October 2017 IssueLong scroll reading

Manager changes, September 2017

By Chip

Thirty funds saw complete or partial manager changes, which is a very modest talent. Most months see between 50-70 changes. The most consequential are the changes coming to the Third Avenue funds. The best description we have is that a bunch of the guys hired by founder Marty Whitman were purged during the Barse years. With Mr. Barse’s unceremonious departure, a number of his acolytes have now been shown the door, including “Chip” Rewey, the amiable soul hired to right the ship three years ago. In place of the recent departees, some of the previously purged folks have returned. No word from Mr. Whitman, now 93 and described by Forbes as “an obstinate and cantankerous cuss,” on any of it.

Ticker Fund Out with the old In with the new Dt
AZDAX AllianzGI Global Fundamental Strategy Fund Armin Kayser is no longer listed as a portfolio manager for the fund. Georgios Costa Georgiou has joined Neil Dwane, Eric Boess, Karl Happe, and Steven Berexa in managing the fund. 9/17
LHGFX American Beacon Holland Large Cap Growth Fund, renamed as American Beacon Bridgeway Large Cap Growth II Fund‌ Holland Capital Management is no longer a subadvisor. Accordingly, the managers of that portion of the portfolio are out. Bridgeway Capital will remain as the subadvisor with John Montgomery, Elena Khoziaeva, and Michael Whipple managing the fund. 9/17
QWVOX Clearwater Small Companies Keeley-Teton Advisors is out as a subadvisor. Kevin Chin and Brian Keeley are no longer listed as portfolio managers for the fund. Cooke & Bieler and Pzena Investment Management are new subadvisors, joining KCM. Donald Cobin and Timothy Hasara are joined on the management team by Andrew Armstrong, Steve Lyons, Michael Meyer, Edward O’Connor, R. James O’Neil, Mehul Trivedi, William Weber, John Flynn, Evan Fox, and Benjamin Silver. 9/17
CPATX Counterpoint Tactical Income Fund John Koudsi will no longer serve as a portfolio manager for the fund. Michael Krause is joined by Joseph Engelberg in managing the fund. 9/17
DURAX Deutsche European Equity Fund Dirk Aufderheide is no longer listed as a portfolio manager for the fund. Britta Weidenbach, Mark Schumann, Gerd Kirsten, and Christian Reuter will continue to manage the fund. 9/17
FADAX Fidelity Advisor Dividend Growth Fund No one, but . . . Gordon Scott joins Ramona Persaud as a co-manager to the fund. 9/17
FWATX Fidelity Advisor Multi-Asset Income Fund Matthew Fruhan is no longer listed as a portfolio manager for the fund. Ramona Persaud joins Adam Kramer and James Morrow to manage the fund. 9/17
FLPSX Fidelity Low-Priced Stock Fund James Harmon no longer serves as a co-manager of the fund. Sam Chamovitz and Salim Hart  have joined Joel Tillinghast, Justin Bennett, Katherine Buck, John Mirshekari, Shadman Riaz, and Morgan Peck on the management team. 9/17
FOCPX Fidelity OTC Portfolio Gavin Baker is no longer listed as a portfolio manager for the fund. Sonu Kalra and Christopher Lin now manage the fund. 9/17
FSDIX Fidelity Strategic Dividend & Income Fund Joanna Bewick is leaving Fido and so will no longer serve as a portfolio manager for the fund. Brian Chang has joined Andrew Kramer, Ford O’Neil, Samuel Wald, Scott Offen (who plans to retire at the end of the year), and Ramona Persaud on the management team. 9/17
FSICX Fidelity Strategic Income Fund Joanna Bewick will no longer serve as a portfolio manager for the fund. Adam Kramer joins Ford O’Neil, Franco Castagliuolo, William Irving, Johnathan Kelly, Mark Notkin, and David Simner on the management team. 9/17
INCAX James Alpha Hedged High Income Portfolio No one, but . . . Coherence Capital Partners was added as a subadvisor. Sal Naro, Vincent Mistretta, and Michael Cannon join Kevin Greene, James Vitalie, Michael Montague, Akos Beleznay, Glenn Koach, Tom Krasner, and Jon Duensing. 9/17
LMGAX Lord Abbett Growth Opportunities Fund Paul Volovich and Anthony Hipple are no longer listed as portfolio managers for the fund. Jeffrey Rabinowitz will now manage the fund. 9/17
MFGIX Monteagle Quality Growth Fund  Curt Rohrman will no longer serve as a portfolio manager for the fund. Robert Prorok, Thomas Sauer, Stefan Astheimer, Brett Winnefeld, and Craig Cairns will now manage the fund. 9/17
OWSMX Old Westbury Small & Mid Cap Strategies Fund No one, but . . . Douglas Brodie and Douglas Polunin join the management team, representing new subadvisors of Baillie Gifford Overseas Limited and Polunin Capital Partners Limited. 9/17
OALGX Optimum Large Cap Growth Fund Fred Alger Management is no longer a subadvisor to the fund. Therefore, Ankur Crawford and Patrick Kelly will no longer serve as portfolio managers for the fund. ClearBridge Investments joined the subadvisory team, with Peter Bourbeau and Margaret Vitrano added as portfolio managers. They join Joseph Fath, who’s been managing the fund since 2014. 9/17
PAXWX Pax Balanced Fund Not immediately, but Christopher Brown has stated his intention to retire at the end of the year. Mssr. Brown, Anthony Trzcinka, and Nathan Moser are joined by Andrew Braun and Peter Schwab on the management team. 9/17
PAXLX Pax Large Cap Fund Not immediately, but Christopher Brown has stated his intention to retire at the end of the year. Andrew Braun and Barbara Browning joins Mssr. Brown in managing the fund. 9/17
PXNIX Pax MSCI EAFE ESG Leaders Index Fund Not immediately, but Christopher Brown has stated his intention to retire at the end of the year. Mssr. Brown, Scott LaBreche, and Greg Hasevlat are joined by Steve Falci on the management team. 9/17
SLSAX Sterling Capital Long/Short Equity Fund Ward Davis and Brian Agnew are no longer listed as portfolio managers for the fund. L. Joshua Wein, James Willis, Ashton Lee, Charles Frumberg, Michael Gregory, and Derek Pilecki will continue to manage the fund. 9/17
TEMFX Templeton Foreign Fund No one, but . . . Christopher Peel and Herbert Arnett Jr join Tucker Scott, Norman Boersma, James Harper and Heather Arnold 9/17
WEAIX Teton Westwood Intermediate Bond Fund  Mark Freeman has resigned as portfolio manager and Westwood Management will no longer sub-advise the fund. Teton, the advisor to the fund, will assume portfolio management duties, with Wayne Plewniak becoming the new portfolio manager. 9/17
  Third Avenue Small-Cap Value Fund Robert “Chip” Rewey and Tim Bui are out. Victor Cunningham will again manage the fund 9/17
TVFVX Third Avenue Value Fund Robert Rewey and Yang Lie are out. Matthew Fine and Michael Fineman, who was sort of purged in 2014, will now manage the fund. 9/17
TPYAX Touchstone Premium Yield Equity Fund Roger Yound will no longer serve as a portfolio manager for the fund. Lowell Miller, Bryan Spratt, John Leslie, and Deepak Ahuja will continue to serve as portfolio managers of the fund. 9/17
VICAX USA Mutuals Vice Fund Gerald Sullivan no longer serves as portfolio manager of the fund. Gerry was never really a natural fit for anything associated with vice. Jordan Waldrep will now manage the fund. 9/17
WAIGX Wasatch International Growth Fund Effective October 10, 2017, Kabir Goyal will no longer be a manager for the fund. Roger Edgley, Ken Applegate, and Linda Lasater will continue to manage the fund. 9/17
WAAEX Wasatch Small Cap Growth Fund Effective December 31, 2017, Jeff Cardon will no longer be a manager for the fund. That makes sense, he’s been with the fund since 1986 and was once the Wasatch CEO. “Pulling back” is about right. JB Taylor, Ken Korngeibel, and Ryan Snow will continue to manage the fund. 9/17
WVCAX Wells Fargo Alternative Strategies Fund Effective September 13, 2017, William Tuebo will no longer serve as a portfolio manager of the fund. Kyle Mowery will continue to serve as portfolio manager of the fund. 9/17
WDISX Wells Fargo Strategic Income Fund David Germany has announced his intention to retire. Niklas Nordenfelt, Anthony Norris, Thomas Price, Scott Smith, Alex Perrin, and Noah Wise will continue to manage the fund. 9/17

 

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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.