Each month dozens of funds and ETFs undergo partial or complete turnover in their management teams. This month we found 85 funds and ETFs making a change. The vast majority of those changes are inconsequential to anyone other than the folks losing (or gaining) jobs: one manager on a five person team might be popped out and replaced by another, resulting in little net change.
In deference to our impending trip to Ireland, we’ve decided to report just five changes that caught our eye for now with the whole big list returning in July.
DWS ESG Global Bond Fund (SZGAX) dismissed its entire management team and brought two new guys on-board. The fund has been a long-time laggard. Seven other DWS funds had management tweaks.
Fidelity Emerging Markets Fund (FEMKX) loses star manager Sammy Simnegar, who’s taking over the reins on Fidelity Magellan, on September 30, 2019. He’s replaced by John Dance, who’s done a fine job at Fidelity Emerging Asia over the past couple years and who also ran Fidelity Pacific Basin. Fidelity Emerging Asia (FSEAX) then loses John Dance on December 31, 2019 who’s being succeeded by Xiaoting Zhao.
Harbor International Small Cap Fund (HIISX) terminated Baring International Investment Limited as its sub-adviser after three pretty uninspired years and is bringing in Cedar Street Asset Management LLC to run the fund. Since Cedar Street’s lead manager, Waldemar Mozes, did a fine job with ASTON/TAMRO International Small Cap Fund (AROWX/ATRWX), I’m pleased for the change.
Ben Franklin no longer serves as the portfolio manager of the Intrepid International Fund (ICMIX) or as part of the investment team of the Intrepid Capital Fund (ICBMX). On the one hand, ICMIX was distinctive and fascinating – international, absolute value, micro-cap – on the other hand, that discipline hasn’t worked over the past three years and the fund is about to be liquidated.
T. Rowe Price International Value Equity (TRIGX) is in the midst of an un-T. Rowe Price-like shuffle. On July 1, 2019, Sebastien Mallet steps down as manager – on very short notice, by TRP standards – after less than a year – a very short tenure by TRP standards – running this fund. Colin McQueen will take the helm of this fund. Mr. McQueen has had a long investing career, though mostly elsewhere.
