May 2018 IssueLong scroll reading

Manager changes

By Chip

There are an exceptional number of manager changes this month, our partial recounting here finds 72 funds with changed teams. The tally is partial because we tend to exclude vanilla bond funds and index funds from the tally, since the managers in such funds make relatively modest differences in the funds’ performance.

Two departures seem worth note. Anthony Cragg is stepping down from Wells Fargo Asia Fund Fund (WFAAX) after a quarter century at the helm. He began with the fund in 1993 when it was still Strong Asia Pacific. Over the course of his career with the fund, he would have turned an initial $10,000 investment to $35,000 while an investment in his average peer would have grown to $27,500. It’s a difference worth noting. Ron Kaliebe will step aside from management of Mairs & Power Balanced (MAPOX) in a year. Mr. Kaliebe will have had a 13 year run which pales in comparison to his predecessor, William Frels, who kept his hand on the tiller for 22 years. It’s the nature of Mairs & Power that they make these transitions quietly and successfully. Morningstar rightly celebrates “the stability and veteran leadership of this fund’s management team.”

Ticker Fund Out with the old In with the new Dt
APGAX AB Large Cap Growth Fund Karen Sesin is no longer listed as a portfolio manager for the fund. Vinay Thapar joins Frank Caruso and John Fogarty in managing the fund. 5/18
CABDX AB Relative Value Fund No one, but . . . Vinay Thapar and John Fogarty join Fran Caruso on the management team. 5/18
CHUSX Alger Global Growth Fund Pedro Marcal and Deborah Velez Medencia are no longer listed as portfolio managers for the fund. Gregory Jones and Pragna Shere will now manage the fund. 5/18
AFGPX Alger International Growth Fund Class B Pedro Marcal is no longer listed as a portfolio manager for the fund. Gregory Jones and Pragna Shere will now manage the fund. 5/18
ALMMX AllianzGI Emerging Markets Small-Cap Fund Jie Wei will no longer serve as a portfolio manager for the fund. Kunal Ghosh and Lu Yu will continue to manage the fund. 5/18
ACTIX American Century Capital Value Brendan Healy will no longer serve as a portfolio manager for the fund. Philip Sundell joins Brian Woglom on the management team. 5/18
ALVIX American Century Large Company Value Brendan Healy will no longer serve as a portfolio manager for the fund. Phillip Davidson joins Brian Woglom on the management team. 5/18
MMCFX AMG Managers Emerging Opportunities Fund Effective immediately, Arthur Weise no longer serves as a portfolio manager for the portion of the fund managed by Lord, Abbett & Co. LLC F. Thomas O’Halloran and Matthew DeCicco are designated as portfolio managers for the portion of the fund managed by Lord Abbett. The rest of the management team remains. 5/18
MGSEX AMG Managers Special Equity Fund Effective immediately, Arthur Weise no longer serves as a portfolio manager for the portion of the fund managed by Lord, Abbett & Co. LLC Matthew DeCicco is designated as a portfolio manager for the portion of the fund managed by Lord Abbett. The rest of the management team remains. 5/18
ARDEX AMG River Road Dividend All Cap Value Fund No one, but . . . Andrew McIntosh joins Henry Sanders, James Shircliff, and Thomas Forsha on the management team. 5/18
ADVTX AMG River Road Dividend All Cap Value Fund II No one, but . . . Andrew McIntosh joins Henry Sanders, James Shircliff, and Thomas Forsha on the management team. 5/18
SYAMX AMG Systematic Mid Cap Value Fund No one, but . . . Aman Patel joins Ronald Mushock and D. Kevin McCreesh on the management team. 5/18
AZEIX AQR Emerging Defensive Style Fund Mr. Hoon Kim will no longer serve as a portfolio manager. Michele Aghassi, Andrea Frazzini, and Jacques Friedman will continue to manage the fund. 5/18
QERIX AQR Emerging Relaxed Constraint Equity Fund Mr. Hoon Kim will no longer serve as a portfolio manager. Michele Aghassi, Andrea Frazzini, and Jacques Friedman will continue to manage the fund. 5/18
ANDNX AQR International Defensive Style Fund Mr. Hoon Kim will no longer serve as a portfolio manager. Michele Aghassi, Andrea Frazzini, and Jacques Friedman will continue to manage the fund. 5/18
QIRNX AQR International Relaxed Constraint Equity Fund Mr. Hoon Kim will no longer serve as a portfolio manager. Michele Aghassi, Andrea Frazzini, and Jacques Friedman will continue to manage the fund. 5/18
AUEIX AQR Large Cap Defensive Style Fund Mr. Hoon Kim will no longer serve as a portfolio manager. Michele Aghassi, Andrea Frazzini, and Jacques Friedman will continue to manage the fund. 5/18
QLRIX AQR Large Cap Relaxed Constraint Equity Fund Mr. Hoon Kim will no longer serve as a portfolio manager. Michele Aghassi, Andrea Frazzini, and Jacques Friedman will continue to manage the fund. 5/18
QLENX AQR Long-Short Equity Fund Mr. Hoon Kim will no longer serve as a portfolio manager. Michele Aghassi, Andrea Frazzini, and Jacques Friedman will continue to manage the fund. 5/18
QSRIX AQR Small Cap Relaxed Constraint Equity Fund Mr. Hoon Kim will no longer serve as a portfolio manager. Michele Aghassi, Andrea Frazzini, and Jacques Friedman will continue to manage the fund. 5/18
BXEAX Barings Emerging Markets Debt Blended Total Return Fund Novruz Bashirov will no longer serve as a portfolio manager for the fund. Ricardo Adrogué, Cem Karacadag, and Brigitte Posch will continue to manage the fund. 5/18
BICHX BlackRock Emerging Markets Dividend Fund Alethea Leung is no longer listed as a portfolio manager for the fund. Stephen Andrews and Emily Fletcher will continue to manage the fund. 5/18
MFOMX BNY Mellon Focused Equity Opportunities Fund Irene O’Neill is no longer listed as a portfolio manager for the fund. Thomas Lee and Donald Sauber will now manage the fund. 5/18
ETDFX Carillon Cougar Tactical Allocation Fund No one, but . . . Abdullah Sheikh joins James Breech in managing the fund. 5/18
CRCBX Carillon Reams Core Bond Fund No one, but . . . Jason Hoyer joins Clark Holland, Stephen Vincent, Todd Thompson, Thomas Fink, and Mark Egan on the management team. 5/18
SCPDX Carillon Reams Core Plus Bond Fund No one, but . . . Jason Hoyer joins Clark Holland, Stephen Vincent, Todd Thompson, Thomas Fink, and Mark Egan on the management team. 5/18
SUBDX Carillon Reams Unconstrained Bond Fund No one, but . . . Jason Hoyer joins Clark Holland, Stephen Vincent, Todd Thompson, Thomas Fink, and Mark Egan on the management team. 5/18
CADYX Cavalier Dynamic Growth Fund Justin Lent will no longer serve as a portfolio manager for the fund and StratFi, LLC will no longer sub-advise the fund. Scott Wetherington will continue to manage the fund. 5/18
CAHIX Cavalier Hedged High Income Fund Gavan Duemke and Sean Wright will no longer serve as portfolio managers for the fund. Carden Capital, LLC will no longer subadvise the fund. Sott Wetherinton will continue to manage the fund. 5/18
CMSYX Cavalier Multi Strategy Fund, formerly Cavalier Multi Strategist Fund Gavan Duemke, Sean Wright, and Henry Ma will no longer serve as portfolio managers for the fund. Carden Capital, LLC and Julex Capital Management, LLC will no longer subadvise the fund. Scott Wetherington, Lee Albert Calfo, and Brian Shevland will continue to manage the fund. 5/18
RIMOX City National Rochdale Fixed Income Opportunities Fund No one, but . . . Matthew Peron joins the management team. 5/18
CRMEX CRM All Cap Value Fund Jeffrey Reich will no longer serve as a portfolio manager for the fund. Robert Maina and Jay Abramson will continue to manage the fund. 5/18
CRMSX CRM Small Cap Value Fund No one, but . . . Bernard Frojmovich joins Brian Harvey in managing the fund. 5/18
SGSCX Deutsche Global Small Cap Fund Joseph Axtell will no longer serve as a portfolio manager for the fund. Peter Barsa now manages the fund. 5/18
DNLDX Dreyfus Active MidCap Fund Ronald Gala will no longer serve as a portfolio manager for the fund. C. Wesley Boggs, William Cazalet, Peter Goslin, and Syen Zamil will continue to manage the fund. 5/18
DBEAX Dreyfus Diversified Emerging Markets Fund Ronald Gala will no longer serve as a portfolio manager for the fund. Michelle Chan, C. Wesley Boggs, William Cazalet, Julianne McHugh, Peter Goslin, Elizabeth Slover, and Syen Zamil will continue to manage the fund. 5/18
DQIAX Dreyfus Equity Income Fund Ronald Gala will no longer serve as a portfolio manager for the fund. C. Wesley Boggs, William Cazalet, Peter Goslin, and Syen Zamil will continue to manage the fund. 5/18
DOFAX Dreyfus Strategic Beta Emerging Markets Equity Fund Ronald Gala will no longer serve as a portfolio manager for the fund. C. Wesley Boggs, William Cazalet, Peter Goslin, and Syen Zamil will continue to manage the fund. 5/18
DPSAX Dreyfus Structured Midcap Fund Ronald Gala will no longer serve as a portfolio manager for the fund. C. Wesley Boggs, William Cazalet, Peter Goslin, and Syen Zamil will continue to manage the fund. 5/18
Various Fidelity Advisor Asset Manager Funds and Fidelity Asset Manager Funds No one, but . . . Avishek Hazrachoudhury has joined Geoff Stein in managing the funds. 5/18
FMFIX Free Market Fixed Income Fund Kenneth Gatliff is no longer listed as a portfolio manager for the fund. Sean Babin joins Mark Matson and Steven Miller in managing the funds. 5/18
FMNEX Free Market International Equity Fund Kenneth Gatliff is no longer listed as a portfolio manager for the fund. Sean Babin joins Mark Matson and Steven Miller in managing the funds. 5/18
FMUEX Free Market U.S. Equity Fund Kenneth Gatliff is no longer listed as a portfolio manager for the fund. Sean Babin joins Mark Matson and Steven Miller in managing the funds. 5/18
SFAFX Goldman Sachs Strategic Factor Allocation Fund Amna Qaiser will no longer serve as a portfolio manager for the fund. Christian Morgenstern and Nishank Modi will continue to manage the fund. 5/18
MXIGX Great-West MFS International Growth Fund Filipe Benzinho and Daniel Ling are no longer listed as portfolio managers for the fund. Shane Duffy, Donald Huber, Thomas Murray, and John Remmert will now manage the fund. 5/18
SGBVX Hartford Schroders Global Strategic Bond Fund Thomas Sartain will no longer serve as a portfolio manager for the fund. Robert Jolly and Paul Grainger will continue to manage the fund. 5/18
IQHOX IQ Hedge Multi-Strategy Plus Fund Effective April 30, 2018, Paul Fusaro will no longer serve as a portfolio manager for the fund. James Harrison will join Greg Barrato on the management team. 5/18
IBNAX Ivy Balanced Fund Rick Perry is no longer listed as a portfolio manager for the fund. Susan Regan and Mark Beischel join Matthew Hekman on the management team. 5/18
IBJAX Ivy Bond Fund Rick Perry is no longer listed as a portfolio manager for the fund. Susan Regan joins Mark Beischel in managing the fund. 5/18
ICKAX Ivy Crossover Credit Fund Rick Perry is no longer listed as a portfolio manager for the fund. Susan Regan joins Mark Beischel in managing the fund. 5/18
IVFGC Ivy Focused Growth NextShares Daniel Becker is no longer listed as a portfolio manager for the fund. Bradely Kapmeyer will continue to manage the fund. 5/18
IGJAX Ivy Government Securities Fund Rick Perry is no longer listed as a portfolio manager for the fund. Susan Regan is joined by Mark Beischel in managing the fund. 5/18
WLGAX Ivy Large Cap Growth Fund Daniel Becker is no longer listed as a portfolio manager for the fund. Bradely Kapmeyer will continue to manage the fund. 5/18
JTCAX John Hancock Technical Opportunities Fund Effective June 29, 2018, Frank Teixeira will no longer serve as a portfolio manager for the fund. David Lundgren will continue to manage the fund. 5/18
MAWNX MainStay Epoch U.S. All Cap Fund No one, but . . . Justin Howell joins David Pearl, William Priest and Michael Welhoelter on the management team. 5/18
MAPOX Mairs & Power Balanced Fund Ronald Kaliebe will retire at the end of June, 2019. As part of a succession plan, Kevin Early has been named lead portfolio manager and Robert Thompson has joined the team, in advance of Mssr. Kaliebe’s departure. 5/18
MGFAX MassMutual Premier Global Fund Rajeev Bhaman has announced his intention to retire as of March 31, 2019. There’s nearly a year to plan. John Delano will continue to manage the fund. 5/18
MEFAX MassMutual Select Mid Cap Growth Fund Stephen Knightly is expected to retire as of December 31, 2019. Brian Berguis and Christopher Scarpa will continue to manage the fund. 5/18
OHYDX Oaktree High Yield Bond Fund James Turner will no longer serve as a portfolio manager for the fund. Madelaine Jones joins Sheldon Stone and David Rosenberg in managing the fund. 5/18
OPPAX Oppenheimer Global Fund Rajeev Bhaman has announced his intention to retire as of March 31, 2019. John Delano will continue to manage the fund. 5/18
PMDEX PMC Diversified Equity Fund Effective May 25, 2018, Mark Donovan, David Pyle, Francis Morris, Michael Morris, Christopher Adams, Donald Padilla, David Reidinger, Ronald Gala, William Cazalet, Michael Kaminski, William Booth, Glen Petraglia, Lilian Quah, and William Priest will no longer serve as a portfolio managers for the fund. The fund will eliminate its “manager of managers” investment strategy and terminate agreements with it’s subadvisors. Janis Zvingelis and Brandon Thomas will continue to manage the fund. 5/18
PQCMX Prudential Commodity Strategies Fund Adam De Chiara is no longer listed as a portfolio manager for the fund. Marco Aiolfi and Yesim Tokat-Acikel will now manage the fund. 5/18
HGSAX Rational Risk Managed Emerging Markets Fund Edward Baker, Mathias Wikberg and Walid Khalfallah will no longer serve as a portfolio managers for the fund. The Cambridge Strategy Limited will no longer subadvise the fund. Barrow, Hanley, Mewhinney & Strauss, LLC will now subadvise the funds, with Rondolph Wrighton, Jr., Josh Ayers and Sherry Zang on the management team. 5/18
FSIEX Touchstone International Value Fund David Hodges is no longer listed as a portfolio manager for the fund. T.J. Carter and Charles Radtke join Randolph Wrighton in managing the fund. 5/18
BNAAX UBS Dynamic Alpha Fund Nathan Shetty will no longer serve as a portfolio manager for the fund. Alan Zlater joins José Ignacio Andrés on the management team. 5/18
UTBAX UBS Total Return Bond Fund No one, but . . . Jeffrey Haleen and Branimir Petranovic will join Scott Dolan and Craig Ellinger on the management team. 5/18
PWTAX UBS U.S. Allocation Fund Nathan Shetty will no longer serve as a portfolio manager for the fund. Alan Zlater joins Paul Lang on the management team. 5/18
UNAVX USA Mutuals Navigator Fund No one, but . . . Jordan Waldrep joins Steven Goldman in managing the fund. 5/18
IEOSX Voya Large-Cap Growth Fund Christopher Corapi will no longer serve as a portfolio manager for the fund. Jeffrey Bianchi and Michael Pytosh will continue to manage the fund. 5/18
WFAAX Wells Fargo Asia Pacific Fund Anthony Cragg will retire on September 1, 2018, but will step down from the fund after June 15th. Elaine Tse joins Alison Shimada in managing the fund. 5/18
EMGAX Wells Fargo Emerging Markets Equity Income Fund Anthony Cragg will retire on September 1, 2018, but will step down from the fund after June 15th. Elaine Tse joins Alison Shimada in managing the fund. 5/18
WFSAX Wells Fargo Small Company Growth Fund James Ross will take a leave of absence. William Grierson, Daniel Hagen, and Paul von Kuster will continue to manage the fund. 5/18
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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.