July 2018 IssueLong scroll reading

Manager changes, June 2018

By Chip

The revolving door slowed dramatically this month, perhaps because it’s summer and the HR people are away on vacation. In any case, we found manager changes at just 40 funds where 60-80 would be typical. That said, several of the changes are consequential. Ben Inker, head of GMO’s asset allocation team, will no longer manage Wells Fargo Asset Allocation, as they shift subadvisement from GMO to Wells Capital Management. Boniface “Buzz” Zaino, one of the senior managers at Royce, is transitioning out of active management.  Rusty Johnson is, for health reasons, stepping back from leadership of Harding, Loevner EM. We wish them all the best.

Ticker Fund Out with the old In with the new Dt
CUGAX Aberdeen Global Unconstrained Fixed Income Fund Emma Jack is no longer listed as a portfolio manager for the fund. Craig MacDonald and Christopher Heckscher join Richard Smith, James Athey, and Maximilien Macmillan on the management team. 6/18
AGMAX AllianzGI Emerging Markets Debt Fund Greg Saichin will no longer serve as a portfolio manager for the fund. Richard House joins Daniel Ha and David Pinto in managing the fund. 6/18
APINX AMG Managers Pictet International Fund Swee-Kheng Lee will no longer serve as a portfolio manager for the fund. Fabio Paolini and Benjamin Beneche will continue to manage the fund. 6/18
CLTAX Catalyst/Lyons Tactical Allocation Fund Brandon Burns is no longer a portfolio manager of the fund. Alexander Read and Matthew Ferratusco will continue to manage the fund. 6/18
CDGAX Cavalier Dynamic Growth Fund Justin Lent will no longer serve as a portfolio manager for the fund. Clint Pekrul and Brian Lockhart join Scott Wetherington in managing the fund. 6/18
CTFAX Columbia Thermostat Fund Jeffrey Knight is no longer listed as a portfolio manager for the fund. Anwiti Bahuguna and Joshua Kutin will now manage the fund. 6/18
DMPAX Deutsche MLP and Energy Infrastructure Fund No one, but . . . Avraham Feinberg joins John Vojticek, Francis Greywitt, and Manoj Patel on the management team. 6/18
FSTBX Federated Global Allocation Fund Randy O’Toole will no longer serve as a portfolio manager for the fund. Qun Liu will join John Sherman, Steven Chiavarone, Chengjun Wu, Ihab Salib, and Timothy Goodger in managing the fund. 6/18
FHKCX Fidelity China Region Fund Bobby Bao is leaving the fund. Stephen Lieu and Ivan Xie will now manage the fund. 6/18
FSOPX Fidelity Series Small Cap Opportunities Fund Patrick Venanzi is on a leave of absence until August 30, 2018. Jennifer Fo has been named interim co-manager, joining Richard Thompson, Shadman Riaz, Morgen Peck, and Eirene Kontopoulos, until Mssr. Venanzi’s return. 6/18
FDSCX Fidelity Stock Selector Small Cap Fund Patrick Venanzi is on a leave of absence until August 30, 2018. Jennifer Fo has been named interim co-manager, joining Richard Thompson, Shadman Riaz, Morgen Peck, and Eirene Kontopoulos, until Mssr. Venanzi’s return. 6/18
GGEFX Golub Group Equity Fund John Dowling no longer serves as part of the portfolio management team of the fund. Colin Higgins, Kurt Hoefer, Michael Kon, and Matthew Gordon remain. 6/18
HLEMX Harding, Loevner Emerging Markets Rusty Johnson will move from co-lead manager to comanager, effective July 2nd. Scott Crawshaw will step up to co-lead manager alongside Craig Shaw. The rest of the management team remains. 6/18
HLMNX Harding, Loevner International Equity Portfolio No one, but . . . Effective January 2, 2019, Ferrill Roll and Andrew West will serve as co-lead managers. The rest of the management team remains. 6/18
HBFBX Hennessy Balanced Fund Brian Peery will no longer serve as a portfolio manager for the fund. Ryan Kelley will join Neil Hennessy in managing the fund. 6/18
HFCGX Hennessy Cornerstone Growth Fund Brian Peery will no longer serve as a portfolio manager for the fund. Neil Hennessy and Ryan Kelley will continue to manage the fund. 6/18
HFLGX Hennessy Cornerstone Large Growth Fund Brian Peery will no longer serve as a portfolio manager for the fund. Neil Hennessy and Ryan Kelley will continue to manage the fund. 6/18
HFMDX Hennessy Cornerstone Mid Cap 30 Fund Brian Peery will no longer serve as a portfolio manager for the fund. Neil Hennessy and Ryan Kelley will continue to manage the fund. 6/18
HFCVX Hennessy Cornerstone Value Fund Brian Peery will no longer serve as a portfolio manager for the fund. Neil Hennessy and Ryan Kelley will continue to manage the fund. 6/18
GASFX Hennessy Gas Utility Fund Brian Peery will no longer serve as a portfolio manager for the fund. Ryan Kelley will continue to manage the fund. 6/18
HTECX Hennessy Technology Fund Brian Peery will no longer serve as a portfolio manager for the fund. Daniel Hennessy and Ryan Kelley will continue to manage the fund. 6/18
HDOGX Hennessy Total Return Fund Brian Peery will no longer serve as a portfolio manager for the fund. Ryan Kelley will join Neil Hennessy in managing the fund. 6/18
USDY Horizons Cadence Hedged US Dividend Yield ETF Troy Cates and Garrett Paolella will no longer serve as a portfolio manager for the fund. Jonathan Molchan will continue to manage the fund. 6/18
VSQAX Invesco Global Responsibility Equity Fund Uwe Draeger and Donna Wilson are no longer listed as portfolio managers for the fund. Nils Huter joins Michael Abata, Robert Nakouzi, and Manuela von Ditfurth on the management team. 6/18
IWGAX Ivy Wilshire Global Allocation Fund Elizabeth Yakes is no longer listed as a portfolio manager for the fund. W. Jeffery Surles, Anthony Wicklund, Nathan Palmer, and F. Chace Brudige will continue to manage the fund. 6/18
JAAMX James Alpha Multi Strategy Alternative Income Portfolio Darren Schuringa, James Hug, Leonard Edelstein, and William Hershey are no longer listed as portfolio managers for the fund. Kevin Greene, James Vitalie, Michael Montague, and Akos Beleznay will manage the fund. 6/18
HFEAX Janus Henderson European Focus Fund No one, but . . . Lars Dollmann joins Stephen Peak in managing the fund. 6/18
JEIAX JPMorgan International Equity Income Fund Georgina Maxwell has announced her intent to retire, effective July 31, 2018. Jeroen Huysinga and Helge Skibeli have joined the fund in March 2018 and Rajesh Tanna will join the fund upon Ms. Maxwell’s departure. 6/18
JNUSX JPMorgan International Value Fund Georgina Maxwell and Demetris Georghiou no longer serve as portfolio managers for the fund. Michael Barakos, Thomas Buckingham, Ian Butler, Kyle Williams now manage the fund. 6/18
FAAGX Nuveen Strategy Aggressive Growth Allocation Fund Effective August 31, 2018, Keith Hembre will no longer be a portfolio manager for the fund. Derek Bloom will continue to serve as portfolio manager for the fund. 6/18
FSGNX Nuveen Strategy Balanced Allocation Fund Effective August 31, 2018, Keith Hembre will no longer be a portfolio manager for the fund. Derek Bloom will continue to serve as portfolio manager for the fund. 6/18
FSFIX Nuveen Strategy Conservative Allocation Fund Effective August 31, 2018, Keith Hembre will no longer be a portfolio manager for the fund. Derek Bloom will continue to serve as portfolio manager for the fund. 6/18
FSNAX Nuveen Strategy Growth Allocation Fund Effective August 31, 2018, Keith Hembre will no longer be a portfolio manager for the fund. Derek Bloom will continue to serve as portfolio manager for the fund. 6/18
ROSFX Royce Micro-Cap Opportunity Fund Boniface “Buzz” Zaino will be retiring from the fund, effective October 1, 2018. He will stay on as a Royce senior advisor. William Hench will continue to manage the fund. This has been a long planned succession. 6/18
RYPNX Royce Opportunity Fund Boniface “Buzz” Zaino will be retiring from the fund, effective October 1, 2018. He will stay on as a Royce senior advisor. William Hench will continue to manage the fund. This has been a long planned succession. 6/18
SBTAX Salient Tactical Plus Fund William Hunt will no longer serve as a portfolio manager for the fund. Christopher Guptill will continue to manage the fund. 6/18
Various USAA Target Retirement Income Fund, USAA Target Retirement 2020 Fund, USAA Target Retirement 2030 Fund, USAA Target Retirement 2040 Fund, USAA Target Retirement 2050 Fund, and USAA Target Retirement 2060 Fund Effective June 1, 2018, Brian Herscovici is no longer a portfolio manager of the funds. Lance Humphrey joins Wasif Latif in managing the funds. 6/18
VMSAX Virtus Aviva Multi-Strategy Target Return Fund Daniel James and Brendan Walsh, formerly of Aviva Investors Global Services Limited, are no longer portfolio managers of the fund. James McAlevey joins Peter Fitzgerald and Ian Pizer on the management team. 6/18
EAAFX Wells Fargo Asset Allocation Fund Ben Inker is no longer listed as a portfolio manager for the fund, as subadvisement shifts from GMO to Wells Capital Management. Kandarp Acharya, Petros Bocray, and Christian Chan will manage the fund. 6/18
NVSOX Wells Fargo Disciplined Small Cap Fund (formerly the Small Cap Opportunities Fund) Schroder Investment Management, Robert Kaynor, and Jenny Jones are all out. Justin Carr, Greg Golden, and Robert Wicentowski will now manage the fund. 6/18
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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.