Category Archives: Manager changes

Manager changes, June 2017

By Chip

It’s been a relatively unexciting month on the manager change front, perhaps with folks regrouping over the quiet summer months. Five of the departures were triggered by announced retirements, which is a bit higher than usual. FPA got bounced off the team at Litman Gregory Masters Smaller Companies (MSSFX). On the one hand, that’s not terribly surprising: the managers’ main charge, FPA Capital (FPPTX), has trailed 94% of its Morningstar peers over the decade that lead manager Dennis Bryan has been in place. On the other hand, it is surprising that they lasted so long: FPA has been managing a portion of the portfolio for a decade, while the average tenure of managers at MSSFX is two to three years. It’s worth pondering the implications of that turnover: Litman Gregory’s specialty is manager selection and they have a lot of resources to deploy in finding the best managers and still, within a very few years, the majority of them are no longer contributing enough to remain. It does highlight the Continue reading →

Manager changes, May 2016

By Chip

Each month, many funds undertake partial or complete changes in their management teams. Most are inconsequential, because they involve marginal changes in teams or the substitution of one inoffensive MBA-holder for another. That pretty much describes this month’s changes; 41 funds saw partial or complete changes in their management teams, none earth-shattering. Because bond fund managers, traditionally, had made relatively modest impacts of their funds’ absolute returns, Manager Changes typically highlights changes in equity and hybrid funds. Continue reading →

Manager changes, April 2017

By Chip

Each month, many funds under partial or complete changes in their management teams. Most are inconsequential, because they involve marginal changes in teams or the substitution of one inoffensive MBA-holder for another. Because bond fund managers, traditionally, had made relatively modest impacts of their funds’ absolute returns, Manager Changes typically highlights changes in equity and hybrid funds.

Out of this month’s 40 tracked changes, the switch to AMG Managers Fairpointe Focused Equity Fund – which places star manager Thyra Zerhusen solely in charge of a struggling small fund – is interesting and the announcement that Salim Hart and Sam Chamovitz are the managers of Fidelity Low-Priced Stock Fund was briefly terrifying (the announcement did not make clear that Mr. Tillinghast remained). Jamie Harmon, has, however, Continue reading →

Manager changes, March 2017

By Chip

It’s really rare that the world’s largest investment firm stages a full-scale revolution, but the scope of BlackRock’s changes this month – including the dismissal of 30 investment professionals including seven lead managers and the shift of billions in assets to new quant-based disciplines – seems to have that feel. Not quite a whiff of desperation but certainly determination. And, oh yes, investing legend Mark Mobius has moved into the shadows and 70 other funds underwent less changes. Continue reading →

Manager changes, February 2017

By Chip

It’s a quiet month on the manager change front. While nominally there’s a greater deal of management turnover in a given year, practically most of it is insignificant because the 27^th member of a team leaves and is replaced by an equally adept newbie. This is one of those months. We’ve identified 35 manager changes this month, few involving the installation of an entire new team and only two or three affecting “household names.”

Because bond fund managers, traditionally, had made relatively modest impacts of their funds’ absolute returns, Manager Changes typically highlights changes in equity and hybrid funds. Continue reading →

Manager changes, January 2017

By Chip

The good folks at Grandeur Peak worked hard in January to realign and rationalize the manager line-ups across all their funds, then Stewart Spencer left Emerging Opportunities (GPEOX) at month’s end to pursue other paths and an additional shuffle was in order. It’s worth watching. Meanwhile, founders Robert Gardiner and Blake Walker have resumed joint management of Global Opps and International Opp.

T. Rowe Price and Fidelity both had changes sufficiently consequential to trigger Morningstar reviews of their analyst ratings. Continue reading →

Manager changes

By Chip

Each month, dozens of funds undergo changes to their management teams; sometimes those changes are minor (one of 13 co-managers has stepped aside) and sometimes they fundamentally change a fund’s prospects (Rajiv Jain’s departure from Virtus EM Opportunities triggered billions in outflows). Among this month’s three dozen changes is the baffling dismissal of two successful teams from BBH International Equity (BBHEX), the arrival of a co-manager for David Herro at Oakmark International (OAKIX) and the removal of the co-manager at two of Tom Marsico’s funds.

Because bond fund managers, traditionally, had made Continue reading →

Manager changes

By Chip

Manager changes come in three varieties: the utterly inconsequential, the individually significant and the broadly worrisome. Inconsequential changes, the vast majority of them, represent the normal tweaking of management teams or the comings-and-goings of competent but undistinguished professionals. Individually significant changes are ones where the manager made a real difference to a fund’s success, and where his or her departure might well disrupt the fund’s prospects. The dismissal of Wellington Management from Voya International Core, for example, substantially changes the fund’s profile and diminishes its short-term attractiveness. Broadly worrisome changes occur when principled managers with distinguished long-term records are dismissed because they’re “out of step” with the market. Quite frequently at the tops of frothy markets, value managers find their services no longer required. GMO famously lost 40% of its assets just before the crash of 2000 vindicated what they’d been doing. This month, the removal of Continue reading →

Manager changes

By Chip

Among the dozens of manager changes this month, one stands out. Greg McCrickard’s long career at a T. Rowe Price manager has drawn to a close, though he’ll remain a while longer as a mentor of the firm’s young analysts. McCrickard managed T. Rowe Price Small-Cap Stock Fund OTCFX for 24 years. He’s succeeded by Frank Alonso who became McCrickard’s associate portfolio manager in 2013 and who did a nice job Price US small cap fund that’s only available to foreign investors. In general, Price handles these transitions better than anyone.

Manager Changes

By Chip

DoubleLine picks up the pieces after Bonnie Baha’s tragic death, Scott Satterwhite retires at Artisan, some turnover at Osterweis, Miller/Howard resigns for the Miller/Howard fund, Giralda steps away from the Giralda Fund and 60 other changes.

Manager changes, August 2016

By Chip

In memoriam

With great sadness, we note the passing of two members of the investing community.

Albert “Ab” Nicholas, philanthropist and founder of the Nicholas Funds, died August 4, 2016, full of years and honors, at age 85. He earned his bachelor’s degree, in the early 1950s, from the University of Wisconsin-Madison. He was deeply grateful for the scholarship that made it possible for a poor kid from Rockford, Illinois, to attend college and he repaid that kindness a thousand times over through his gifts to the university. Continue reading →

Manager changes, July 2016

By Chip

Wow. Barely three dozen managers were subjected to the walk of shame (or, perhaps, the happy dance out the door) this month. There were two high profile changes.

Rob Taylor is retiring from management of Oakmark Global and Oakmark International, both of which are reopening to new investors. David Herro is being added as co-manager of the former and becomes sole manager of the latter. Since Mr. Herro is already managing $20 billion, the additional assignments either suggest that Oakmark is running out of talent or that Mr. Herro is feeling a bit megalomaniacal.

At we noted above, for reasons unexplained, Kumar Palghat has left Janus Unconstrained Global Bond (JUCAX) after one year.

In iconic changes, as we note below, West Shore is out at West Shore and Burnham is out at Burnham. Continue reading →

Manager changes, June 2016

By Chip

Manager changes, May 2016

By Chip

Because bond fund managers, traditionally, had made relatively modest impacts of their funds’ absolute returns, Manager Changes typically highlights changes in equity and hybrid funds.

Ticker	Fund	Out with the old	In with the new	Dt
ARDWX	Aberdeen Multi-Manager Alternative Strategies Fund II	Santa Fe Partners LLC no longer serves as a sub-adviser to the fund, and Henry Davis is no longer listed as a portfolio manager for the fund.	Ian McDonald, Averell Mortimer, Darren Wolf, Russell Barlow, Vicky Hudson, Peter Wasko and Kevin Lyons remain on the management team	5/16
ASTYX	AllianzGI Best Styles International Equity	No one, but …	Erik Mulder joined Michael Heldmann and Karsten Niemann in managing the fund.	5/16
AZDAX	AllianzGI Global Fundamental Strategy Fund	Andreas Utermann is no longer listed as a portfolio manager for the fund.	Neil Dwane joins the management team of Armin Kayser, Karl Happe, Eric Boess, and Steven Berexa.	5/16
BGEIX	American Century Global Gold Fund	William Martin and Lynette Pang are no longer listed as portfolio managers for the fund.	Yulin Long and Elizabeth Xie are now managing the fund.	5/16
BDMAX	BlackRock Global Long/Short Equity Fund	Paul Ebner is no longer listed as a portfolio manager for the fund.	Richard Mathieson joins Raffaele Savi and Kevin Franklin in managing the fund.	5/16
BMSAX	BlackRock Secured Credit Portfolio	Carly Wilson and C. Adrian Marshall are gone.	Mitchell Garfin remains and is joined by James Keenan, Jeff Cucunato, Jose Aguilar and Artur Piasecki.	5/16
BIALX	Brown Advisory Global Leaders Fund	No one, but …	Bertie Thomson joins Michael Dillon in managing the fund.	5/16
CSIBX	Calvert Bond Portfolio	Matthew Duch will no longer serve as a portfolio manager for the fund.	Vishal Khanduja and Brian Ellis will remain on the portfolio management team.	5/16
CGAFX	Calvert Green Bond Fund	Matthew Duch will no longer serve as a portfolio manager for the fund.	Vishal Khanduja and Brian Ellis will remain on the portfolio management team.	5/16
CYBAX	Calvert High Yield Bond Fund	Matthew Duch will no longer serve as a portfolio manager for the fund.	Vishal Khanduja and Brian Ellis will remain on the portfolio management team and will be joined by Patrick Faul.	5/16
CFICX	Calvert Income Fund	Matthew Duch will no longer serve as a portfolio manager for the fund.	Vishal Khanduja and Brian Ellis will remain on the portfolio management team.	5/16
CLDAX	Calvert Long-Term Income Fund	Matthew Duch will no longer serve as a portfolio manager for the fund.	Vishal Khanduja and Brian Ellis will remain on the portfolio management team.	5/16
CSDAX	Calvert Short Duration Income Fund	Matthew Duch will no longer serve as a portfolio manager for the fund.	Vishal Khanduja and Brian Ellis will remain on the portfolio management team.	5/16
CULAX	Calvert Ultra-Short Income Fund	Matthew Duch will no longer serve as a portfolio manager for the fund.	Vishal Khanduja and Brian Ellis will remain on the portfolio management team.	5/16
SDUAX	Deutsche Ultra Short Duration Bond Fund, soon to be the Deutsche Fixed Income Opportunities Fund	As of August 31, Eric Meyer will no longer serve as a portfolio manager for the fund.	John Ryan is joined by Roger Douglas and Rahmila Nadi in managing the fund.	5/16
DGANX	Dreyfus Global Infrastructure Fund	Joshua Kohn is no longer listed as a portfolio manager for the fund.	Maneesh Chhabria is joined by Theodore Brooks on the management team.	5/16
ETMGX	Eaton Vance Tax-Managed Small-Cap Fund	Nancy Took, lead portfolio manager, announced her intention to retire at the end of October, 2016.	Michael McLean and J. Griffith Noble will continue with the fund.	5/16
GSBFX	Goldman Sachs Income Builder Fund	Effective immediately, Lale Topcuoglu no longer serves as a portfolio manager for the fund.	Daniel Lochner, Charles Dane, Colin Bell, Ronald Arons, Andrew Braun and David Beers will continue to manage the fund.	5/16
HBIAX	HSBC Global High Income Bond Fund	Lisa Chua is no longer listed as a portfolio manager for the fund.	Nishant Upadhyay joins Rick Liu and Jerry Samet in managing the fund.	5/16
HBYAX	HSBC Global High Yield Bond Fund	Lisa Chua is no longer listed as a portfolio manager for the fund.	Nishant Upadhyay joins Rick Liu and Mary Gottshall Bowers in managing the fund.	5/16
WASAX	Ivy Asset Strategy Fund	Mike Avery will no longer manage the fund, effective June 30, 2016.	F. Chace Brundige and Cynthia Prince-Fox will continue to co-manager the fund.	5/16
IVTAX	Ivy Managed International Opportunities Fund	Mike Avery will no longer manage the fund, effective June 30, 2016.	At that time, F. Chace Brundige and Cynthia Prince-Fox will become co-managers of the fund.	5/16
JMMAX	JPMorgan Multi-Manager Alternatives Fund	No one, but …	P/E Global LLC has been added as an eleventh subadvisor to the fund.	5/16
SCGLX	Scout Global Equity Fund	James Moffett and founding manager James Reed are no longer listed as portfolio managers for the fund.	Charles John is joined by John Indellicate and Derek Smashey. Somehow the combination of “indelicate” and “smashy” seems like fodder for a bunch of in-jokes.	5/16
UMBWX	Scout International Fund	Michael P. Fogarty no longer serves as a portfolio manager of the fund.	Michael Stack and Angel Luperico will continue to manage the fund.	5/16
SEQUX	Sequoia Fund	No one, but …	John Harris, Arman Gokgol-Kline, Trevor Magyar, and David Sheridan join David Poppe as co-managers.	5/16
TVOAX	Touchstone Small Cap Value Fund	DePrince Race & Zollo, Inc. will no longer subadvise the fund. Gregory Ramsby and Randy Renfrow will no longer serve as portfolio managers for the fund.	Russell Implementation Services will subadvise the fund, with Wayne Holister as portfolio manager, until June 30, 2016. After June 30, LMCG Investments will become the subadvisor to the fund.	5/16
USIFX	USAA International Fund	No one, but …	Filipe Benzinho is joining Susanne Willumsen, James Shakin, Craig Scholl, Paul Moghtader, Ciprian Marin, Taras Ivanenko, Andrew Corry, Daniel Ling and Marcus Smith to manage the fund.	5/16
HEMZX	Virtus Emerging Markets Opportunities Fund	No one, but …	Brian Bandsma and Jin Zhang join Matthew Benkendorf in managing the fund	5/16
JVIAX	Virtus Foreign Opportunities Fund	No one, but …	Daniel Kranson and David Souccar will join Matthew Benkendorf in managing the fund	5/16
NWWOX	Virtus Global Opportunities Fund	No one, but …	Ramiz Chelat will join Matthew Benkendorf in managing the fund	5/16
UNASX	Waddell & Reed Advisors Asset Strategy Fund	Mike Avery will no longer manage the fund, effective June 30, 2016.	F. Chace Brundige and Cynthia Prince-Fox will continue to co-manager the fund.	5/16

Manager changes, April 2016

By Chip

Because bond fund managers, traditionally, had made relatively modest impacts of their funds’ absolute returns, Manager Changes typically highlights changes in equity and hybrid funds.

Ticker	Fund	Out with the old	In with the new	Dt
ARDWX	Aberdeen Multi-Manager Alternative Strategies Fund II	Henry Davis no longer serves as a portfolio manager of the fund	Kevin Lyons joins the team of Averell H. Mortimer, Ian McDonald, Darren Wolf, Russell Barlow, Vicky Hudson, and Peter Wasko	4/16
FXDAX	Altegris Fixed Income Long Short Fund	Premium Point Investments is no longer a subadvisor to the fund. As a result, Anilesh Ahuja and Amin Majidi are no longer listed as portfolio managers for the fund.	Kevin Schweitzer, Eric Bundonis, Peter Reed, David Steinberg, and Antolin Garza will continue to manage the fund.	4/16
AFXAX	American Beacon Flexible Bond	Adriana Posada has retired from her position as a portfolio manager	The rest of the team remains	4/16
ALMEX	ASTON/LMCG Emerging Markets Fund	Vikram Srimurthy is no longer a portfolio manager of the fund.	Gordon Johnson and Shannon Ericson will continue to manage the fund	4/16
BVEFX	Becker Value Equity Fund	No one, but …	Sid Parakh joins Thomas McConville, Andy Murray, Marian Kessler, Michael McGarr, Stephen Laveson, and Patrick Becker Jr.	4/16
BFRAX	BlackRock Floating Rate Income	Leland Hart will remain with BlackRock, but step down from fund management to “pursue other interests.”	James Keenan, C. Adrian Marshall and Joshua Tarnow will continue to manage the fund.	4/16
BMMAX	BlackRock Multi-Manager Alternative Strategies Fund	No one, but …	GLG Partners has been added as a seventh subadvisor to the fund.	4/16
BMSAX	BlackRock Secured Credit Portfolio	Leland Hart will remain with BlackRock, but step down from fund management to “pursue other interests.”	C. Adrian Marshall, Mitchell Garfin and Carly Wilson will continue to manage the fund.	4/16
CSIBX	Calvert Bond Portfolio	Mauricia Agudelo will no longer serve as a portfolio manager for the fund.	Vishal Khanduja, Matthew Duch and Brian Ellis remain on the portfolio management team for the fund	4/16
CFWAX	Calvert Global Water Fund	Catherine Ryan and Matthew Sheldon are no longer listed as portfolio managers for the fund whose star rating is mostly driven by the fact that it’s being compared to energy funds.	The new team is Lise Bernhard, Jade Huang, Christopher Madden, Matthew Moore and Laurie Webster.	4/16
CGAFX	Calvert Green Bond Fund	Mauricia Agudelo will no longer serve as a portfolio manager for the fund.	Vishal Khanduja, Matthew Duch and Brian Ellis remain on the portfolio management team for the fund	4/16
CYBAX	Calvert High Yield Bond Fund	Mauricia Agudelo will no longer serve as a portfolio manager for the fund.	Vishal Khanduja, Matthew Duch and Brian Ellis remain on the portfolio management team for the fund	4/16
CFICX	Calvert Income Fund	Mauricia Agudelo will no longer serve as a portfolio manager for the fund.	Vishal Khanduja, Matthew Duch and Brian Ellis remain on the portfolio management team for the fund	4/16
CLDAX	Calvert Long-Term Income Fund	Mauricia Agudelo will no longer serve as a portfolio manager for the fund.	Vishal Khanduja, Matthew Duch and Brian Ellis remain on the portfolio management team for the fund	4/16
CSDAX	Calvert Short Duration Income Fund	Mauricia Agudelo will no longer serve as a portfolio manager for the fund.	Vishal Khanduja, Matthew Duch and Brian Ellis remain on the portfolio management team for the fund	4/16
CULAX	Calvert Ultra-Short Income Fund	Mauricia Agudelo will no longer serve as a portfolio manager for the fund.	Vishal Khanduja, Matthew Duch and Brian Ellis remain on the portfolio management team for the fund	4/16
CAMOX	Cambiar Opportunity Fund	Maria Mendelsberg will no longer serve as a portfolio manager for the fund.	Brian Barish, Anna Aldrich, Timothy Beranek, Andrew Baumbusch, Jeffrey Susman and Colin Dunn will continue to manage the fudn	4/16
CAMSX	Cambiar Small Cap Fund	Maria Mendelsberg will no longer serve as a portfolio manager for the fund.	Brian Barish, Anna Aldrich, Timothy Beranek, Andrew Baumbusch, Jeffrey Susman and Colin Dunn will continue to manage the fudn	4/16
CAMMX	Cambiar Smid Fund	Maria Mendelsberg will no longer serve as a portfolio manager for the fund.	Brian Barish, Anna Aldrich, Timothy Beranek, Andrew Baumbusch, Jeffrey Susman and Colin Dunn will continue to manage the fudn	4/16
CMCIX	Capital Management Mid Cap Fund	Ralph Scarpa is no longer listed as a portfolio manager for the fund.	Alexander Cripps and W. Jameson McFadden will now manage the fund.	4/16
CMSSX	Capital Management Small Cap Fund	Ralph Scarpa is no longer listed as a portfolio manager for the fund.	Alexander Cripps and W. Jameson McFadden will now manage the fund.	4/16
CPMPX	Changing Parameters Fund	David Levenson is no longer listed as a portfolio manager for the fund.	Howard Smith will continue to manage the fund’s parameters.	4/16
SUIAX	Deutsche CROCI International Fund	No one, but …	John Moody joins Di Kumble in managing the fund.	4/16
SKNRX	Deutsche Enhanced Commodity Strategy Fund	No one, but …	Rick Smith joined the team of Eric Meyer, John Ryan, Darwei Kung and Sonali Kapoor	4/16
SGDAX	Deutsche Gold & Precious Metals Fund	Michael Bernadiner and Terence Brennan are no longer listed as portfolio managers for the fund.	Scott Ikuss, Felice Tecce and John Vojticek are now managing the fund.	4/16
MIDVX	Deutsche Mid Cap Value Fund	Richard Glass left the fund in March, and was replaced Matthew Cino, who lasted precisely 30 days on the job.	Richard Hanlon and Mary Schafer are now managing the fund.	4/16
KDSAX	Deutsche Small Cap Value Fund	Richard Glass left the fund in March, and was replaced Matthew Cino, who lasted precisely 30 days on the job.	Richard Hanlon and Mary Schafer are now managing the fund.	4/16
DMVAX	Dreyfus Select Managers Small Cap Value Fund	Iridian Asset Management has terminated its agreement with Dreyfus. Jordan Alexander and Stephen Friscia will no longer be on the management team.	The rest of the extensive team remains.	4/16
FSCGX	Fidelity Select Industrial Equipment Portfolio	Boris Shepov will no longer serve as a portfolio manager for the fund.	Janet Glazer and Tobias Welo will manage the fund.	4/16
FIINX	First Investors International Fund	Rajiv Jain is no longer a portfolio manager for the fund	Matthew Benkendorf, Vontobel’s CIO, will manage the fund	4/16
FMIMX	FMI Common Stock Fund	Karl T. Poehls is leaving at the end of May 2016 to pursue “other business activities and personal interests.”	Jordan Teschendorf joins the extensive team in managing the fund.	4/16
FMIJX	FMI International Fund	Karl Poehls is leaving at the end of May 2016	Jordan Teschendorf joins the extensive team in managing the fund.	4/16
FMIHX	FMI Large Cap Fund	Karl T. Poehls is leaving at the end of May 2016	Jordan Teschendorf joins the extensive team in managing the fund.	4/16
FBDIX	Franklin Biotechnology Discovery Fund	No one, but perhaps pursuant to the fund’s decision to reopen to new investors in May 2016 …	Christopher Lee joins Evan McCulloch and Steven Kornfeld in managing the fund.	4/16
HWDAX	Hartford World Bond	Robert Evans has announced his plan to retire at the end of the year. As part of his plan, he will step down from his portfolio manager role as of June 30, 2016.	Mark Sullivan will continue to manage the fund	4/16
HGAAX	Henderson All Asset Fund	Bill McQuaker is no longer listed as a portfolio manager for the fund.	Paul O’Connor and Chris Paine will continue to run the fund.	4/16
HFOAX	Henderson International Opportunities Fund	No one, but …	Paul O’Connor joins Stephen Peak, Nicholas Cowley, Glen Finegan, Andrew Gillian, Ronan Kelleher, Vincent Musumeci, Tim Stevenson, and Ian Warmerdam on the management team.	4/16
IPOAX	Ivy Emerging Markets Equity Fund	Effective May 14, 2016, Frederick Jiang will no longer serve as a co-manager of the fund.	Jonas Krumplys will continue to manage the fund.	4/16
JDDAX	Janus Diversified Alternatives Fund	Richard Lindsey is no longer listed as a portfolio manager for the fund.	John Fujiwara and Andrew Weisman will continue to run the fund.	4/16
JDVAX	JPMorgan Diversified Fund	Effective immediately, Nicole Goldberger is on maternity leave and will not be involved in the day to day management of the fund.	John Speer and Michael Schoenhaut will continue to manage the fund in her absence. She’s expected to return in mid-June.	4/16
JRNAX	JPMorgan Diversified Real Return Fund	Effective immediately, Nicole Goldberger is on maternity leave and will not be involved in the day to day management of the fund.	John Speer and Michael Schoenhaut will continue to manage the fund in her absence. She’s expected to return in mid-June.	4/16
OHYAX	JPMorgan High Yield Fund	In order to separate trading functions from portfolio management functions, James Gibson will no longer be included in the list of portfolio managers for the fund but will continue his focus as principal high yield trader for the high yield team.	William Morgan and James Shanahan will continue to manage the fund.	4/16
LIMAX	Lateef Fund	Matthew Sauer will no longer serve as a portfolio manager for the fund.	Quoc Tran, James Tarkenton, and David Geisler continue as co-portfolio managers of the fund	4/16
LCRAX	Lord Abbett Core Fixed Income	Jerald Lanzotti is no longer listed as a portfolio manager for the fund.	Leah Traub joins Kewjin Yuoh, Robert Lee, and Andrew O’Brien in managing the fund.	4/16
NOIEX	Northern Income Equity Fund	John Ferguson is no longer a portfolio manager of the fund	Jacob Weaver will continue to manage the fund	4/16
PIOTX	Pioneer Core Equity	James Moynihan is no longer listed as a portfolio manager for the fund.	John Peckham and Craig Sterling will continue to manage the fund.	4/16
RSINX	RS Investors Fund	Byron Penstock is no longer listed as a portfolio manager for the fund.	Joseph Mainelli, Paul Hamilos, Robert Harris and Daniel Lang continue to manage the fund.	4/16
GPAFX	RS Large Cap Alpha Fund	Byron Penstock is no longer listed as a portfolio manager for the fund.	Joseph Mainelli, Paul Hamilos, Robert Harris and Daniel Lang continue to manage the fund.	4/16
RSPFX	RS Partners Fund	Byron Penstock is no longer listed as a portfolio manager for the fund.	Joseph Mainelli, Paul Hamilos, Robert Harris and Daniel Lang continue to manage the fund.	4/16
RSVAX	RS Value Fund	Byron Penstock is no longer listed as a portfolio manager for the fund.	Joseph Mainelli, Paul Hamilos, Robert Harris and Daniel Lang continue to manage the fund.	4/16
SIMFX	Sims Total Return Fund	Barry Arnold and Lilli Gust are no longer listed as portfolio managers for the fund.	David Sims and Luke Sims have taken over management of the fund.	4/16
GTFAX	SunAmerica Global Trends Fund	Richard Wurster will no longer serve as a portfolio manager for the fund.	Stephen Gorman is now managing the fund.	4/16
PRWAX	T. Rowe Price New America Growth Fund	Daniel Martino left the fund in April, 2016.	Justin White is now listed as manager for the fund.	4/16
TEMAX	Touchstone Emerging Markets Small Cap	Wayne Hollister is out.	Stephen Dexter and H. David Shea are in.	4/16
UVALX	USAA Value Fund	Timothy Culler retired from his portfolio manager position.	The fund will continue to be managed by the rest of the team: Mark Giambrone, John Harloe, James McClure, R. Lewis Ropp, Jeff Fahrenbruch, David Ganucheau, and Cory Martin.	4/16

Manager changes, March 2016

By Chip

Because bond fund managers, traditionally, had made relatively modest impacts of their funds’ absolute returns, Manager Changes typically highlights changes in equity and hybrid funds.

Ticker	Fund	Out with the old	In with the new	Dt
ADVMX	Advisory Research Emerging Markets Opportunities Fund	Jonathan Brodsky no longer serves as portfolio manager of the funds.	Drew Edwards and Marco Priani will continue to manage the fund.	3/16
ADVWX	Advisory Research Global Value Fund	Jonathan Brodsky no longer serves as portfolio manager of the funds.	Drew Edwards, Marco Priani, Matthew Swaim, James Langer and Bruce Zessar will continue as portfolio managers	3/16
ADVEX	Advisory Research International All Cap Value Fund	Jonathan Brodsky no longer serves as portfolio manager of the funds.	Drew Edwards and Marco Priani will continue to manage the fund.	3/16
ADVIX	Advisory Research International Small Cap Value Fund	Jonathan Brodsky no longer serves as portfolio manager of the funds.	Drew Edwards and Marco Priani will continue to manage the fund.	3/16
PGWAX	AllianzGI Focused Growth Fund	David Jedlicka will no longer serve as a portfolio manager for the fund.	Scott Migliori, Karen Hiatt, and Raphael Edelman will manage the fund until Mssr. Migliori’s departure at the end of June.	3/16
ELSAX	Altegris Equity Long Short Fund	Robert Murphy and Richard Schimel have been removed as portfolio managers	Edgardo Goldaracena has been added as a portfolio manager, joining Eric Bundonis, Don Destino, Kelly Wiesbrock, Robert Kim, Richard Chilton, and Emmanuel Ferreira	3/16
FXDAX	Altegris Fixed Income Long Short Fund	Robert Murphy has been removed as a portfolio manager of the fund.	Antolin Garza has been added as portfolio manager, joining Eric Bundonis, Kevin Schweitzer, Amin Majidi, Anilesh “Neil” Ahuja, David Steinberg and Peter Reed	3/16
EVOAX	Altegris Futures Evolution Strategy Fund	Robert Murphy has been removed as a portfolio manager of the fund.	Lara Magnusen has been added as portfolio manager, joining Matthew Osborn, Eric Bundonis, and Jeffrey Gundlach	3/16
MCRAX	Altegris Macro Strategy Fund	Robert Murphy has been removed as a portfolio manager of the fund.	Eric Bundonis, Matthew Osborne, and John Tobin will continue to manage the fund.	3/16
MULAX	Altegris Multi-Strategy Alternative Fund	Robert Murphy is out	Edgardo Goldaracena and Antolin Garza have joined Lara Magnusen in running the fund	3/16
RAAAX	Altegris/AACA Real Estate Long Short Fund	Eric Bundonis has been removed as portfolio manager	Burland East is now the sole portfolio manager	3/16
Various	American Century Balanced Fund, Core Equity Plus Fund, Disciplined Growth Fund, Disciplined Growth Plus Fund, Equity Growth Fund, Global Gold Fund, NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, Strategic Inflation Opportunities Fund, and Utilities Fund	William Martin, Senior Vice President and Senior Portfolio Manager, has announced his plans to retire from American Century Investments. As a result, he will no longer serve as a portfolio manager of the funds as of May 18, 2016.	The rest of the management teams remain.	3/16
BXIAX	Babson Global Credit Income Opportunities Fund	Zak Summerscale and Kam Tugnait are no longer listed as portfolio managers for the fund.	Martin Horne joins Michael Freno, Sean Feeley, and Scott Roth in managing the fund.	3/16
BXGAX	Babson Global High Yield Fund	Zak Summerscale is no longer listed as a portfolio manager for the fund.	Martin Horne joins Michael Freno, Sean Feeley, and Scott Roth in managing the fund.	3/16
BACPX	BlackRock 20/80 Target Allocation Fund	Russ Koesterich is no longer listed as a portfolio manager for the fund.	Michael Gates and Vishal Karir are the portfolio managers of the fund.	3/16
BAMPX	BlackRock 40/60 Target Allocation Fund	Russ Koesterich is no longer listed as a portfolio manager for the fund.	Michael Gates and Vishal Karir are the portfolio managers of the fund.	3/16
BAGPX	BlackRock 60/40 Target Allocation Fund	Russ Koesterich is no longer listed as a portfolio manager for the fund.	Michael Gates and Vishal Karir are the portfolio managers of the fund.	3/16
BAAPX	BlackRock 80/20 Target Allocation Fund	Russ Koesterich is no longer listed as a portfolio manager for the fund.	Michael Gates and Vishal Karir are the portfolio managers of the fund.	3/16
BQMIX	Bright Rock Mid Cap Growth Fund	Jason Lilly has resigned from Bright Rock Capital Management	Douglas Butler and David Smith continue to serve as portfolio managers of the fund	3/16
BQLIX	Bright Rock Quality Large Cap Fund	Jason Lilly has resigned from Bright Rock Capital Management	Douglas Butler and David Smith continue to serve as portfolio managers of the fund	3/16
BIAVX	Brown Advisory Value Equity Fund	Richard Bernstein is no longer managing the fund, but has not left the company. Colleagues have staked out the breakroom in hopes of recapturing him.	Doron Eisenberg and Michael Foss will stay with the fund.	3/16
CHYDX	Calamos High Income Fund	Christopher Langs is no longer listed as a portfolio manager for the fund.	Chuck Carmody joins John Calamos, Sr., John Hillenbrand, Eli Pars, Jon Vacko, and Jeremy Hughes.	3/16
CTRAX	Calamos Total Return Bond Fund	Christopher Langs is no longer listed as a portfolio manager for the fund.	Chuck Carmody joins John Calamos, Sr., John Hillenbrand, Eli Pars, Jon Vacko, and Jeremy Hughes.	3/16
CIOAX	Calvert International Opportunities Fund	Jonathan Brodsky and Pablow Salas are no longer listed as portfolio managers for the fund.	William Sterling, David Runkle, Jessica Reuss, Marco Priani, Gregory Gigliotti, and Drew Edwards remain.	3/16
NLGIX	Columbia Global Strategic Equity Fund	Robert McConnaughey is no longer listed as a portfolio manager for the fund.	Melda Mergen joins Mark Burgess in managing the fund.	3/16
MIDVX	Deutsche Mid Cap Value Fund	Richard Glass in no longer listed as a portfolio manager	Team members, Matthew Cino, Richard Hanlon, and Mary Schafer, move of to co-manager roles.	3/16
KDSAX	Deutsche Small Cap Value Fund	Richard Glass in no longer listed as a portfolio manager	Team members, Matthew Cino, Richard Hanlon, and Mary Schafer, move of to co-manager roles.	3/16
FKCGX	Franklin Flex Cap Growth Fund, which will be merged into Franklin Growth at the end of August.	Conrad Herrmann is no longer listed as a portfolio manager for the fund.	Matthew Moberg and Robert Stevenson continue on.	3/16
FKGRX	Franklin Growth Fund	Conrad Herrmann is no longer listed as a portfolio manager for the fund.	Matthew Moberg and Robert Stevenson join Serena Perin Vinton in managing the fund.	3/16
GNLRX	Geneva Advisors Emerging Markets Fund	No one, but …	Matthew Scherer has joined Reiner Triltsch and Eswar Menon.	3/16
GHAFX	Granite Harbor Alternative Fund	Matthew Werner and Bruce Garrison are no longer listed as portfolio managers for the fund.	Peter DeCaprio, Andrew Tuttle, Charles Chen, Amit Chandra, and Ian Arvin have joined Charles Borquist, Peter Lupoff, Ronald Robertson, and Michael Dubinsky.	3/16
GHTFX	Granite Harbor Tactical Fund	Matthew Werner and Bruce Garrison are no longer listed as portfolio managers for the fund.	Peter DeCaprio, Andrew Tuttle, Charles Chen, Amit Chandra, and Ian Arvin have joined Charles Borquist, Peter Lupoff, Ronald Robertson, and Michael Dubinsky.	3/16
HABMX	Hartford Real Total Return Fund	Rick Wurster no longer serves as a portfolio manager	Stephen Gorman will continue to serve as a portfolio manager	3/16
AUBAX	Invesco International Total Return Fund	Mark Nash is no longer listed as a portfolio manager for the fund.	Avi Hooper, Raymund Uy, and Robert Waldner remain on the fund.	3/16
OGIAX	JPMorgan Investor Balanced Fund	James Sexton will be retiring from J.P. Morgan Investment Management Inc. on May 31, 2016.	The rest of the team, Ove Fladbert, Michael Loeffler, Nicholas D’Eramo, and Pete Klingelhofer, will remain.	3/16
OICAX	JPMorgan Investor Conservative Growth Fund	James Sexton will be retiring from J.P. Morgan Investment Management Inc. on May 31, 2016.	The rest of the team, Ove Fladbert, Michael Loeffler, Nicholas D’Eramo, and Pete Klingelhofer, will remain.	3/16
ONGIX	JPMorgan Investor Growth & Income Fund	James Sexton will be retiring from J.P. Morgan Investment Management Inc. on May 31, 2016.	The rest of the team, Ove Fladbert, Michael Loeffler, Nicholas D’Eramo, and Pete Klingelhofer, will remain.	3/16
ONGAX	JPMorgan Investor Growth Fund	James Sexton will be retiring from J.P. Morgan Investment Management Inc. on May 31, 2016.	The rest of the team, Ove Fladbert, Michael Loeffler, Nicholas D’Eramo, and Pete Klingelhofer, will remain.	3/16
GMNRX	LMCG Global Market Neutral Fund	Vikram Srimurthy is no longer a portfolio manager of the fund.	Shannon Ericson and Gordon Johnson remain.	3/16
LSCAX	Loomis Sayles Dividend Income Fund	Matthew Eagan, Daniel Fuss and Elaine Stokes no longer serve as co-portfolio managers of the fund.	Arthur Barry and Adam Liebhoff remain as co-portfolio managers of the fund.	3/16
LCDAX	Lord Abbett Emerging Markets Corporate Debt Fund	Jerald Lanzotti is no longer listed as a portfolio manager for the fund.	Andrew O’Brien, Leah Traub, and Robert Lee will continue to manage the fund.	3/16
LEMAX	Lord Abbett Emerging Markets Local Bond Fund	Jerald Lanzotti is no longer listed as a portfolio manager for the fund.	David Ritt, Leah Traub, and Robert Lee will continue to manage the fund.	3/16
LICAX	Lord Abbett International Core Equity Fund	Todd Jacobson and Vincent McBride are no longer listed as portfolio managers for the fund.	Didier Rosenfeld and Frederick Ruvkun will now manage the fund.	3/16
FAIIX	Nuveen Core Bond	No one, but…	Jason O’Brien will join Chris Neuharth, Wan-Chong Kung, and Jeffrey Ebert on the management team	3/16
FAFIX	Nuveen Core Plus Bond Fund	No one, but …	Douglas Baker joins Timothy Palmer, Chris Neuharth, Wan-Chong Kung and Jeffrey Ebert on the management team.	3/16
FALTX	Nuveen Short Term Bond Fund	No one, but …	Jason O’Brien and Mackenzie Meyer will join Chris Neuharth and Peter Agrimson on the management team.	3/16
FCDDX	Nuveen Strategic Income Fund	No one, but …	Douglas Baker joins Timothy Palmer, Jeffrey Ebert and Marie Newcome on the management team.	3/16
OASGX	Optimum Small-Mid Cap Growth Fund	No one, yet.	Columbus Circle Investors and Peregrine Capital Management have been added as subadvisors to the fund.	3/16
PASEX	Permal Alternative Select Fund	No one, but …	Elecron Capital Partners has been added as a fifth subadvisor to the fund.	3/16
AOBLX	Pioneer Classic Balanced Fund	Richard Schlanger is no longer listed as a portfolio manager for the fund.	Walter Hunnewell, Jr. is joined by Charles Melchreit and Brad Komenda on the management team.	3/16
Various	PNC Balanced Allocation Fund, PNC Retirement Income Fund, PNC Target 2020 Fund, PNC Target 2030 Fund, PNC Target 2040 Fund and PNC Target 2050 Fund.	No one, but …	Jason Weber and Michael Colemen will be joining the management team.	3/16
SGMNX	Schroder Global Multi-Asset Income Fund	Iain Cunningham is no longer listed as a portfolio manager for the fund.	Aymeric Forest will continue to manage the fund.	3/16
SEQUX	Sequoia	Long-time manager Robert Goldfarb, whose name is above the door: Ruane, Cunniff and Goldfarb, steps down at 71.	David Poppe becomes the sole manager.	3/16
SSELX	State Street Disciplined Emerging Markets Equity Fund	Jean-Christophe de Beaulieu is no longer listed as a portfolio manager for the fund.	Chee Ooi joins Chris Laine to manage the fund.	3/16
FSCFX	Strategic Advisers Small-Mid Cap Fund	No one, but …	J.P. Morgan Investment Management has been added as a subadvisor to the fund. Don San Jose joins the extensive management team to manage JPMorgan’s portion of the fund’s assets.	3/16
Various	USAA First Start Growth Fund, USAA Cornerstone Conservative Fund, USAA Cornerstone Moderately Conservative Fund, USAA Cornerstone Moderate Fund, USAA Cornerstone Moderately Aggressive Fund, USAA Cornerstone Aggressive Fund, USAA Cornerstone Equity Fund, USAA Managed Allocation Fund	No one, but …	Lance Humphry joins the management team of each of the funds.	3/16
HEMZX	Virtus Emerging Markets Opportunities Fund	Rajiv Jain is no longer a portfolio manager for the fund	Matthew Benkendorf, Vontobel’s CIO, will manage the fund	3/16
JVIAX	Virtus Foreign Opportunities Fund	Rajiv Jain is no longer a portfolio manager for the fund	Matthew Benkendorf, Vontobel’s CIO, will manage the fund	3/16
NWWOX	Virtus Global Opportunities Fund	Rajiv Jain is no longer a portfolio manager for the fund	Matthew Benkendorf, Vontobel’s CIO, will manage the fund	3/16
VGEAX	Virtus Greater European Opportunities Fund	Rajiv Jain is no longer a portfolio manager for the fund	Daniel Kranson will become the sole portfolio manager	3/16
WMLIX	Wilmington Large Cap Strategy Fund	Mark Schultz will no longer serve as a portfolio manager for the fund.	Matthew Glaser will join Andrew Hopkins and Karen Purzitsky in managing the fund	3/16

Manager changes, February 2016

By Chip

Because bond fund managers, traditionally, had made relatively modest impacts of their funds’ absolute returns, Manager Changes typically highlights changes in equity and hybrid funds.

Ticker	Fund	Out with the old	In with the new	Dt
APJAX	Aberdeen Asia-Pacific (ex-Japan) Equity Fund	Chou Chong will no longer serve as a portfolio manager for the fund.	Hugh Young, Flavia Cheong, Adrian Lim, and Christopher Wong will continue to manage the fund.	2/16
APCAX	Aberdeen Asia-Pacific Smaller Companies Fund	Chou Chong will no longer serve as a portfolio manager for the fund.	Hugh Young, Flavia Cheong, Adrian Lim, and Christopher Wong will continue to manage the fund.	2/16
BHGSX	Baird LargeCap Fund	Baird Kailash Group will no longer subadvise the fund.	L2 Asset Management will be the new subadvisor to the fund. Sanjeev Bhojraj will join Matthew Malgari in managing the fund.	2/16
BAEMX	BMO LGM Emerging Markets Equity Fund	No one, but …	Irina Hunter and Rasmus Nemmoe are joined by Rishikesh Patel in managing the fund.	2/16
ASVAX	Columbia Multi-Advisor Small Cap Value Fund	Mark Dickherber and Shaun Nicholson are no longer listed as portfolio managers for the fund.	Kari Montanus and Richard Rosen will manage the fund.	2/16
AAIFX	Crow Point Alternative Income Fund, formerly Armor Alternative Income Fund	Joel Price (which is to say, “Armor”) is gone.	Peter DeCaprio, Andrew Tuttle, Charles Chen, Amit Chandra, and Ian Arvin are now managing the fund.	2/16
TOLLX	Deutsche Global Infrastructure Fund	John Robertson is no longer listed as a portfolio manager for the fund.	John Vojticek, Francis Greywitt, and Manoj Patel continue to manage the fund.	2/16
DSLAX	Deutsche Strategic Equity Long/Short Fund	Omega Advisors will no longer subadvise the fund, effective April 15, 2016	The other three subadvisors, Atlantic Investment Management, Chilton Investment Management, and Lazard Asset Management, remain.	2/16
FIDSX	Fidelity Select Financials Sector	Christopher Lee is no longer listed as a portfolio manager for the fund.	Daniel Dittler will continue to manage the fund.	2/16
FSHCX	Fidelity Select Health Care Services Portfolio	Steven Bullock is no longer listed as a portfolio manager for the fund.	Justin Segalini and Edward Yoon are managing the fund.	2/16
FLSRX	Forward Credit Analysis Long Short	Joseph Deane is expected to retire at the end of May, 2016	David Hammer will soldier on alone	2/16
PGEOX	George Putnam Balanced Fund	Kevin Murphy is no longer listed as a portfolio manager for the fund.	Aaron Cooper is joined by Paul Scanlon.	2/16
GHAFX	Granite Harbor Alternative Fund	Chilton Capital Management, Coe Capital Management, Phineas Partners, and Tiburon Capital Management are all out as subadvisors to the fund	Genesis Capital will continue to advise the fund and SeaBridge Investment Advisor remains listed as a subadvisor to the fund.	2/16
GHTFX	Granite Harbor Tactical Fund	Chilton Capital Management, Coe Capital Management, Phineas Partners, and Tiburon Capital Management are all out as subadvisors to the fund	Genesis Capital will continue to advise the fund and SeaBridge Investment Advisor remains listed as a subadvisor to the fund.	2/16
HRTVX	Heartland Value Fund	Adam Peck has resigned from his role as portfolio manager.	Eric Miller has been promoted to co-manager and will manage the fund with current co-manager, William Nasgovitz.	2/16
CAAMX	Invesco Conservative Allocation Fund	Scott Wolle, Christian Ulrich, Scott Hixon, Chris Devine, and Mark Ahnrud are no longer listed as portfolio managers for the fund.	Jacob Borbidge and Duy Nguyen are managing the fund.	2/16
AADAX	Invesco Growth Allocation Fund	Scott Wolle, Christian Ulrich, Scott Hixon, Chris Devine, and Mark Ahnrud are no longer listed as portfolio managers for the fund.	Jacob Borbidge and Duy Nguyen are managing the fund.	2/16
AMKAX	Invesco Moderate Allocation Fund	Scott Wolle, Christian Ulrich, Scott Hixon, Chris Devine, and Mark Ahnrud are no longer listed as portfolio managers for the fund.	Jacob Borbidge and Duy Nguyen are managing the fund.	2/16
JEITX	JPMorgan Global Research Enhanced Index Fund	No one, but …	Piera Elisa Grassi has joined Ido Eisenberg and James Cook in managing the fund.	2/16
OEIAX	JPMorgan International Research Enhanced Equity Fund	No one, but …	Piera Elisa Grassi has joined Demetris Georghiou, Ido Eisenberg and James Cook on the management team.	2/16
MIEIX	MFS Institutional International Equity	Marcus Smith will be leaving on April 1, 2016	Filipe Benzinho is joining Daniel Ling to manage the fund.	2/16
MALGX	Mirae Asset Emerging Markets Fund	No one, but …	Bert van der Walt is joining Jose Morales and Rahul Chadha in managing the fund	2/16
MCCGX	Mirae Asset Emerging Markets Great Consumer Fund	No one, but …	Bert van der Walt is joining Jose Morales and Joohee An in managing the fund	2/16
MGUAX	Mirae Asset Global Great Consumer Fund	No one, but …	Ryan Coyle will join Jose Morales in managing the fund.	2/16
NBGNX	Neuberger Berman Genesis Fund	No one, quite yet. However, Michael Bowyer has announced his decision to retire from the asset management business on July 31, 2016.	The rest of the team — Judith Vale, Robert D’Alelio, Brett Reiner, and Gregory Spiegel — will remain as managers of the fund.	2/16
PCOAX	Putnam Capital Opportunities Fund	Randy Farina and John McLanahan are no longer listed as portfolio managers for the fund.	Pam Gao will manage the fund.	2/16
PNVAX	Putnam International Capital Opportunities Fund	John McLanahan is no longer listed as a portfolio manager for the fund.	Brett Risser and Robert Schoen will manage the fund.	2/16
PVOYX	Putnam Voyager Fund	Nick Thakore is no longer listed as a portfolio manager for the fund. He produced his peer group’s most volatile and worst-performing fund, and managed to last eight years on the job.	Robert Brookby , whose other funds are admirably mediocre, will now manage the fund.	2/16
RWDNX	Redwood Managed Volatility Portfolio	Bruce DeLaurentis is no longer a portfolio manager of the fund.	Michael Cheung has been promoted to serve as a portfolio manager with Michael Messinger.	2/16
SEAKX	Steward Select Bond Fund	No one, but Edward Jaroski is beginning to plan for his retirement.	Upon Mr. Jaroski’s retirement, the fund will continue to be managed by Victoria Fernandez and Claude Cody.	2/16
FSAMX	Strategic Advisers Emerging Markets Fund	No one, but …	John Chow and Cesar Hernandez are joining Wilfred Chilangwa, John Chisholm, Matthew Vaight, and Edward Robertson on the management team.	2/16
FSGFX	Strategic Advisers Growth Fund	Vincent Zelenko is no longer listed as a portfolio manager for the fund.	Niall Devitt joins the extensive management team.	2/16
PRHSX	T. Rowe Price Health Sciences	Taymour Tamaddon, an unsung superstar, will be stepping down as portfolio manager of the fund on July 1, 2016.	Ziad Bakri will join Mr. Tamaddon as co-manager and will become sole portfolio manager in July.	2/16
TEMAX	Touchstone Emerging Markets Equity Fund	AGF Investments is no longer subadvising the fund. Stephen Way is no longer listed as a portfolio manager.	Russell Investments has been named as an interim advisor, with Wayne Hollister managing the fund.	2/16
TGAAX	Touchstone Global Real Estate	Douglas Funke, Daniel Pine and Jana Sehnalova are no longer listed as portfolio managers for the fund.	Russell Investments has been named as an interim advisor, with Wayne Hollister managing the fund.	2/16
VPTSX	Vantagepoint Inflation Focused Fund	Rajen Jadav no longer serves as a portfolio manager.	Mihir Worah, Martin Hegarty, Gargi Chaudhuri, and Greg Wilensky will continue to manage the fund.	2/16
WHVIX	WHV International Equity Fund	Richard Hirayama is no longer listed as a portfolio manager for the fund.	Matthias Knerr, Chris LaJaunie, and Andrew Manton will now manage the fund.	2/16
YAFFX	Yacktman Focus	Founder Donald Yacktman is retiring from management on May 1, though he’ll remain as an advisor.	Stephen Yacktman and Jason Subotky will continue to manage the fund.	2/16
YACKX	Yacktman Fund	Founder Donald Yacktman is retiring from management on May 1, though he’ll remain as an advisor. That’s kind of a “yikes.”	Stephen Yacktman and Jason Subotky will continue to manage the fund.	2/16

Manager changes, January 2016

By Chip

Because bond fund managers, traditionally, had made relatively modest impacts of their funds’ absolute returns, Manager Changes typically highlights changes in equity and hybrid funds.

Ticker	Fund	Out with the old	In with the new	Dt
SPEAX	Alger Mid Cap Focus Fund	Dan Chung is no longer listed as a portfolio manager of the fund	Alex Goldman is the portfolio manager of the fund.	1/16
ALSAX	Alger Small Cap Growth Portfolio	Jill Greenwald is on temporary medical leave.	Daniel Chung will serve as portfolio manager in her absense. Amy Zhang will remain on the fund.	1/16
PGWAX	AllianzGI Focused Growth Fund	No one, right now. However, Scott Migliori will be leaving the fund as of June 30, 2016.	Raphael Edelman is joining Mssr. Migliori, Karen Hiatt, and David Jedlicki on the management team. On June 30, Ms. Hiatt will assume the role of lead portfolio manager.	1/16
ACCVX	American Century Capital Value Fund	Matt Titus is no longer listed as a portfolio manager for the fund.	Brian Woglom joins Brendan Healy in managing the fund.	1/16
ALPAX	American Century Large Company Value Fund	Matt Titus is no longer listed as a portfolio manager for the fund.	Brian Woglom joins Brendan Healy in managing the fund.	1/16
ATASX	Aston Small Cap Fund – formerly Aston TAMRO Small Cap, soon-to-be AMG GW&K Small Cap Growth Fund	TAMRO Capital Partners have been discharged from their subadvisor role. Therefore, Philip Tasho and Timothy Holland are no longer listed as portfolio managers for the fund.	GW&K Investment Management, LLC is now subadvisor to the fund. Daniel Miller and Joseph Craigen now manage the fund.	1/16
CTBIX	ASTON/TCH Fixed Income Fund	Tere Alvarez Canida, TCH’s founder, will no longer serve as a portfolio manager for the fund.	Janelle Woodward and Frank Reda join Daniela Mardarovici, Scott Kimball, Alan Habacht and William Canida in managing the fund.	1/16
AVEMX	Ave Maria Catholic Values Fund	Gregory Heilman is no longer listed as a portfolio manager for the fund.	Timothy Schwartz and Joseph Skornicka join George Schwartz in running the fund.	1/16
BTSMX	Boston Trust SMID Cap Fund	Stephen Franco and Heidi Vanni are no longer listed as managers of the fund.	Kenneth Scott will continue to run the fund.	1/16
CLPAX	Catalyst/Lyons Hedged Premium Return Fund	No one, but …	Matthew Ferratusco joins Brent Haworth, Alexander Read, and Michael Schoonover in managing the fund	1/16
CLTAX	Catalyst/Lyons Tactical Allocation Fund	No one, but …	Matthew Ferratusco joins Brent Haworth, Alexander Read, and Michael Schoonover in managing the fund	1/16
LTFAX	Columbia Acorn Select	Robert Chalupnik is deceased.	David Frank joins Matthew Szafranski in managing the fund.	1/16
CSVFX	Columbia Global Dividend Opportunity	Dean Ramos and Steven Schroll are no longer listed as portfolio managers for the fund.	Stephen Thornber and Jonathan Crown are now managing the fund.	1/16
INEGX	Columbia Global Equity Value Fund	Dean Ramos, Steven Schroll, and Paul Stocking are no longer listed as portfolio managers for the fund.	Fred Copper, Melda Mergen, and Peter Santoro are now managing the fund.	1/16
SMCEX	Columbia Small Cap Core Fund	Paul Szczygiel and Jeffrey Hershey are no longer listed as portfolio managers for the fund	Alred Alley, III and Brian Condon are now managing the fund.	1/16
TLVUX	Consulting Group Large Capitalization Value Equity Fund	HGK Asset Management is no longer a subadvisor to the fund.	Delaware Investments Fund Advisers is a new subadvisor to the fund.	1/16
FUTEX	Discretionary Managed Futures Strategy Fund	Robert Johnson no longer serves as a portfolio manager of the fund.	Brian Borneman, John Milne, Robert Vear, and Deborah Wingerson continue to manage the fund.	1/16
DDBAX	Dreyfus Emerging Markets Debt Local Currency Fund	Alexander Kozhemiakin is no longer listed as a portfolio manager to the fund.	Javier Murcio and Federico Garcia Zamora continue to manage the fund.	1/16
DTMAX	Dreyfus Total Emerging Markets Fund	Alexander Kozhemiakin is no longer listed as a portfolio manager to the fund.	Josephine Shea, Federico Garcia Zamora and Gaurav Patankar join Sean Fitzgibbon in managing the fund.	1/16
FABLX	Fidelity Advisor Balanced Fund	Peter Saperstone is no longer listed as a portfolio manager on the fund.	Peter Dixon joins Ford O’Neil, Monty Kori, Jonathan Kasen, Brian Lempel, Tobias Welo, Robert Stansky, Pierre Sorel, Douglas Simmons, Robert Lee, and Steven Kaye in managing the fund.	1/16
FCVAX	Fidelity Advisor Small Cap Value Fund	Charles Myers no longer serves as a co-manager of the fund.	Derek Janssen will continue to manage the fund.	1/16
FCONX	Fidelity Conservative Income Bond Fund	No one, but . . .	Kim Miller is joined by Robert Chan and Robert Galusza.	1/16
FLATX	Fidelity Latin America Fund	Adam Kutas no longer serves as lead portfolio manager of the fund.	Will Pruett will continue to manage the fund.	1/16
FSAEX	Fidelity Series All-Sector Equity Fund	Peter Saperstone is no longer listed as a portfolio manager on the fund.	Peter Dixon joins Jonathan Kasen, Brian Lempel, Tobias Welo, Robert Stansky, Pierre Sorel, Douglas Simmons, Robert Lee, and Steven Kaye.	1/16
PISRX	Forward International Small Companies Fund	Oliver Knobloch will no longer serve as a portfolio manager for the fund.	The remaining members of the management team, David Janec, Nathan Rowader, Paul Broughton, Bill Barker, and Justin Hill, remain.	1/16
IHSAX	Hartford Small Company Fund	Jamie Rome will be withdrawing from Wellington Management (the subadvisor) at the end of June. He will no longer serve as a portfolio manager to the fund, effective immediately.	Mammen Chally, Stephen Mortimer, Mario Abularach, and Steven Angeli will continue to manage the fund.	1/16
HEMAX	Henderson Emerging Markets Fund	No one, but …	Michael Cahoon will be joining Glen Finegan in managing the fund at the end of February.	1/16
HFOAX	Henderson International Opportunities Fund	No one, but Ian Warmerdam will be taking a sabbatical through the end of 2016.	Ronan Kelleher will continue to manage the fund. On January 1, 2017, Mssr. Warmerdam will return to his management responsibilities.	1/16
HPEAX	Highland Premier Growth Equity Fund	GE Asset Management will be terminated as a subadvisor effective March 1, 2016. David Carlson will no longer server as portfolio manager.	Highland Captial Management will advise the fund. James Dondero and Michael Gregory are the new portfolio managers.	1/16
HISIX	Homestead International Equity Fund	Teddy Wong and Dwayne Hancock are no longer listed as portfolio managers.	Ferrill Roll and Alexander Walsh will manage the fund.	1/16
JAIGX	Janus Aspen Overseas Portfolio	Brent Lynn is no longer listed as a porfolio manager	George Maris is now managing the fund.	1/16
JMFAX	Janus Emerging Markets Fund	Wahid Chammas is no longer listed as a portfolio manager for the fund.	Hiroshi Yoh will continue to manage the fund.	1/16
JDCAX	Janus Forty Fund	No one, but …	Nick Shommer joins A. Douglas Rao in managing the fund.	1/16
JNOSX	Janus Overseas Fund	Brent Lynn is no longer listed as a porfolio manager	George Maris is now managing the fund.	1/16
KZSIX	Kaizen Hedged Premium Spreads Fund	Wayne Ferbert and Jay Pestrichelli are no longer listed as portfolio managers of the fund.	Matthew Thompson and Michael Thompson are managing the fund.	1/16
KFGAX	KF Griffin Blue Chip and Covered Call	Griffin Asset Management will no longer subadvise the fund and Douglas Famigletti will no longer serve as a portfolio manager for the fund.	James Fields and Jonathan Roberts have taken over as portfolio managers to the fund as caretakers ahead of its liquidation.	1/16
MASNX	Litman Gregory Masters Alternative Strategies Fund	Tim Garry will no longer serve as a portfolio manager for the fund, effective immediately	The rest of the extensive team remains.	1/16
PEAFX	PIMCO RAE Fundamental Emerging Markets Fund	Jason Hsu is no longer listed as a portfolio manager for the fund.	The fund is now jointly managed by Robert Arnott and Christopher Brightman.	1/16
PZRAX	PIMCO RAE Fundamental Global ex-US Fund	Jason Hsu is no longer listed as a portfolio manager for the fund.	The fund is now jointly managed by Robert Arnott and Christopher Brightman.	1/16
PFQAX	PIMCO RAE Fundamental Global Fund	Jason Hsu is no longer listed as a portfolio manager for the fund.	The fund is now jointly managed by Robert Arnott and Christopher Brightman.	1/16
PPYAX	PIMCO RAE Fundamental International Fund	Jason Hsu is no longer listed as a portfolio manager for the fund.	The fund is now jointly managed by Robert Arnott and Christopher Brightman.	1/16
PKAAX	PIMCO RAE Fundamental US Fund	Jason Hsu is no longer listed as a portfolio manager for the fund.	The fund is now jointly managed by Robert Arnott and Christopher Brightman.	1/16
PMJAX	PIMCO RAE Fundamental US Small Fund	Jason Hsu is no longer listed as a portfolio manager for the fund.	The fund is now jointly managed by Robert Arnott and Christopher Brightman.	1/16
SBMBX	Saratoga Energy & Basic Materials Fund	David Cohen is no longer managing the fund.	John Brim, Stephanie Jones, and Stephen Smith will manage the fund.	1/16
SFPAX	Saratoga Financial Service Portfolio Fund	Thomas Finucane will no longer manage the fund	John Brim and Stephen Smith will manage the fund.	1/16
SLCGX	Saratoga Large Capitalization Growth Portfolio Fund	Aziz Hamzaogullari	John Brim and Stephen Smith will manage the fund.	1/16
SEEFX	Saturna Sustainable Equity Fund	Paul Meeks is no longer listed as a portfolio manager for the fund.	Nicholas Kaiser joins Peter Nielsen in managing the fund.	1/16
SSGFX	Sextant Growth Fund	Paul Meeks is no longer listed as a portfolio manager for the fund.	Tyler Howard joins Scott Klimo in managing the fund.	1/16
BGFAX	UBS Asset Growth Fund	Curt Custard – whose name brings to mind images of a lemony pudding – no longer serves as a portfolio manager for the fund	Luke Browne, Richard Lloyd and Philip Brides continue to manage the fund.	1/16
BNAAX	UBS Dynamic Alpha Fund	Curt Custard no longer serves as a portfolio manager for the fund	Jonathan Davies and Andreas Koester continue to manage the fund	1/16
BNGLX	UBS Global Allocation Fund	Curt Custard no longer serves as a portfolio manager for the fund	Jonathan Davies, Philip Brides and Andreas Koester continue to manage the fund	1/16
PWTAX	UBS U.S. Allocation Fund	Curt Custard is no longer a portfolio manager of the fund, effective immediately.	Andreas Koester will continue to manage the fund.	1/16
VFTSX	Vanguard FTSE Social Index Fund	Christine Franquin is no longer listed as a portfolio manager of the fund	William Coleman and Gerard O’Reilly will manage the fund.	1/16
VMRGX	Vanguard Morgan Growth Fund	Kalmar Investment Advisors is no longer a subadvisor to the fund. Dana Walker and Ford Draper are no longer listed as portfolio managers.	The rest of the team, James Stetler, Paul Marrkand, Kathleen McCarragher, Stephen Knightly, Christopher Scarpa, Michael Roach, James Troyer, and Blair Boyer, remain to manage the fund.	1/16
MUXAX	Victory S&P 500 Index Fund	Michael Mikha and Eric Lessnau	Dan Banaszak, Robert Bateman, David Hallum, Stephen Hammers, and Alex Pazdan are managing the fund.	1/16
IGPAX	Voya Global Target Payment Fund	No one, but …	Jody Hrazanek joins Paul Zemsky as a mangerfor the fund.	1/16
NAWGX	Voya Global Value Advantage Fund	No one, but …	Maya Venkatraman joins James Ying, Vincent Costa, Christoper Corapi, and Martin Jansen on the management team.	1/16
IEDAX	Voya Large Cap Value Fund	No one, but …	James Dorment joins Kristy Finnegan, Vincent Costa, and Christopher Corapi in managing the fund.	1/16
WASMX	Walden SMID Cap Innovations Fund	Stephen Franco and Heidi Vanni are no longer listed as managers of the fund.	Kenneth Scott will continue to run the fund.	1/16
WALTX	Wells Fargo Alternative Strategies Fund	Tim Garry will no longer serve as a portfolio manager for the fund, effective immediately	The rest of the extensive team remains.	1/16
SILAX	Wells Fargo Diversified International Fund	Jeffrey Everett in longer on the management team.	Mark Yockey, Josef Lakonishok, Puneet Mansharamani, Menno Vermeulen, and Dale Winner remain as portfolio managers for the fund.	1/16
WGLAX	Wells Fargo Global Long/Short Fund	Jeffrey Everett in longer on the management team.	Dale Winner will continue to manage the fund.	1/16
WFEAX	Wells Fargo International Equity Fund	Jeffrey Everett in longer on the management team.	Dale Winner will continue to manage the fund.	1/16
IPBAX	Wells Fargo Real Return	Jeffrey Everett in longer on the management team.	Kandarp Acharya, Michael Bradshaw, Christian Chan, Ann Miletti, Jay Mueller, Thomas Price and Dale Winner remain as portfolio managers for the fund.	1/16
WTMGX	Westcore MIDCO Growth Fund	Brian Fitzsimons, Mitch Begun, Adam Bliss, and Jeffrey Loehr are no longer managing the fund.	Craig Juran will manage the fund.	1/16
WTSLX	Westcore Select Fund	Brian Fitzsimons, Mitch Begun, Adam Bliss, F. Wiley Reed and Jeffrey Loehr are no longer managing the fund.	Craig Juran will manage the fund.	1/16
WTSGX	Westcore Small-Cap Growth Fund	Jeffrey Loehr and F. Wiley Reed are no longer listed as portfolio managers for the fund.	Mitch Begun, Adam Bliss and Brian Fitzsimons will continue to manage the fund	1/16

Manager changes, December 2015

By Chip

Because bond fund managers, traditionally, had made relatively modest impacts of their funds’ absolute returns, Manager Changes typically highlights changes in equity and hybrid funds.

Ticker	Fund	Out with the old	In with the new	Dt
AEDQX	American Century Emerging Markets Debt Fund	Phil Yuhn will no longer serve as a portfolio manager to the fund	Margé Karner, John Lovito, Brian Howell, and Kevin Akioka will remain with the fund	12/15
BDCAX	AR Capital BDC Income Fund	Robert Grunewald is no longer listed as a portfolio manager for the fund.	Shiloh Bates is now managing the fund.	12/15
CWGDX	Christopher Weil & Company Global Dividend Fund	Luong Nguyen and Soledad Investment Management are no longer listed on the fund.	John Wells, president of Christopher Weil & Company, has assumed management of the fund.	12/15
LGGAX	Clearbridge Global Growth Trust, soon to be ClearBridge International Growth Fund	No one, but . . .	Elisa Mazen and Michael Testorf are joined by Pawel Wroblewski and Thor Olsson in managing the fund.	12/15
COGAX	Columbia Select Global Growth Fund, formerly the Columbia Marsico Global Fund.	Marsico Capital Management is out as a subadvisor and Thomas Marsico is no longer listed as a portfolio manager for the fund. That happens a lot.	The fund is now managed by Thomas Galvin, Richard Carter, and Todd Herget.	12/15
CLVFX	Croft Focus Fund	No one, but . . .	Patrick Halloran joins Kent Croft and G. Russell Croft in managing the fund.	12/15
DGFAX	Davis Global Fund	As of January 1, 2016, Tania Pouschine will be removed as a portfolio manager of the fund.	Christopher Davis and Danton Goei will continue to manage the fund.	12/15
DILAX	Davis International Fund	As of January 1, 2016, Tania Pouschine will be removed as a portfolio manager of the fund.	Christopher Davis and Danton Goei will continue to manage the fund.	12/15
DBOAX	Dreyfus Balanced Opportunity Fund	Sean Fitzgibbon is no longer listed as a portfolio manager for the fund.	George DeFina and John Bailer have joined Keith Stransky, Brian Ferguson, David Bowser, and David Horsfall in managing the fund.	12/15
DGRIX	Dreyfus Growth And Income Fund, Inc.	No one, but . . .	David Intoppa and Leigh Todd have joined Elizabeth Slover and John Bailer in managing the fund.	12/15
DLSAX	Dreyfus Research Long/Short Equity Fund	No one, but . . .	Matthew Jenkin joins Elizabeth Slover and Matthew Griffin in managing the fund.	12/15
DAGVX	Dreyfus Strategic Value Fund	No one, but . . .	David Intoppa has joined Brian Ferguson and John Bailer in managing the fund.	12/15
DTMAX	Dreyfus Total Emerging Markets Fund	No one, but . . .	Gaurav Patankar has joined Sean Fitzgibbon and Alexander Kozhemiakin in managing the fund.	12/15
FACEX	Frost Growth Equity Fund	Brad Thompson will no longer serve as a portfolio manager for the fund.	John Lutz, Tom Stringfellow, and AB Mendez continue to manage the fund.	12/15
FADVX	Frost Value Equity Fund	Brad Thompson will no longer serve as a portfolio manager for the fund.	Michael Brell, Tom Stringfellow, Craig Leighton, and Tom Bergeron will continue to manage the fund.	12/15
EDIAX	Global Income Builder Fund, formerly the Eaton Vance Global Dividend Income Fund	No one, but . . .	Jeffrey Mueller has joined John Croft, Michael Allison, and Christopher Dyer in managing the fund.	12/15
HCVAX	Hartford Conservative Allocation Fund	Wellington Management Company is no longer a sub-advisor. Wendy Cromwell and Richard Meagher are no longer listed as portfolio managers for the fund.	Vernon Meyer and Allison Mortensen are now managing the fund.	12/15
HBAAX	Hartford Moderate Allocation Fund	Wellington Management Company is no longer a sub-advisor. Wendy Cromwell and Richard Meagher are no longer listed as portfolio managers for the fund.	Vernon Meyer and Allison Mortensen are now managing the fund.	12/15
JDBAX	Janus Balanced Fund	No one, but . . .	Marc Pinto and Gibson Smith have been joined by Jeremiah Buckley, Mayur Saiga, and Darrell Watters on the management team.	12/15
OSGIX	JPMorgan Mid Cap Growth Fund	No one, but . . .	Felise Agranoff is joins Timothy Parton in managing the fund.	12/15
MNILX	Litman Gregory Masters International Fund	Effective immediately, William Fries of Thornburg Investment Management, a former M* manager of the year, has been removed as he transitions out of active portfolio management.	David Herro, Jeremy DeGroot, Howard Appleby, Jean-Francois Ducrest, James LaTorre, Vinson Walden, Mark Little and Rajat Jain remain to manage the fund.	12/15
MSAKX	MainStay Absolute Return Multi-Strategy Fund	Daniel Spears will no longer serve as a portfolio manager for the fund.	The rest of the extensive team remains.	12/15
CSHAX	MainStay Cushing MLP Premier Fund	Daniel Spears will no longer serve as a portfolio manager for the fund.	Kevin Gallagher and Jerry Swank remain on the fund.	12/15
CURAX	MainStay Cushing Royalty Energy Income Fund	Daniel Spears will no longer serve as a portfolio manager for the fund.	Judd Cryer and Jerry Swank remain on the fund.	12/15
GGEIX	Nationwide Global Equity Fund	The UBS Global Asset Management team has been removed from the fund. Charles Burbeck and Nicholas Irish are no longer listed as portfolio managers for the fund.	The UBS Asset Management team now subadvises the fund, with Bruno Bertocci and Joseph Elegante managing the fund. This is accompanied by a change in principal investment strategies.	12/15
NBHAX	Neuberger Berman Equity Income Fund	Anthony Gleason will retire effective February 1, 2016.	Richard Levine, Alexandra Pomeroy, and William Hunter will remain on the management team.	12/15
NBMIX	Neuberger Berman Small Cap Growth Fund	David Burshtan is no longer listed as a portfolio manager for the fund.	The fund is now managed by Chad Bruso, Marco Minonne, Trevor Moreno, and Kenneth Turek.	12/15
OASGX	Optimum Small-Mid Cap Growth Fund	Robert Chalupnik is no longer listed as a portfolio manager for the fund.	Matthew Litfin joins William Doyle in managing the fund.	12/15
OASVX	Optimum Small-Mid Cap Value Fund	Tocqueville Asset Management and the Killen Group, Inc. will no longer be sub-advisors to the fund.	LSV Asset Management has been approved as a subadvisor to the fund with Josef Lakonishok, Menno Vermeulen, Puneet Mansharamani, Greg Sleight and Guy Lakonishok responsible for day-to-day management of the fund.	12/15
Various	PIMCO RealPath Income Fund, PIMCO RealPath 2020 Fund, PIMCO RealPath 2025 Fund, PIMCO RealPath 2030 Fund, PIMCO RealPath 2035 Fund, PIMCO RealPath 2040 Fund, PIMCO RealPath 2045 Fund, PIMCO RealPath 2050 Fund and PIMCO RealPath 2055 Fund	Vineer Bhansal is no longer listed as a portfolio manager for the funds.	Mihir Worah and Graham Rennison join Rahul Devgon in managing the funds.	12/15
PQTAX	PIMCO TRENDS Managed Futures Strategy Fund	Vineer Bhansal is no longer listed as a portfolio manager for the fund.	Josh Davis joins Matthew Dorsten and Graham Rennison in managing the fund.	12/15
SRFMX	Sarofim Equity Fund	Jeffrey Jocobe will no longer serve as a portfolio manager for the fund.	Fayez Sarofim, W. Gentry Lee, Reynaldo Reza, and Alan Christensen remain with the fund.	12/15
SLSSX	Selected International Fund	As of January 1, 2016, Tania Pouschine will be removed as a portfolio manager of the fund.	Christopher Davis and Danton Goei will continue to manage the fund.	12/15
SOAEX	Spirit of America Energy Fund	Raymond Mathis is no longer listed as a portfolio manager for the fund.	William Mason will manage the fund.	12/15
SOAAX	Spirit of America Real Estate Income & Growth Fund	Raymond Mathis and Alpana Sen are no longer listed as portfolio managers for the fund.	William Mason and Douglas Revello will manage the fund.	12/15
FSCFX	Strategic Advisers Small-Mid Cap Fund	No one, but . . .	Arrowpoint Asset Management and AllianceBernstein are new subadvisors to the fund.	12/15
FNAPX	Strategic Advisers Small-Mid Cap Multi-Manager Fund	No one, but . . .	Arrowpoint Asset Management and AllianceBernstein are new subadvisors to the fund.	12/15
TCWAX	Templeton China World Fund	Allan Lam, Dennis Lim, and Tom Wu are no longer listed as portfolio managers for the fund.	Eddie Chow and Mark Mobius remain as managers for the fund.	12/15
TGVAX	Thornburg International Value	No one, at the moment, but William Fries intends to transition away from the fund into a new role as Senior Advisor to the Thornburg investment team.	Di Zhou joins William Fries and Lei Wang in anticipation of Mssr. Fries diminishing role with the fund.	12/15
TSAAX	Touchstone Controlled Growth with Income Fund	Lucian Marinescu is no longer listed as a portfolio manager for the fund.	Anthony Wicklund and Nathan Palmer, who started in 11/2015, are managing the fund.	12/15
TBAAX	Touchstone Dynamic Diversified Income Fund	Lucian Marinescu is no longer listed as a portfolio manager for the fund.	Anthony Wicklund and Nathan Palmer are managing the fund.	12/15
TVRAX	Transparent Value Directional Allocation Fund	Armen Arus, president and co-founder of Transparent Value, resigned from the fund and the sub-adviser.	Scott Hammond and Gennadiy Khayutin continue to manage the fund.	12/15
TVEAX	Transparent Value Dividend Fund	Armen Arus resigned from the fund and the sub-adviser.	Scott Hammond and Gennadiy Khayutin continue to manage the fund.	12/15
TVAAX	Transparent Value Large-Cap Aggressive Fund	Armen Arus resigned from the fund and the sub-adviser.	Scott Hammond and Gennadiy Khayutin continue to manage the fund.	12/15
TVBAX	Transparent Value Large-Cap Core Fund	Armen Arus resigned from the fund and the sub-adviser.	Scott Hammond and Gennadiy Khayutin continue to manage the fund.	12/15
TVDAX	Transparent Value Large-Cap Defensive Fund	Armen Arus resigned from the fund and the sub-adviser.	Scott Hammond and Gennadiy Khayutin continue to manage the fund.	12/15
TVGAX	Transparent Value Large-Cap Growth Fund	Armen Arus resigned from the fund and the sub-adviser.	Scott Hammond and Gennadiy Khayutin continue to manage the fund.	12/15
TVMAX	Transparent Value Large-Cap Market Fund	Armen Arus resigned from the fund and the sub-adviser.	Scott Hammond and Gennadiy Khayutin continue to manage the fund.	12/15
TVVAX	Transparent Value Large-Cap Value Fund	Armen Arus resigned from the fund and the sub-adviser.	Scott Hammond and Gennadiy Khayutin continue to manage the fund.	12/15
TVSAX	Transparent Value Small-Cap Fund	Armen Arus resigned from the fund and the sub-adviser.	Scott Hammond and Gennadiy Khayutin continue to manage the fund.	12/15
TVKAX	Transparent Value SMID-Cap Directional Allocation Fund	Armen Arus resigned from the fund and the sub-adviser.	Scott Hammond and Gennadiy Khayutin continue to manage the fund.	12/15
SBALX	Victory Strategic Allocation Fund	Heidi Adleman is no longer listed as a portfolio manager for the fund.	Kelly Cliff will manage the fund.	12/15
WATWX	Wanger Select Fund	Robert Chalupnik is deceased.	David Frank joins Matthew Szafranski in managing the fund.	12/15
WGLIX	William Blair Global Small Cap Growth Fund	Matthew Litfin is no longer listed as a portfolio manager for the fund.	Andrew Flynn remains as the sole manager of the fund.	12/15
WCGIX	William Blair Mid Cap Growth Fund	No one, but . . .	Daniel Crowe joins David Ricci and Robert Lanphier in managing the fund.	12/15
WSMDX	William Blair Small-Mid Cap Growth Fund	No one, but . . .	Daniel Crowe joins Karl Brewer and Robert Lanphier in managing the fund.	12/15

Manager changes, November 2015

By Chip

Because bond fund managers, traditionally, had made relatively modest impacts of their funds’ absolute returns, Manager Changes typically highlights changes in equity and hybrid funds.

Ticker	Fund	Out with the old	In with the new	Dt
IICAX	AMF Large Cap Equity Fund	Mark Trautman and John McCabe are retiring as the portfolio managers effective December 31, 2015.	They will be replaced by Robert Jones and Ana Galliano on January 1, 2016	11/15
BACAX	BlackRock All-Cap Energy & Resources Portfolio	No one, but . . .	Alastair Bishop has joined Robin Batchelor and Poppy Allonby in managing the fund.	11/15
SSGRX	BlackRock Energy & Resources Portfolio	No one, but . . .	Joshua Freedman has joined Robin Batchelor and Poppy Allonby in managing the fund.	11/15
BMMAX	BlackRock Multi-Manager Alternative Strategies Fund	Achievement Asset Management will no longer be a subadviser to the fund.	Pine River Capital Management and Marathon Asset Management have been added as subadvisers.	11/15
CAAAX	Calvert Aggressive Allocation Fund	Natalie Trunow will no longer serve as a portfolio manager for the fund.	Joshua Linder is joined by John Nichols and Vishal Khanduja	11/15
CSIFX	Calvert Balanced Portfolio	Natalie Trunow will no longer serve as a portfolio manager for the fund.	Matthew Duch, Vishal Khanduja, and Joshua Linder are joined by Jade Huang, Christopher Madden, Kurt Moeller, Mauricio Agudelo, and Brian Ellis.	11/15
CCLAX	Calvert Conservative Allocation Fund	Natalie Trunow will no longer serve as a portfolio manager for the fund.	Joshua Linder is joined by John Nichols and Vishal Khanduja	11/15
CEIAX	Calvert Global Equity Income Fund	Natalie Trunow will no longer serve as a portfolio manager for the fund.	Rachel Volynsky and Yvonne Bishop will continue to serve as portfolio managers for the fund.	11/15
CLVAX	Calvert Global Value Fund	Natalie Trunow will no longer serve as a portfolio manager for the fund.	Rachel Volynsky and Yvonne Bishop will continue to serve as portfolio managers for the fund.	11/15
CWVGX	Calvert International Equity Fund	Natalie Trunow will no longer serve as a portfolio manager for the fund.	Joshua Linder, Christopher Madden, Kurt Moeller, and Jade Huang have taking over management of the fund.	11/15
CMIFX	Calvert Large Cap Core Portfolio	Natalie Trunow will no longer serve as a portfolio manager for the fund.	Joshua Linder, Christopher Madden, Kurt Moeller, and Jade Huang have taking over management of the fund.	11/15
CMAAX	Calvert Moderate Allocation Fund	Natalie Trunow will no longer serve as a portfolio manager for the fund.	Joshua Linder is joined by John Nichols and Vishal Khanduja	11/15
CCVAX	Calvert Small Cap Fund	Natalie Trunow will no longer serve as a portfolio manager for the fund.	Joshua Linder, Christopher Madden, Kurt Moeller, and Jade Huang have taking over management of the fund.	11/15
SBVAX	Clearbridge Small Cap Value Fund	Peter Hable, Mark Bourguignon, Mark Feasey, and Michael Kang are no longer listed as portfolio managers to the fund.	Tim Daubenspeck and Juan Miguel del Gallego are now listed as portfolio managers.	11/15
DRSAX	Dreman Contrarian Small Cap Value Fund	E. Clifton Hoover is no longer listed as a portfolio manager on the fund. Mr. Hoover is now Dreman’s CIO. Over his career, he’s managed or helped manage 20 funds. After stepping aside here, he no longer manages any.	Mark Roach, David Brenan, Mario Tufano, and Nelson Woodard will continue to manage the fund.	11/15
FBALX	Fidelity Balanced Fund	Peter Saperstone is no longer listed as a portfolio manager on the fund.	Peter Dixon joins the rest of the team in managing the fund	11/15
FSAEX	Fidelity Series All-Sector Equity Fund	Peter Saperstone is no longer listed as a portfolio manager on the fund.	Peter Dixon joins the rest of the team in managing the fund	11/15
GDAFX	Goldman Sachs Dynamic Allocation Fund	Osman Ali will no longer serve as a portfolio manager for the fund.	William Fallon and James Park will continue on.	11/15
HYFIX	Harbor High-Yield Bond Fund	Mark Flanagan will be retiring at the end of the year.	Mark Shenkman, Eric Dobbin, Justin Slatky, Steven Schweitzer and Robert Kricheff will continue to serve as co-portfolio managers for the fund.	11/15
HJPSX	Hennessy Japan Small Cap Fund	Hidehiro Moriya is no longer listed as a portfolio manager on the fund.	Tetsuya Hirano joins Tadahiro Fujimura in managing the fund. It is, by the way, a pretty spectacular little vehicle.	11/15
HCGAX	HSBC Emerging Markets Debt Fund	Guillermo Ossés will no longer serve as a portfolio manager	Lisa Chua, Vinayak Potti, and Nishant Updhyay will continue to manage the fund.	11/15
HBMAX	HSBC Emerging Markets Local Debt Fund	Guillermo Ossés will no longer serve as a portfolio manager	Lisa Chua, Vinayak Potti, and Nishant Updhyay will continue to manage the fund.	11/15
HTRAX	HSBC Total Return Fund	Guillermo Ossés will no longer serve as a portfolio manager	Lisa Chua, Vinayak Potti, and Nishant Updhyay will continue to manage the fund.	11/15
URTAX	JPMorgan Realty Income Fund	Kay Herr is no longer listed as a portfolio manager on the fund.	Jason Ko remains as manager of the fund.	11/15
LGBAX	Leader Global Bond Fund	Scott Carmack is no longer listed as a portfolio manager on the fund.	John Lekas continues to manage the fund.	11/15
LCAMX	Leader Short-Term Bond Fund	Scott Carmack is no longer listed as a portfolio manager on the fund.	John Lekas continues to manage the fund.	11/15
LCATX	Leader Total Return Fund	Scott Carmack is no longer listed as a portfolio manager on the fund.	John Lekas continues to manage the fund.	11/15
ALFAX	Lord Abbett Alpha Strategy Fund	No one, but . . .	Giulio Martini joins Robert Gerver in managing the fund.	11/15
LDSAX	Lord Abbett Diversified Equity Strategy Fund	No one, but . . .	Giulio Martini joins Robert Gerver in managing the fund.	11/15
LABFX	Lord Abbett Multi-Asset Balanced Opportunity Fund	No one, but . . .	Giulio Martini joins Robert Gerver in managing the fund.	11/15
LAGEX	Lord Abbett Multi-Asset Global Opportunity Fund	No one, but . . .	Giulio Martini joins Robert Gerver in managing the fund.	11/15
LWSAX	Lord Abbett Multi-Asset Growth Fund	No one, but . . .	Giulio Martini joins Robert Gerver in managing the fund.	11/15
ISFAX	Lord Abbett Multi-Asset Income Fund	No one, but . . .	Giulio Martini joins Robert Gerver in managing the fund.	11/15
MDOSX	Manning & Napier Dynamic Opportunities	Ajay Sadarangani is no longer listed as a portfolio manager on the fund.	Michele Panzeri joins Brian Lester and Habibe Hakiqi in managing the fund	11/15
MNGSX	Manning & Napier Global Fixed Income	Marc Tommasi is no longer listed as a portfolio manager on the fund.	Marc Bushallow and R. Keith Harwood remain on the fund	11/15
EXITX	Manning & Napier International	Marc Tommasi and Robert Crawford are no longer listed as portfolio managers to the fund.	Jeffrey Donlon joins Scott Shatuck and Ben Rozin in managing the fund.	11/15
MEMAX	MFS Emerging Markets Equity Portfolio	On January 1, 2016, Massachusetts Financial Services Company will no longer subadvise the fund. Makes the “MFS” part of the name a bit antique.	Aberdeen Asset Managers will be the new subadviser to the fund.	11/15
MFMPX	Morgan Stanley Institutional Frontier Emerging Markets Portfolio	No one, but . . .	Pierre Horvilleur joins Tim Drinkall in managing the fund.	11/15
MELAX	Morgan Stanley Institutional Emerging Markets Leaders Portfolio	No one, but . . .	Vishal Gupta has joined Ashutosh Sinha in managing the fund.	11/15
NABAX	Neuberger Berman Absolute Return Multi-Manager Fund	No one, but . . .	Portland Hill Capital, LLP, is a new subadviser to the fund.	11/15
SNAEX	Schroder North American Equity Fund	Stuart Adrian is no longer listed as a portfolio manager on the fund.	Ayse Serinturk joins Stephen Langford, Ben Corris, James Larkman, and Justin Abercrombie on the management team.	11/15
SMILX	SMI Conservative Allocation Fund	No one, however, Scout Investments, Inc. will no longer be a subadvisor to the fixed income portion of the portfolio.	The Sound Mind management team remains the same.	11/15
SMIDX	SMI Dynamic Allocation Fund	No one, however, Scout Investments, Inc. will no longer be a subadvisor to the fixed income portion of the portfolio.	The management team remains the same.	11/15
SSSDX	SSgA Dynamic Small Cap Fund	Marc Reinganum is no longer listed as a portfolio manager on the fund.	John O’Connell joins Anna Lester in managing the fund.	11/15
SLSAX	Sterling Capital Long/Short Equity Fund	No one, but . . .	The Board of Trustees has appointed Caerus Investors, LLC as a new subadvisor to the fund beginning in February 2016.	11/15
TWAAX	Thrivent Partner Worldwide Allocation Fund	No one, but . . .	Paul Blankenhagen and Juliet Cohn are joining the management team.	11/15
TVLAX	Touchstone Value Fund	Timothy Culler is no longer listed as a portfolio manager on the fund.	Jeff Fahrenbruch and David Ganucheau joined Lewis Ropp, Mark Giambrone, and James Barrow on the management team.	11/15
PSPFX	U.S. Global Investors Global Resources Fund	Brian Hicks will no longer serve as a portfolio manager for the fund.	Ralph Aldis joins Frank Holmes in managing the fund.	11/15
MEGAX	U.S. Global Investors Holmes Macro Trends Fund	Brian Hicks will no longer serve as a portfolio manager for the fund.	Ralph Aldis joins Frank Holmes in managing the fund.	11/15
VGENX	Vanguard Energy Fund	Karl Bandtel will retire from Wellington Management Company, a subadvisor, in June 2016.	In preparation for Mssr. Bandtel’s retirement, Gregory LeBlanc has joined the team as a comanager for the portion of the fund managed by Weillington Management. The rest of the team remains.	11/15
VWESX	Vanguard Long-Term Investment-Grade Fund	Lucius Hill will retire from Wellington Management Company, a subadvisor, in June 2016.	The rest of the team will remain.	11/15
VPDSX	Vantagepoint Discovery Fund	No one, but . . .	Daniel Fitzpatrick joined the team of James Wong, Jamie Rome, and Brian Matthews in managing the fund.	11/15
VPEIX	Vantagepoint Equity Income Fund	Brian Rogers is no longer listed as a portfolio manager on the fund.	John Linehan joins Dwayn Hancock, Karen Grimes, Michael Feehily, O. Mason Hawkins, and G. Staley Cates in managing the fund	11/15
VSAIX	Virtus Alternative Inflation Solution Fund	John Brynjolfsson will no longer serve as a portfolio manager for the fund and Armoured Wolf, LLC is no longer a subadvisor to the fund.	Fischer, Francis, Trees & Watts, Inc. has been added as a subadvisor to the fund with Adnan Akant and Cedric Sholtes managing that portion of the portfolio. The rest of the team remains unchanged.	11/15
VATAX	Virtus Alternative Total Solution Fund	John Brynjolfsson will no longer serve as a portfolio manager for the fund and Armoured Wolf, LLC is no longer a subadvisor to the fund.	Fischer, Francis, Trees & Watts, Inc. has been added as a subadvisor to the fund with Adnan Akant and Cedric Sholtes managing that portion of the portfolio. The rest of the team remains unchanged.	11/15
WBLFX	Whitebox Market Neutral Equity Fund	Jason Cross will be retiring, effective December 15, 2015.	Paul Karos and Andrew Redleaf will continue to manage the fund.	11/15
WBINX	Whitebox Tactical Advantage Fund	Jason Cross will be retiring, effective December 15, 2015.	Paul Karos will join the management team of Paul Twitchell, Robert Vogel, and Andrew Redleaf, immediately.	11/15
WBMAX	Whitebox Tactical Opportunities Fund	Jason Cross will be retiring, effective December 15, 2015.	Paul Karos will join the management team of Paul Twitchell, Robert Vogel, and Andrew Redleaf, immediately.	11/15

Mutual Fund Observer

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Category Archives: Manager changes

Manager changes, June 2017

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In memoriam

Manager changes, July 2016

Manager changes, June 2016

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Manager changes, December 2015

Manager changes, November 2015