There were four notable stories among the 62 sets of manager changes this month. First, the estimable Jenny Jones has announced her plans to retire from Schroder Investment Management where she’s successfully shepherded small cap portfolios for 17 years. That run capped a distinguished 38 year investing career; her departure has led Morningstar to place her funds’ Silver rating “under review.” That’s a normal and healthy development. We wish her great joy in life’s next adventure. Second, Mark Oelschlager is departing Oak Associates on short notice after a stint as co-CIO and portfolio manager. He’s also the son of the firm’s founder, lead manager and CIO, James Oelschlager. The younger Mr. Oelschlager once seemed poised to be the firm’s next leader; now he’s “pursuing other opportunities.” The response when I reached out to the firm was … uh, terse. That seems odd and potentially troubling, given the younger Mr. O’s preference for a more risk-conscious style than his senior’s. Third, Mark Vaselkiv is stepping away from managing T. Rowe Price’s high-yield funds. In general, Price manages these transitions exceptionally well. Finally, Kenneth Abrams, a Stanford grad but distinguished (opinionated, vocal) member of Augustana’s Board of Trustees, “will transition away” from managing Vanguard Explorer but will continue to focus on other strategies he currently manages.
| Ticker | Fund | Out with the old | In with the new | Dt |
| SPEYX | American Beacon Sound Point Enhanced Income Fund | No one, but . . . | Joe Xu joins Stephen Ketchum, Rick Richert, and Garrick Stannard in managing the fund. | 1/19 |
| ARTQX | Artisan Mid Cap Value Fund | No one, but . . . | Craig Inman joins Thomas Reynolds, Daniel Kane, and James Kieffer in managing the fund. | 1/19 |
| ARTLX | Artisan Value Fund | No one, but . . . | Craig Inman joins Thomas Reynolds, Daniel Kane, and James Kieffer in managing the fund. | 1/19 |
| BCSAX | BlackRock Commodity Strategies | Skye MacPherson is no longer listed as a portfolio manager for the fund. | Rob Shimell, Alastair Bishop, Hannah Gray, and Elliott Char will continue to manage the fund. | 1/19 |
| BEMAX | Brandes Emerging Markets Value Fund | Douglas Edman has retired from Brandes Investment Partners and will no longer serve as portfolio manager of the fund. | Christopher Garrett, Louis Lau, Gerardo Zamorano, and Mauricio Abadia will continue to manage the fund. | 1/19 |
| BGOAX | Brandes Global Opportunities Value Fund | Douglas Edman and Ralph Birchmeier have retired from Brandes Investment Partners and will no longer serve as portfolio managers of the fund. | Michael Hutchens, Kenneth Little, and Gerardo Zamorano will continue to manage the fund. | 1/19 |
| BISAX | Brandes International Small Cap Equity Fund | Ralph Birchmeier has retired from Brandes Investment Partners and will no longer serve as portfolio manager of the fund. | Yingbin Chen, Mark Costa, and Luiz Sauerbronn will continue to manage the fund. | 1/19 |
| CGGAX | Catalyst/Groesbeck Growth of Income Fund, which will become the Catalyst Growth of Income Fund | Groesbeck Investment Management will no longer sub-advise the fund. Robert Groesbeck and Robert Dainesi will no longer serve as portfolio managers for the fund. | David Miller and Charles Ashley will now manage the fund. | 1/19 |
| IRFAX | Cohen & Steers International Realty Fund | Luke Sullivan will no longer serve as a portfolio manager to the fund. | Jon Cheigh, William Leung and Rogier Quirijns will continue to serve as portfolio managers of the fund. | 1/19 |
| NGCAX | Columbia Greater China Fund | Jasmine Huang, portfolio manager of the fund, is on a medical leave of absence from Columbia Management Investment Advisers, LLC, and a timetable for her return is not set. | Effective immediately, Dara White is named as the fund’s co-portfolio manager. | 1/19 |
| PAPEX | Cushing MLP Infrastructure Fund | Elizabeth Toudouze will no longer serve as a portfolio manager for the fund. | N. Paul Euseppi joins John Musgrave and Jerry Swank in managing the fund. | 1/19 |
| DTCAX | Dreyfus Sustainable U.S. Equity Fund | John Gilmore is no longer listed as a portfolio manager for the fund. | Raj Shant has joined Jeff Monroe in managing the fund. | 1/19 |
| DAX | Global X DAX Germany ETF | Jonathan Molchan is no longer listed as a portfolio manager for the fund. | Chang Kim, James Ong, and Nam To will continue to manage the fund. | 1/19 |
| QYLD | Global X NASDAQ 100 Covered Call ETF | Jonathan Molchan is no longer listed as a portfolio manager for the fund. | Chang Kim, James Ong, and Nam To will continue to manage the fund. | 1/19 |
| HSPX | Global X S&P 500 Covered Call ETF | Jonathan Molchan is no longer listed as a portfolio manager for the fund. | Chang Kim, James Ong, and Nam To will continue to manage the fund. | 1/19 |
| GSAUX | Goldman Sachs Long Short Credit Strategies Fund | Effective March 4, 2019, Brendan McGovern will no longer serve as a portfolio manager for the fund. | Ashish Shah will join Salvatore Lentini in managing the fund. | 1/19 |
| HRRRX | Harbor Real Return Fund | Jeremie Banet no longer serves as a portfolio manager for the fund. | Stephen Rodosky joins Mihir Worah in managing the fund. | 1/19 |
| SCUIX | Hartford Schroders US Small Cap Opportunities Fund | Jenny Jones has announced her plan to retire from Schroder Investment Management North America Inc. later this year. Accordingly, effective April 1, 2019, Ms. Jones will no longer serve as a portfolio manager to the fund. | Robert Kaynor will continue to manage the fund. | 1/19 |
| SMDVX | Hartford Schroders Us Small/Mid Cap Opportunities Fund | Jenny Jones has announced her plan to retire from Schroder Investment Management North America Inc. later this year. Accordingly, effective April 1, 2019, Ms. Jones will no longer serve as a portfolio manager to the fund. | Robert Kaynor will continue to manage the fund. | 1/19 |
| HOVLX | Homestead Value Fund | No one, but . . . | James Polk joins Prabha Carpenter in managing the fund. | 1/19 |
| JSSSX | Jackson Square All-Cap Growth Fund | Greg Heywood is no longer serving as a manager of the fund. | Greg Chory, William Montana, and Brian Tolles join Christopher Bonavico, Kenneth Broad, Christopher Ericksen, Ian Ferry, Patrick Fortier, Daniel Prislin, and Jeffrey Van Harte on the management team. | 1/19 |
| JSPUX | Jackson Square Global Growth Fund | Greg Heywood is no longer serving as a manager of the fund. | Brian Tolles joins Patrick Fortier and Christopher Bonavico in managing the fund. | 1/19 |
| DPLGX | Jackson Square Large-Cap Growth Fund | No one, but . . . | William Montana joins Christopher Bonavico, Christopher Ericksen, Daniel Prislin, and Jeffrey Van Harte on the management team. | 1/19 |
| DPCEX | Jackson Square Select 20 Growth Fund | No one, but . . . | Greg Chory joins Christopher Bonavico, Kenneth Broad, Daniel Prislin, and Jeffrey Van Harte on the management team. | 1/19 |
| DCGTX | Jackson Square SMID-Cap Growth Fund | No one, but . . . | Ian Ferry joins Christopher Bonavico and Kenneth Broad in managing the fund. | 1/19 |
| JGBAX | Janus Henderson Global Bond Fund | Ryan Myerberg will no longer serve as a portfolio manager for the fund. | Christopher Diaz is joined by Andrew Mulliner on the management team. | 1/19 |
| JGFOX | John Hancock Global Focused Strategies Fund | Neil Richardson no longer serves as a portfolio manager of the fund. | David Sol continues to serve as portfolio manager of the fund. | 1/19 |
| JIRRX | John Hancock Real Return Bond Fund | Effective immediately, Jeremie Banet is no longer a portfolio manager on the fund. | Steve Rodosky joins Mirhir Worah in managing the fund. | 1/19 |
| JPGB | JPMorgan Global Bond Opportunities | Nicholas Gartside has resigned from J.P. Morgan Investment Management Inc. and will no longer serve as a portfolio manager for the fund. | Robert Michele and Iain Stealey will continue to manage the fund. | 1/19 |
| LOGSX | Live Oak Health Sciences Fund | Mark Oelschlager is no longer listed as a portfolio manager for the fund. | James Oelschlager and Robert Stimpson will serve as the co-lead portfolio managers responsible for the day-to-day investment activities of the fund. | 1/19 |
| LLGLX | Longleaf Partners Global Fund | No one, but . . . | Ross Glotzbach joins G. Staley Cates and O. Mason Hawkins on the management team. | 1/19 |
| MPOAX | MainStay Epoch U.S. Small Cap Fund | Michael Caputo will no longer serve as a portfolio manager of the fund. | Migene Kim and Mona Patni will continue to manage the fund. | 1/19 |
| MCSMX | Matthews China Small Companies Fund | Kenichi Amaki is no longer listed as a portfolio manager for the fund. | Tiffany Hsiao will continue to manage the fund. | 1/19 |
| MJFOX | Matthews Japan Fund | Kenichi Amaki is no longer listed as a portfolio manager for the fund. | Shuntaro Takeuchi joins Taizo Ishida on the management team. | 1/19 |
| DPIEX | Mondrian International Equity Fund | Effective February 28, 2019, Melissa J.A. Platt will no longer serve as a portfolio manager for the fund. | Elizabeth Desmond and Melissa Platt will continue to manage the fund. | 1/19 |
| NHFIX | Northern High Yield Fixed Income Fund | Richard J. Inzunza is no longer a portfolio manager of the fund. | Bradley Camden and Eric Williams will continue to manage the fund. | 1/19 |
| OWACX | Old Westbury All Cap Core Fund | John Hall and Jeffrey Rutledge will no longer serve as portfolio managers of the fund. | John Christie and Michael Morrisroe will continue to serve as portfolio managers of the fund. | 1/19 |
| OWLSX | Old Westbury Large Cap Strategies Fund | Michael Crawford and John Christie will no longer serve as portfolio managers of the fund. | John Hall joins Jeffrey Rutledge, Nancy Sheft, Holly MacDonald, Edward Aw, Craig Shaw, Richard Schmidt, Scott Crawshaw, Pradipta Chakrabortty, T. Perry Williams, Sunil Thakor, and David Levanson on the management team. | 1/19 |
| OWSMX | Old Westbury Small & Mid Cap Strategies Fund | John Hall will no longer serve as portfolio manager of the portion of the fund. | The other 18 managers remain. | 1/19 |
| EAEMX | Parametric Emerging Markets Fund | Timothy Atwill is no longer listed as a portfolio manager for the fund. | Jennifer Sireklove and Paul Bouchey join Thomas Seto on the management team. | 1/19 |
| EAISX | Parametric International Equity Fund | Timothy Atwill is no longer listed as a portfolio manager for the fund. | Jennifer Sireklove joins Paul Bouchey and Thomas Seto on the management team. | 1/19 |
| EITEX | Parametric Tax-Managed Emerging Markets Fund | Timothy Atwill is no longer listed as a portfolio manager for the fund. | Jennifer Sireklove and Paul Bouchey join Thomas Seto on the management team. | 1/19 |
| PGMAX | PIMCO Global Multi-Asset Fund | No one, but . . . | Erin Browne joins Geraldine Sundstrom and Mihir Worah in managing the fund. | 1/19 |
| PFANX | PIMCO Preferred and Capital Securities Fund | Yuri Garbuzov is no longer listed as a portfolio manager for the fund. | Philippe Bodereau will continue to manage the fund. | 1/19 |
| Various | PIMCO REALPATH Blend Income Fund, PIMCO REALPATH Blend 2020 Fund, PIMCO REALPATH Blend 2025 Fund, PIMCO REALPATH Blend 2030 Fund, PIMCO REALPATH Blend 2035 Fund, PIMCO REALPATH Blend 2040 Fund, PIMCO REALPATH Blend 2045 Fund, PIMCO REALPATH Blend 2050 Fund and PIMCO REALPATH Blend 2055 Fund | No one, but . . . | Erin Browne joins Rahul Devgon, Graham Rennison, and Mihir Worah in managing the fund. | 1/19 |
| POGSX | Pin Oak Equity Fund | Mark Oelschlager is no longer listed as a portfolio manager for the fund. | James Oelschlager and Robert Stimpson will serve as the co-lead portfolio managers responsible for the day-to-day investment activities of the fund. | 1/19 |
| XUSA | QuantX Dynamic Beta US Equity ETF | David Varadi no longer serves as a portfolio manager of the fund. | Keys Tinney remains the portfolio manager of the fund. | 1/19 |
| QXGG | QuantX Risk Managed Growth ETF | David Varadi no longer serves as a portfolio manager of the fund. | Keys Tinney remains the portfolio manager of the fund. | 1/19 |
| QXTR | QuantX Risk Managed Multi-Asset Total Return ETF | David Varadi no longer serves as a portfolio manager of the fund. | Keys Tinney remains the portfolio manager of the fund. | 1/19 |
| ROGSX | Red Oak Technology Select Fund | Mark Oelschlager is no longer listed as a portfolio manager for the fund. | James Oelschlager and Robert Stimpson will serve as the co-lead portfolio managers responsible for the day-to-day investment activities of the fund. | 1/19 |
| SHPAX | Saratoga Advantage Health & Biotechnology Portfolio | Mark Oelschlager is no longer listed as a portfolio manager for the fund. | Robert Stimpson will now manage the fund. | 1/19 |
| SPMAX | Saratoga Advantage Mid Capitalization Portfolio | Scott Weber is no longer listed as a portfolio manager for the fund. | Chad Fargason, Christopher Wallis, and Dennis Alff will continue to manage the fund. | 1/19 |
| STPAX | Saratoga Advantage Technology & Communications Portfolio | Mark Oelschlager is no longer listed as a portfolio manager for the fund. | Robert Stimpson will now manage the fund. | 1/19 |
| HSCSX | Small-Company Stock Fund | No one, but . . . | James Polk joins Prabha Carpenter in managing the fund. | 1/19 |
| FPCIX | Strategic Advisers Core Income Fund | Gregory Pappas no longer serves as co-manager of the fund. | Jeffrey Moore, James Herbst, Stewart Wong, Franco Catagliuolo, Michael Plage, Sean Corcoran, and Jonathan Duggan will continue to manage the fund. | 1/19 |
| RPIHX | T. Rowe Price Global High Income Fund | Effective January 1, 2020, Mark Vaselkiv will step down from his responsibilities as the fund’s co-portfolio manager. | Michael Connelly and Samy Muaddi will join Michael Della Vedova as the fund’s co-portfolio managers. | 1/19 |
| T. Rowe Price High Yield Fund | Effective January 1, 2020, Mark Vaselkiv will step down from his responsibilities as the fund’s co-portfolio manager. | Rodney Rayburn has joined Mark Vaselkiv as the fund’s co-portfolio manager, and will continue to manage the fund upons Mr. Vaselkiv’s departure. | 1/19 | |
| VEXPX | Vanguard Explorer Fund | Kenneth Abrams will no longer serve as a portfolio manager for the fund. | The other ten managers will remain. | 1/19 |
| VNSAX | Vaughan Nelson Select Fund | Dennis Alff and Chad Fargason will no longer serve as portfolio managers for the fund. | Chris Wallis and Scott Weber will continue to manage the fund. | 1/19 |
| NEFJX | Vaughan Nelson Small Cap Value Fund | Scott Weber, Dennis Alff and Chad Fargason will no longer serve as portfolio managers for the fund. | Stephen David joins Christopher Wallis in managing the fund. | 1/19 |
| VNVNX | Vaughan Nelson Value Opportunity Fund | Scott Weber will no longer serve as a portfolio manager for the fund. | Dennis Alff, Chad Fargason and Chris Wallis will continue to manage the fund. | 1/19 |
| WOGSX | White Oak Select Growth Fund | Mark Oelschlager is no longer listed as a portfolio manager for the fund. | James Oelschlager and Robert Stimpson will serve as the co-lead portfolio managers responsible for the day-to-day investment activities of the fund. | 1/19 |
