June 2018 IssueLong scroll reading

Manager Changes

By Chip

At first glance, it appears that about 61 funds saw partial or substantial manager changes this year but more than 40 other funds are masked by our designation “various” in the ticker column. It’s the total Chip uses when she encounters one manager departure that resonates across, say, 20 target date funds or a half dozen funds all calibrated to slightly different levels of risk (Isolde Very Very Conservative Fund, Isolde Very Conservative Fund, Isolde Conservative …).

The most consequential of the changes comes to Ivy Cundill Global Value (ICDAX) where the change of sub-adviser will change the fund’s team, name and strategy; the least consequential change is apt to be at MainStay Absolute Return Multi-Strategy Fund (MSAKX) which sees the departure of one of its 25 managers.

Ticker Fund Out with the old In with the new Dt
AGFZX 361 Global Managed Futures Strategy Fund No one, but . . . John Riddle joins Blaine Rollins, Jeremy Frank, Clifford Stanton, Aditya Bhave, and Jason Leupold on the management team. 5/18
AMFQX 361 Managed Futures Strategy Fund No one, but . . . John Riddle joins Blaine Rollins, Jeremy Frank, Clifford Stanton, Aditya Bhave, and Jason Leupold on the management team. 5/18
RAGHX AllianzGI Health Sciences Fund John Schroer will no longer serve as a portfolio manager for the fund. Bret Jones joins Peter Pirsch, who himself only joined in March 2018, on the management team. 5/18
PNEAX AllianzGI NFJ Dividend Value Fund Morley Campbell is no longer listed as a portfolio manager for the fund. John Mowrey, Jeff Reed, L. Baxter Hines, R. Burns McKinney, Thomas Oliver, and Benno Fischer will continue to manage the fund. 5/18
AFJAX AllianzGI NFJ International Value Fund Morley Campbell is no longer listed as a portfolio manager for the fund. Garth Reilly joins John Mowrey, Paul Magnuson, L. Baxter Hines, R. Burns McKinney, Thomas Oliver, and Benno Fischer on the management team. 5/18
PQNAX AllianzGI NFJ Mid-Cap Value Fund Morley Campbell is no longer listed as a portfolio manager for the fund. John Mowrey, Jeff Reed, and Paul Magnuson will continue to manage the fund. 5/18
PCVAX AllianzGI NFJ Small-Cap Value Fund Morley Campbell is no longer listed as a portfolio manager for the fund. Jeff Reed joins John Mowrey and Paul Magnuson on the management team. 5/18
AZBAX AllianzGI Small-Cap Fund Effective June 15, 2018, Yu Wang will no longer manage the fund. Stephen Lyford, Robert Marren, and Kunal Ghosh will continue to manage the fund. 5/18
BRDAX B. Riley Diversified Equity Fund No one, but . . . William Charters joins Charles Hastings in managing the fund. 5/18
BXEAX Barings Emerging Markets Debt Blended Total Return Fund Brigitte Posch is no longer listed as a portfolio manager for the fund. Ricardo Adrogué and Cem Karacadag will continue to manage the fund. 5/18
IIXAX Catalyst Insider Income Fund, which will become the Catalyst Enhanced Income Strategy Fund on or about July 3, 2018. David Miller and Charles Ashley will no longer serve as a portfolio manager for the fund. Leland Abrams and Brandon Jundt will manage the fund. 5/18
OCIO ClearShares OCIO ETF Kevin O’Connor will no longer serve as a portfolio manager for the fund. Mark Hong, Jonathan Chesshire, and Eric Blasberg will continue to manage the fund. 5/18
Various Columbia Capital Allocation Funds Jeffrey Knight and Joshua Kutin have left the management team. Anwiti Bahuguna and Dan Boncarosky will continue to manage the fund. 5/18
INUTX Columbia Dividend Opportunity Fund Dean Ramos, Paul Stocking, and Steven Schroll will no longer serve as portfolio managers for the fund. David King, Harrison Chan, and Yan Jin will now manage the fund. 5/18
CPASX Columbia Multi-Manager Alternative Strategies Fund No one, but . . . Robert Sinnott, Robert Rickard, John Perry, Philippe Lüdi, Kathryn Kaminski, and Alexander Healy join the rest of the management team. 5/18
CTFAX Columbia Thermostat Fund Jeffrey Knight will no longer serve as a portfolio manager for the fund. With the exception of Charles McQuaid (2002-16), none of the fund’s six previous managers served more than three years. Anwiti Bahuguna and Joshua Kutin will now manage the fund. 5/18
GAMIX Crow Point Growth Fund, formerly Goodwood SMID Long/Short Fund Joshua Pesses and Ryan Thibodeaux will no longer serve as portfolio managers for the fund. Alan Norton and Thomas Norton of Crow Point Partners will now manage the fund. 5/18
SZEAX Deutsche Emerging Markets Fixed Income Fund Rhamila Nadi is no longer listed as a portfolio manager for the fund. Roland Gabert and Joergen Hartmann join Nicolas Schlotthauer on the management team. 5/18
DIAMX Diamond Hill Long-Short Fund Ric Dillon will retire from Diamond Capital effective June 30, 2018. Nathan Palmer will join Jason Downey, Chris Bingaman, and Charles Bath on the management team. 5/18
EADDX Eaton Multi-Strategy Absolute Return Fund Thomas Shively is no longer listed as a portfolio manager for the fund. Dan Strelow and Justin Bourgette will now manage the fund. 5/18
EAAMX Eaton Vance Multi-Strategy All Market Fund Thomas Shively is no longer listed as a portfolio manager for the fund. Dan Strelow and Justin Bourgette will now manage the fund. 5/18
FMFIX Free Market Fixed Income Fund Steven Miller no longer serves as a portfolio manager for the fund. Founding manager Mark Matson and Sean Babin, who replaced Kenneth Gatliff on the team in late April 2018, remain. 5/18
FMNEX Free Market International Equity Fund Steven Miller no longer serves as a portfolio manager for the fund. Founding manager Mark Matson and Sean Babin, who replaced Kenneth Gatliff on the team in late April 2018, remain. 5/18
FMUEX Free Market U.S. Equity Fund Steven Miller no longer serves as a portfolio manager for the fund. Founding manager Mark Matson and Sean Babin, who replaced Kenneth Gatliff on the team in late April 2018, remain. 5/18
GMAMX Goldman Sachs Multi-Manager Alternatives Fund Graham Capital Management will no longer subadvise the fund. Robert Mullane will transfer to another group at Goldman Sachs and will no longer serve as a portfolio manager for the fund. GQG Partners, LLC will now serve as an additional subadvisor. Kent Clark and Betsy Gorton will join the management team. 5/18
GPMFX GuidePath Managed Futures Strategy Fund No one, but . . . Kathryn Kaminski joined the portfolio management team of Robert Rickard, Robert Sinnott, Alexander Healy, John Perry, and Phillippe Ludi. 5/18
HIIDX Harbor Diversified International All Cap Fund No one, but . . . Simon Todd, Michael Nickson, and William MacLeod join Simon Somerville, Neil Ostrer, Nick Longhurst, Michael Godfrey, David Cull, Charles Carter, William Arah, and Robert Anstey on the management team. 5/18
ITTAX Hartford Balanced Fund Karen Grimes announced her plan to retire as of December 31, 2018. Michael Stack, Adam Illfelder, and Loren Moran will continue to manage the fund. 5/18
HBLAX Hartford Balanced Income Fund Karen Grimes announced her plan to retire as of December 31, 2018. W. Michael Reckmeyer, Ian Link, and Scott St. John will continue to manage the fund. 5/18
HQIAX Hartford Equity Income Fund Karen Grimes announced her plan to retire as of December 31, 2018. W. Michael Reckmeyer and Ian Link will continue to manage the fund. 5/18
RMRGX Highland Resolute Fund Effective July 13, 2018, Logan Circle Partners will no longer serve as an investment sub-adviser to the fund. Incline Global Management, LLC and Chatham Asset Management, LLC will remain as investment sub-advisers to the fund. 5/18
ICDAX Ivy Cundill Global Value Fund, which is changing its name to Ivy Pzena International Value Fund Mackenzie Financial Corporation will no longer subadvise the fund. Pzena Investment Management will become the subadvisor to the fund. 5/18
IECAX Ivy Pictet Emerging Markets Local Currency Debt Fund Simon Lue-Fong will no longer serve as a portfolio manager for the fund. Mary-Therese Barton, Wee-Ming Ting, Philippe Petit, Guido Chamorro, and Carrie Liaw are joined by Alper Gocer on the management team. 5/18
IMAAX Ivy Pictet Targeted Return Bond Fund Sarah Hargreaves will no longer serve as a portfolio manager for the fund. Christopher Parker joins Andres Balcazar, Thomas Hansen, and David Bopp in managing the fund. 5/18
IVSAX Ivy Small Cap Core Fund Scott Sullivan will no longer serve as a portfolio manager for the fund. Kenneth Gau will continue to manage the fund. 5/18
LONAX Longboard Alternative Growth Fund No one, but . . . Sarah Baldwin joins Cole Wilcox, Eric Crittenden, and Michael Striano on the management team. 5/18
WAVEX Longboard Managed Futures Strategy Fund No one, but . . . Sarah Baldwin joins Eric Crittenden, Cole Wilcox, and Michael Striano on the management team. 5/18
LSCAX Loomis Sayles Dividend Income Fund No one, but . . . David Waldman joins Arthur Barry in managing the fund. 5/18
LSVRX Loomis Sayles Value Fund No one, but . . . David Waldman joins Arthur Barry in managing the fund. 5/18
MSAKX MainStay Absolute Return Multi-Strategy Fund Effective immediately, Myriam Guervin will no longer serve as a portfolio manager of the fund. Don’t worry. The other two dozen managers remain. 5/18
MBNAX MainStay Balanced Fund Donald Serek will no longer serve as a portfolio manager for the fund. AJ Rzad joins Kenneth Sommer, Johnathan Swaney, Migene Kim, Andrew Ver Planck, Jae Yoon, and Thomas Girard on the management team. 5/18
ICELX MainStay Epoch International Choice J. Christian Kirtly is no longer listed as a portfolio manager for the fund, effective immediately. Glen Petraglia joins William Booth and Michael Welhoelter on the management team. 5/18
MBPIX Morgan Stanley Global Insight Fund Burak Alici is no longer listed as a portfolio manager for the fund. Jason Yeung, Alexander Norton, Armistead Nash, Dennis Lynch, David Cohen, and Sandeep Chainani will now manage the fund. 5/18
MFPIX Morgan Stanley Institutional Insight Fund Burak Alici is no longer listed as a portfolio manager for the fund. Jason Yeung, Alexander Norton, Armistead Nash, Dennis Lynch, David Cohen, and Sandeep Chainani will now manage the fund. 5/18
Various Natixis Sustainable Future Target Date Funds Elizabeth Yakes is no longer listed as a portfolio manager for the fund. Anthony Wicklund has joined the team. 5/18
FAIIX Nuveen Core Bond Fund Chris Neuharth will retire on June 1, 2018. Jeffrey Ebert, Wan-Chong Kung, and Jason O’Brien will continue to serve as portfolio managers for the fund. 5/18
FAFIX Nuveen Core Plus Bond Fund Chris Neuharth will retire on June 1, 2018. Douglas Baker, Jeffrey Ebert, Wan-Chong Kung, and Timothy Palmer will continue to serve as portfolio managers for the fund. 5/18
NGVAX Nuveen Gresham Diversified Commodity Strategy Fund Chris Neuharth has announced his retirement from the fund. John Clarke, Chad Kemper, Wan-Chong Kung, Randy Migdal and Susan Wager will continue to serve as portfolio managers for the fund. 5/18
FALTX Nuveen Short-Term Bond Fund Chris Neuharth will retire on June 1, 2018. Peter Agrimson, Mackenzie Meyer, and Jason O’Brien will continue to serve as portfolio managers for the fund. 5/18
OARDX Oppenheimer Rising Dividends Fund Josh Peters will no longer serve as a portfolio manager for the fund. Raman Vardharaj jons Manind Govil in managing the fund. 5/18
OSTVX Osterweis Strategic Investment Fund Scott Ulaszek will no longer serve as a portfolio manager for the fund. John Sheehan and Daniel Oh will join Eddy Vataru, Craig Manchuck, Nael Fakhry, Bradley Kane, Gregory Hermanski, John Osterweis, and Carl Kaufman on the management team. 5/18
OSTRX Osterweis Total Return Fund Scott Ulaszek will no longer serve as a portfolio manager for the fund. John Sheehan and Daniel Oh will join Eddy Vataru on the management team. 5/18
RENIX Shelton Real Estate Income Fund Christopher Pike and Stephen Rogers are no longer listed as portfolio managers for the fund. John Harnisch and William Mock will now run the fund. 5/18
PRGMX T. Rowe Price GNMA Fund Andrew McCormick will leave the fund, effective January 1, 2019. Keir Joyce will take over running the fund. 5/18
PTTFX T. Rowe Price Total Return Fund Andrew McCormick will leave the fund, effective January 1, 2019. Christopher Brown, Jr. will become the fund’s sole portfolio manager. 5/18
TFMAX Templeton Frontier Markets Fund No one, but . . . Bassel Khatoun joins Tom Wu in managing the fund. 5/18
BPEKX The Positive Change Equity Fund Tom Coutts will no longer serve as a portfolio manager for the fund as of June 30th. The rest of the team remains. 5/18
IMUAX Transamerica Multi-Manager Alternative Strategies Portfolio Lucy Xin is no longer listed as a portfolio manager for the fund. Raymond Chan and Christopher Lvoff will continue to manage the fund. 5/18
Various Voya Index Solution Income Portfolio, Voya Index Solution Target Date Funds, Voya Solution Aggressive Portfolio, Voya Solution Balanced Portfolio, Voya Solution Conservative Portfolio, Voya Solution Income Portfolio, Voya Solution Moderately Aggressive Portfolio, Voya Solution Moderately Conservative Portfolio, Voya Solution Target Date Funds, and Voya Target Retirement Funds. Jody Hrazanek will no longer serve as a portfolio manager for the fund. Paul Zemsky and Harlvard Kvaale continue to run the funds. 5/18
Various Voya Multi-Manager Emerging Markets Fund, Voya Multi-Manager International Equity Fund, Voya Multi-Manager International Factors Fund, Voya Multi-Manager International Small Cap Fund, Voya Multi-Manager Mid Cap Value Fund, and Voya Multi-Manager Large Cap Core Portfolio Jody Hrazanek will no longer serve as a portfolio manager for the fund. Paul Zemsky joins Halvard Kvaale in managing the funds. 5/18
SCVIX Wells Fargo Small Company Value Fund Jason Ballsrud, Tasso Coin, and Douglas Pugh are no longer listed as portfolio managers for the fund. Jeff Goverman, Garth Nisbet, and Craig Pieringer will now run 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.