Category Archives: Manager changes

Manager changes, August 2017

By Chip

This month saw partial or complete manager changes at 57 funds. The most consequential occurred at American Beacon Holland Large Cap Growth Fund, following the decision by Holland Capital Management to close after a long and honorable run. That team’s departure occasions a change in the fund’s strategy as well as in its management.

As to the other 56 funds … meh. In the case of Cornerstone Advisors Global Public Equity, which saw the departure of one of 47 managers from one of 14 sub-advisers, the change doesn’t even rise to the level of “meh.” (Nice fund, though.) Continue reading →

Manager changes, July 2017

By Chip

On July 27, 2017, Morningstar researchers confirmed what we’ve known for years: most manager changes are utterly inconsequential. Messrs. Hawkins and Cates have a combined 54 years at Longleaf Partners (LLPFX); the arrival of a young co-manager is unlikely to make a marked difference. Two interesting consequences that they did observe are that manager changes trigger fund outflows and that the outflows are greatest at large funds, perhaps because media coverage of those funds makes the changes more visible and portentous.

And yet there are times when we ought to note manager changes for entirely different reasons. This month Dowe Bynum, following the discovery of a brain tumor, stepped aside from management of The Cook & Bynum Fund (COBYX). Dowe is a good guy to talk with, funny and smart, a caring spouse and a dad with young children. We’re sanguine about the fund’s operation: there’s always been a contingency plan in place, they’ve recently added analytic support and they pursue a low turnover (9%) discipline. We know Dowe is receiving very good care and want to add our voice to the chorus of support and good wishes. Continue reading →

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 27th 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.

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

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.

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, August 2016

By Chip

In memoriam

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

albert nicholasAlbert “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, 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