November 2017 IssueLong scroll reading

Manager changes, October 2017

By Chip

It’s a strange month. At one level, several exceedingly capable managers have been shown the door but at another level, almost no managers have been shown the door. We recorded fewer than 40 partial or complete manager changes this month, about 40% below what’s “normal.” At the same time, fund liquidations are at a multi-year low. Only 23 traditional mutual funds left us, one third of which came from a single firm. The quiet is curious. It might signal a bottoming-out in the industry, or might simply be an anomalous stay of execution for dozens of funds and managers. We’ll keep an eye out.

Ticker

Fund Out with the old In with the new Dt
AISCX Acuitas International Small Cap Fund Regina Chi and Drew Edwards will no longer serve as portfolio managers for the fund. David Savignac, Qing Ji, and Robert Beauregard join Bram Zeigler, Christorper Tessin, and Dennis Jensen in managing the fund. 10/17
LHGFX American Beacon Bridgeway Large Cap Growth II Fund Harry Segalas will no longer serve as a portfolio manager for the fund since the sub adviser contract has been awarded to Bridgeway. Elena Khoziaeva, John Montgomery, and Michael Whipple will now manage the fund. 10/17
ANHAX Angel Oak High Yield Opportunities Fund No one, but . . . Nichole Hammand had joined Matthew Kennedy, Sreeniwas Prabhu, and Berkin Kologlu in managing the fund. 10/17
ARTQX Artisan Mid Cap Value Fund George O. Sertl, Jr., is out, which is fairly epochal. James Kieffer and Daniel Kane are joined by Thomas Reynolds IV. 10/17
ARTLX Artisan Value Fund George O. Sertl, Jr., is out. James Kieffer and Daniel Kane are joined by Thomas Reynolds IV. 10/17
ESSAX Ashmore Emerging Markets Small-Cap Equity Fund Felicia Morrow will no longer serve as a portfolio manager for the fund. Patrick Cadell and Dhiren Shah will now manage the fund. 10/17
EMEAX Ashmore Emerging Markets Value Fund Felicia Morrow will no longer serve as a portfolio manager for the fund. Dhiren Shah will now manage the fund. 10/17
MDGCX BlackRock Advantage Global Fund Murali Balaraman and John Coyle are no longer listed as portfolio managers for the fund. Kevin Franklin, Richard Mathieson, and Raffaele Savi will now manage the fund. 10/17
CDRTX Campbell Dynamic Trend Fund Xiaohua Hu has retired from the advisor and will no longer serve as a portfolio manager for the fund. Kevin Cole will join G. William Andrews in managing the fund. 10/17
CDYGX Cavalier Dynamic Growth Fund Mark Scalzo will no longer serve as a portfolio manager for the fund, and Validus Growth Investors will no longer sub-advise the fund. Odd since the fund’s been roaring right along. Justin Lent will continue to manage the fund and StratiFi, LLC will now be the sole subadvisor to the fund. 10/17
CCLAX Collins Long/Short Credit Fund Effective immediately, Mr. Richard M. de Garis no longer serves as a portfolio manager Oren Cohen will continue to manage the fund. 10/17
SZEAX Deutsche Emerging Markets Fixed Income Fund No one, but . . . Nicolas Schlotthauer joins Rahmila Nadi in managing the fund. 10/17
EPVNX Epiphany Faith and Family Values Fund No one, but . . . Daniel Mulvey joins Samuel Saladino in managing the fund. 10/17
FGRTX Fidelity Mega Cap Stock Fund No one, but . . . Ashley Fernandes joins Matthew Fruhan in managing the fund. 10/17
FSNGX Fidelity Select Natural Gas Portfolio No one, but . . . Ted Davis is joined by Ben Shuleva in managing the fund. 10/17
FSAEX Fidelity Series All-Sector Equity Fund Peter Dixon is no longer listed as a portfolio manager for the fund. Chip Perrone joined the other eight managers on the team. 10/17
FFIOX FormulaFolios US Equity Fund Keith Springer will no longer serve as a portfolio manager for the fund. Derek Prusa and Jason Wenk will continue to manage the fund. 10/17
TEMIX Franklin Mutual European Fund No one, but . . . On January 1, 2018, Mandana Hormozi will join Philippe Brugère-Trélat and Katrina Dudley on the management team. 10/17
TEDIX Franklin Mutual Global Discovery Fund No one, but . . . On January 1, 2018, Christian Correa will join Philippe Brugère-Trélat, Peter Langerman, and Timothy Rankin on the management team. 10/17
FMIAX Franklin Mutual International Fund No one, but . . . On January 1, 2018, Timothy Rankin will join Philippe Brugère-Trélat and Andrew Sleeman on the management team. 10/17
FNHSX Frontier Silk Invest New Horizons Fund Mohamed Bahaa Abdeen will no longer serve as a portfolio manager for the fund, and Silk Invest Limited will no longer sub-advise the fund. Olufunmilayo Akinluyi and Zin El Abidin Bekkali will continue to manage the fund, though we don’t know what it will be called. 10/17
GDIFX Goldman Sachs Dynamic Allocation Fund Momoko Ono is no longer listed as a portfolio manager for the fund. Federico Gilly, Stephan Kessler, and Matthew Schwab will now manage the fund. 10/17
GMAMX Goldman Sachs Multi-Manager Alternatives Fund YG Partners, LLC will no longer be an investment subadvisor for the fund. The rest of the management team remains. 10/17
JSIVX Janus Henderson Small Cap Value Fund Tom Reynolds is no longer listed as a portfolio manager for the fund. Craig Kempler joins Justin Tugman and Robert Perkins in managing the fund. 10/17
GLIFX Lazard Global Listed Infrastructure Portfolio No one, but . . . Bertrand Cliquet joins Matthew Landy, John Mulquiney, and Warryn Robertson in managing the fund. 10/17
MFUAX MassMutual Select Fundamental Value Fund No one, but . . . Karen Grimes is joined by Ray Nixon, Brian Quinn, and R. Lewis Ropp. 10/17
DBBEX Miller/Howard Drill Bit to Burner Tip Fund Roger Young will no longer serve as a portfolio manager for the fund. Gregory Powell joins Bryan Spratt, John Leslie, Michael Roomberg, John Cusick, and Lowell Miller on the management team. 10/17
MHIEX Miller/Howard Income-Equity Fund Roger Young will no longer serve as a portfolio manager for the fund. Gregory Powell joins Bryan Spratt, John Leslie, Michael Roomberg, John Cusick, and Lowell Miller on the management team. 10/17
LSEIX Persimmon Long/Short Fund Matthew Shefler is no longer listed as a portfolio manager for the fund. Timothy Melly, Ken Cavazzi, Arthur Holly, Gregory Horn, H. George Dai, Daniel Brazeau, and Joshua Bennett will continue to manage the fund. 10/17
HSUAX Rational Dynamic Brands Fund David Miller and Michael Schoonover are no longer listed as portfolio managers for the fund. James Calhoun, Eric Clark, and David Garff are now managing the fund. 10/17
TEMFX Templeton Foreign Fund No one, but . . . Herbert Arnett and Christopher Peel join Heather Arnold, Norman Boersma, James Harper, and Tucker Scott in managing the fund. 10/17
SEBLX Touchstone Balanced Fund, formerly Sentinel Balanced Fund Jason Doiron is no longer listed as a portfolio manager for the fund. We regret the change since Doiron had been doing a first-rate job despite the fund being “left behind by Morningstar.” Daniel Carter, Timothy Policinski, and James Wilhelm will now manage the fund. 10/17
SENCX Touchstone Large Cap Focused Fund Hilary Roper is no longer listed as a portfolio manager for the fund. James Wilhelm will now manage the fund. 10/17
Various USAA Target Retirement Funds John Toohey is no longer listed as a portfolio manager for the fund. Wasif Latif and Brian Herscovici will continue to manage the funds. 10/17
FMLSX Wasatch Long/Short Fund No one, but . . . Terry Lally is joined by David Powers on the management team. 10/17
WBIIX William Blair Institutional International Growth Fund Stephanie Braming is no longer listed as a portfolio manager for the fund. Kenneth McAtamney joins Simon Fennell and Jeffrey Urbina in managing the fund. 10/17
WBIGX William Blair International Growth Fund Stephanie Braming is no longer listed as a portfolio manager for the fund. Kenneth McAtamney joins Simon Fennell and Jeffrey Urbina in managing the fund. 10/17
WISNX William Blair International Small Cap Growth Fund Stephanie Braming is no longer listed as a portfolio manager for the fund. Simon Fennell joins Andrew Flynn in managing the fund. 10/17
YOVIX Yorktown Small-Cap Fund Mendel Fygenson will no longer serve as a portfolio manager for the fund. Michael Borgen in now managing the fund. 10/17
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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.