In most months, most manager changes are pretty much inconsequential (except to the managers themselves, I guess). This month, there are a collection of fairly epochal changes.
A star manager, Henry Ellenbogen, is leaving T. Rowe Price and T. Rowe Price New Horizons. It’s really rare for folks to leave Price and rarer still for one of their few high-profile folks to do so. No word on his next stop.
The Bond King, Bill Gross, is giving up. After helping to run hundreds of billions at PIMCO, Mr. Gross had a sudden, stormy departure and was promptly picked up by Janus which gave him the keys to a go-anywhere, do-anything, trust-me-I’m-Bill-Gross fund. Over a 4.5 year stint, Mr. Gross managed to turn an initial $10,000 investment to $10,080 while subjecting investors to lurching performance. His former fund is now being renamed and repurposed.
Jeffrey Feingold, the manager of Fidelity Magellan, has announced his decision to retire at year’s end. Fidelity is moving their star emerging markets manager (wow) into position to take over their former starship. Sammy Simnegar’s departure from the EM side then triggered a series of changes in other funds.
On the smaller fund front, Brad Cook is leaving Zeo and Zeo Short Duration Income; our colleague Charles Boccadoro has substantial admiration for the quality of Brad’s work. Similarly, Mark Travis, president of Intrepid Capital, is stepping away from Intrepid Endurance where he was a sort of bridge manager between Jayme Wiggins (who left in September) and a young team (that takes over now).
| Ticker | Fund | Out with the old | In with the new | Dt |
| BGIOX | Baillie Gifford International Stock Portfolio | On or about April 30, 2019, Jonathan Bates is expected to retire and will no longer serve as a portfolio manager for the fund. | Jenny Tabberer and Tom Walsh will join current manager, Angus Franklin. | 2/19 |
| BIAQX | Brown Advisory Emerging Markets Select Fund, formerly Brown Advisory Somerset Emerging Markets Fund | Edward Lam and Edward Robertson will no longer serve as a portfolio manager for the fund and Somerset Capital Management LLP will be terminated as the subadvisor to the fund. | Niraj Bhagwat, Rakesh Bordia, Caroline Cai, Allison Fisch, and John Goetz will now manage the fund. Wellington Management Company LLP and Pzena Investment Management will serve as subadvisors to the fund. | 2/19 |
| SOPAX | Clearbridge Dividend Strategy Fund | No one, but … | John Baldi joins Scott Glasser, Michael Clarfeld, and Peter Vanderlee on the management team. | 2/19 |
| DHSCX | Diamond Hill Small Cap Fund | Thomas Schindler will no longer serve as a portfolio manager for the fund. | Christopher Welch and Aaron Monroe will continue to manage the fund. | 2/19 |
| DHMAX | Diamond Hill Small-Mid Cap Fund | Thomas Schindler will no longer serve as a portfolio manager for the fund. | Christopher Welch and Jeannette “Jenny” Hubbard will continue to run the show. | 2/19 |
| SZGAX | DWS High Conviction Global Bond Fund, which will become DWS ESG Global Bond Fund on or about May 1, 2019. | Ramhila Nadi and Bernhard Falk will no longer manage the renamed and refocused fund. | Thomas Farina will manage the fund. | 2/19 |
| MIDVX | DWS Mid Cap Value Fund | Richard Hanlon is no longer listed as a portfolio manager for the fund. | Pankaj Bhatnagar and Arno Puskar will now manage the fund. | 2/19 |
| FAMKX | Fidelity Advisor Emerging Markets Fund | No one, right now, but Sammy Simnegar is expected to transition off the fund at the end of September, 2019. | Sam Polyak has joined Sammy Simnegar in managing the fund, and will continue after Mssr. Simnegar’s departure. | 2/19 |
| FDEQX | Fidelity Disciplined Equity Fund | No one, right now, but Alex Devereaux is expected to transition off the fund at the end of September, 2019. | Kwasi Dadzie-Yeboah has joined Alex Devereaux in managing the fund, and will continue after Mssr. Devereaux’s departure. | 2/19 |
| FEMKX | Fidelity Emerging Markets Fund | No one, right now, but Sammy Simnegar is expected to transition off the fund at the end of September, 2019. | John Dance has joined Sammy Simnegar in managing the fund, and will continue after Mssr. Simnegar’s departure. | 2/19 |
| FDFFX | Fidelity Independence Fund | No one, right now, but Jeffrey Feingold is expected to retire from the fund at the end of December, 2019. | Sammy Simnegar has joined Jeffrey Feingold in managing the fund, and will continue after Mssr. Feingold’s departure. | 2/19 |
| FMAGX | Fidelity Magellan Fund | No one, right now, but Jeffrey Feingold is expected to retire from the fund at the end of December, 2019. | Sammy Simnegar has joined Jeffrey Feingold in managing the fund, and will continue after Mssr. Feingold’s departure. | 2/19 |
| FRIFX | Fidelity Real Estate Income Fund | No one, but … | Bill Maclay joins Mark Snyderman in managing the fund. | 2/19 |
| FTIEX | Fidelity Total International Equity Fund | No one, right now, but Sammy Simnegar is expected to transition off the fund at the end of September, 2019. | Sam Polyak has joined Sammy Simnegar, Jed Weiss, and Alexander Zavratsky in managing the fund, and will continue after Mssr. Simnegar’s departure. | 2/19 |
| FTCIX | Franklin Conservative Allocation Fund | T. Anthony Coffey is no longer listed as a portfolio manager for the fund. | May Tong joins Thomas Nelson in managing the fund. | 2/19 |
| FCAZX | Franklin Corefolio Allocation Fund | T. Anthony Coffey is no longer listed as a portfolio manager for the fund. | May Tong and Thomas Nelson will now manage the fund. | 2/19 |
| FFAAX | Franklin Founding Funds Allocation Fund | T. Anthony Coffey is no longer listed as a portfolio manager for the fund. | May Tong and Thomas Nelson will now manage the fund. | 2/19 |
| FRRAX | Franklin Real Return Fund | T. Anthony Coffey is no longer listed as a portfolio manager for the fund. | David Yuen joins Kent Burns in managing the fund. | 2/19 |
| FAKSX | Frost Mid Cap Equity Fund | Bob Bambace will no longer serve as a portfolio manager for the fund. | Alan Adelman and Tom Stringfellow will now manage the fund. | 2/19 |
| SRIGX | Gabelli ESG | No one, but … | Ian Lapey and Melody Bryant have been added as managers. They join Christopher Desmarais, Kevin Dreyer and Christopher Marangi at the helm of a badly underperforming fund. | 2/19 |
| PGEOX | George Putnam Balanced Fund | Aaron Cooper will no longer serve as a portfolio manager for the fund. | Emily Shanks and Kathryn Lakin join Paul Scanlon in managing the fund. | 2/19 |
| GSMAX | Goldman Sachs Small/Mid Cap Growth Fund | Michael DeSantis will no longer serve as a portfolio manager for the fund. | Jessica Katz joins Steven Barry in managing the fund. | 2/19 |
| GTKIX | Goldman Sachs Tactical Exposure Fund | Joshua Sheldon will no longer serve as a portfolio manager for the fund. | Neill Nuttall, Raymond Chan and Robert Surgent will continue to serve as portfolio managers for the fund. | 2/19 |
| Various | Goldman Sachs Target Date Funds | Raymond Chan will no longer serve as a portfolio manager for the fund. | Scott de Haai joins Christopher Lvoff in managing the funds. | 2/19 |
| GITAX | Goldman Sachs Technology Opportunities Fund | Michael DeSantis will no longer serve as a portfolio manager for the fund. | Steven Barry, Sung Cho and Charles “Brook” Dane will continue to serve as portfolio managers for the fund. | 2/19 |
| HIIDX | Harbor Diversified International All Cap Fund | Simon Todd will no longer serve as a portfolio manager for the fund. | Neil Ostrer, Charles Carter, Nick Longhurst, William Arah, Simon Somerville, Michael Nickson, Michael Godfrey, David Cull, and Robert Antsey,continue to serve as co-portfolio managers for the fund. | 2/19 |
| HIINX | Harbor International Fund | Simon Todd will no longer serve as a portfolio manager for the fund. | Neil Ostrer, Charles Carter, Nick Longhurst, William Arah, Simon Somerville, Michael Nickson, Michael Godfrey, and David Cull, continue to serve as co-portfolio managers for the fund. | 2/19 |
| ICMAX | Intrepid Endurance Fund | Mark Travis is no longer listed as a portfolio manager for the fund. | Hunter Hays, Matt Parker, and Joe Van Cavage will now manage the fund. | 2/19 |
| JUCAX | Janus Henderson Global Unconstrained Bond Fund, which is now the Janus Henderson Absolute Return Income Opportunities Fund | Bill Gross has retired. | Nick Maroutsos will become the new manager. | 2/19 |
| JHKAX | John Hancock ESG All Cap Core Fund | Effective June 30, 2019, Stephanie Leighton will no longer serve as portfolio manager of the fund. | Elizabeth Levy and Cheryl Smith will continue to serve as lead portfolio manager and portfolio manager of the fund. | 2/19 |
| JEIAX | JPMorgan International Equity Income Fund | Jeroen Huysinga has decided to retire from the asset management industry. | Sam Witherow will be joining Rajesh Tanna and Helge Skibeli on the management team. | 2/19 |
| MFOCX | Marsico Focus Fund | No one, but … | Brandon Geisler joins Thomas Marsico in managing the fund. | 2/19 |
| MGRIX | Marsico Growth Fund | No one, but … | Brandon Geisler joins Thomas Marsico in managing the fund. | 2/19 |
| PEVAX | PACE Small/Medium Co Value Equity Investments | Systematic Financial Management will no longer subadvise the fund. Aman Patel, D. Kevin McCreesh, and Ronald Mushock are no longer listed as portfolio managers for the fund. | Mabel Lung, Fred Lee, Julie Kutasov, Craig Stone, Vincent Russo, Mayoor Joshi, Samir Sikka, and Joseph Huber will continue to manage the fund. | 2/19 |
| POLRX | Polen Growth Fund | No one, but … | Brandon Ladoff joins Daniel Davidowitz and Damon Ficklin on the management team. | 2/19 |
| POIRX | Polen International Growth Fund | No one, but … | Daniel Fields joins Todd Morris in managing the fund. | 2/19 |
| PPGAX | Putnam Global Sector Fund | Aaron Cooper will no longer serve as a portfolio manager for the fund. | Kathryn Lakin will continue to manage the fund. | 2/19 |
| PSLAX | Putnam Small Cap Value Fund | David Diamond is no longer listed as a portfolio manager for the fund. | Michael Petro will now manage the fund. | 2/19 |
| SHPAX | Saratoga Health & Biotechnology Portfolio Fund | Mark Oelschlager is no longer listed as a portfolio manager for the fund. | Robert Stimpson will now manage the fund. | 2/19 |
| WTIFX | Segall Bryant & Hamill Fundamental International Small Cap Fund | Jeremy Duhon is no longer listed as a portfolio manager for the fund. | John Fenley will continue to manage the fund. | 2/19 |
| GAL | SPDR SSGA Global Allocation ETF | Timothy Furbush will no longer serve as a portfolio manager for the fund. | Jeremiah Holly and Michael Martel will manage the fund. | 2/19 |
| INKM | SPDR SSGA Income Allocation ETF | Timothy Furbush will no longer serve as a portfolio manager for the fund. | Jeremiah Holly and Michael Martel will manage the fund. | 2/19 |
| SIESX | State Street Institutional International Equity Fund | Makoto Sumino will no longer serve as a portfolio manager for the fund. | Michael Solecki will continue to manage the fund. | 2/19 |
| PRGTX | T. Rowe Price Global Technology Fund | Effective March 31, 2019, Joshua Spencer will no longer manage the fund. | Alan Tu will take over the management of the fund. | 2/19 |
| PRNHX | T. Rowe Price New Horizons Fund | Effective March 31, 2019, Henry Ellenbogen will no longer manage the fund. | Joshua Spencer will take over the management of the fund. | 2/19 |
| TAAAX | Thrivent Aggressive Allocation Fund | David Francis will no longer be a portfolio manager for the fund. | David Spangler will join Mark Simestad, Darren Bagwell, Stephen Lowe, and David Royal on the management team. | 2/19 |
| THMAX | Thrivent Moderate Allocation Fund | David Francis will no longer be a portfolio manager for the fund. | David Spangler will join Mark Simestad, Darren Bagwell, Stephen Lowe, and David Royal on the management team. | 2/19 |
| TMAAX | Thrivent Moderately Aggressive Allocation Fund | David Francis will no longer be a portfolio manager for the fund. | David Spangler will join Mark Simestad, Darren Bagwell, Stephen Lowe, and David Royal on the management team. | 2/19 |
| TCAAX | Thrivent Moderately Conservative Allocation Fund | David Francis will no longer be a portfolio manager for the fund. | David Spangler will join Mark Simestad, Darren Bagwell, Stephen Lowe, and David Royal on the management team. | 2/19 |
| TWAAX | Thrivent Partner Worldwide Allocation Fund, which will become Thrivent International Allocation Fund, effective April 30, 2019. | Aberdeen Asset Managers Limited will no longer serve as subadvisers to the fund. | Goldman Sachs Asset Management, L.P. will continue to subadvise the fund. | 2/19 |
| INGBX | Voya Global Bond Fund | No one at the moment, but Mustafa Chowdhury will retire effective August 31, 2019. | Sean Banai joins the management team, now. He and Brian Timerlake will remain after Mr. Chowdhury’s departure. | 2/19 |
| ZEOIX | Zeo Short Duration Income Fund | Brandford Cook will no longer serve as a portfolio manager for the fund. | Venkatesh Reddy will continue to manage the fund. | 2/19 |
