March 2019 IssueLong scroll reading

Manager changes, February 2019

By Chip

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

 

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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.