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. For instance, over the past ten years, 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 top returning 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, we noted 55 funds with changes in their management teams. The 700-pound gorilla is the decision by Grandeur Peaks Global founder Robert Gardiner to embark on a three-year sabbatical. Given the consistent and distinctive excellence of the Grandeur Peak family, along with its combination of shareholder sensitivity and consistent growth, Mr. Gardiner’s absence is necessarily news. He directly and intelligently addresses the decision, and his reason for confidence in it, in his annual chairman’s letter:
I will be taking a three-year sabbatical from Grandeur Peak to serve as a mission president with my wife, Susie, for the Church of Jesus Christ of Latter-day Saints. I will continue to work full time at Grandeur Peak until that date, and then will remain Chairman of the Board and attend quarterly board meetings during my three-year sabbatical. I expect to return full-time to Grandeur Peak in July of 2025, and hope to return to the roles of analyst, mentor, and Guardian Portfolio Manager on several of our global funds. I started in the money management business at the age of 16. After nearly forty years of trying to help people improve their financial future, Susie and I decided, when presented with this request from our church leaders, that serving as a mission president would be a wonderful adventure and provide another great opportunity to give back, as I personally have been given so much. As you may remember, I served as a missionary in France for two years as a 19-year-old young man, and found it to be a challenging and wonderfully rewarding experience. My church/religion has been a central and important part of my entire life. Susie and I believe we can spread a message of hope and peace, tolerance and love. The chance to oversee, nurture and love a hundred or more missionaries is a great responsibility and something we are excited to undertake. Working with young people is a real passion of ours. I have been blessed by so many mentors in my life and I love playing this role for future generations. During my three-year sabbatical, I will remain engaged in the strategic direction of the firm through quarterly board meetings, but I will be doing no meaningful research to help our investment team. I also intend to remain one of the largest individual shareholders in the Funds.
Careful readers might note Mr. Gardiner’s confidence in returning in 2025, but also the new roles he delineates: “analyst, mentor, and Guardian Portfolio Manager.” That is, no longer the day-to-day guy. There’s more to life than making or managing money. We wish Mr. Gardiner well on his upcoming adventure, even as we turn a slightly anxious eye to our Grandeur Peak holdings.
The letter, by the way, is well worth reading for its reflections on the markets – our and China’s – as well as discussions of the firm’s commitment to growth and diversity.
Quite separately, Larry Puglia’s impending retirement continues to send out ripples, away from the T. Rowe Price funds that he’s so skillfully managed and out into the universe of funds for which he (and Price) serve as the sub-advisor.
| Ticker | Fund | Out with the old | In with the new | Dt |
| LTAFX | Alternative Strategies | Ladenburg Thalmann Asset Management, Inc. no longer serves as an advisor to the fund. | SCG Asset Management, LLC will now serve as an advisor to the fund. | 10/21 |
| AABPX | American Beacon Balanced | Rahul Bapna is no longer serving as a portfolio manager of the fund. | Justin Martin and Matthew Routh have joined the management team. | 10/21 |
| BBLRX | BBH Select Series – Large Cap | No one, but… | Nicholas Haffenreffer joins Michael Keller as a portfolio manager of the fund. | 10/21 |
| CNRGX | City National Rochdale Short Term Emerging Markets Debt | Garrett D’Alessandro no longer serves as a portfolio manager of the fund. | Thomas Ehrlein and Charles Luke remain as portfolio managers of the fund. | 10/21 |
| YLDE | ClearBridge Dividend Strategy ESG | Effective December 31, 2021, Mary McQuillen will no longer serve as a portfolio manager of the fund. | John Baldi, Peter Vanderlee, and Michael Clarfeld will continue to manage the fund. | 10/21 |
| LGGAX | Clearbridge International Growth | Thor Olsson is no longer a portfolio manager for the fund. | Elisa Mazen, Michael Testorf, and Pawel Wroblewski continue to manage the fund. | 10/21 |
| LRGE | ClearBridge Large Cap Growth ESG | Effective December 31, 2021, Mary McQuillen will no longer serve as a portfolio manager of the fund. | Margaret Vitrano and Peter Bourbeau will continue to serve as portfolio managers to the fund. | 10/21 |
| RPFCX | Davis Appreciation & Income | No one, but… | Darin Prozes joins Chris Davis and Preston King as a portfolio manager of the fund. | 10/21 |
| DHQAX | Day Hagan Logix Smart Value | DH Logix, LLC no longer serves as the sub-advisor of the fund. Robert Herman and Jeffrey Palmer are no longer serving as portfolio managers of the fund. | Regan Teague joins Donald Hagan as a portfolio manager of the fund. | 10/21 |
| FHJUX | Fidelity Europe | No one, but… | Allyson Ke and Faris Rahman join Andrew Sergeant as portfolio managers of the fund. | 10/21 |
| FGBFX | Fidelity Global Credit | No one, but… | Lisa Easterbrook joins Andrew Lewis, Matthew Bartlett, and Michael Foggin as a portfolio manager of the fund. | 10/21 |
| GPGCX | Grandeur Peak Global Contrarian | Effective July 1, 2022, Robert Gardiner will take a three-year sabbatical from his duties as a portfolio manager of the fund. | Mark Madsen will continue to manage the fund. | 10/21 |
| GPMCX | Grandeur Peak Global Micro Cap | Effective July 1, 2022, Robert Gardiner will take a three-year sabbatical from his duties as a portfolio manager of the fund. | Spencer Hackett and Amy Sunderland will continue as portfolio managers of the fund. | 10/21 |
| GPGOX | Grandeur Peak Global Opportunities | Effective July 1, 2022, Robert Gardiner will take a three-year sabbatical from his duties as a portfolio manager of the fund. | Ben Gardiner, Amy Sunderland, and Blake Walker will continue to manage for the fund. | 10/21 |
| GGSOX | Grandeur Peak Global Stalwarts | Effective July 1, 2022, Robert Gardiner will take a three-year sabbatical from his duties as a portfolio manager of the fund. | Brad Barth and Randy Pearce will continue to manage the fund. | 10/21 |
| HIIDX | Harbor Diversified International All Cap | Michael Nickson no longer serves as a portfolio manager to the fund. | Alex Duffy, Justin Hill, Simon Somerville, Neil Ostrer, Nick Longhurst, Charles Carter, William Arah, and Robert Anstey continue to serve as portfolio managers of the fund. | 10/21 |
| HIINX | Harbor International | Michael Nickson no longer serves as a portfolio manager to the fund. | Alex Duffy, Justin Hill, Simon Somerville, Neil Ostrer, Nick Longhurst, Charles Carter, and William Arah continue to serve as portfolio managers of the fund. | 10/21 |
| HQIAX | Hartford Equity Income | Effective June 30, 2022, Michael Reckmeyer will retire and no longer serve as a portfolio manager to | Matthew Hand and Adam Illfelder will continue as portfolio managers of the fund. | 10/21 |
| HRRLX | Homestead Rural America Growth & Income | Effective January 7, 2022, Peter Blackstone will no longer serve as a portfolio manager of the fund. | Mauricio Agudelo, Prabha Carpenter, Mark Long, Ivan Naranjov, and James Polk will manage the fund. | 10/21 |
| JAQAX | Janus Henderson Asia Equity | Mervyn Koh is no longer listed as a portfolio manager of the fund. | Andrew Gillan is now the sole portfolio manager of the fund. | 10/21 |
| JBGCX | John Hancock Blue Chip Growth | Larry Puglia is no longer serving as a portfolio manager of the fund. | Paul Greene is now the sole portfolio manager of the fund. | 10/21 |
| JSCCX | John Hancock Small Cap Value | Effective December 31, 2022, Timothy McCormack will no longer serve as a portfolio manager of the fund. | Effective January 4, 2022, Danielle Williams will join Timothy McCormack, Shaun Pedersen, and Edmond Griffin as a portfolio manager of the fund. | 10/21 |
| LVHD | Legg Mason Low Volatility High Dividend | Michael Ripper is no longer serving as a portfolio manager of the fund. | Vaneet Chadha, Christopher Floyd, and Jose Maldonado join Michael LaBella and Russell Shtern as portfolio managers of the fund. | 10/21 |
| LCORX | Leuthold Core Investment | Jun Zhu is no longer listed as a portfolio manager of the fund. | Scott Opsal joins Douglas Ramsey, Chun Wang, and Greg Swenson in managing the fund. | 10/21 |
| LIFAX | Lord Abbett Inflation Focused | Hyun Lee is no longer a portfolio manager of the fund. | Leah Traub, Steven Rocco, Kewjin Yuoh, Andrew O’Brien, and Robert Lee continue to manage the fund. | 10/21 |
| MAPIX | Matthews Asia Dividend | No one, but… | Joyce Li joins Yu Zhang, Robert Horrocks, and Sherwood Zhang as a portfolio manager of the fund. | 10/21 |
| NSFBX | Natixis Sustainable Future 2015 – 2060 | Serena Stone of Natixis Advisors will no longer serve as a portfolio manager of the funds. | Daphne Du and Benjamin Kerelian of Natixis Advisors will join the portfolio management team of the funds. | 10/21 |
| NABAX | Neuberger Berman Absolute Return Multi-Manager | Cramer Rosenthal McGlynn, LLC will no longer act as a subadviser to the fund. | Fred Ingham, Jeffrey Majit, and David Kupperman continue to manage for the fund. | 10/21 |
| FGIAX | Nuveen Global Infrastructure | No one, but… | Noah Hauser joins Jay Rosenberg, Tryg Sarsland, and Jagdeep Ghuman in managing the fund. | 10/21 |
| NRIAX | Nuveen Real Asset Income | No one, but… | Benjamin Kerl joins Jay Rosenberg, Brenda Langenfeld, Tryg Sarsland, and Jean Lin in managing the fund. | 10/21 |
| OAYLX | Oakmark Select | Thomas Murray has announced his retirement in the second quarter of 2022. | William Nygren and Anthony Coniaris will continue as portfolio managers of the Fund. | 10/21 |
| PMEFX | Penn Mutual AM 1847 Income | Mark Saylor no longer serves as a portfolio manager of the fund. | George Cipolloni, Scott Ellis, and Greg Zappin remain. | 10/21 |
| PTCRX | Performance Trust Credit | Jason Appleson is no longer listed as a portfolio manager of the fund. | Anthony Harris, G. Michael Plaiss, and Lars Anderson will continue to serve as the fund’s portfolio managers. | 10/21 |
| LSEIX | Persimmon Long/Short | No one, but… | Dakota Welath, LLC is now an advisor to the fund. | 10/21 |
| TPLGX | T. Rowe Price Institutional Large-Cap Core Growth | Larry Puglia will no longer serve as a portfolio manager of the fund. | Paul Green is now the sole portfolio manager of the fund. | 10/21 |
| TQGEX | T. Rowe Price QM Global Equity | Sudhir Nanda is no longer serving as a portfolio manager of the fund. | David Corris and Jordan Pryor continue to serve as portfolio managers of the fund. | 10/21 |
| TQSMX | T. Rowe Price QM U.S. Small & Mid-Cap Core Equity | Sudhir Nanda is no longer serving as a portfolio manager of the fund. | David Corris joins Prashant Jeyaganesh, Vidya Kadiyam, and Navneesh Malhan as a portfolio manager of the fund. | 10/21 |
| TQMVX | T. Rowe Price QM U.S. Value Equity | Effective January 1, 2022, Farris G. Shuggi will no longer serve as a portfolio manager of the fund. | David Corris, Prashant Jeyaganesh, and Vidya Kadiyam will remain as portfolio managers of the fund. | 10/21 |
| USVT | US Value | Andrew Wellington is no longer listed as a portfolio manager of the fund. | Daniel DeSerio is now the sole portfolio manager of the fund. | 10/21 |
| UCAGX | USAA Cornerstone Aggressive | No one, but… | Lela Dunlap joins Lance Humphrey, Mannik Dhillon, Neal Graves, and James Jackson as a portfolio manager to the fund. | 10/21 |
| USCCX | USAA Cornerstone Conservative | No one, but… | Lela Dunlap joins Lance Humphrey and Mannik Dhillon as a portfolio manager to the fund. | 10/21 |
| UCEQX | USAA Cornerstone Equity | No one, but… | Lela Dunlap joins Lance Humphrey and Mannik Dhillon as a portfolio manager to the fund. | 10/21 |
| USBSX | USAA Cornerstone Moderate | No one, but… | Lela Dunlap joins Lance Humphrey, Mannik Dhillon, Neal Graves, and James Jackson as a portfolio manager to the fund. | 10/21 |
| USCRX | USAA Cornerstone Moderately Aggressive | No one, but… | Lela Dunlap joins Lance Humphrey, Mannik Dhillon, Neal Graves, and James Jackson as a portfolio manager to the fund. | 10/21 |
| UCMCX | USAA Cornerstone Moderately Conservative | No one, but… | Lela Dunlap joins Lance Humphrey, Mannik Dhillon, Neal Graves, and James Jackson as a portfolio manager to the fund. | 10/21 |
| VEIPX | Vanguard Equity Income | Effective June 30, 2022, W. Michael Reckmeyer will retire and no longer serve as a portfolio manager of the fund. | Matthew Hand joins W. Michael Reckmeyer and Sharon Hill as a portfolio manager of the fund. | 10/21 |
| VEXPX | Vanguard Explorer | Binbin Guo has retired and is no longer listed as a portfolio manager of the fund. | Cesar Orosco remains the sole portfolio manager of the fund. | 10/21 |
| VQNPX | Vanguard Growth and Income | Binbin Guo has retired and is no longer listed as a portfolio manager of the fund. | Cesar Orosco remains the sole portfolio manager of the fund. | 10/21 |
| VMNIX | Vanguard Market Neutral | Binbin Guo has retired and is no longer listed as a portfolio manager of the fund. | Cesar Orosco remains the sole portfolio manager of the fund. | 10/21 |
| VSEQX | Vanguard Strategic Equity | Binbin Guo has retired and is no longer listed as a portfolio manager of the fund. | Cesar Orosco remains the sole portfolio manager of the fund. | 10/21 |
| VSTCX | Vanguard Strategic Small-Cap Equity | Binbin Guo has retired and is no longer listed as a portfolio manager of the fund. | Cesar Orosco remains the sole portfolio manager of the fund. | 10/21 |
| VWUSX | Vanguard U.S. Growth | Binbin Guo has retired and is no longer listed as a portfolio manager of the fund. | Cesar Orosco remains the sole portfolio manager of the fund. | 10/21 |
| VWINX | Vanguard Wellesley Income | Effective June 30, 2022, W. Michael Reckmeyer will retire and no longer serve as a portfolio manager of the fund. | Matthew Hand joins W. Michael Reckmeyer and Loren Moran as a portfolio manager of the fund. | 10/21 |
| ASHR | Xtrackers Harvest CSI 300 China A-Shares | Tom Chan no longer serves as a portfolio manager of the fund | Hubert Shek and Kevin Sung continue to manage the fund. | 10/21 |
| ASHS | Xtrackers Harvest CSI 500 China A-Shares Small Cap | Tom Chan no longer serves as a portfolio manager of the fund | Hubert Shek and Kevin Sung continue to manage the fund. | 10/21 |
