http://news.morningstar.com/articlenet/article.aspx?id=581389* Investing in Future, Oakmark Select Adds 2 Comanagers (OAKLX)
* Legg Mason to Combine Operations of LMCM and ClearBridge
* DWS Drops Dreman Name (KDSAX), Global Thematic Account (SGQAX)
* Longtime Thornburg Manager Retires (TSIAX)
* Vanguard Drops Hansberger (VTRIX)
* Artisan Reshuffles Management Teams (ARTHX) and Launches a New Fund
* Fidelity Closes Small-Cap Fund (FSCRX)
* Janus Launches New Fund (JNGOX)
* Litman Gregory Adds Subdvisors (MSILX)
Comments
The language used at the Artisan website is quite interesting: "Barry Dargan, lead portfolio manager of Artisan Global Equity Fund, is leaving Artisan Partners effective immediately." http://www.artisanpdfcentral.com/data/newspage/2013.01.11_PMChange.PR.vR.pdf
I do not know the new assistant portfolio managers but lead Mark Yockey is a veteran of Artisan and has done particularly well when ARTIX was small. So, the question is that is Yockey here as a trophy manager (ie in the name only) or really running the fund day to day and how much the stock selection style will change as this fund excelled in consumer defensive etc stocks but delivered very competitive results at somewhat lower volatility.
The fund is still small and Artisan is a good shop. So there is still chance that it may do well despite the manager change.
I guess I will stick around and watch it. I also invest in ARTRX so I might move over that team if this fund stagnates.
More soon,
David
Take care,
David