June 2017 IssueLong scroll reading

Manager changes, May 2016

By Chip

Each month, many funds undertake 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. That pretty much describes this month’s changes; 41 funds saw partial or complete changes in their management teams, none earth-shattering. 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
ADIAX Alpine Small Cap Fund Michael Smith is no longer listed as a portfolio manager for the fund. Sarah Hunt will now run the fund. 5/17
MFTAX Altegris Managed Futures Strategy Fund Robert Murphy is no longer listed as a portfolio manager for the fund. Lara Magnusen has joined Eric Bundonis, John Tobin, and Matthew Osborne on the management team. 5/17
BGRWX Barrett Growth Fund No one, but . . . Owen Gilmore has been added as a portfolio manager of the fund. He joins Robert  Milnamow and  E. Wells Beck 5/17
BATCX BMO TCH Core Plus Bond Fund Effective June 30, 2017, William Canida intends to relinquish all portfolio management duties in preparation for his retirement from Taplin, Canida & Habacht, LLC in the third quarter of 2017. Scott Kimball, Daniela Mardarovici, Frank Reda, and Janelle Woodward are continuing to manage the fund 5/17
BATIX BMO TCH Corporate Income Fund Effective June 30, 2017, William Canida intends to relinquish all portfolio management duties in preparation for his retirement from Taplin, Canida & Habacht, LLC in the third quarter of 2017. Scott Kimball, Daniela Mardarovici, Frank Reda, and Janelle Woodward are continuing to manage the fund 5/17
BAMEX BMO TCH Emerging Markets Bond Fund Effective June 30, 2017, William Canida intends to relinquish all portfolio management duties in preparation for his retirement from Taplin, Canida & Habacht, LLC in the third quarter of 2017. Scott Kimball, Daniela Mardarovici, Frank Reda, and Janelle Woodward are continuing to manage the fund 5/17
BAIIX BMO TCH Intermediate Income Fund Effective June 30, 2017, William Canida intends to relinquish all portfolio management duties in preparation for his retirement from Taplin, Canida & Habacht, LLC in the third quarter of 2017. Scott Kimball, Daniela Mardarovici, Frank Reda, and Janelle Woodward are continuing to manage the fund 5/17
BBIEX Bridge Builder International Equity Fund Ajay Sadarangani, of Manning & Napier will no longer serve as a portfolio manager to the fund. The other two dozen managers remain. 5/17
CAVAX Catholic Values Equity Fund Waddell & Reed Investment Management Co. will no longer subadvise the fund, therefore Erik Becker and Gustaf Zinn are no longer on the management team. The other thirteen managers remain. 5/17
REBAX Columbia Emerging Markets Bond Fund Henry Stipp is no longer listed as a portfolio manager for the fund. Jim Carlen is joined by Christopher Cooke on the management team. 5/17
DBISX Deutsche Global Macro Fund Mark Schumann and Sebastian Werner are no longer listed as portfolio managers for the fund. Stefan Flasdick, Henning Potstada, and Christoph-Arend Schmidt will manage the fund. 5/17
SMCAX Deutsche Mid Cap Growth Fund Rafaelina Lee is no longer listed as a portfolio manager for the fund. Joseph Axtell will be joined by Michael Sesser and Peter Barsa in managing the fund. 5/17
SZCAX Deutsche Small Cap Core Fund Rafaelina Lee is no longer listed as a portfolio manager for the fund. Joseph Axtell and Michael Sesser will continue to manage the fund. 5/17
SSDAX Deutsche Small Cap Growth Fund Rafaelina Lee is no longer listed as a portfolio manager for the fund. Joseph Axtell will be joined by Michael Sesser and Peter Barsa in managing the fund. 5/17
DTCAX Dreyfus Third Century Fund Ronald Gala, C. Wesley Boggs, and William Cazalet are no longer listed as portfolio managers for the fund. Terry Coles, John Gilmore, and Jeff Munroe are the new management team. 5/17
ETGIX Eaton Vance Greater India Fund Kevin Ohn will no longer serve as a portfolio manager for the fund. Hiren Dasani will now manage the fund. 5/17
FSAVX Fidelity Select Automotive Portfolio Annie Rosen is no longer listed as a portfolio manager for the fund. Elliot Mattingly will manage the fund. 5/17
FSHCX Fidelity Select Health Care Services Edward Yoon no longer serves as co-manager of the fund. Justin Segalini will continue to manage the fund. 5/17
FFIOX FormulaFolios US Equity Portfolio Ryan Wheless will no longer serve as a portfolio manager for the fund. Jason Wenk, Derek Prusa and Keith Springer remain managing the fund. 5/17
GSGAX Goldman Sachs Investment Grade Credit Fund Carolyn Sabat has announced that she will be retiring. Effective immediately, Ms. Sabat no longer serves as a portfolio manager for the Fund. Ben Johnson will continue to manage the fund. 5/17
CPNAX Invesco All Cap Market Neutral Fund Charles Ko will no longer serve as portfolio manager. Michael Abata, Anthony Munchak, Glen Murphy, Francis Orlando and Donna Chapman Wilson will continue to manage the fund. 5/17
GTNDX Invesco Global Low Volatility Equity Yield Fund Charles Ko will no longer serve as portfolio manager. Uwe Draeger, Jens Langewand, Michael Abata, Nils Huter, and Donna Chapman Wilson will continue to manage the fund. 5/17
JAGRZ Janus Aspen Research Portfolio Jean Barnard and Burton Wilson are no longer listed as portfolio managers for the fund. Carmel Wellso will now manage the fund. 5/17
LIMAX Lateef Fund James Tarkenton has resigned as part of what looks like a bigger shake-up. Quoc Tran continues to manage the fund. 5/17
NCGFX New Covenant Growth Fund Waddell & Reed Investment Management Co. will no longer subadvise the fund, therefore Erik Becke is no longer on the management team. The other nine managers remain. 5/17
OMSOX Oppenheimer Main Street Select Fund Effective Immediately, Benjamin Ram is no longer a portfolio manager on the fund. Joy Budzinski and Magnus Krantz will continue to manage the fund. 5/17
PMDEX PMC Diversified Equity Fund Effective May 1, 2017, Thomas White International, Ltd. has been terminated. All references to Thomas White, Jr., Wei Li, Jinwen Zhang, Douglas M. Jackman, and John Wu are removed. Epoch Investment Partners, Inc.  has been added as a sub-adviser to the fund with Lilian Quah, William Priest, Glen Petraglia, and William Booth join the other dozen managers. 5/17
PUGIX Putnam Global Utilities Fund Sheba Alexander will no longer serve as a portfolio manager for the fund. William Rives is now managing the fund. 5/17
PENNX Royce Pennsylvania Mutual Fund No one, but . . . James Stoeffel and Chris Flynn join Lauren Romeo, Jay Kaplan, and Chuck Royce. 5/17
RCSAX Russell Investments Commodity Strategies Fund Lee Kayser will no longer serve as a portfolio manager for the fund. Vic Leverett and Mark Raskopf will now manage the fund. 5/17
SEBLX Sentinel Balanced Fund Daniel Manion has retired. Jason Doiron will continue to manage the fund 5/17
SENCX Sentinel Common Stock Fund Daniel Manion has retired. Hilary Roper will continue to manage the fund 5/17
ATTRX Transamerica Dynamic Allocation Fund No one, but . . . Jim Huynh joins Thomas Picciochi, Ellen Tesler, Adam Petryk, S. Kenneth Leech, Prashant Chandran on the management team. 5/17
UGEIX USAA Global Equity Income Fund Stephan Klaffke will no longer serve as a portfolio manager for the fund. Dan Denbow and John Toohey will continue to manage the fund. 5/17
USIFX  USAA International Fund Marcus Smith has retired. Filipe Benzinho, Susanne Willumsen, James Shakin, Craig Scholl, Paul Moghtader, Ciprian Marin, Taras Ivanenko, Andrew Corry, and Daniel Ling will continue to manage the fund. 5/17
SSVSX Victory Special Value Fund The entire team of Thomas Uutala, Martin Shagrin, Carolyn Rains, Paul Danes, and Lawrence Babin will no longer serve as a portfolio manager for the fund. Michael Gura will now manage the fund. 5/17
STYAX Wells Fargo Core Plus Bond Fund Ashok Bhatia will no longer serve as a portfolio manager for the fund. Michael Schueller joins Thomas Price, Janet Rilling, Noah Wise and Christopher Kauffman in managing the fund. 5/17
SGVDX Wells Fargo Government Securities Fund Ashok Bhatia will no longer serve as a portfolio manager for the fund. Michal Stanczyk joins Christopher Kauffman and Jay Mueller in managing the fund. 5/17
WSIAX Wells Fargo Strategic Income Fund Ashok Bhatia will no longer serve as a portfolio manager for the fund. David Germany, Niklas Nordenfelt, Anthony Norris, Thomas Price, Scott Smikth, Alex Perrin, and Noah Wise will continue to manage the fund. 5/17
WBSIX William Blair Small Cap Growth Karl Brewer is no longer listed as a portfolio manager for the fund. Michael Balkin and Ward Sexton will continue to manage the fund. 5/17
WSMDX William Blair Small-Mid Cap Growth Karl Brewer is no longer listed as a portfolio manager for the fund. Robert Lanphier and Daniel Crowe will continue to manage the fund. 5/17
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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.