http://www.sec.gov/Archives/edgar/data/1000351/000089710111001691/leuthold114603_497.htmEffective as of the date of this Supplement, Steven C. Leuthold is stepping down as a portfolio manager of the Leuthold Funds and as the Chief Investment Officer of the Leuthold Funds’ investment adviser, Leuthold Weeden Capital Management. Douglas R. Ramsey has assumed the role of Chief Investment Officer for Leuthold Weeden Capital Management. All references in the Prospectus to Mr. Leuthold as a portfolio manager of the Leuthold Funds and as Chief Investment Officer of Leuthold Weeden Capital Management are hereby deleted from the Prospectus. Specifically, the Sections of the Prospectus identified below are deleted and replaced as follows:
1. The first paragraph under the Section titled “Portfolio Managers” for the Leuthold Core Investment Fund, on page 5, shall read in its entirety as follows:
“Portfolio Managers
Andrew J. Engel, CFA, Douglas R. Ramsey, CFA, and Matthew B. Paschke, CFA, are the portfolio managers of the Fund. Mr. Engel is a portfolio manager and a member of the Adviser and has been a senior analyst of the Leuthold Group since 1986. Mr. Ramsey is the chief investment officer and a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since 2005. Mr. Paschke is a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since 2000.”
2. The first paragraph under the Section titled “Portfolio Managers” for the Leuthold Asset Allocation Fund, on page 10, shall read in its entirety as follows:
“Portfolio Managers
Matthew B. Paschke, CFA, Andrew J. Engel, CFA, and Douglas R. Ramsey, CFA, are the portfolio managers of the Fund. Mr. Paschke is a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since 2000. Mr. Engel is a portfolio manager and a member of the Adviser and has been a senior analyst of the Leuthold Group since 1986. Mr. Ramsey is the chief investment officer and a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since 2005.”
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3. The first paragraph under the Section titled “Portfolio Managers” for the Leuthold Global Fund, on page 15, shall read in its entirety as follows:
“Portfolio Managers
Matthew B. Paschke, CFA, Douglas R. Ramsey, CFA, and Chun Wang, CFA, are the portfolio managers of the Fund. Mr. Paschke is a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since 2000. Mr. Ramsey is the chief investment officer and a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since 2005. Mr. Wang is a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since 2009.”
4. The first paragraph under the Section titled “Portfolio Managers” for the Leuthold Select Industries Fund, on page 18, shall read in its entirety as follows:
“Portfolio Managers
James E. Floyd, CFA, Chun Wang, CFA, and Matthew B. Paschke, CFA are the portfolio managers of the Fund. Mr. Floyd is a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since November 1981. Mr. Wang is a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since 2009. Mr. Paschke is a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since 2000.”
5. The first paragraph under the Section titled “Portfolio Managers” for the Leuthold Global Clean Technology Fund, on page 26, shall read in its entirety as follows:
“Portfolio Manager
David H. Kurzman is the portfolio manager of the Fund. Mr. Kurzman is a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since 2009.”
6. Under the Section “Management of the Funds – Leuthold Weeden Capital Management manages each Fund’s investments,” on pages 44 and 45, (a) Mr. Leuthold’s biographical information is deleted; (b) Mr. Ramsey’s biographical information is revised to read in its entirety as set forth below; and (c) the table identifying the portfolio managers is revised to read in its entirety as set forth below:
“Mr. Ramsey is the chief investment officer and a portfolio manager of the Adviser and has been a senior analyst of the Leuthold Group since 2005. Prior to joining the Leuthold Group, Mr. Ramsey served as the Chief Investment Officer for Treis Capital Management from 2004 to 2005. Mr. Ramsey served as a portfolio manager for Principal Global Investors from 1997 through 2003.”
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“The following table identifies the portfolio managers for each of the Funds. The portfolio managers are equally responsible for the day-to-day management of the Funds that they manage.
Fund PMs
Leuthold Core Investment Fund Andrew J. Engel, CFA
Douglas R. Ramsey, CFA
Matthew B. Paschke, CFA
Leuthold Asset Allocation Fund Matthew B. Paschke, CFA
Andrew J. Engel, CFA
Douglas R. Ramsey, CFA
Leuthold Global Fund Matthew B. Paschke, CFA
Douglas R. Ramsey, CFA
Chun Wang, CFA
Leuthold Select Industries Fund James E. Floyd, CFA
Chun Wang, CFA
Matthew B. Paschke, CFA
Leuthold Global Industries Fund Matthew B. Paschke, CFA
Greg M. Swenson, CFA
Leuthold Global Clean Technology Fund David H. Kurzman
Leuthold Hedged Equity Fund Matthew B. Paschke, CFA
James E. Floyd, CFA
Greg M. Swenson, CFA
Grizzly Short Fund Matthew B. Paschke, CFA
Greg M. Swenson, CFA
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The date of this Supplement is October 3, 2011.
Please retain this Supplement for future reference.
Comments
I have not had a high opinion of Leuthold over the last couple of years, but I'd be VERY curious why he's suddenly leaving. I mean, I know he's not in his 20's, but he certainly has seemed into the whole process. Very strange.
He'll continue to manage one of the firm's hedge funds.
Leuthold's strength, collectively, is asset allocation. The three asset allocation funds - Global, Asset Allocation and Core - have all been pretty consistently strong performers. Core, the flagship, had one really weak year (2010) and one soft one (it trailed its peers by less than 2% in 2009) in the last five but the other years were strong enough to place it in the top 4% of aggressive allocation funds over the past five years. The 10- and 15-year records are stronger still.
For what it's worth,
David