Author Archives: Chip

About Chip

Cheryl Welsch, MBA (Western Governors). Cofounder, technical director. Chip is the chief information officer and chief information security officer for the Eastern Iowa Community Colleges. Chip is responsible for making the Observer actually happen; in cooperation with our graphic designer, she also controls how the Observer looks and acts, and whittles away at the monthly typofest in our drafts.

Manager Changes, January 2013

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

TWNAX

American Century New Opportunities

Stafford Southwick is no longer a comanager

New manager, Jeffrey Otto, joins existing comanager, Matthew Ferretti

1/13

ANOAX

American Century Small Cap Growth

Stafford Southwick is no longer a comanager

New manager, Jeffrey Otto, joins existing comanager, Matthew Ferretti

1/13

ARTHX

Artisan Global Equity

Barry Dargan, the lead manager, left after a long year-end conversation.

Andrew Euretig and Charles-Henri Hamker will join comanager Mark Yockey

1/13

SGQAX

DWS Global Thematic, renamed as DWS Global Growth

Manager Oliver Kratz and his firm, Global Thematic Partners

An in-house team led by Joseph Axtell

1/13

SLANX

DWS Latin America Equity

Rainer Vermehren and Robert Kalin

Luiz Ribeiro, Thomas U. Petschnigg, and Danilo Pereira

1/13

FBMPX

Fidelity Select Multimedia

Kristina Salen

Nidhi Gupta

1/13

FSTCX

Fidelity Select Telecommunications

Kristina Salen

Matthew Drukker

1/13

FKINX

Franklin Income

No one, but . . .

Matt Quinlan and Alex Peters joined as comanagers

1/13

GQETX

GMO Quality III

William “Chuck” Joyce stepped down as the lead manager at age 42.

Comanagers Tom Hancock and David Cowan will remain, with support from other elements of GMO’s Quality team

1/13

JCUAX

JHancock2 Currency Strategies

Ken Ferguson retired

Dori Levanoni and Jeppe Ladekarl remain

1/13

LZHYX

Lazard U.S. High Yield 

J. William Charlton

David R. Cleary

1/13

MSILX

Litman Gregory Masters International

No one, but . . .

Wellington Management Company and Lazard Asset Management have been added as subadvisors, bringing the total number of subadvisors to seven.

1/13

OAKLX

Oakmark Select

No one, but . . .

Win Murray and Tony Coniaris will join Bill Nygren, who’s been managing the fund alone since comanager Henry Berghoef stepped down in July

1/13

UMBSX

Scout Stock 

Larry Valencia ducked out as folks began turning off the lights.

James Reed will continue on until the fund liquidates in March 2013

1/13

SSSAX

SunAmerica Focused Small-Cap Value

Daniel Lew

Timothy Pettee and Jay Merchant

1/13

TSIAX

Thornburg Strategic Income

George Strickland will be retiring

Jason Brady, comanager since fund inception, will remain.

1/13

MXAIX

Touchstone Micro Cap Value Fund

Subadvisor, Fifth Third Asset Management, along with managers Michael Barr, Craig Nedbalski, and Eric Holmes

Russell Implementation Services will serve as interim subadvisor with Wayne Hollister and Benjamin Linford as comanagers.

1/13

Manager changes, December 2012

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
VERDX Aston/Veredus Small Cap Growth Subadvisor, Todd-Veredus Asset Management, has been fired. Lee Munder will be the new subadvisor and the fund will eventually be merged with the Munder-advised Aston SCG Fund.  In the interim, it’s ASTON Small Cap Fund. 12/12
CSXAX Calvert Social Index Fund David Jones and Eric Lessnau, along with subadvisor, World Asset Management Natalie Trunow 12/12
AAOPX Cavanal Hill Opportunistic S. Bob Rezaee Matt Stephani 12/12
DHOAX Delaware High-Yield Opportunities Kevin Loome Thomas H. Chow, Paul A. Matlack, Craig C. Dembek, and John P. McCarthy 12/12
DPHYX Delaware Pooled High-Yield Bond Kevin Loome and Chuck Devereux Thomas H. Chow, Paul A. Matlack, Craig C. Dembek, and John P. McCarthy 12/12
AAAAX DWS Alternative Asset Allocation Inna Okounkova, who’d been on leave through the end of the year, is no longer listed as a portfolio manager. The rest of the team remains. 12/12
FMAAX Federated Prudent Absolute Return Doug Noland, manager of Prudent Bear, will leave this fund Dana Meissner will remain but the word “Prudent” won’t. 12/12
FGLAX Fidelity Advisor Global Balanced Leon Tucker left the team. Maria Nikishkova joined. 12/12
FGBLX Fidelity Global Balanced Leon Tucker left the team. Maria Nikishkova joined. 12/12
FIGVX First Investors Government No one, but . . . Rodwell Chadehumbe joined as comanager 12/12
ITHAX Hartford Capital Appreciation No one, but . . . In March, Kent Stahl and Gregg Thomas will join as comanagers, as part of the fund’s succession planning 12/12
HFOAX Henderson International Opportunities Michael Wood-Martin is no longer a comanager Vincent Musumeci and Nicholas Cowley have joined the team. 12/12
HMAAX HighMark Tactical Capital Growth Allocation Fund David Goerz Derek Izuel, E. Jack Montgomery, and David Wines are in 12/12
HMRAX HighMark Tactical Growth & Income David Goerz Derek Izuel, E. Jack Montgomery, and David Wines are in 12/12
HDEAX Huntington Disciplined Equity Donald Keller Peter A. Sorrentino 12/12
HIEAX Huntington International Equity Madelynn Matlock Paul Attwood 12/12
IFCAX ING Emerging Equity Dividend, formerly ING Greater China Fund As part of its reorganization ING is bringing fund management in-house while Guy Uding and Oscar Kin Fai Leung have been dispatched to the … uhh, outhouse. Robert Davis, Nicolas Simar, and Manu Vandenbulck are the new co-managers. 12/12
IMOIX ING Growth and Income Core Por In conjunction with the change to the Portfolio’s sub-adviser, Thornburg Investment Management, Edward Maran and Connor Browne will be replaced as co-portfolio managers Christopher F. Corapi and Michael Pytosh of ING Investment Management Co. will begin managing the portfolio. 12/12
IVCAX ING International Value Choice Tradewinds Global Investors, LLC was terminated as sub-adviser, another in a long series of losses for them. Martin Jansen, David Rabinowitz, and Joseph Vultaggio will be the new co-managers 12/12
NAWGX ING International Value Equity Tradewinds Global Investors, LLC was terminated as sub-adviser Martin Jansen, David Rabinowitz, and Joseph Vultaggio will be the new co-managers 12/12
PAVAX ING Value Choice A Tradewinds Global Investors, LLC was terminated as sub-adviser Christopher Corapi and Robert Kloss of ING Investment Management Co. will begin managing the portfolio. 12/12
LGILX Laudus Growth Investors US Large Cap Lawrence Kemp Paul A. Graham, Saverio (Sam) Console and Peter Bye are co-managers of the fund. 12/12
SBEYX Legg Mason Esemplia Emerging Markets Long-Short Aquico Wen Stavros Triantafilidis, Michael Bourke and Eric Curiel got the nod.  Their task might be to stop this from acting like a simple e.m. index fund (its 2012 r-squared is 97). 12/12
MSSFX Litman Gregory Masters Smaller Companies Copper Rock Capital Partners and portfolio manager Tucker Walsh have been fired.  No shame: the fund discharged formerly Masterful investors in 2006, 07, 09, 10, 11 and 12. Frank Sustersic and Turner Investment Partners have been hired to join the rest of the team. 12/12
FGIAX Nuveen Global Infrastructure No one, but . . . Tryg Sarsland joins Jay Rosenberg and John Wenker 12/12
BPFAX PTA Comprehensive Alternatives Fund We didn’t even know the PTA ran a mutual fund.  In any case, no one lost their job though given average annual losses of 5.6% over the past five years perhaps someone should have. Subadvisor Horizon Asset Management, with Murray Stahl, Steven Bregman, and Peter Doyle are added. 12/12
RCAPX RS Capital Appreciation Fund As part of reorganization into RS Growth Fund, Christy Phillips, Larry Coats, and David Carr, of subadvisor Oak Value, are all out. Stephen Bishop, Melissa Chadwick-Dunn, and D. Scott Tracy, are in. 12/12
FSCFX Strategic Advisers Small-Mid Cap No one, but . . . Donald Cobin and Christian McDonald were added as portfolio managers. 12/12
FNAPX Strategic Advisers Small-Mid Cap Multi-Manager No one, but . . . Donald Cobin and Christian McDonald were added as portfolio managers. 12/12
PAMGX Prudential Target Moderate Allocation, renamed Prudential Defensive Equity As part of a change in objective, all existing subadvisors will be out. New subadvisor, Quantitative Management Associates, will be in. 12/12
VEINX Wilmington Large Cap Value NWQ Investment Management Company, with portfolio managers Kevin Hunter and Jon Bosse, is out Andrew Hopkins, Rafael Tamargo, Thomas Neale, and Edward Forrester are in 12/12

 

Manager changes, November 2012

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
PCDFX Aberdeen Core Fixed Income J. Christopher Gagnier, Oliver Boulind and Timothy Vile have stepped down Existing comanagers, Stephen Cianci and Neil Moriarty will be joined by Michael Degernes, Edward Grant, and Charles Tan. 11/12
AUDIX Aberdeen Ultra-Short Duration Bond Oliver Boulind and Neil Moriarty have stepped down The rest of the team remains. 11/12
AIFLX American Independence Large Cap Growth Robert S. Natale John Christopher Jacobs 11/12
AIFSX American Independence Small Cap Growth Robert S. Natale John Christopher Jacobs 11/12
MDFGX BlackRock Capital Appreciation Jeff Lindsey Lawrence Kemp 11/12
MAFOX BlackRock Focus Growth Jeff Lindsey Lawrence Kemp 11/12
BLDAX BlackRock Low Duration Bond Comanager Stuart Spodek Scott MacLellan joins as a new comanager with Tom Musmanno, who remains. 11/12
DEQAX Dreyfus Global Equity Income No one, but . . . Nick Clay joined James Harries as a comanager 11/12
SNIEX Dreyfus/Newton International Equity No one, but . . . Jeff Munroe joined Paul Markham as a comanager 11/12
EAGMX Eaton Vance Global Macro Absolute Return Mark Venezia will retire The other managers remain. 11/12
FTEAX Forward Tactical Enhanced Christopher J. Guptill, an outsider who was doing a singularly fine job. Jim O’Donnell and Jim Welsh take over as part of an “in-housing” trend at Forward 11/12
GALLX Goldman Sachs Flexible Cap Growth No one, but . . . Warren Fisher was added as a comanager 11/12
IMOIX ING Growth and Income Core Portfolio (formerly, ING Thornburg Value Portfolio) Connor Browne and Edward Maran, as subadvisor Thornburg Investment Management was terminated. Christopher F. Corapi and Michael Pytosh of subadvisor, ING Investment Management 11/12
JMIGX Jacob Micro Cap Growth Jamie Cuellar Ryan Jacob, who bought the former Pinebridge Micro Cap fund in July and has installed himself as manager 11/12
PBSBX Jacob Small Cap Growth Jamie Cuellar Ryan Jacob, same story as with Micro Cap: bought the fund, hired himself, didn’t lower the 3.4% expense ratio. 11/12
PZFVX John Hancock Classic Value No one, but . . . Ben Silver has joined as the fourth comanager. 11/12
LGILX Laudus Growth Investor US Large Cap Growth Lawrence Kemp has retired from UBS, the subadvisor. He’s being replaced by a team of three, Paul Graham, Sam Console, and Peter Bye. 11/12
MFDAX Managers Fixed Income Subadvisor Loomis Sayles is out, along with Dan Fuss.  Fuss is splendid and quite elderly and his heir apparent jumped ship so … Gannett Welsh & Kotler, LLC, is in, with Mary Kane as portfolio manager. 11/12
NCBIX New Covenant Balanced Income John J. McCue Derek Papastrat 11/12
NSAGX Nuveen Santa Barbara Growth James Boothe Robert C. Doll Jr. 11/12
OPMSX Oppenheimer Main Street Small- & Mid-Cap No one, but . . . Raymond Anello is now lead manager, and Joy Budzinski, Kristin Ketner Pak, Magnus Krantz, and Adam Weine were added as comanagers. 11/12
PIGFX Pioneer Fundamental Growth Timothy Mulrenan Paul Cloonan 11/12
PINDX Pioneer Independence Timothy Mulrenan Andrew Acheson continues alone. 11/12
PRIAX Principal International Emerging Markets Michael Ade and Michael Reynal Mohammed Zaidi will join Mihail Dobrinov as a manager 11/12
PPGAX Putnam Global Sector No one, but . . . Isabel Buccellati joins the team, now numbering 14 11/12
PRFRX T. Rowe Price Floating Rate Justin Gerbereux has stepped down Comanager Paul Massaro remains as the sole manager. 11/12
RPIFX T. Rowe Price Institutional Floating Rate Justin Gerbereux has stepped down Comanager Paul Massaro remains as the sole manager. 11/12
TGGEX TCW Growth Equities Husam Nazer and Brendt Stallings will be out by the end of the year Mike Olson and Chang Lee will assume the duties 11/12
TGSCX TCW Small Cap Growth Husam Nazer and Brendt Stallings, who managed a high volatility/low returns style, will be out by the end of the year Mike Olson and Chang Lee will assume the duties 11/12
TGSDX TCW SMID Cap Growth Husam Nazer and Brendt Stallings will be out by the end of the year Mike Olson and Chang Lee will assume the duties 11/12
USGRX USAA Growth & Income Subadvisors Loomis Sayles and UBS Global Asset Management. An in-house team, John Toohey and Wasif Latif, join the other subadvisors. 11/12
USISX USAA Income Stock No one, but . . . They’re adding an internal team to comanage a portion of the fund. The internal team consists of Wasif Latif, John Toohey, Julianne Bass, and Steve Klaffke. The existing subadvisors will remain. 11/12

 

Manager changes, October 2012

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
PGWCX Allianz RCM Focused Growth, formerly Allianz AGIC Growth Fund The entire AGI Capital team. The RMC team of Scott T. Migliori, Karen Hiatt, and David Jedlicka 11/12
ARMAX Allianz RCM Global Commodity Equity Alec Patterson Paul Strand becomes the lone manager 11/12
APHMX Artisan Mid Cap No one, but . . . Matthew Kamm has stepped up to a named manager role 11/12
BIAOX Brown Advisory Opportunity Fund Darryl R. Oliver Paul Li, Maneesh Bajaj and Eric Gordon 11/12
APFAX Cohen & Steers Emerging Markets Real Estate No one, but . . . William Leung has joined as comanager.  Leung had 12 years at Deutsche Bank/RREEF Real Estate.  Presumably Deutsche Bank’s ongoing efforts to sell its RREEF unit weighed on him. 11/12
CSFAX Cohen & Steers Global Realty No one, but . . . William Leung has joined as comanager 11/12
IRFAX Cohen & Steers International Realty No one, but . . . William Leung has joined as comanager 11/12
CALFX Cutler Income Fund Michael Cheung Xavier J. Urpi 11/12
SEMGX DWS Emerging Markets Equity Jason Inzer Comanager, Thomas Voecking, will remain, joined by Anna Wallentin, Juergen Foerster, and Johannes Prix 11/12
SZEAX DWS Enhanced Emerging Markets Fixed Income No one, but . . . Kumar Vemuri was added.  Given that the “Enhanced” fund typically resides in the bottom 10% of its peer group, his addition can’t hurt. 11/12
KDHAX DWS Equity Dividend Jason Inzer Comanager, Thomas Voecking, will remain, joined by Anna Wallentin, Juergen Foerster, and Johannes Prix 11/12
GGGGX DWS GNMA John Ryan has been removed as portfolio comanager Lead manager, Bill Chepolis, remains with the other comanagers 11/12
SCINX DWS International Jason Inzer Comanager, Thomas Voecking, will remain, joined by Anna Wallentin, Juergen Foerster, and Johannes Prix 11/12
KUSAX DWS Strategic Government Securities John Ryan has been removed as portfolio comanager Lead manager, Bill Chepolis, remains with the other comanagers 11/12
FDMAX Fidelity Advisor Communications Equipment Charlie Chai has stepped down Ali Khan will remain as the sole manager 11/12
FAMKX Fidelity Advisor Emerging Markets Robert von Rekowsky no longer serves as portfolio manager Sammy Simnegar 11/12
FAGAX Fidelity Advisor Growth Opportunities No one, but . . . Gopal Reddy will join Steven Wymer 11/12
FGVAX Fidelity Advisor Growth Strategies Patrick Venanzi Eddie Yoon joins the team 11/12
FGCAX Fidelity Advisor Mid Cap Growth No one, but . . . Edward Yoon was added as a comanager 11/12
FMCDX Fidelity Advisor Stock Selector Mid Cap Patrick Venanzi Eddie Yoon joins the team 11/12
FSMGX Fidelity Mid Cap Growth Patrick Venanzi Eddie Yoon joins the team 11/12
FSDCX Fidelity Select Communications Equipment Charlie Chai has stepped down Ali Khan will remain as the sole manager 11/12
FSHOX Fidelity Select Construction & Housing Dan Kelley has stepped down as comanager Holger Boerner will remain. 11/12
FSDAX Fidelity Select Defense & Aerospace John Sheehy has stepped down Douglas Scott will remain as sole manager 11/12
FSAEX Fidelity Series All Sector Equity John Avery and Adam Hetnarski Monty Kori and Brian Lempel 11/12
FMSVX FMC Strategic Value No one, but . . . Paul E. Patrick, joins Edward I. Lefferman, as a comanager. Lefferman has managed the fund since its inception in 1998.  The fund has sort of fallen off the rails since 2010 after a long, strong run. 11/12
GARTX Goldman Sachs Absolute Return Tracker Jonathan Sheridan Matthew Hoehn and Don Mulvihill remain, presumably trying to find the “absolute” in a fund that’s down 11% since launch. 11/12
IFCAX ING Greater China, soon to be called ING Emerging Markets Equity Dividend The entire team is leaving as the strategy and name are changed. Nicolas Simar, Manu Vandenbulck, and Robert Davis 11/12
JMIGX Jacob Micro Cap Growth Fund Jamie Cuellar Darren Chervitz and Ryan Jacob
SBLGX Legg Mason ClearBridge Large Cap Growth Comanager Scott Glasser will be stepping down, but not until March 2013 Margaret Vitrano was added.  The “Legg Mason” moniker will soon disappear. 11/12
LSBRX Loomis Sayles Bond Kathleen Gaffney leaves for a position with Eaton Vance after three decades with Loomis Sayles. Founder, Daniel Fuss, remains along with comanagers Matthew Eagan and Elaine Stokes 11/12
EPIPX MainStay Epoch International Small Cap Emily Baker will leave as of Dec 31 Eric Citerne, Michael Welhoelter, and William Priest will continue 11/12
ICAUX Mainstay ICAP Equity No one, but . . . Thomas Cole joined the team 11/12
ICGLX Mainstay ICAP Global No one, but . . . Thomas Cole joined the team 11/12
ICEVX Mainstay ICAP International No one, but . . . Thomas Cole joined the team 11/12
ICSRX Mainstay ICAP Select Equity No one, but . . . Thomas Cole joined the team 11/12
MAPAX Mainstay MAP No one, but . . . Thomas Cole joined the team 11/12
EXTCX Manning & Napier Technology Tariq Siddiqi Jacob Boak 11/12
PWEAX PACE International Emerging Markets Equity Subadvisors, Delaware Management Company and Pzena Investment Management Lee Munder is a new subadvisor 11/12
PGMDX PIMCO Global Multi-Asset No one, but . . . Saumil Parikh is now a comanager 11/12
POLIX Polen Growth No one, but . . . Damon Ficklin has joined Dan Davidowitz.    The fund is up to $355 million after two years, which might explain the added staff. 11/12
USGRX USAA Growth & Income John Leonard Ian McIntosh 11/12
USISX USAA Income Stock Sam Wilderman David Cowan 11/12
VMMSX Vanguard Emerging Markets Select Stock Michael Godfrey, who comanaged for subadvisor M&G Matthew Vaight will continue for M&G 11/12
WTMGX Westcore MIDCO Growth William Chester is retiring. Comanagers Mitch Begun and F. Wiley Reed will remain 11/12
WTSLX Westcore Select William Chester is retiring. Comanagers Mitch Begun and F. Wiley Reed will remain 11/12

 

Manager changes, September 2012

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
ACCSX Access Capital Community Investment Todd Brux Brian Svendahl continues on, with Scott Kirby joining him. 9/12
MDBAX BlackRock Basic Value Kevin Rendino retires at the end of October Carrie King remains, and is joined by former PEYAX manager, Bart Geer. 9/12
BGSAX BlackRock Science & Technology Opportunities Paul Ma Comanagers Thomas Callan, Jean Rosenbaum, and Erin Xie remain 9/12
CSMIX Columbia Small Cap Value Stephen Barbaro will retire at the end of the year. Jeremy Javidi and John Barrett will remain. 9/12
DPLTX Dreyfus High Yield No one, but . . . Kevin Cronk is added. 9/12
DSIGX Dreyfus Short-Intermediate Government No one, but . . . Robert Bayston and Nate Pearson will join Dawn Guffey 9/12
FAGOX Fidelity Advisor Growth Opportunities No one, but . . . Gopal Reddy has become a comanager with Steve Wymer 9/12
FEMKX Fidelity Emerging Markets Bob von Rekowsky (see ya!) Sammy Simnegar, manager at Fidelity International Capital Appreciation (FIVFX) which has a major e.m. stake and has done quite solidly under his direction 9/12
FSNGX Fidelity Select Natural Gas No one, but . . . Ted Davis, formerly an analyst with AllianceBernstein, is a new co-portfolio manager 9/12
GABAX Gabelli Asset No one, but . . . Jeffrey Jonas has joined as a comanager 9/12
GMWAX GMO Global Asset Allocation III No one, but . . . Sam Wilderman will join Ben Inker as a comanager 9/12
GMOIX GMO International Intrinsic Value Sam Wilderman Tom Hancock remains, and is joined by David Cowan 9/12
GMUEX GMO US Core Equity Sam Wilderman Tom Hancock remains, and is joined by David Cowan 9/12
NAWGX ING Global Value Choice Tradewinds Global Investors is no longer a subadvisor.  These are the latest in a string of cancellations for Tradewinds since the departure of their CIO and three managers in April 2012. David Rabinowitz, Martin Jansen and Joseph Vultaggio 9/12
IVCAX ING International Value Choice Tradewinds Global Investors is no longer a subadvisor. David Rabinowitz, Martin Jansen and Joseph Vultaggio 9/12
XXXXX ING target-date, target-risk, and multiasset fund lineup Bill Evans, head of manager research and selection and portfolio manager Halvard Kvaale 9/12
PAVAX ING Value Choice Tradewinds Global Investors is no longer a subadvisor. Christopher Corapi and Robert Kloss will comanage in anticipation of merging this fund with ING Large Cap Value (IEDAX) 9/12
GGHCX Invesco Global Health Care Dean Dillard Derek Taner remains as the sole manager 9/12
PIAFX Invesco Premium Income Peter Ehret The other twelve managers remain. 9/12
ICDAX Ivy Cundill Global Value David Tiley Andrew Massie remains. 9/12
JORNX Janus Global Select John Eisinger George Maris 9/12
JHASX JHancock Global Absolute Return Strategies David Millar Euan Munro and Guy Stern remain. 9/12
NMHYX Northern Multi-Manager High Yield Opportunity Stone Harbor Investment Partners is out as a subadviser. DDJ Capital Management is in. 9/12
NMMLX Northern Multi-Manager Large Cap Marsico Capital Management is out as a subadviser. WestEnd Advisors is in as a subadviser. 9/12
SWANX Schwab Core Equity No one, but . . . Jonas Svallin joins Larry Mano and Paul Alan Davis as comanager 9/12
SWRLX Sentinel International Equity No one, but . . . Andrew Boczek joins Kate Shapiro as comanager. 9/12
FSAMX Strategic Advisers Emerging Markets No one, but . . . Acadian Asset Management, has been added as a second subadvisor, with CIO John Chisholm, managing their portion of the fund. 9/12
TBAAX Touchstone Balanced Allocation John Thompson The comanagers remain. 9/12
TSAAX Touchstone Conservative Allocation John Thompson The comanagers remain. 9/12
TGQAX Touchstone Growth Allocation John Thompson The comanagers remain. 9/12
TSMAX Touchstone Moderate Growth Allocation John Thompson The comanagers remain. 9/12
FOSCX Tributary Small Company Randall Greer Mark Wynegar and Michael Johnson remain as comanagers. 9/12
BEAAX UBS U.S. Equity Alpha John Leonard has stepped down from the fund, but remains with the firm. Ian McIntosh will join existing comanagers, Scott Bondurant and Thomas Digenan. 9/12
VGHCX Vanguard Health Care Ed Owens, highly successful manager for the past 28 years, will retire at the end of the year. Jean Hynes, comanager since 2007, will remain and take the lead. 9/12
LWEAX Western Asset Emerging Markets Debt No one, but . . . Gordon Brown and Robert Abad joined as part of the new team-based approach 9/12
SHIAX Western Asset High Income No one, but . . . Walter Kilcullen joined the team. 9/12
WAYAX Western Asset High Yield No one, but . . . Walter Kilcullen joined the team. 9/12
WAUAX Western Asset Total Return Unconstrained No one, but . . . Dennis McNamara was added as a manager as a part of Western Asset’s team-based approach. 9/12

Manager Changes, August 2012

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
ACCSX Access Capital Community Investment John Huber Comanagers, Brian Svendahl and Todd Brux, will continue on 8/12
CABNX AllianceBernstein Balanced Shares The entire team The quantitative investment strategies team, Michael DePalma, Ashwin Alankar, and Leon Zhu. 8/12
BEDIX BlackRock Emerging Market Debt Daniel Shaykevich, Schott Thiel, and Imran Hussain are out. Sergio Trigo Paz, Raphael Marechal, and Laurent Develay are in, as is the new name, BlackRock Emerging Market Local Debt 8/12
BABDX BlackRock Global Dividend Income No one, but . . . Andrew Wheatley-Hubbard becomes the third comanager. 8/12
CGVAX Calvert Government No one, but . . . Vishal Khanduja has been added as a comanager 8/12
CULAX Calvert Ultra-Short Income No one, but . . . Vishal Khanduja has been added as a comanager 8/12
UMMGX Columbia Bond Alexander Powers, manager since 1997, is retiring. Comanagers, Carl Pappo and Michael Zazzarino remain 8/12
RRGAX DWS RREEF Global Real Estate Securities William Leung Chris Robinson joins the team of six 8/12
HMCAX Eagle Mid Cap Stock No one, but . . . Chuck Schwartz, Betsy Pecor and Matt McGeary have joined Eagle Asset Management and will be comanagers of the fund. 8/12
FSHCX Fidelity Select Medical Delivery Andrew Hatem Steven Bullock becomes the 7th person to manage the fund since 2000 8/12
MDEGX BlackRock Global Dynamic Equity The existing team, including lead manager Dennis Stattman, are leaving this fund, but not the firm. Everything changes: name (Long-Horizon Equity), mandate and managers.  The new fund will be run by a global equity team headed by Richard Turnill 8/12
GSAGX Goldman Sachs Asia Equity No one, but . . . Edward Perkin, a long-time Goldman employee, joined the management team and at four other sad-sack Goldman funds. Why? 8/12
GZIAX Goldman Sachs Brazil Equity Gabriella Antici leaves this high turnover, high expense underperformer The rest of the team continues on. 8/12
GBRAX Goldman Sachs BRIC No one, but . . . Edward Perkin joined the management team 8/12
GSIFX Goldman Sachs Concentrated International Equity Hiroyuki Ito Edward Perkin and Alexis Deladerriere continue on 8/12
GEMAX Goldman Sachs Emerging Markets Equity No one, but . . . Edward Perkin joined the management team 8/12
GISAX Goldman Sachs International Small Cap Hiroyuki Ito Guarav Rege joins comanager Aidan Farrell 8/12
GSYAX Goldman Sachs N-11 Equity No one, but . . . Maria Drew joined as comanager, forming the team of Loo and Drew. 8/12
GSAKX Goldman Sachs Strategic International Equity Hiroyuki Ito Edward Perkin and Alexis Deladerriere continue on 8/12
GAGEX Guinness Atkinson Global Energy Tom Nelson Tim Guinness, Ian Mortimer, and Will Riley remain 8/12
IFCAX ING Greater China William Pang has left The rest of the team continues on. 8/12
GGHCX Invesco Global Health Care Dean Dillard The rest of the team continues on. 8/12
AMHYX Invesco High Yield Peter Ehret has left the firm Darren Hughes and Scott Roberts will comanage 8/12
JMFTX Janus Emerging Markets No one, but . . . Hiroshi Yoh joins the team. 8/12
JORNX Janus Global Select John Eisinger George Maris, who also manages Janus Worldwide (JAWWX) 8/12
JHAQX John Hancock High Income No one, but . . . John Addeo joins the team 8/12
TSHYX John Hancock High Yield No one, but . . . John Addeo joins the team 8/12
JNRAX John Hancock Natural Resources No one, but . . . RS Investments joins as a new subadvisor, with MacKenzie Davis, Andrew Pilara, Jr., and Kenneth Settles, Jr. running their sleeve of the fund. 8/12
JICAX JPMorgan Intrepid Multi Cap No one, but . . . Garrett Fish joined existing comanagers, Dennis Ruhl and Jason Alonzo. 8/12
OLVAX JPMorgan Large Cap Value Alan Gutmann is taking a leave of absence Comanager Aryeh Glatter will take over as lead manager 8/12
JTVAX JPMorgan U.S. Large Cap Value Plus Alan Gutmann is taking a leave of absence Comanager Aryeh Glatter will take over as lead manager 8/12
JUEAX JPMorgan US Equity Alan Gutmann is taking a leave of absence Comanager Aryeh Glatter will take over as lead manager 8/12
JVOAX JPMorgan Value Opportunities Alan Gutmann is taking a leave of absence Comanager Aryeh Glatter will take over as lead manager 8/12
LZISX Lazard International Small Cap Equity Brian Pessin Alex Ingham joins John Reinsberg and Edward Rosenfeld 8/12
LMGTX Legg Mason Capital Management Global Growth Robert Hagstrom is stepping down Comanager Gibboney Huske will take on the lead role 8/12
LFRAX Lord Abbett Floating Rate Joel Serebransky left Jeff Lapin will join comanager, Chris Towle 8/12
LGLAX Lord Abbett Growth Leaders David Linsen leaves the management slot to become research director. Paul Volovich, Tom O’Halloran, Anthony Hipple and Arthur Weise 8/12
LMGAX Lord Abbett Growth Opportunities David Linsen leaves the management slot to become research director. Paul Volovich becomes lead manager. 8/12
LALCX Lord Abbett Stock Appreciation David Linsen leaves the management slot to become research director, Paul Volovich heads of to manage LMGAX Tom O’Halloran is the new leader. 8/12
MSFAX Morgan Stanley Global Franchise Walter Riddell will retire at the end of the year. 8/12
MEQIX Morgan Stanley Institutional Asian Equity No one, but . . . May Yu joins as fourth comanager. 8/12
MSIQX Morgan Stanley Institutional International Equity Walter Riddell will retire at the end of the year. 8/12
MSISX Morgan Stanley Institutional International Small Cap Margaret Naylor, Arthur Pollock, Alistair Corden-Lloyd, and Alexander Vislykh Burak Alici will be the sole manager. 8/12
AMFAX Natixis ASG Managed Futures Strategy No one, but . . . Robert Sinnott joins the team 8/12
NNGAX Nuveen Multi-Manager Large-Cap Value No one, but . . . Thomas Cole joins the team on behalf of Institutional Capital. Joel Drescher joins for Symphony Asset Management. 8/12
PEYAX Putnam Equity Income Bartlett Geer leaves to join BlackRock Darren Jaroch, current manager of Putnam International Value (PNGAX), is the new manager here, joined by Walter Scully as a comanager. 8/12
PNGAX Putnam International Value No one, but . . . Karan Sodhi joins Darren Jaroch as an assistant manager. 8/12
SWDSX Schwab Dividend Equity No one, but . . . Jonas Svallin joined the team. 8/12
SWFFX Schwab Financial Services No one, but . . . Jonas Svallin joined the team. 8/12
SWHFX Schwab Health Care No one, but . . . Jonas Svallin joined the team. 8/12
SWHEX Schwab Hedged Equity No one, but . . . Jonas Svallin joined the team. 8/12
SICNX Schwab International Core Equity No one, but . . . Jonas Svallin joined the team. 8/12
SWLSX Schwab Large-Cap Growth No one, but . . . Jonas Svallin joined the team. 8/12
SWSCX Schwab Small Cap Equity No one, but . . . Jonas Svallin joined the team. 8/12
SELAX Select Alternative Allocation No one, but . . . Ellen Tesler joins the other three managers. 8/12
SNTNX Sentinel Mid Cap Chuck Schwatz, Betsy Pecor, Matt Spitznagle, and Matt McGeary have left for positions with Eagle Asset Management Christian Thwaites, Dan Manion, Hilary Roper, and Carole Hersam will take over. 8/12
SYVAX Sentinel Mid Cap II Chuck Schwatz, Betsy Pecor, Matt Spitznagle, and Matt McGeary have left for positions with Eagle Asset Management Christian Thwaites, Dan Manion, Hilary Roper, and Carole Hersam will take over. 8/12
SAGWX Sentinel Small Company Chuck Schwatz, Betsy Pecor, Matt Spitznagle, and Matt McGeary have left for positions with Eagle Asset Management Christian Thwaites, Dan Manion, Hilary Roper, and Carole Hersam will take over. 8/12
MYPVX Sentinel Sustainable Mid Cap Opportunities Chuck Schwatz, Betsy Pecor, Matt Spitznagle, and Matt McGeary have left for positions with Eagle Asset Management Christian Thwaites, Dan Manion, Hilary Roper, and Carole Hersam will take over. 8/12
FBAAX SunAmerica Focused Balanced Strategy No one, but . . . Kara Murphy was added as a comanager 8/12
FASAX SunAmerica Focused Multi-Asset Strategy No one, but . . . Kara Murphy was added as a comanager.  Given the fund’s high expenses, high sales load and high risk scores, I’m not sure it will matter. 8/12
PRSVX T. Rowe Price Small-Cap Value Preston Athey is beginning to phase out.  He’ll step down in mid 2014 after a 36 year career with T Rowe. David Wagner will step up from associate portfolio manager. 8/12
HPCCX USX China Ryan Jenkins resigned Christopher Anci remains 8/12
VEVFX Vanguard Explorer Value Brian Walton leaves the team Timothy Beyer joins the team. 8/12
VHGEX Vanguard Global Equity AllianceBernstein has been removed as a subadvisor. Baillie Gifford will run more of the fund 8/12
VTRIX Vanguard International Value AllianceBernstein has been removed as a subadvisor. A team from ARGA Investment Management, LP. 8/12
VWNDX Vanguard Windsor AllianceBernstein has been removed as a subadvisor. A team from Pzena Investment Management joins James Mordy, a Wellington manager whose been with the fund for four years.  If their corporate mascot was a buccaneer, they’d be the Pirates of Pzena. 8/12
PSFRX Virtus Senior Floating Rate No one, but . . . Frank Ossino has joined Newfleet Asset Management, the subadvisor, and David Albrycht and Kyle Jennings, the comanagers. 8/12

 

Manager Changes, July 2012

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 Date
AAIEX American Beacon International Equity Gary Motyl passed away last month Cindy Sweeting and Antonio Docal were named as portfolio managers 7/12
BIBDX BlackRock Global Dividend Income No one, but … Andrew Wheatley-Hubbard joins the team as a comanager 7/12
BGORX BlackRock Global Opportunities Michael Carey is no longer manager Nigel Hart, managing director of BlackRock, will become comanager with the existing team of Ian Jamieson and Thomas Callan. 7/12
MMCIX BNY Mellon Small/Mid Cap No one, but … Alexander Budny III and Charles Trafton will be added as comanagers 7/12
CVARX Calamos Value No one, but … Three new managers, Jeff Miller, Ariel Fromer, and Tammy Miller, join the team. 7/12
SLMCX Columbia Seligman Communications & Information No one, but … Ajay Diwan is joining the management team of Paul Wick, Richard Parower, Vishal Saluja, and Sushil Wagle 7/12
CSMIX Columbia Small Cap Value I Stephen D. Barbaro will retire at the end of the year His comanager, Jeremy H. Javidi, assumed the role of lead manager on June 30, 2012, with John Barret continuing to comanage. 7/12
CTCAX Columbia Technology No one, but … Rahul Narang has joined lead manager, Wayne Collette. 7/12
CRISX CRM Mid Cap Value No one, but … Robert Rewey III has joined as a comanager 7/12
CRIAX CRM Small/Mid Cap Value No one, but … Jonathan Ruch has joined as a comanager 7/12
DLMAX Delaware Mid Cap Value No one, but … Steven Catricks, Kelley McKee, and Kent Madden, three equity analysts, have been promoted to comanagers 7/12
DEVLX Delaware Small Cap Value No one, but … Steven Catricks, Kelley McKee, and Kent Madden, three equity analysts, have been promoted to comanagers 7/12
DIGFX Dreyfus Basic US Mortgage Securities No one, but … Karen Gemmett has joined as a comanager. 7/12
DIAVX Dreyfus Inflation Adjusted Securities No one, but … Nate Pearson was added as a portfolio manager, joining comanagers Robert Bayston and David Horsfall 7/12
DRGIX Dreyfus US Treasury Intermediate Term No one, but … Nate Pearson, a current strategist with the firm, is a new comanager, with head manager Robert Bayston. 7/12
DRGBX Dreyfus US Treasury Long-Term No one, but … Nate Pearson, a current strategist with the firm, is a new comanager, with head manager Robert Bayston. 7/12
FPIVX FPA International Value Eric Bokota, in a surprise move, has stepped down as comanager and resigned from First Pacific Advisors. Comanager Pierre O. Py  remains as the sole manager but is looking for a senior analyst 7/12
FRBSX Franklin Balance Sheet Investment No one, but … Grace Hoefig joins the management team 7/12
FRVLX Franklin Small Cap Value Y. Dogan Sahin Steve B. Raineri joins a team that’s been in place since 1996 7/12
HFLAX Hartford Floating Rate Frank Ossino has left Wellington Management, the subadviser, and has stepped down as portfolio manager. Comanager, Michael Bacevich, remains. 7/12
HSFAX HSBC Frontier Markets No one, but … Chris Turner has joined Andrew Brudenell as a comanager 7/12
JNRAX John Hancock Natural Resources No one, but … RS Investment Management becomes a second subadvisor. 7/12
EPLPX MainStay Epoch U.S. Equity David Pearl will no longer be manager, as part of a larger shift in strategy, as well as a name change. Eric Sappenfield will join the management team of MainStay Epoch U.S. Equity Yield 7/12
MERGX Marsico Emerging Markets Joshua Rubin is among the latest group leaving. Munish Malhotra remains as the sole portfolio manager 7/12
MFCFX Marsico Flexible Capital Doug Rao is the latest of many departures. Jordan Laycob and Munish Malhotra will comanage. 7/12
MFOCX Marsico Focus Doug Rao is the latest of many departures. Tom Marsico and Coralie Witter remain. 7/12
MGRIX Marsico Growth Doug Rao is the latest of many departures. Tom Marsico and Coralie Witter remain. 7/12
MERDX Meridian Growth No one, but … Larry Cordisco, who left Meridian Value in 2011, returns to shore up the team of William Tao and Jamie England after Rick Aster’s death early this year. 7/12
MPXCX MFS Asia Pacific Ex Japan Robert W. Lau will be replaced by . . . . . . John J. Tsai and Sanjay Natarajan 7/12
OPTFX Oppenheimer Capital Appreciation No one, but … Michael Kotlarz  joined as comanager 7/12
OEQAX Oppenheimer Equity No one, but … Michael Kotlarz  joined as comanager 7/12
PIUIX PNC International Equity Brian Hopkinson and Paul Nestro Bin Xiao of Polaris Capital Management joined the team 7/12
PRACX Putnam Research Fund George Gianarikas Neil Desai, previously a partner at Crosslink Capital 7/12
TWAAX Thrivent Partner Worldwide Allocation No one, but … DuPont Capital Management will become the sixth subadvisor.  It’s a fine fund but really, six management teams for $600 million in assets? 7/12
USGNX USAA Government Securities Didi Weinblatt has retired Donna Baggerly will again be lead manager. 7/12
USAIX USAA Income Didi Weinblatt has retired Matt Freund and Julianne Bass will take over. 7/12
EKWAX Wells Fargo Advantage Precious Metals No one, but … Oleg Makhorine joins the team. 7/12

 

Manager changes, June 2012

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
ALOPX Allianz AGIC International Growth Opportunities Subadvisor, Allianz Global Investors Capital Management RCM Capital Management, with Andrew Neville as lead manager, assisted by Dennis Lai and Koji Nakatsuka 6/12
SSGRX BlackRock Energy & Resources Dan Rice is leaving under a dark cloud. Comanager, Denis Walsh, will take over with help from Dan Neumann. 6/12
BROAX BlackRock Global Opportunities Michael Carey was ousted Comanagers, Thomas Callan and Ian Jamieson, will stay. They will be joined by Nigel Hart. 6/12
BREAX BlackRock International Opportunities Michael Carey is out as comanager Comanagers, Thomas Callan and Ian Jamieson, will stay. They will be joined by Nigel Hart. 6/12
MDLRX BlackRock Large Cap Core Robert Doll is retiring, an announcement oddly coincident with a scandal.. CIO Christopher Leavy, will take on management duties as well. 6/12
BALPX BlackRock Large Cap Core Plus Robert Doll is retiring. CIO Christopher Leavy, will take on management duties as well. 6/12
MDLHX BlackRock Large Cap Growth Robert Doll is retiring. CIO Christopher Leavy, will take on management duties as well. 6/12
MDLVX BlackRock Large Cap Value Robert Doll is retiring. CIO Christopher Leavy, will take on management duties as well. 6/12
HRCVX Eagle Growth & Income No one, but . . . David Powers joins as a fourth portfolio manager 6/12
EVIBX Eaton Vance Income Fund of Boston Tom Huggins is no longer manager of several Eaton Vance funds. Michael Weilheimer will continue 6/12
KAUAX Federated Kaufmann Jonathan Gold Tom Brakel joins the team which includes Hans und Franz, managers since 1986.  The fund really is a shadow of its former self – bloated, overpriced, underperforming 6/12
FKASX Federated Kaufmann Small Cap No one, but . . . Tom Brakel joins the team. 6/12
FSDIX Fidelity Strategic Dividend & Income Chris Sharpe, who will be concentrating on the firm’s target-date lineups Current comanager, Joanna Bewick, will take the lead role, joined by Ford O’Neil, who heads up  Fidelity Total Bond (FTBFX) 6/12
FSICX Fidelity Strategic Income Chris Sharpe, who will be concentrating on the firm’s target-date lineups Current comanager, Joanna Bewick, will take the lead role, joined by Ford O’Neil, who heads up  Fidelity Total Bond (FTBFX) 6/12
FSRRX Fidelity Strategic Real Return Chris Sharpe Current comanager, Joanna Bewick, will take the lead role, joined by Ford O’Neil, who heads up  Fidelity Total Bond (FTBFX) 6/12
FTBFX Fidelity Total Bond No one, but . . . Jeff Moore will join Ford O’Neil as a comanager, as O’Neil steps up at several other Fidelity funds. 6/12
IFCAX ING Greater China Michael Chiu and Bratin Sanyal William Pang and Guy Uding, who joined earlier this year, will continue. 6/12
LETRX ING Russia Remco Vergeer Nathan Griffiths joins Angus Alexander Roberton 6/12
ASMMX Invesco Summit No one, but . . . Erik Voss will join the team of this endlessly mediocre offering 6/12
IVBAX Ivy International Balanced No one, but . . . W. Jeffrey Surles joins lead manager John Maxwell. 6/12
LZISX Lazard International Small Cap Equity Brian Pessin The rest of the team continues. 6/12
LISIX Lazard International Strategic Equity Brian Pessin The rest of the team continues. 6/12
SPAAX Legg Mason Capital Management All Cap Bill Miller is stepping down, in preparation for his retirement. He recently stepped down from managing Legg Mason Capital Management Value (LMVTX) as well. Jay Leopold will continue on. 6/12
LRRAX Legg Mason Strategic Real Return Andrew Purdy Patricia Duffy 6/12
LCFIX Lord Abbett California Tax Free No one, but . . . Paul Langlois joins existing comanager, Daniel Solender. 6/12
MGEMX Morgan Stanley Institutional Emerging Markets Comanager James Cheng is planning an end-of-year retirement Munib Madni and Samuel Rhee have joined the team 6/12
NMIEX Northern Multi-Manager International Equity Tradewinds Global Investors is no longer a subadvisor. Tradewinds has been removed as subadvisor on several funds after David Iben announced his departure. EARNEST Partners will be added as a subadvisor 6/12
GRAAX Pioneer Ibbotson Growth Allocation fund Peng Chen resigned as president of Ibbotson and is no longer listed as manager on Pioneer Ibbotson Asset Allocation series. Paul Arnold joins comanagers Scott Wentsel and Brian Huckstep. 6/12
PGEAX Putnam Global Energy Jessica Wirth Greg Kelly will join current comanager, Steve Curbow 6/12
PGTAX Putnam Global Technology George Gianarikas has left the firm. Brian Hertzog 6/12
PUGIX Putnam Global Utilities George Gianarikas has left the firm. Sheba Alexander 6/12
TFEQX Templeton Institutional Foreign Equity Series Gary Motyl, a key manager and CIO of Templeton, died last week. The rest of the team continues on. 6/12
SASPX Wells Fargo Advantage Asia Pacific No one, but . . . Alison Shimada joins Anthony Cragg as comanager 6/12
SCSAX Wells Fargo Advantage Common Stock No one, but . . . Thomas Wooden joins the team of Ann Miletti and Marina Carlson. 6/12
EKGAX Wells Fargo Advantage Global Opportunities No one, but . . . Oleg Makhorine has been added as a comanager 6/12

Manager changes, May 2012

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
ACSCX American Century Small Cap Value James Pitman Benjamin Giele and Jeff John 5/12
BMCAX BlackRock Mid-Cap Value Equity Anthony Forcione Timothy Keefe 5/12
IRFAX Cohen & Steers International Realty Portfolio manager Scott Crowe is leaving the firm Jon Cheigh 5/12
CSRSX Cohen & Steers Realty Shares No one, but … Tom Bohjalian will join Jon Cheigh as comanager. 5/12
CSVAX Columbia Strategic Investor Emil Gjester and Jonas Patrikson have stepped down Steven Schroll, Laton Spahr, and Paul Stocking will be the new managers. They’ve delivered solid performance on other Columbia funds. 5/12
EVRAX Columbia Value & Restructuring David Williams, manager since inception, retired. Comanagers Nick Smith and Guy Pope remain. 5/12
FDSSX Fidelity Stock Selector All Cap No one, but … Gordon Scott joined the team 5/12
FTEMX Fidelity Total Emerging Markets No one, but … Greg Lee, an e.m. stock manager, became the 7th comanager 5/12
FRVLX Franklin Small Cap Value Y. Dogan Sahin has stepped down. Four comanagers remain. 5/12
GIEIX GE Institutional International Equity Paul Nestro and Brian Hopkinson Lead manager Ralph Layman and two comanagers remain 5/12
GUSIX GE Institutional U.S. Equity Thomas Lincoln The other comanagers remain. 5/12
HRSVX Heartland Select Value Comanager Hugh Denison has stepped down in anticipation of retirement. The comanagers remain. 5/12
IEDAX ING Large Cap Value David Powers Comanagers Robert Kloss and Christopher Corapi remain 5/12
JCUAX John Hancock II Currency Strategies J No one, but … Jeppe Ladekarl will join current managers Ken Ferguson and Dori Levanoni 5/12
JPSAX JPMorgan US Dynamic Plus Christopher Blum was promoted. Alonzo, Dennis Ruhl, and Pavel Vaynshtok 5/12
SSIAX Legg Mason Investment Counsel Social Awareness David Kafes has left as comanager. Aimee Eudy will join Ronald Bates as comanager 5/12
LAALX Leuthold Asset Allocation Long time co-manager, Andrew Engel died. The other comanagers remain. 5/12
LCORX Leuthold Core Investment Long time co-manager, Andrew Engel died. The other comanagers and Leuthold’s quant screens remain. 5/12
MGVAX MainStay Government No one, but … Steven Rich was added as comanager. 5/12
MACSX Matthews Asian Growth & Income Jesper Madsen, who led the fund after Andrew Foster departed to found Seafarer Capital, stepped down CIO Robert Horrocks and relative newbie Ken Lowe remain as comanagers 5/12
NTGAX Nuveen Tradewinds Global Resources David Iben, Alberto Jimenez Crespo, and Gregory Padilla are left to join Vinik Asset Management Emily Alejos and Drew Thelen, the firms new co-CIOs 5/12
OAKLX Oakmark Select Henry Berghoef, long-time co-manager, will retire at the end of July. Lead manager Bill Nygren will run the fund 5/12
PRBLX Parnassus Equity Income No one, but … Benjamin Allen is promoted to comanager. 5/12
CVFCX Pioneer Cullen Value Subadvisor Cullen Capital Management, including team leader and firm founder, James Cullen Edward “Ned” Shadek and John Peckham 5/12
TGGWX TCW Enhanced Commodity Strategy Claude Erb Tad Rivelle joins current comanagers Steven Kane and Bret Barker 5/12
BNIEX UBS International Equity No one, but … Stephan Maikkula was added as a comanager 5/12

Manager changes, April 2012

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
XXXXX American Century’s Strategic Allocation funds and the firm’s Livestrong target-date series Irina Torelli, a portfolio manager on the asset-allocation team The other 26 remain 4/12
BJGQX Artio Global Equity Rudolph-Riad Younes and Dimitre Genov Keith Walter 4/12
CHASX Chase Growth Peter C. Wood retires. Edward S. Painvin, previously of Allianz-RCM 4/12
CMMZX Columbia Absolute Return Emerging Markets Macro Richard House and Agnes Belaisch, about whose performance you can say little.  Its closest competitor, Forward Credit Analysis Long/Short, has done a lot better but doesn’t focus on emerging markets. Nicholas Pifer and Jim Carlen 4/12
RFRAX Columbia Floating Rate No one, but … Ronald Launsbach joins the team 4/12
APIAX Columbia Multi-Advisor International Value Subadviser Tradewinds is out. Is this related to Dave Iben’s departure? Dimensional Fund Advisors and Mondrian Investment Partners remain as subadvisors 4/12
FIEUX Fidelity Europe Melissa Reilly Riesteard Hogan 4/12
FDEGX Fidelity Growth Strategie Steven Calhoun Chris Lee 4/12
FISEX Franklin Equity Income Frank Felicelli, manager since inception in 1988 Comanagers Alan Muschott, Ed Perks, and Matt Quinlin remain. 4/12
GCMAX Goldman Sachs Mid Cap Value Comanager Scott Carroll resigned. Other team members will assume his duties. 4/12
GIEYX GuideStone Funds International Equity Tradewinds Global Investors has been terminated as a sub-adviser, just a month after president, David Iben, announces that he’s leaving with three analysts. Ten other subadvisors remain. 4/12
ITTAX Hartford Advisers Irons and Peter Higgins, managers since 2005, are stepping down. Karen Grimes. 4/12
JFAMX JPMorgan Emerging Markets Equity Greg Mattiko Lead manager Austin Forey and comanager and CIO Richard Titherington remain on the fund 4/12
LMVTX Legg Mason Capital Management Value Trust Bill Miller leaves after 30 years.  Sad end to an overblown career. Sam Peters, his planned successor, will continue, as will assistant portfolio manager, Mary Chris Gay 4/12
MERGX Marsico Emerging Markets Charlie Wilson is the latest to leave the firm.  Wilson is the latest in a string of mid- to high-level departures Comanagers Munish Malhotra and Josh Rubin remain 4/12
MERDX Meridian Growth Founder and manager Richard Aster died on February 12, at the age of 72 from a traumatic head injury. Larry Cordisco, a former portfolio manager of Meridian Value (MVALX), returned to the firm to join William Tao.  Kevin O’Boyle, another talented returnee, will oversee research but does not carry a “manager” title 4/12
FASKX Nuveen Large Cap Value Kevin Earley and Brent Mellum Cori Johnson, Gerald Bren and Derek Sadowsky 4/12
FASEX Nuveen Mid Cap Value Kevin Earley and Brent Mellum Karen Bowie and David Chalupnik 4/12
QRAAX Oppenheimer Commodity Strategy Total Return Kevin Baum has resigned from the firm Comanager, Robert Baker, and bond component manager, Carol Wolfe, will remain. 4/12
POAGX Primecap Odyssey Aggressive Growth Howard Schow, comanager, died on Sunday, April 8, at the age of 84. Other comanagers remain. 4/12
POGRX Primecap Odyssey Growth Howard Schow Other comanagers remain. 4/12
POSKX Primecap Odyssey Stock Howard Schow Other comanagers remain. 4/12
PGCOX Putnam Global Consumer Timothy Codrington The existing comanagers remain 4/12
PHSTX Putnam Global Health Care Christopher Stevo The existing comanagers remain 4/12
EBERX Putnam Natural Resources John Morgan The existing comanagers remain 4/12
UMBWX Scout International Fund Gary Anderson Michael D. Stack 4/12
SSGFX Sextant Growth No one, but … Paul Meeks has been hired by advisor, Saturna Capital. 4/12
STRGX Stratton Multi Cap James Beers Andrew DiZio, John Affleck and Shawn Gallagher 4/12
STMDX Stratton Real Estate James Beers Andrew DiZio, John Affleck and Shawn Gallagher 4/12
PRGSX T. Rowe Price Global Stock Rob Gensler, once Price’s hottest young manager, is retiring. Dave Eiswert is taking over as manager 4/12
PRGTX T. Rowe Price Global Technology Dave Eiswert is leaving to take over PRGSX and TRGSX. Josh Spencer will move up. 4/12
TRGSX T. Rowe Price Institutional Global Equity Rob Gensler is retiring. Dave Eiswert is taking over as manager 4/12
TCOEX Tactical Offensive Equity Fund No one, but … Lui-Er Chen of Delaware Management Company is added as a sub-adviser 4/12
TFEMX Touchstone Emerging Markets Equity II Patricia Perez-Coutts Comanager, Stephen Way, will remain 4/12
TEMAX Touchstone Emerging Markets Equity Patricia Perez-Coutts Comanager, Stephen Way, will remain 4/12
BEAAX U.S Equity Alph Thomas Cole John Leonard 4/12
BNGEX UBS Global Equity Fund Nicholas Melhuish Nicholas Irish 4/12
BNVAX UBS US Equity Opportunity Thomas Cole John Leonard 4/12
BNEQX UBS US Large Cap Equit Thomas Cole John Leonard 4/12
VHCOX Vanguard Capital Opportunity Howard Schow, comanager, died on Sunday, April 8, at the age of 84. Other comanagers remain. 4/12
VPCCX Vanguard Primecap Core Howard Schow Other comanagers remain. 4/12
VPMCX Vanguard Primecap Howard Schow Other comanagers remain. 4/12
SFAAX Wells Fargo Advantage Index Asset Allocation Gregory Genung Petros Bocray 4/12
WMMFX Wilmington Multi-Manager International Fund Amanda M. Cogar All the rest remain 4/12