Fund, which will become Fidelity Global Credit Fund as of June 1, 2017 Jeffrey Moore and Constantine Petrov will no longer serve as portfolio managesr for the fund. Curt Hollingsworth and Michael Foggin will be joined by Matthew Bartlett and Andrew Lewis on the management team. 4/17
FLPSX  Fidelity Low-Priced Stock Fund James Harmon is no longer listed as a portfolio manager for the fund. Salim Hart and Sam Chamovitz join the team of Morgen Peck, Shadman Riaz, John Mirshekari, Katherine Buck, Justin Bennett, and Joel Tillinghast, in managing the fund. 4/17
GNFIX Geneva Advisors International Growth Fund Reiner Triltsch will no longer serve as a portfolio manager for the fund. Daniel Delany and Matthew Sherer will continue to manage the fund. 4/17
ICMBX Intrepid Capital Fund Gregory Estes will no longer serve as a portfolio manager for the fund. Mark Travis continues to lead Jason Lazarus and Jayme Wiggins in managing the fund. 4/17
ICMCX Intrepid Disciplined Value Fund Gregory Estes will no longer serve as a portfolio manager for the fund. Mark Travis returns to manage the fund. 4/17
ICMCX Intrepid Disciplined Value Fund Gregory Estes will no longer serve as a portfolio manager for the fund. Mark Travis will continue to manage the fund. 4/17
ICMTX Intrepid Select Fund Gregory Estes will no longer serve as a portfolio manager for the fund. Jayme Wiggins will continue to manage the fund. 4/17
AWSAX Invesco Global Core Equity Fund Brian Nelson is no longer listed as a portfolio manager for the fund. Jeffrey Everett joins Erik Esselink in managing the fund. 4/17
LSCAX Loomis Sayles Dividend Income Fund Adam Liebhoff is no longer listed as a portfolio manager for the fund. Arthur Barry continues to manage the fund. 4/17
LSVRX Loomis Sayles Value Fund Adam Liebhoff will no longer serve as a co-portfolio manager of the fund. Arthur Barry will remain as portfolio manager of the fund. 4/17
MSEAX MainStay International Equity Fund Eve Glatt will no longer serve as a portfolio manager for the fund. Edward Ramos and Carlos Garcia-Tunon will continue to manage the fund. 4/17
EXOSX Manning & Napier Overseas Series Ajay Sadarangani has resigned. The other dozen managers remain. 4/17
FLRAX Nuveen Large Cap Select Fund Anthony Burger is no longer listed as a portfolio manager for the fund. Evan Staples joins David Chalupnik in managing the fund. 4/17
FSCAX Nuveen Small Cap Value Fund No one, but . . . Karen Bowie is joined by David Johnson and Andrew Rem on the management team. 4/17
PCOAX Putnam Capital Opportunities Fund Pam Gao is no longer listed as a portfolio manager for the fund. Samuel Cox, Josh Fillman, Kathryn Lakin, Elizabeth McGuire and William Rives will now manage the fund. 4/17
RTLAX Russell Investments Tax-Managed U.S. Large Cap Fund David Hintz will no longer serve as a portfolio manager for the fund. James Barber and Kevin Divney will now manage the fund. 4/17
REASX Russell Investments U.S. Core Equity Fund David Hintz will no longer serve as a portfolio manager for the fund. James Barber and Kevin Divney will now manage the fund. 4/17
RSGIX Russell Investments U.S. Dynamic Equity Fund David Hintz will no longer serve as a portfolio manager for the fund. James Barber and Kevin Divney will now manage the fund. 4/17
RSESX Russell Investments U.S. Strategic Equity Fund David Hintz will no longer serve as a portfolio manager for the fund. James Barber and Kevin Divney will now manage the fund. 4/17
RLCSX Russell Investments US Large Cap Equity Fund David Hintz will no longer serve as a portfolio manager for the fund. James Barber and Kevin Divney will now manage the fund. 4/17
RTDYX Russell Select U.S. Equity Fund David Hintz will no longer serve as a portfolio manager for the fund. James Barber and Kevin Divney will now manage the fund. 4/17
SFENX Schwab Fundamental Emerging Markets Large Company Index Fund Ferian Juwono and Agnes Hong are no longer listed as portfolio managers for the fund. Christopher Bliss, Chuck Craig, Jane Qin, and David Rios will now manage the fund. 4/17
SFREX Schwab Fundamental Global Real Estate Index Fund Ferian Juwono and Agnes Hong are no longer listed as portfolio managers for the fund. Christopher Bliss, Chuck Craig, Jane Qin, and David Rios will now manage the fund. 4/17
SWISX  Schwab International Index Fund Ferian Juwono and Agnes Hong are no longer listed as portfolio managers for the fund. Christopher Bliss, Chuck Craig, Jane Qin, and David Rios will now manage the fund. 4/17
TEEMX Templeton Institutional Fund Emerging Markets Series Allan Lam, Mark Mobius, Tom Wu, and Dennis Lim are no longer listed as portfolio managers for the fund. Chetan Sehgal will now manage the fund. 4/17
TDMIX Transamerica Developing Markets Equity Fund John Paul Lech is no longer listed as a portfolio manager for the fund. Justin Leverenz will continue to manage the fund. 4/17
VCIGX VALIC Company I Dividend Value Fund Effective immediately, David Cassesse will no longer manage the fund. In addition, effective August 31, 2017, Robert Shearer will step down from his management duties. In August, David Zhao and Franco Tapia will join Tony DeSpirito in managing the BlackRock sleave of the fund. 4/17
WALTX Wells Fargo Alternative Strategies Fund Aaron Zimmerman and Soon Pho are no longer listed as portfolio managers for the fund. Raj Iver joins the other 14 managers of the fund. 4/17
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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.