Each month we track changes to the management teams of actively managed, equity-oriented funds and ETFs. That excludes index funds and most fixed income funds. The index fund exclusion is pretty straightforward: in a passive fund, the managers are interchangeable cogs whose presence or absence is almost always inconsequential to the fund’s performance.
Similarly, most bond fund managers have a very limited ability to add value. Over the past ten years, for instance, the top-performing Core Bond fund in the Lipper universe outperformed its peers by just 1% per year with a virtually identical Sharpe ratio (0.98 for the top returning fund, 0.97 for the average fund). The best global income and flexible income managers outperformed by 3.5 and 2.4%, respectively, which is comparable to the margin between the best large-core equity fund managers and the pack.
This month, over 60 funds saw changes in their management teams. The month’s biggest story is probably a non-story: David Wallack is relinquishing the reins at the four-star, $15 billion T. Rowe Price Mid-Cap Value (TRMCX) … but, in true T. Rowe Price fashion, the retirement will come after a year-long transition and Price (along, perhaps, with Mairs & Power) have been virtually flawless in their ability to train and integrate new managers into distinguished funds.
| Ticker | Fund | Out with the old | In with the new | Dt |
| ALATX | AB Multi-Manager Alternative | No one, but… | Brian Briskin joins Vikas Kapoor as a portfolio manager for the fund. | 6/21 |
| BSASX | Baillie Gifford Asia Ex Japan | Ewan Markson-Brown will no longer serve as portfolio manager for the fund. | Ben Durrant joins Rod Snell as a portfolio manager for the fund. | 6/21 |
| BGEGX | Baillie Gifford Emerging Markets Equities | Ewan Markson-Brown will no longer serve as portfolio manager for the fund. | Ben Durrant joins Andrew Stobart and Mike Gush in managing the fund. | 6/21 |
| MDBAX | BlackRock Basic Value | Franco Tapia is no longer listed as a portfolio manager for the fund. | Joseph Wolfe, Tony DeSpirito, and David Zhao will continue to manage the fund. | 6/21 |
| MSDVX | BlackRock Equity Dividend | Franco Tapia is no longer listed as a portfolio manager for the fund. | Tony DeSpirito and David Zhao will continue to manage the fund. | 6/21 |
| BMCIX | BlackRock High Equity Income | Franco Tapia is no longer listed as a portfolio manager for the fund. | Tony DeSpirito, Kyle McClements, Christopher Accettella, Tom Pierce, and David Zhao will continue to manage the fund. | 6/21 |
| MARFX | BlackRock Mid Cap Dividend | Franco Tapia is no longer listed as a portfolio manager for the fund. | Tony DeSpirito and David Zhao will continue to manage the fund. | 6/21 |
| BPEMX | Boston Partners Emerging Markets | No one, but… | David Kim joins Paul Korngiebel and Joseph Feeney in managing the fund. | 6/21 |
| BELSX | Boston Partners Emerging Markets Dynamic Equity | No one, but… | David Kim joins Paul Korngiebel and Joseph Feeney in managing the fund. | 6/21 |
| BUYIX | Catalyst Pivotal Growth | Michael Schoonover and Charles Ashley will no longer serve as portfolio managers for the fund. | Christopher Chiu, George Tkaczuk, and Timothy Webb will now serve as portfolio managers for the fund. | 6/21 |
| DCXIX | Catalyst/Millburn Dynamic Commodity Strategy | David Miller is no longer listed as a portfolio manager for the fund. | Grant Smith, Barry Goodman, and Harvey Beker will now serve as portfolio managers for the fund. | 6/21 |
| RIMHX | City National Rochdale Dividend & Income | David Abella is no longer serving as a portfolio manager for the fund. | Thomas Galvin is now managing the fund. | 6/21 |
| QWVOX | Clearwater Select Equity | Effective June 11, 2021, Kennedy Capital Management, Inc no longer serves as a subadvisor to the fund. | 6/21 | |
| AQEAX | Columbia Disciplined Core | No one, but… | Oleg Nusinzon joins Pater Albanese and Raghavendran Sivaraman as a portfolio manager for the fund. | 6/21 |
| CGQFX | Columbia Disciplined Growth | No one, but… | Oleg Nusinzon joins Pater Albanese and Raghavendran Sivaraman as a portfolio manager for the fund. | 6/21 |
| COLYX | Columbia Disciplined Value | No one, but… | Oleg Nusinzon joins Pater Albanese and Raghavendran Sivaraman as a portfolio manager for the fund. | 6/21 |
| CFRZX | Columbia Floating Rate | Steven Columbaro will no longer serve as a portfolio manager for the fund. | Vesa Tontti and Daniel DeYoung will continue to manage the fund. | 6/21 |
| NMIMX | Columbia Large Cap Enhanced Core | No one, but… | Oleg Nusinzon joins Pater Albanese and Raghavendran Sivaraman as a portfolio manager for the fund. | 6/21 |
| RRGRX | DWS RREEF Global Real Estate Securities | John Hammond will leave the management team on September 30, 2021. | Barry McConnell joins Chris Robinson, David Zonavetch, Robert Thomas, and John Hammond in managing the fund. | 6/21 |
| EIDOX | Eaton Vance Emerging Markets Debt Opportunities | No one, but… | Akbar Causer joins John Baur and Michael Cirami as a portfolio manager for the fund. | 6/21 |
| EEIAX | Eaton Vance Emerging Markets Local Income | No one, but… | Brian Shaw joins John Baur and Michael Cirami as a portfolio manager for the fund. | 6/21 |
| EAGMX | Eaton Vance Global Macro Absolute Return | No one, but… | Patrick Campbell, Kyle Lee, Sarah Orvin, and Federico Sequeda join John Baur and Michael Cirami in managing the fund. | 6/21 |
| EGRAX | Eaton Vance Global Macro Absolute Return Advantage | No one, but… | Patrick Campbell, Kyle Lee, Sarah Orvin, and Federico Sequeda join John Baur and Michael Cirami in managing the fund. | 6/21 |
| FDIV | First Trust Strategic Income ETF | No one, but… | Dan Suzuki joins the management team for the fund. | 6/21 |
| FKSCX | Franklin International Small Cap | Edwin Lugo and Pankaj Nevatia are no longer listed as portfolio managers for the fund. | Sean Bogda, Paul Ehrlichman, Safa Muhtaseb, and Grace Su will now manage the fund. | 6/21 |
| MXLGX | Great-West Large Cap Growth | No one, but… | David Chamberlain and Yves Raymond join Joseph Wilson, Larry Lee, Holly Fleiss, Giri Devulapally, Paul Cloonan, and Andrew Acheson in managing the fund. | 6/21 |
| GMLVX | GuideMark Emerging Markets | Stephen Platt will no longer serve as a portfolio manager for the fund. | Ronan Heaney and Khalid Ghayur continue to manage the fund. | 6/21 |
| GMLGX | GuideMark Large Cap Core | Stephen Platt will no longer serve as a portfolio manager for the fund. | Ronan Heaney and Khalid Ghayur continue to manage the fund. | 6/21 |
| GMSMX | GuideMark Small/Mid Cap Core | Stephen Platt will no longer serve as a portfolio manager for the fund. | Ronan Heaney and Khalid Ghayur continue to manage the fund. | 6/21 |
| GIWEX | GuideMark World ex-US | Stephen Platt will no longer serve as a portfolio manager for the fund. | Ronan Heaney and Khalid Ghayur continue to manage the fund. | 6/21 |
| HAIDX | Harbor Diversified International All Cap | David Cull and Michael Godfrey will no longer serve as portfolio managers for the fund. | Alex Duffy joins the rest of the management team. | 6/21 |
| HAEMX | Harbor Emerging Markets Equity | David Cull and Michael Godfrey will no longer serve as portfolio managers for the fund. | Alex Duffy will remain as the sole portfolio manager for the fund. | 6/21 |
| HAINX | Harbor International | David Cull is no longer listed as a portfolio manager for the fund. | Alex Duffy joins the rest of the management team. | 6/21 |
| JUCAX | Janus Henderson Absolute Return Income Opportunities | No one, but… | Dylan Bourke and Daniel Siluk join Nick Maroutsos and Jason England as portfolio managers for the fund. | 6/21 |
| LBCGX | Left Brain Compound Growth | Mark Hines is no longer listed as a portfolio manager for the fund. | Noland Langford and Brian Dress continue to manage the fund. | 6/21 |
| MVPFX | Marathon Value Portfolio | Todd Jones will no longer serve as a portfolio manager for the fund. | Joel Hirsh, Mitchell Kovitz, and Jonathan Shapiro will now serve as portfolio managers for the fund. | 6/21 |
| MIDAX | MFS International New Discovery | Effective April 15, 2023, Jose Luis Garcia will no longer be a portfolio manager of the fund. | In March 2021, Lionel Gomez joined Peter Fruzzetti, Jose Luis Garcia, Robert Lau, and Sandeep Mehta in managing the fund. | 6/21 |
| NABAX | Neuberger Berman Absolute Return Multi-Manager | Effective June 18, 2021, Good Hill Partners LP will no longer act as a subadviser to the fund. | David Kupperman, Jeffrey Majit, and Fred Ingham continue to manage the fund. | 6/21 |
| OWLSX | Old Westbury Large Cap Strategies | Effective June 30, 2021, Harding Loevner LP will no longer serve as a sub-adviser for its portion of the fund’s portfolio. | Effective June 30, 2021, a team from Baillie Gifford Overseas Limited will act as a sub-adviser to the fund. | 6/21 |
| PXWEX | Pax Ellevate Global Women’s Leadership | Barbara Browning will no longer serve as a portfolio manager for the fund. | Christine Cappabianca joins Scott LaBreche as a portfolio manager for the fund. | 6/21 |
| PXDIX | Pax Global Sustainable Infrastructure | Andrew Braun will no longer be listed as a portfolio manager for the fund. | Christine Cappabianca joins Scott LaBreche as a portfolio manager for the fund. | 6/21 |
| PXNIX | Pax International Sustainable Economy | No one, but… | Christine Cappabianca joins Scott LaBreche as a portfolio manager for the fund. | 6/21 |
| PWGIX | Pax U.S. Sustainable Economy | Andrew Braun will no longer be listed as a portfolio manager for the fund. | Christine Cappabianca joins Scott LaBreche as a portfolio manager for the fund. | 6/21 |
| RESGX | Responsible ESG U.S. Equity Portfolio | No one, but… | Amy Wilson joins Vladimir de Vassal, Paul Sullivan, and Alexander Atanasiu as a portfolio manager for the fund. | 6/21 |
| SHE | SPDR SSGA Gender Diversity Index ETF | Lynn Blake will no longer serve as a portfolio manager for the fund. | Melissa Kapitulik and Amg Cheng continue to manage the fund. | 6/21 |
| SEECX | Steward Large Cap Core | Ryan Caylor and John Wolf will no longer serve as portfolio managers for the fund. | Robert Doll joins Brent Lium in managing the fund. | 6/21 |
| SCECX | Steward Small Cap Growth | John Wolf is no listed as a portfolio manager for the fund. | Brent Lium and Ryan Caylor continue to manage the fund. | 6/21 |
| TRAOX | T. Rowe Price Asia Opportunities | Effective April 1, 2022, Mr. Moffett will step down as the fund’s co-portfolio manager. | Effective July 1, 2021, Ji Hong Min will join Eric Moffett as a co-portfolio manager of the fund. | 6/21 |
| TRMCX | T. Rowe Price Mid-Cap Value | Long-time manager, and the 2016 Morningstar Fund Manager of the Year, David Wallack, will retire on June 1, 2022. | Vincent DeAugustino will take over the fund upon Mr. Wallack’s retirement. | 6/21 |
| WEIAX | TETON Convertible Securities | Jane O’Keeffe has retired as a portfolio manager of the fund. | Thomas Dinsmore and James Dinsmore will continue to manage the fund. | 6/21 |
| TWAOX | Thomas White American Opportunities | Ramkumar Venkatramani is no longer serving as a portfolio manager for the fund. | Wei Li, Douglas Jackman, Jinwen Zhang, Jianzhong Wu, and Rex Mathew continue to serve as portfolio managers of the fund. | 6/21 |
| TWWIX | Thomas White International | Ramkumar Venkatramani is no longer serving as a portfolio manager for the fund. | Wei Li, Douglas Jackman, Jinwen Zhang, Jianzhong Wu, and Rex Mathew continue to serve as portfolio managers of the fund. | 6/21 |
| TLGQX | TIAA-CREF Life Growth Equity | No one, but… | Karen Hiatt has joined Terrence Kontos as a portfolio manager for the fund. | 6/21 |
| UNAVX | USA Mutuals Navigator | Ben Warwick is no longer listed as a portfolio manager for the fund. | Paul Stehle is the sole portfolio manager for the fund. | 6/21 |
| VICEX | USA Mutuals Vice Global | Ben Warwick is no longer listed as a portfolio manager for the fund. | Paul Stehle is the sole portfolio manager for the fund. | 6/21 |
| VAPPX | VALIC Company I Capital Appreciation | Ernesto Ramos has left the fund but remains with the company. | Jason Hans, David Corris, and J.P. Gurnee will continue to manage the fund. | 6/21 |
| VCIGX | VALIC Company I Dividend Value | Timothy Pettee, Timothy Campion, Franco Tapia, and Jane Algieri no longer serve as portfolio managers for the fund. | Tony DeSpirito and David Zhao continue to manage the fund. | 6/21 |
| VMMSX | Vanguard Emerging Markets Select Stock | Ewan Markson-Brown is no longer serving as a portfolio manager for the fund. | Andrew Stobart and Mike Gush remain as the portfolio managers for the fund. | 6/21 |
| IEDAX | Voya Large Cap Value | No one, but… | Gregory Wachsman joins Vincent Costa and James Dorment as a portfolio manager for the fund. | 6/21 |
| GWILX | Women in Leadership U.S. Equity Portfolio | No one, but… | Amy Wilson joins Vladimir Vassal, Paul Sullivan, and Alexander Atanasiu in managing the fund. | 6/21 |
