December 2017 IssueLong scroll reading

Manager changes, November 2017

By Chip

It’s never a good sign when the guy whose name is on the door is also the guy handed the pink slip. And yet such was the fate this month of the founder of Caldwell & Orkin Market Opportunity. Happily that wasn’t the fate of any of the other 45 funds seeing partial or total manager changes this month.

Ticker Fund Out with the old In with the new Dt
NMUSX Active M U.S. Equity The London Company of Virginia, LLC will no longer subadvise the fund. Lazard Asset Management and Thompson, Siegel & Walmsley will each subadvise a portion of the fund. 11/17
GSVAX American Beacon Grosvenor Long/Short Fund Pine River Capital Management L.P. will no longer serve as a sub-advisor of the fund. The rest of the management team remains. 11/17
AMFAX ASG Managed Futures Strategy Fund Effective January 1, 2018, Dr. Andrew Lo will no longer serve as a co-portfolio manager of the fund. Robert S. Rickard, Robert Sinnott, Alexander Healy, Philippe Lüdi, and John Perry remain. 11/17
ABNDX Bond Fund of America Andrew Barth will no longer serve as a portfolio manager for the fund. David Betanzos, Pramod Atluri, David Lee, Fergus MacDonald, Robert Neithart, David Hoag, and John Smet will continue to manage the fund. 11/17
BUFDX Buffalo Dividend Focus Fund Scott Moore will no longer serve as a portfolio manager for the fund. Paul Dlugosch will continue to manage the fund. 11/17
BUFGX Buffalo Growth Fund Chris Carter will no longer serve as a portfolio manager for the fund. Clay Brethour and Dave Carlsen will continue to manage the fund. 11/17
BUFMX Buffalo Mid Cap Fund Scott Moore will no longer serve as a portfolio manager for the fund. Chris Carter, recently of Buffalo Growth, and Josh West will now manage the fund. 11/17
COAGX Caldwell & Orkin Market Opportunity Michael Orkin, who launched the fund in 1992, David Bockel and J. Patrick Fleming will no longer serve as portfolio managers for the fund. Derek Pilecki will now manage the fund. he fund leads its peers more frequently than it trails them; the fatal difference is that when it leads, it leads by a few points but when it trails, it generally trails by double digits. 11/17
CHNAX Clough China Fund No one, but . . . Charles Clough, Jr. and Anupam Bose have joined Brian Chen on the management team. 11/17
CAGAX Columbia Acorn Emerging Markets Fund Effective December 29, 2017, Stephen Kusmierczak and Louis Mendes will no longer serve as portfolio managers for the fund. Former manager Fritz Kaegi is now in a heated race to become Cook County (which is to say, Chicago) assessor. We wish him well. Charles Young will join Satoshi Matsunaga in managing the fund. 11/17
EAVSX Eaton Vance Global Small-Cap Fund No one, but . . . Michael McLean and J. Griffith Noble join Aidan Farrell in managing the fund. 11/17
MDDDX FDP BlackRock Capital Appreciation Fund Carmel Wellso is no longer listed as a portfolio manager for the fund. Lawrence Kemp will now manage the fund. 11/17
MDVVX FDP BlackRock Equity Dividend Fund Charles DyReyes, Devin Armstrong, James Warwick, and Kevin Holt are no longer listed as portfolio managers for the fund. Tony DeSpirito, Franco Tapia, and David Zhao will manage the fund. 11/17
MDIQX FDP BlackRock International Fund Victoria Higley, José Luis García, and Thomas Melendez are no longer listed as portfolio managers for the fund. Gareth Williams and James Bristow will now manage the fund. 11/17
FBALX Fidelity Balanced Fund Tobias Welo no longer serves as co-manager of the fund. Richard Malnight joins the rest of the team. 11/17
FDFAX Fidelity Select Consumer Staples Robert Lee will no longer serve as a portfolio manager for the fund. James McElligott will manage the fund. 11/17
FSDPX Fidelity Select Materials Tobias Welo no longer serves as a manager of the fund. Richard Malnight will manage the fund. 11/17
FDSSX Fidelity Stock Selector All Cap Fund Robert Lee, Tobias Welo, and Christopher Sharpe no longer serves as portfolio managers of the fund. Richard Malnight and Samuel Wald join the rest of the team. 11/17
VEEEX Global Strategic Income Fund Stuart Shikiar, Albert Sipzener, and Lockwook Sloan are no longer listed as portfolio managers for the fund. Kenneth Doerr, Joseph Hosler, and Robert Kuftinec will now manage the fund. 11/17
GMAMX Goldman Sachs Multi-Manager Alternatives Fund Effective December 15, 2017, Ryan Roderick will no longer serve as a portfolio manager for the fund. Robert Mullane will join Kent Clark and Betsy Gorton in managing the fund. 11/17
HVOAX Hartford Quality Value Fund David Palmer and James Mordy will no longer serve as portfolio managers for the fund. Matthew Baker will now manage the fund. 11/17
GASFX Hennessy Gas Utility Fund In connection with his planned retirement, Winsor (Skip) H. Aylesworth will no longer be a portfolio manager of the fund. Ryan Kelley and Brian Peery will continue to manage the fund. 11/17
ICIAX ICON Industrials Fund Zach Jonson is no longer listed as a portfolio manager for the fund. Rob Young will now manage the fund. 11/17
ICBAX ICON Natural Resources Fund Zach Jonson is no longer listed as a portfolio manager for the fund. Rob Young will now manage the fund. 11/17
IOCAX ICON Risk-Managed Balanced Fund Zach Jonson is no longer listed as a portfolio manager for the fund. Craig Callahan and Scott Callahan jointed Donovan (Jerry) Paul in managing the fund. 11/17
SWOIX  Laudus International MarketMasters Fund Stephanie Braming no longer serves as portfolio manager for the fund. The rest of the team remains. 11/17
LMAPX Legg Mason BW Alternative Credit Fund Regina Borromeo is no longer listed as a portfolio manager for the fund. Gary Herbert, Brian Kloss and Tracy Chen will continue to manage the fund. 11/17
LFLAX Legg Mason BW Global Flexible Income Fund Regina Borromeo is no longer listed as a portfolio manager for the fund. John McIntyre and Anujeet Sareen join Gary Herbert, Brian Kloss and Tracy Chen on the management team. 11/17
LBHAX Legg Mason BW Global High Yield Fund Regina Borromeo is no longer listed as a portfolio manager for the fund. Gary Herbert, Brian Kloss and Tracy Chen will continue to manage the fund. 11/17
MRPAX Measured Risk Strategy Fund Steven Aniston and Peter Kihara will no longer serve as portfolio managers for the fund. Larry Kriesmer and Bernard Surovsky will continue to manage the fund. 11/17
NWGKX Nationwide Diamond Hill Large Cap Equity Fund Yanping Li and Derek Izuel are no longer listed as portfolio managers for the fund. Charles Bath, Austin Hawley, and Christopher Welch will now manage the fund. 11/17
MUIFX Nationwide Fund Yanping Li and Derek Izuel are no longer listed as portfolio managers for the fund. Cheryl Duckworth, Mark Mandel, and Jonathan White have taken over management of the fund. 11/17
NCBIX New Covenant Balanced Income Fund Steven Treftz will no longer serve as a portfolio manager for the fund. Richard Bamford and Erin Garrett will now manage the fund. 11/17
PAAAX PNC Bond Fund Mark Lozina will no longer serve as a portfolio manager of the fund. Jason Weber joins Sean Rhoderick and John Graziani on the management team. 11/17
POMAX PNC Government Mortgage Fund No one, but . . . Jason Weber joins Mark Lozina and Sean Rhoderick on the management team. 11/17
PBFAX PNC Intermediate Bond Fund Mark Lozina will no longer serve as a portfolio manager of the fund. Sean Rhoderick and Jeffrey Bryan will continue to manage the fund. 11/17
PTVAX PNC Total Return Advantage Fund Mark Lozina will no longer serve as a portfolio manager of the fund. Jason Weber joins Sean Rhoderick and John Graziani on the management team. 11/17
PGIRX Polen Global Growth Fund Julian Pick is no longer a member of the portfolio management team. Damon Ficklin joins Jeff Mueller in managing the fund. 11/17
SGCFX Shelton Greater China Fund William Mock is no longer listed as a portfolio manager for the fund. Matthias Knerr and Andrew Manton will now manage the fund. 11/17
FMELX Strategic Advisers Growth Multi-Manager Fund Stephen Balter and Christopher Galizio are no longer listed as portfolio managers for the fund. Julian Albornoz joins John Stone, Matthew Krummell, C. Frank Feng, David Pavan, Edward Wagner, Stacey Nutt, Aziz Hamzaogullari, James  Fallon, Jonathan Sage, John Stocks, and Niall Devitt on the management team. 11/17
OMOAX Vivaldi Multi-Strategy Fund No one, but . . . Sam Dunlap, Brad Friedlander, Berkin Kologlu, Kin Lee, Colin McBurnette, and Sreeniwas Prabhu join Stephen O’Neill, Patrick Galley, Brian Murphy, Kyle Mowery, Jeff O’Brien, Michael Peck, Scott Hergott and Kevin Smith on the management team. 11/17
WSCAX Wanger International No one, but . . . Tae Han Kim will join P. Zachary Egan and Louis Mendes on the management team. 11/17
WUSAX Wanger USA William J. Doyle is no longer listed as a portfolio manager for the fund. Richard Watson joins Matthew Litfin on the management team. 11/17
FMLSX Wasatch Long/Short Terry Lally was dropped on November 13, the same day that the adviser announced their intention to merge the fund into Wasatch Global Value. David Powers joined the team on October 5 and will presumably oversee the transition. 11/17
YOVAX Yorktown Small-Cap Fund Mendel Fygenson will no longer serve as a portfolio manager for the fund. Michael Borgen is now managing the fund. 11/17
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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.