January 2018 IssueLong scroll reading

Manager changes, December 2017

By Chip

Sixty funds saw complete or partial manager changes, which is right in line with our long-term average. Most months see between 50-70 changes. Just as was the case in September, the most consequential changes are coming from the Third Avenue funds. Michael Winer, manager of Third Avenue Real Estate Value and the firm’s sole remaining star, is retiring after 20 years. His co-managers will need to step up. Just a bit later, the merger of Third Avenue International Value will narrow things further.

Ticker Fund Out with the old In with the new Dt
NUBAX Neuberger Berman Unconstrained Bond Fund Andrew Johnson has announced his intent to retire on December 31, 2018. Brad Tank and Ashok Bhatia will join Thanos Bardas, David Brown, Jon Jonsson, Nathan Kush, Ugo Lancioni, and Thomas Marthaler on the management team. 12/17
PSEPX 1789 Growth and Income Fund Stephen Fauer is no longer listed as a portfolio manager for the fund. Paul Tryon will now manage the fund. 12/17
RGSAX AllianzGI Global Small-Cap Fund Frank Hansen will no longer serve as a portfolio manager for the fund. Nine other managers remain to keep the lights on. 12/17
AOPAX AllianzGI International Small-Cap Fund Frank Hansen will no longer serve as a portfolio manager for the fund. Nine other managers remain to keep the lights on. 12/17
GVRPX American Beacon Grosvenor Long/Short Fund River Canyon Fund Management is no longer a subadvisor to the fund. The rest of the team remains 12/17
BERWX Berwyn Fund Lee Grout left Chartwell Investment Partners, LLC  on December 29, 2017, at which point he no longer served as portfolio manager David Dalrymple will replace Mr. Grout as portfolio manager of the fund. 12/17
MASPX BlackRock Advantage U.S. Total Market Fund Murali Balaraman and John Coyle are no longer listed as portfolio managers for the fund. Travis Cooke, Raffaele Savi and Richard Mathieson will manage the fund. 12/17
BUFMX Buffalo Mid Cap Fund Scott Moore and Dave Carlsen will no longer serve as portfolio managers for the fund. Chris Carter and Josh West will now manage the fund. 12/17
DHLAX Diamond Hill Large Cap Fund No one, but . . . A promo! References to Austin Hawley as Assistant Portfolio Manager of the Large Cap Fund are removed and replaced with Austin Hawley as Portfolio Manager of the Large Cap Fund. 12/17
EAFVX Eaton Vance Focused Value Opportunities Fund John Crowley is no longer listed as a portfolio manager for the fund. Aaron Dunn joins Edward Perkins in managing the fund. 12/17
EHSTX Eaton Vance Large-Cap Value Fund John Crowley is no longer listed as a portfolio manager for the fund. Aaron Dunn joins Edward Perkins in managing the fund. 12/17
EATVX Eaton Vance Tax-Managed Value Fund John Crowley is no longer listed as a portfolio manager for the fund. Aaron Dunn joins Edward Perkins in managing the fund. 12/17
FSLVX Fidelity Stock Selector Large Cap Value Fund No one immediately but, Katherine Buck is expected to retire effective March 31, 2018. Chip Perrone joined the other eight managers on the team. He is expected to take over Ms. Buck’s co-manager responsibilities at that time. 12/17
FSICX Fidelity Strategic Income Fund William Irving no longer serves as co-manager of the fund. Ford O’Neil, Adam Kramer, Mark Notkin, Jonathan Kelly, David Simner, and Franco Castagliuolo are joined by  Sean Corcoran on the management team. 12/17
FSRRX Fidelity Strategic Real Return Fund William Irving no longer serves as co-manager of the fund. Sean Corcoran joins Ford O’Neil, Adam Kramer, Mark Snyderman, Samuel Wald, and Franco Castagliuolo in managing the fund. 12/17
FCARX Fiera Capital Diversified Alternatives Fund Ellington Management Group will no longer subadvise the fund, and Rasheed Sabar will no longer serve on the management team. Fiera Capital will directly manage that portion of the funds assets. The rest of the management team will remain. 12/17
HHBUX    Hancock Horizon Burkenroad Small Cap Fund  John Portwook will retire on or around January 12, 2018. David Lundgren will continue to manage the fund. 12/17
HHIAX    Hancock Horizon Diversified Income Fund  John Portwook will retire on or around January 12, 2018. Greg Hodlewsky will continue to manage the fund. 12/17
HHQAX     Hancock Horizon Quantitative Long/Short Fund John Portwook will retire on or around January 12, 2018. Paula Chastain and Jacob Hartl will continue to manage the fund. 12/17
HSFAX HSBC Frontier Markets Fund Christopher Turner no longer serves as a portfolio manager of the fund. Ramzi Sidani will continue to manage the fund. 12/17
JORNX Janus Henderson Global Select Fund No one, but . . . George Maris has been joined by Julian McManus and Garth Yettick on the management team. 12/17
JAOSX Janus Henderson Overseas Fund No one, but . . . George Maris has been joined by Julian McManus and Garth Yettick on the management team. 12/17
SGQI Janus Henderson SG Global Quality Income ETF   Edward Tom will no longer serve as a portfolio manager for the fund. Scott Weiner and Benjamin Wang will continue to serve as portfolio managers for the fund. 12/17
JSML Janus Henderson Small Cap Growth Alpha ETF Edward Tom will no longer serve as a portfolio manager for the fund. Scott Weiner and Benjamin Wang will continue to serve as portfolio managers for the fund. 12/17
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF Edward Tom will no longer serve as a portfolio manager for the fund. Scott Weiner and Benjamin Wang will continue to serve as portfolio managers for the fund. 12/17
TRSK Janus Velocity Tail Risk Hedged Large Cap ETF   Edward Tom will no longer serve as a portfolio manager for the fund. Scott Weiner and Benjamin Wang will continue to serve as portfolio managers for the fund. 12/17
SPXH Janus Velocity Volatility Hedged Large Cap ETF   Edward Tom will no longer serve as a portfolio manager for the fund. Scott Weiner and Benjamin Wang will continue to serve as portfolio managers for the fund. 12/17
MASNX Litman Gregory Masters Alternative Strategies Fund Passport Capital, LLC has been removed as a subadvisor and John Burbank will no longer serve as a portfolio manager for the fund. The rest of the team remains. 12/17
BHBFX Madison Dividend Income Fund Jay Sekelsky has retired. John Brown and Drew Justman will continue to co-manage the fund. 12/17
MNVAX Madison Investors Fund Jay Sekelsky has retired. Matt Hayner and Adam Sweet will continue to co-manage the fund. 12/17
MOSAX MassMutual Select Overseas Fund J.P. Morgan Investment Management was removed as a subadvisor to the fund. Georgina Maxwell, Jeroen Huysinga, and Demetris Georghiou will no longer serve as portfolio managers for the fund. David Herro, Daniel Ling, Felipe Benzinho, and Michael Manelli continue to manage the fund. 12/17
NCRAX Neuberger Berman Core Bond Fund Andrew Johnson has announced his intent to retire on December 31, 2018. Nathan Kush will join Thanos Bardas, David Brown, Thomas Marthaler, and Brad Tank on the management team. 12/17
NCPAX Neuberger Berman Core Plus Fund Andrew Johnson has announced his intent to retire on December 31, 2018. Thanos Bardas, Ashok Bhatia, David Brown, Nathan Kush, Thomas Marthaler, and Brad Tank will continue to manage the fund. 12/17
NSTAX Neuberger Berman Strategic Income Fund Andrew Johnson has announced his intent to retire on December 31, 2018. Ashok Bhatia will join Thanos Bardas, David Brown, Thomas Marthaler, and Brad Tank on the management team. 12/17
NGEAX Nuveen NWQ Global All-Cap Fund Effective immediately, Gregg Tenser is no longer a portfolio manager for the fund. James Stephenson will continue to serve as portfolio manager for the fund until its liquidation after the close of business on January 22, 2018. 12/17
PJMDX Putnam Absolute Return 500 Fund   Robert Kea is no longer listed as a portfolio manager for the fund. Robert Schoen, James Fetch and Jason Vaillancourt will now manage the fund. 12/17
PDMAX Putnam Absolute Return 700 Fund   Robert Kea is no longer listed as a portfolio manager for the fund. Robert Schoen, James Fetch and Jason Vaillancourt will now manage the fund. 12/17
PVSAX Putnam Capital Spectrum Fund No one, but . . . Jacquelyne Cavanaugh joins David Glancy as an assistant portfolio manager 12/17
PCONX Putnam Convertible Securities Fund Eric Harthun is no longer listed as a portfolio manager for the fund. Robert Savin and Anthony Daigle will continue to manage the fund. 12/17
PABAX Putnam Dynamic Asset Allocation Balanced Fund   Robert Kea is no longer listed as a portfolio manager for the fund. Robert Schoen, James Fetch and Jason Vaillancourt will now manage the fund. 12/17
PACAX Putnam Dynamic Asset Allocation Conservative Fund Robert Kea is no longer listed as a portfolio manager for the fund. Robert Schoen, James Fetch and Jason Vaillancourt will now manage the fund. 12/17
PAEAX Putnam Dynamic Asset Allocation Growth Fund Robert Kea is no longer listed as a portfolio manager for the fund. Robert Schoen, James Fetch and Jason Vaillancourt will now manage the fund. 12/17
PDREX Putnam Dynamic Risk Allocation Fund Robert Kea is no longer listed as a portfolio manager for the fund. Robert Schoen, James Fetch and Jason Vaillancourt will now manage the fund. 12/17
PYSAX Putnam Equity Spectrum Fund No one, but . . . Jacquelyne Cavanaugh joins David Glancy as an assistant portfolio manager 12/17
PMVAX Putnam Multi-Cap Value Fund James Polk is no longer listed as a portfolio manager for the fund. Katherine Collins will now manage the fund. 12/17
PSLAX Putnam Small Cap Value Fund Eric Harthun is no longer listed as a portfolio manager for the fund. David Diamond will continue to manage the fund. 12/17
QEAAX Quaker Event Arbitrage Fund Paul Hoffmeister will no longer serve as a portfolio manager for the fund. Thomas Kirchner will continue to manage the fund. 12/17
QTRAX Quaker Global Tactical Allocation Fund Paul Hoffmeister will no longer serve as a portfolio manager for the fund. Thomas Kirchner will continue to manage the fund. 12/17
WMMAX TETON Westwood Mighty Mites Fund Paul Sonkin is no longer a portfolio manager of the fund. Mario Gabelli, Laura Linehan, and Sarah Donnelly will continue to manage the fund. 12/17
OLD The Long-Term Care ETF Edward Tom will no longer serve as a portfolio manager for the fund. Scott Weiner and Benjamin Wang will continue to serve as portfolio managers for the fund. 12/17
SLIM The Obesity ETF (if the ticker for the Long-Term Care ETF is OLD, why isn’t this ticker FAT?) Edward Tom will no longer serve as a portfolio manager for the fund. Scott Weiner and Benjamin Wang will continue to serve as portfolio managers for the fund. 12/17
ORG The Organics ETF Edward Tom will no longer serve as a portfolio manager for the fund. Scott Weiner and Benjamin Wang will continue to serve as portfolio managers for the fund. 12/17
TAREX Third Avenue Real Estate Value Michael Winer intends to retire in early 2018. Mssr. Winer has been at the helm since 1998. Co-lead managers Jason Wolf and Ryan Dobratz will take over. Wolf and Dobratz joined in 2010 and 2013, respectively. The fund currently holds about $2 billion, down a billion from its peak. 12/17
VCVSX Vanguard Convertible Securities Fund No one, but . . . Andrew Watts joins Stuart Spangler, Abe Ofer, Jean-Pierre Latrille, and Petar Raketic on the management team. 12/17
WALTX Wells Fargo Alternative Strategies Fund As of February 15, 2018, Passport Capital, LLC will no longer serve as a subadvisor to the fund. John Burbank will no longer serve as a portfolio manager The rest of the team remains. 12/17
WMLPX Westwood MLP and Strategic Energy Fund Hollis Ghobrial no longer serves as a portfolio manager of the fund. Matthew Na and Todd Williams will continue to manage the fund. 12/17
APIGX Yorktown Capital Income Fund Michael Dixon is no longer listed as a portfolio manager for the fund. David D. Basten, David M. Basten, and Brentz East will continue to manage the fund. 12/17
AFGGX Yorktown Growth Fund Michael Dixon is no longer listed as a portfolio manager for the fund. David D. Basten, David M. Basten, and Brentz East will continue to manage the fund. 12/17
APIMX Yorktown Short Term Bond Fund Brentz East will no longer serve as a portfolio manager for the fund. David D. Basten, David M. Basten, and Michael Dixon will continue to manage the fund. 12/17

 

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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.