January 2019 IssueLong scroll reading

Manager changes, December 2018

By Chip

In the course of a normal month we’ll highlight 60-70 manager changes in equity and allocation funds. We mostly skip bond funds because, frankly, it’s a danged rare fixed income team that’s materially affected by the departure of a single individual. In a fairly quiet month, 46 funds and ETFs saw partial or complete team changes.

Chip, who manages our manager changes database, notes that this is one of the first months she’s tracked where more women seemed to be joining management teams than departing them. The academic research is pretty unequivocal: having women manage, or represent a strong fraction of the management team, tends toward better risk-adjusted returns than investors would otherwise experience.

Ticker Fund Out with the old In with the new Dt
TNBAX 1290 SmartBeta Equity Fund Will Jump will no longer serve as a portfolio manager to the fund. Alwi Chan, Kenneth Kozlowski, Gideon Smith, Cameron Gray, Harry Prabandham, and Anubhuti Gupta will continue to manage the fund. 12/18
BJBIX Aberdeen Select International Equity Fund  (née Julius Baer International Equity) Effective February 28, 2019, Stephen Docherty, Bruce Stout, Jamie Cumming, Samantha Fitzpatrick, and Martin Connaghan will no longer serve as a portfolio managers for the fund. The fund’s strategy will change (again) at the same time. Tony Hood, Joanna McIntyre, Dominic Byrne, Donal Reynolds and Euan Sanderson will be primarily responsible for the day-to-day management of the fund. 12/18
AABPX American Beacon Balanced Fund Effective December 31, 2018, Sheldon Lieberman of Hotchkis and Wiley Capital Management, LLC will retire from his position as a portfolio manager for the fund. Effective January 31, 2019, David Hardin of Barrow, Hanley, Mewhinney & Strauss, LLC will retire from his position as a portfolio manager for the fund. The other couple dozen managers will remain. 12/18
AAGPX American Beacon Large Cap Value Fund Effective December 31, 2018, Sheldon Lieberman of Hotchkis and Wiley Capital Management, LLC will retire from his position as a portfolio manager for the fund. The other dozen managers will remain. 12/18
BISIX BlackRock International Dividend Fund As a result of Stuart Reeve’s upcoming retirement from BlackRock, he will no longer serve as a portfolio manager of the fund effective on or about April 30, 2019. Andrew Wheatley-Hubbard will continue to manage the fund. 12/18
MDLTX BlackRock Latin America Fund William Landers is no longer listed as a portfolio manager for the fund. Edward Kuczma continues to manage the fund. 12/18
BOYAX Boyar Value Fund No one, but … Jonathan Boyar joins Mark Boyar in running the fund. 12/18
CSCEX Columbia Multi-Manager Small Cap Equity Strategies Fund Effective on or about February 12, 2019, Dalton, Greiner, Hartman, Maher & Co., LLC will no longer serve as a subadviser to the fund. Effective on or about February 22, 2019, EAM Investors, LLC will no longer serve as a subadviser to the fund.  Effective on or about December 19, 2018, J.P. Morgan Investment Management Inc. assumes day-to-day management of a portion of the fund’s portfolio. Eytan Shapiro, Felise Agranoff, Matthew Cohen, and Greg Tuorto join the management team. Effective on or about February 13, 2019, Hotchkis and Wiley Capital Management, LLC assumes day-to-day management of a portion of the fund’s portfolio. 12/18
CAREX Cornerstone Advisors Real Assets Fund BlackRock Financial Management, LLC and BlackRock International Limited longer serve as sub-advisers to the fund. Akiva Dickstein and Christopher Allen will no longer serve as portfolio managers for the fund. Metropolitan West Asset Management, LLC now serves as an investment sub-adviser to the fund. Bret Barker and Lawrence Rhee join Evan Wirkkala, Katie Robinette, David Freudenberg, Paul Pedalino, and John Frey on the management team. 12/18
ESGAX Dana Epiphany ESG Equity Fund Samuel Saladino and Daniel Mulvey are no longer listed as portfolio managers for the fund. David Weinstein, Duane Roberts, Ann Roberts, and Sean McLeod will now manage the fund. 12/18
RPFGX Davis Financial Fund No one, but … Pierce Crosbie joins Christopher Davis in managing the fund. 12/18
DSEFX Domini Impact Equity Fund Donald Tunnell is no longer listed as a portfolio manager for the fund. Amy Domini Thornton, Kathleen Morgan, and Carole Laible will now manage the fund. 12/18
FCLIX Fidelity Advisor Industrials Fund Tobias Welo will no longer serve as a portfolio manager for the fund, as planned. Janet Glazer will continue to manage the fund. 12/18
FCRDX Fidelity Conservative Income Municipal Bond Fund No one , but . . . Robert Mandeville joins Douglas McGinley and Elizah McLaughlin on the management team. 12/18
FGHNX Fidelity Global High Income Fund Ian Spreadbury will no longer serve as a portfolio manager for the fund. James Durance joins Harley Lank, Bryan Collins, and John Carlson on the management team. 12/18
FBMPX Fidelity Select Communication Services Portfolio Nidhi Gupta is no longer listed as a portfolio manager for the fund. Matthew Drukker will now manage the fund. 12/18
FCARX Fiera Capital Diversified Alternatives Fund Alexandre Voitenok is no longer listed as a portfolio manager for the fund. Acadian Asset Management LLC and Karya Capital Management LP will no longer serve as sub-advisers to the fund. Kazuhiro Shimbo, Mark Jurish, and Geoffrey Doyle continue to manage the fund. Fiera Capital Inc. and Mizuho Alternative Investments, LLC now advise and subadvise the fund. 12/18
FKBAX Franklin Total Return Fund Christopher Molumphy is no longer listed as a portfolio manager for the fund. Sonal Desai joins Michael Materasso, David Yuen, Kent Burns, and Roger Bayston on the management team. 12/18
GHYMX Glenmede High Yield Municipal Portfolio Neil Langberg has retired. Chad Rach, Karl Zeile, and Jerome Solomon will continue to manage the fund. 12/18
Various Goldman Sachs Target Date Funds David Hottman and Patrick Ryan will no longer serve as portfolio managers for the fund. Raymond Chan and Christopher Lvoff will now manage the funds. 12/18
GAAEX Guinness Atkinson Alternative Energy Fund No one , but . . . Jonathan Waghorn and Will Riley join Edward Guinness in managing the fund. 12/18
HEOAX Highland Long/Short Equity Fund Jonathan Lamensdorf will no longer serve as a portfolio manager for the fund. Michael McLochlin and James Dondero join Bradford Heiss in managing the fund. 12/18
HMEAX Highland Merger Arbitrage Fund Jonathan Lamensdorf will no longer serve as a portfolio manager for the fund. Michael McLochlin, Bradford Heiss, and Eric Fritz join James Dondero on the management team. 12/18
IATAX Ivy Accumulative Fund Barry Ogden will no longer serve as a portfolio manager for the fund, after 14 years at the helm. Gustaf C. Zinn, Senior Vice President of IICO, and John Bichelmeyer, Vice President of IICO will now manage the fund. 12/18
WCEAX Ivy Core Equity Gustaf Zinn will no longer serve as a portfolio manager for the fund after 12 years. Erik Becker will continue to manage the fund. 12/18
LEQAX LoCorr Dynamic Equity Fund No one, but . . . First Quadrant LP was added as a subadvisor, with Dori Levanoni and Jia Le joining Sean Katof, Andrew Kurita, Thomas Billings, Scott Billings, Eric P. Billings, Eric F. Billings, and Jon Essen on the management team. 12/18
MBEQX M International Equity Fund Northern Cross, LLC will no longer subadvise the fund. Dimensional Fund Advisors will now subadvise the fund. 12/18
MOPIX MainStay Epoch U.S. Small Cap Fund Michael Welhoelter, David Pearl, Michael Caputo, and Justin Howell are no longer listed as portfolio managers for the fund. Migene Kim and Mona Patni will now manage the fund. 12/18
MOTAX MassMutual Select Fundamental Growth Fund No one, at the moment. But, Paul Marrkand is expected to retire at the end of December 2019. Joel Thomson joins Paul Marrkand on the management team. 12/18
MWFRX Metropolitan West Floating Rate Income Fund James Farnham has retired as a portfolio manager of the fund. Stephen Kane, Jerry Cudzil, and Laird Landmann remain on the management team. 12/18
MWHIX Metropolitan West High Yield Bond Fund James Farnham has retired as a portfolio manager of the fund. Tad Rivelle and Bryan Whalen join Stephen Kane and Laird Landmann remain on the management team. 12/18
MSTMX Morningstar Multisector Bond Fund Sonal Desai is no longer listed as a portfolio manager for the fund. Calvin Ho joins Michael Hasentab and the rest of the team in managing the fund. 12/18
QFFOX Pear Tree Axiom Emerging Markets World Equity Fund Edward Qian and Nicholas Alonso are no longer listed as portfolio managers for the fund. José Morales, Christopher Lively, Andrew Jacobson, Donald Elefson, and Bradley Amoils will now run the fund. 12/18
RBTRX RBC BlueBay Diversified Credit Fund Michael Reed and Nick Shearn will no longer serve as portfolio managers for the fund. Mark Dowding, Polina Kurdyavko, Justin Jewell, Thomas Kreuzer, and Marc Stacey will continue to manage the fund. 12/18
WTMIX Segall Bryant & Hamill Micro Cap Fund Paul Kuppinger is no longer listed as a portfolio manager for the fund. Scott Decatur and Nicholas Fedako now manage the fund. 12/18
SRSCX Spouting Rock Small Cap Growth Fund Saumen Chattopadhyay and Sonu Varghese are no longer listed as portfolio managers for the fund. James Gowen will now manage the fund. 12/18
TQSMX T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund Vinit Agrawal has stepped down from managing the fund. Prashant Jeyaganesh and Sudhir Nanda will continue to manage the fund. 12/18
TRREX T. Rowe Price Real Estate David Lee has retired. Nina Jones will now run the fund. 12/18
FEMGX Templeton Emerging Markets Bond Fund Sonal Desai is no longer listed as a portfolio manager for the fund. Calvin Ho joins Michael Hasentab and Laura Burakreis in managing the fund. 12/18
TPINX Templeton Global Bond Fund Sonal Desai is no longer listed as a portfolio manager for the fund. Calvin Ho joins Michael Hasentab in managing the fund. 12/18
TGTRX Templeton Global Total Return Sonal Desai is no longer listed as a portfolio manager for the fund. Calvin Ho joins Michael Hasentab in managing the fund. 12/18
TBOAX Templeton International Bond Fund Sonal Desai is no longer listed as a portfolio manager for the fund. Calvin Ho joins Michael Hasentab in managing the fund. 12/18
MCGAX Transamerica Mid Cap Growth Howard Aschwald and Timothy Chatard are no longer listed as portfolio managers for the fund. Timothy Manning now runs the fund. 12/18
VHGEX Vanguard Global Equity Fund Acadian Asset Management no longer subadvises the fund. Brendan Bradley and John Chisholm will no longer serve as portfolio managers for the fund. Charles Plowden, Malcolm MacColl, Spencer Adair, Neil Ostrer, and William Arah will continue to manage the fund. 12/18
VMGRX Vanguard Mid-Cap Growth Fund William Blair Investment Management, LLC will no longer serve as an advisor for the fund. Daniel Crowe, Robert Lanphier, and David Ricci are no longer listed as portfolio managers for the fund. Frontier Capital Management Co., LLC and Wellington Management Company LLP have been added as new investment advisors for the fund. Christopher Scarpa, Timothy Manning, Paul Leaung, and Stephen Knightly join D. Scott Tracy, Christopher Clark, Melissa Chadwick-Dunn, and Stephen Bishop on the management team. 12/18
WWLAX Westwood LargeCap Value Fund Mark Freeman will no longer serve as a portfolio manager for the fund. Scott Lawson, Matthew Lockridge, and Varun Singh will continue to manage the fund. 12/18

 

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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.