April 2019 IssueLong scroll reading

Manager changes, March 2019

By Chip

It’s been a quiet but consequential month on the manager change front. While Chip tracked down changes at just 28 funds, barely one-third of what we see in many months, a couple of the changes strike me as worth following.

The unexplained departures of Messrs Cipolloni and Saylor from Berywn Income (BERIX) is a game-changer, and a fund changer. The pair had been managing the fund together for a dozen years with a distinctive go-anywhere approach. They departed rather abruptly in February, causing Morningstar’s analysts to downgrade the fund and Morningstar to declare it to be “a new fund.” The new guys might well be grand, but it’s an entirely new approach.

There’s some sense that Nuveen is running out of patience, perhaps triggered by a huge drop in assets in December, 2018. In any case, managers at eight Nuveen funds – often long-time managers with modest accomplishments – were excused over the course of a couple weeks.

Ticker Fund Out with the old In with the new Dt
JETIX Aberdeen Global Equity Impact Fund Martin Connaghan, Jamie Cumming, Stephen Docherty, and Samantha Fitzpatrick are no longer listed as portfolio managers for the fund. Dominic Byrne and Sarah Norris will now manage the fund. 3/19
BERIX Berwyn Income Fund Mark Saylor and George Cipolloni are no longer listed as portfolio managers for the fund. Andrew Toburen, T. Ryan Harkins, David Dalrymple, Thomas Coughlin, and Jeffrey Bilsky will now run the fund. 3/19
CGGAX Catalyst Growth of Income Fund Robert Dainesi and Robert Groesbeck will no longer serve as portfolio managers for the fund. Charles Ashley and David Miller now manage the fund. 3/19
DABIX Delaware Global Value Fund Edward Gray is no longer listed as a portfolio manager for the fund. Åsa Annerstedt, Jens Hansen, Claus Juul, and Klaus Petersen will now manage the fund. 3/19
DEGIX Delaware International Value Equity Fund Edward Gray is no longer listed as a portfolio manager for the fund. Åsa Annerstedt, Jens Hansen, Claus Juul, and Klaus Petersen will now manage the fund. 3/19
DMSFX Destinations Multi Strategy Alternatives Fund No one, but . . . LMCG Investments has been added as a subadviser and Andreas Eckner, Guillaume Horel, Ajit Kumar, Edwin Tsui, and David Weeks will join the other nine managers on the management team. 3/19
DRFMX Dreyfus Emerging Markets Fund Warren Skillman will no longer serve as a portfolio manager for the fund. Sean Fizgibbon and Julianne McHugh now manage the fund. 3/19
FSLBX Fidelity Select Brokerage and Investment Management Daniel Dittler left the fund on December 31, 2018. Charlie Ackerman continues to manage the fund. 3/19
FSVLX Fidelity Select Consumer Finance Shilpa Mehra no longer serves as portfolio manager of the fund. Chuck Culp will continue to manage the fund. 3/19
GCBLX Green Century Balanced Fund Effective June 30, 2019, Stephanie Leighton will no longer serve as a portfolio manager of the fund. The fund’s resurgence roughly corresponds to her arrival 10 years ago. Cheryl Smith, Matthew Patsky, and Paul Hilton will continue to serve as portfolio managers of the fund. 3/19
HEMAX Janus Henderson Emerging Markets Fund Glen Finegan is no longer listed as a portfolio manager for the fund. Michael Cahoon will continue to manage the fund. 3/19
HFEAX Janus Henderson European Focus Fund Lars Dollmann and Stephen Peak are no longer listed as portfolio managers for the fund. Robert Schramm-Fuchs is now managing the fund. 3/19
HFOAX Janus Henderson International Opportunities Fund Stephen Peak is no longer listed as a portfolio manager for the fund. Dean Cheeseman and Marc Shartz join James Ross, Gordon MacKay, Junichi Inoue, Paul O’Connor, Glen Finegan, Andrew Gillan, Nicholas Cowley, and Ian Warmerdam on the management team. 3/19
JSFBX John Hancock Seaport Long/Short Fund Effective June 30, 2019, Nicholas Adams and Mark Lynch will no longer serve on the fund’s management team. Steven Angeli, John Averill, Jennifer Berg, Robert Deresiewicz, Ann Gallo, Bruce Glazer, Andrew Heiskell, Jean Hynes, and Keith White will continue to serve on the fund’s management team 3/19
FAIIX Nuveen Core Bond Fund Jeffrey Ebert and Wan-Chong Kung will no longer serve as portfolio managers for the fund. Jason O’Brien will continue to manage the fund. 3/19
FAFIX Nuveen Core Plus Bond Fund Jeffrey Ebert and Wan-Chong Kung will no longer serve as portfolio managers for the fund. Timothy Palmer will leave the fund on July 31, 2019. Douglas Baker and Timothy Palmer will continue to manage the fund until July 31, 2019, and Douglas Baker will carry on after that. 3/19
NGVAX Nuveen Gresham Diversified Commodity Strategy Fund Wan-Chong Kung is no longer a portfolio manager for the fund. Randy Migdal, Susan Wager, John Clarke and Chad Kemper will continue to serve as portfolio managers for the fund. 3/19
FAIPX Nuveen Inflation Protected Securities Fund Wan-Chong Kung is no longer a portfolio manager for the fund. Chad Kemper will continue to serve as the portfolio manager for the fund. 3/19
FISGX Nuveen Mid Cap Growth Opportunities Fund James Diedrich and Harold Goldstein are no longer listed as portfolio managers for the fund. Gregory Ryan is managing the fund, now. 3/19
FCDDX Nuveen Strategic Income Fund Jeffrey Ebert and Marie Newcome are no longer portfolio managers for the fund. Kevin Lorenz, William Martin, Katherine Renfrew and Nick Travaglino are added as portfolio managers of the fund. Timothy Palmer will continue to serve as a portfolio manager for the fund until July 31, 2019. Douglas Baker will continue to serve as a portfolio manager for the fund. 3/19
USBOX Pear Tree Quality Fund Mark Iong will no longer serve as a portfolio manager for the fund. Mark Tindall will continue to manage the fund. The fund, which often had three or more managers, is now down to one. 3/19
RGIYX Russell Investments Global Infrastructure Fund Adam Babson is no longer listed as a portfolio manager for the fund. Patrick Nikodem is now managing the fund. 3/19
SVSCX State Street Dynamic Small Cap Fund Anna Mitelman Lester is no longer listed as a portfolio manager for the fund. Xiaojin Tang joins John O’Connell in managing the fund. 3/19
VSSGX VALIC Company I Small-Mid Growth Fund Daniel Zimmerman and Michael DeSantis are no longer listed as portfolio managers for the fund. Jessica Katz and Steven Barry are now managing the fund. 3/19
VGSRX Vert Global Sustainable Real Estate Fund Joseph Chi no longer serves as a portfolio manager of the fund. William Collins-Dean joins Jed Fogdall and Allen Pu in managing the fund. 3/19
WWIAX Westwood Income Opportunity Fund Daniel Barnes, Mark Freeman, and Todd Williams are no longer listed as portfolio managers for the fund. David Clott and P. Adrian Helfert will now manage the fund. 3/19
WLVIX Westwood Low Volatility Equity Fund Daniel Barnes is no longer listed as a portfolio manager for the fund. P. Adrian Helfert joins Matthew Lockridge, David Clott and Shawn Mato on the management team. 3/19
WWIOX Westwood Worldwide Income Opportunity Fund Daniel Barnes, Mark Freeman, and Todd Williams are no longer listed as portfolio managers for the fund. P. Adrian Helfert will now manage the fund. 3/19

 

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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.