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, March 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.

Fund Out with the old In with the new Dt
American Beacon Treasury Inflation Protected Securities (ATPIX) William Quinn Seven comanagers remain. 3/12
Ariel Appreciation(CAAPX) Matthew Sauer is leaving to join Lateef Investment Management and perhaps help with the erratic Lateef Fund (LIMAX) John Rogers and Timothy Fidler will remain as comanagers. 3/12
BlackRock High Yield Bond (BHYAX) No one, but … Charlie McCarthy is a new comanager. 3/12
Buffalo China (BUFCX) No one, but … Yulin Li has been added as a comanager. 3/12
Davis Financial (RPFGX) Charles Cavanaugh is stepping down. Lead manager, Kenneth Feinberg, remains. 3/12
Dreyfus/Standish Fixed Income (SDFIX) Peter Vaream is out The rest of the comanagers remain
Fidelity Advisor Stock Selector Mid Cap (FMCDX) Comanager Michael Valentine Rayna Lesser 3/12
Fidelity Inflation-Protected Bond (FINPX) No one, but … Franco Castagliuolo joins the team. 3/12
Fidelity Series Inflation-Protected Bond Index (FSIPX) No one, but … Alan Bembenek will be a new comanager. 3/12
Fidelity Series Small Cap Opportunities No one, but … Eirene Kontopoulos joins the team 3/12
Fidelity Stock Selector Small Cap (FDSCX) No one, but … Eirene Kontopoulos joins the team 3/12
Fidelity Total International Equity (FTIEX) Robert von Rekowsky Ashish Swarup joins the existing managers, Jed Weiss and Alexander Zavratsky 3/12
GE Institutional Small-Cap Equity (GSVIX) Jeffrey Schwartz Marc Shapiro joins the remaining subadvisors 3/12
Hartford Advisers (ITTAX) Steven Irons Karen Grimes 3/12
Henderson International Opportunities(HFOAX) Iain Clark will no longer manage as of April 4, 2012. The eight other managers remain. 3/12
Invesco High Income Municipal (AHMAX) Gerard Pollard and Franklin Ruben The current comanagers remain. 3/12
Invesco Van Kampen High Yield Municipal (ACTHX) Gerard Pollard and Franklin Ruben The current comanagers remain. 3/12
JPMorgan Intrepid America (JIAAX) Christopher Blum, who has been appointed the head of global equity solutions at JP Morgan’s asset management division. Dennis Ruhl and Pavel Vaynshtok will be added as comanagers. 3/12
JPMorgan Intrepid Growth (JIGAX) Christopher Blum Dennis Ruhl and Pavel Vaynshtok 3/12
JPMorgan Intrepid Multi Cap (JICAX) Christopher Blum Dennis Ruhl 3/12
JPMorgan Intrepid Value (JIVAX) Christopher Blum Dennis Ruhl and Pavel Vaynshtok 3/12
Lazard U.S. Equity Value (LEVIX) Nicholas Sordoni, J. Richard Tutino Jr, and Ronald Temple as of May 31, 2012 Christopher Blake will join the management team 3/12
Legg Mason Batterymarch Global Equity (CFIPX) Adam Petryk is no longer the manager, but remains at the firm. No one new. 3/12
Legg Mason Batterymarch International Equity(LGIEX) Adam Petryk No one new. 3/12
Legg Mason Batterymarch S&P 500 Index (SBSPX) Adam Petryk No one new. 3/12
Legg Mason Batterymarch U.S. Small Cap Equity (LMSIX) Adam Petryk No one new. 3/12
Legg Mason Western Asset Strategic Income (SDSAX) No one, but … Christopher Orndoff joined the management team 3/12
Loomis Sayles Small Cap Value (LSCRX) No one, but … Jeffrey Schwartz joins Joseph Gatz as a comanager 3/12
MFS Massachusetts Investors Trust (MITTX), which has been around since 1924 and has seen several management changes in that time Nicole Zatlyn, comanager since 2005, steps down. Comanager, Kevin Beatty, will be joined by Ted Maloney 3/12
Natixis U.S. Multi-Cap Equity (NEFSX) No one, but … Jeffrey Schwartz joins Joseph Gatz as a comanager 3/12
Northern Enhanced Large Cap (NOLCX) Joseph Wolfe The other managers remain. 3/12
Northern Large Cap Value (NOLVX) Stephen Atkins The other managers remain. 3/12
Nuveen Tradewinds Global All-Cap (NWGAX) David Iben leaves to join Vinik Asset Management Emily Alejos and Drew Thelen will take over. 3/12
Nuveen Tradewinds Global Flexible Allocation(NGEAX) Iben and Isabel Satra are . . . yes. You guessed it, off to Vinik Asset Management Analyst Ariane Mahler will join the remaining manager, Michael Hart 3/12
Nuveen Tradewinds Global Resources(NTGAX) Iben, Crespo, and Gregory Padilla all going to Vinik Asset Management There hasn’t been a new manager announced yet. 3/12
Nuveen Tradewinds International Value(NAIGX) Alberto Jimenez Crespo follows Iben to Vinik Asset Management Peter Boardman remains as the sole manager. 3/12
Nuveen Tradewinds Value Opportunities (NVOAX) David Iben leaves to join Vinik Asset Management Two analysts, Joann Barry and Rowe Michels, will take the helm. 3/12
Old Mutual Focused (OBFVX), now re-named Touchstone Focused Longtime manager Jerome Heppelmann is being replaced as part of Touchstone’s acquisition of 17 Old Mutual Funds. Fort Washington Investment Advisors 3/12
Principal Large Cap Value III (PLVIX) No one, but … Todd Williams joined the team 3/12
Principal Small Cap Value II (PPVIX) No one, but … Joseph Chi, Jed Fogdall, and Henry Gray joined the team 3/12
Prudential High-Yield (PBHAX) No one, but … Ryan Kelly has been added as portfolio manager. 3/12
Scout Global Equity Fund William B. Greiner has resigned as CIO of Scott Investments and is no longer lead manager. Gary Anderson and James A. Reed II will serve as co-lead portfolio managers. 3/12
Sentinel Balanced(SEBLX) No one, but . . . Dan Manion will become the lead manager, joined by Jason Doiron. 3/12
Sentinel Government Securities (SEGSX) No one, but . . . Jason Doiron joins. 3/12
Sentinel International Equity (SWRLX). Stacey Ho is stepping down The rest of the team remains. 3/12
Sentinel Short Maturity Government(SSIGX) No one, but . . . Jason Doiron joins. 3/12
Sentinel Sustainable Growth Opportunities (WAEGX), re-named as Sentinel Sustainable Mid Cap Opportunities on March 29, 2012. Comanagers Elizabeth Bramwell and Kelli Hill are stepping down, Bramwell for retirement. Betsy Pecor, Carole Hersam, and Matthews Spitznagle 3/12
Wells Fargo Global Opportunities(EKGAX) Francis Claro has left the firm. A small fund shop now owned by Wells Fargo, EverKey. 3/12
Westwood Balanced (WHGBX) Susan Byrne.  Byrne really has had a remarkable life, by the way. The rest of the team remains in place with Byrne as a mentor and guide. 3/12
Westwood Large Cap Value (WHGLX) Susan Byrne The rest of the team remains in place with Byrne as a mentor and guide. 3/12

 

Manager changes, February 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.

Fund Out with the old In with the new Dt
AllianceBernstein Global Real Estate Investment (AREAX). No one, but . . . Eric Franco, a current manager at International Value will assume the lead role. 2/12
AllianceBernstein Global Value (ABAGX) No one, but . . . Avi Lavi and Takeo Aso have joined the team. 2/12
AllianceBernstein Greater China (GCHAX) Richard Chow Jean Van De Walle 2/12
AllianceBernstein International Value (ABIAX) No one, but . . . Two managers have been added to the team 2/12
AllianceBernstein Large Cap Growth (APGAX) Manager Scott Wallace and his team. This is the fifth change since 2003. Frank Caruso 2/12
American Century Mid Cap Value (ACLAX) No one but . . . Brian Woglom joins the team as a portfolio manager. 2/12
Artisan International Small Cap (ARTJX) No one, but … Charles-Henri Hamker has been named comanager with Mark Yockey who’s run the fund since inception in 2001 2/12
Artisan International (ARTIX) No one, but … Charles-Henri Hamker and Andrew Euretig have been named associate managers, with Mark Yockey who’s run the fund since inception in 1995 2/12
Artisan Mid Cap Value(ARTQX), Artisan Small Cap Value (ARTVX), and  Artisan Value (ARTLX) No one, but . . . Daniel Kane has been named associate manager with the winning team of Scott Satterwhite, Jim Keiffer, and George Sertl 2/12
Aston/Crosswind Small Cap Growth (ACWDX) Subadvisor, Crosswind Investments, is out as Aston follows manager, Andrew Morey, to . . .  . . . new subadvisor, Lee Munder Capital Group. 2/12
Brandywine Blue (BLUEX) John Regard Scott Gates 2/12
Brandywine (BRWIX) – founded by Foster “just put an aspirin between your knees” Freiss John Regard Scott Gates 2/12
CSC Small Cap Value (CSCSX) No one, but . . . Cove Street Capital is now advisor rather than sub-advisor 2/12
Dreyfus Intermediate Municipal Bond (DITEX) No one, but . . . Christine Todd joins Thomas Casey and Steven Harvey as a portfolio manager 2/12
Dreyfus Municipal Bond (DRTAX) and a bunch of other Dreyfus muni funds James Welch is stepping down as comanager. The team remains. 2/12
Fidelity Balanced (FBALX) George Fischer, who is taking a different position within the firm. Pramod Atluri will lead the existing team. 2/12
Fidelity Puritan (FPURX) George Fischer, who is taking a different position within the firm. Pramod Atluri will lead the existing team. 2/12
Fidelity Select Banking(FSRBX), Communications Equipment (FSDCX), Air Transportation (FSAIX), Transportation (FSRFX),  Defense & Aerospace (FSDAX), and Construction & Housing (FSHOX). No one, yet, but . . . Several analysts have been promoted to comanager roles. Hmmm. 2/12
Fidelity Stock Selector Small Cap(FDSCX) No one, but . . . Anmol Mehra joins the current team. 2/12
JPMorgan Asia Equity (JAEAX) Joshua Tay and Patrick Chiu Edward Pulling and Howard Wang join as managing directors. Pauline Ng remains. 2/12
Legg Mason BW Absolute Return Opportunities (LROAX) No one but . . . Brian Hess joined the management team 2/12
Legg Mason BW Global Bond Opportunities (GOBAX) No one but . . . Brian Hess joined the management team 2/12
Legg Mason BW International Opportunities Bond(LMOTX) No one but . . . Brian Hess joined the management team 2/12
Lord Abbett Emerging Markets Currency (LDMAX) No one, but . . . David Ritt joins Leah Traub as comanager 2/12
Meridian Equity Income (MEIFX) Founder, Richard F. Aster, passed away. James England, manager of Meridian Value (MVALX), will join comanager, James O’Connor. 2/12
Meridian Growth (MERDX) Founder, Richard F. Aster, passed away. James England, manager of Meridian Value (MVALX), will join current comanager, William Tao. 2/12
Northern Multi-Manager International Equity (NMIEX) No one, but . . . They added Northern Cross as a subadvisor 2/12
PACE Alternative Strategies Investments (PASIX) Goldman Sachs is no longer an advisor. Four other sub- advisors remain but given the fund’s tepid performance … 2/12
Pioneer Research (PATMX) Kim Galle The rest of the team remains. 2/12
Schwab Global Real Estate(SWASX) Dionisio Meneses Jr. Paul Alan Davis 2/12
Third Avenue Value (TAVFX) Marty Whitman will leave after managing the fund since he launched over 20 years ago. Ian Lapey, comanager since 2009, will take the lead. 2/12
Thornburg Core Growth(THCGX ) Alex Motola, a very talented manager who’s retiring in 2012. Tim Cunningham and Greg Dunn, currently associate portfolio managers, will take over 2/12
Thornburg International Growth (TIGAX) Alex Motola, who has managed this fund since inception, is retiring this year. Tim Cunningham and Greg Dunn, currently associate portfolio managers, will work with Motola for a few months more and then take over 2/12
Vanguard Equity-Income (VEIPX) No one, but . . . James Troyer and Michael Roach, both long time employees, join James Stetler and Michael Reckmeyer. 2/12
Vantagepoint Equity Income (VPEIX) Mark Giambrone, of Barrow, Hanley, Mewhinney & Strauss, is no longer running a portion of the fund’s assets. The rest of the team – folks from T Rowe Price and Longleaf – remains. 2/12
Vantagepoint Growth (VPGRX) All  three subadvisors were fired : Legg Mason, Tukman Grossman, and D.G. Capital Management. Atlanta Capital Management and Victory Capital Management.  Given that the fund has sucked for years, shareholders are not likely to be worse off. 2/12
Virtus Balanced Allocation (HIBZX) Carol Lyons and Maureen Svagera Daniela Mardarovici and Peter Arts join Daniel Sido and Thomas Lettenberger as portfolio managers 2/12
Wells Fargo Advantage Diversified International (SILAX) Francis X. Claro Jeff Everett, of the recently purchased EverKey Global Partners joins as a comanager as does Dale Winner. 2/12
Wells Fargo Advantage International Equity (WFEAX) Francis X. Claro Jeff Everett, of the recently purchased EverKey Global Partners, joins as a comanager as does Dale Winner. 2/12
Winslow Green Growth(WGGFX) Elizabeth Levy left Karina Funk and David Powell remain. 2/12

 

Manager changes, January 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.

Fund Out with the old In with the new Dt
American Beacon International Equity (AAIPX) Boston Company Asset Management “has been terminated.” Yikes. Causeway Capital Management, Lazard Asset Management, and Templeton Investment will remain. 01/12
Fidelity Low-Priced Stock (FLPSX) No one, but . . . Joel Tillinghast has returned from a four month leave-of-absence.  Sadly, Fido admits this is part of a succession plan. 01/12
Fidelity Overseas (FOSFX) Ian Hart, whose first three years hugged the index and whose last three sagged well beneath it Vincent Montemaggiore 01/12
Fidelity Stock Selector Small Cap (FDSCX) Charles Myers has left the team Five other managers remain. 01/12
Fidelity Series Small Cap Opportunities (FSOPX) Charles Myers has left the team The same five managers who’ve run this and Stock Selection Small Cap.  Odd that this fund, open only to other Fido funds and their managers, is so dramatically better than their other charge. 01/12
Fidelity Trend (FTRNX) Jeff Feingold, who was supposed to manage Magellan and four other funds, is now concentrating solely on Fidelity Magellan (FMAGX) Dan Kelley 01/12
Fidelity Large-Cap Growth (FSLGX) Jeff Feingold, latest lamb on the Magellan altar Dan Kelley 01/12
Fidelity Advisor Strategic Growth (FTQAX) Jeff Feingold Dan Kelley 01/12
Fidelity Value Discovery (FEQTX) Scott Offen, who now manages Fidelity Equity Income II (FEQTX) Sean Gavin 01/12
First Eagle Gold (FEGIX) Abhay Deshpande Lead manager Rachel Benepe and associate manager Chris Kwan will remain 01/12
INTECH International (JMIIX), U.S. Core (JIRMX),  U.S. Growth (JRMGX), and U.S. Value (JRSIX) Robert Fernholz, although he will remain at Intech in a consulting role. Vassilios Papathanakos 01/12
MFS International Growth (MGRAX) No one, but . . . Kevin Dwan will join David Antonelli as a comanager 01/12
Morgan Stanley Institutional Core Fixed Income (MDIAX), Core Plus Fixed Income (MFXAX), and Long Duration funds (MSFVX) W. David Armstrong and Sanjay Verma No one. The other comanagers will keep going. 01/12
Oakmark Equity & Income (OAKBX) Ed Studzinski retired at the end of 2011, for whatever reason Oakmark offered only one week’s notice of his departure after 12 years on the fund. Comanager Clyde McGregor, who has been with the fund since 1995, will continue and will receive some additional analytical support. 01/12
Oppenheimer International Small Company (OSMAX) No one. The previous manager, Rohit Sah left last year. Rezo Kanovich will be the new lead manager. 01/12
The Pax World Global Women’s Equality Fund (PXWIX) Sujatha R. Avutu, Senior Portfolio Manager since 2007 Ivka Kalus-Bystricky 01/12
Putnam Global Utilities (PUGIX) Long term manager Michael Yogg. George Gianarikas 01/12
Sentinel Capital Growth (SICGX),Sentinel Growth Leaders (SIGLX), and Sentinel Sustainable Growth Opportunities (CEGIX) Elizabeth Bramwell, lead portfolio manager and investing icon, retires in March 2012 Kelli Hill, who served three years as one of 11 co-managers of Old Mutual Large Cap Growth (OILLX) 01/21
Third Avenue International Value (TAVIX) No one, but . . . Matthew Fine will join Amit Wadhwaney as a comanager 01/12
Virtus Tactical Allocation (NAINX) No one, but . . . Christopher Kelleher will join as comanager of fixed income assets 01/12
Walden Balanced Fund (WSBFX) Long-time manager Stephen Moody Walter Apfel, like Moody a Boston Trust employee 01/12

 

Manager changes, December 2011

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.

Fund Out with the old In with the new Dt
Columbia Select Small Cap (ESCAX) The whole dang management team Wayne Collette, George Myers, Lawrence Lin, and Brian Neigut 12/11
Fidelity Select Wireless (FWRLX) Gavin Baker leaves here, remains at Fido OTC Matthew Drukker will join comanager Kyle Weaver 12/11
Goldman Sachs Balanced (GSBFX) James Clark, the latest high-level departure from GSAM’s funds. The three other managers will remain. 12/11
Goldman Sachs Large Cap Value (GSLIX) Dolores Bamford The other managers will remain. 12/11
Goldman Sachs Mid Cap Value (GSMCX) John Arege The other managers will remain. 12/11
Hartford Total Return Bond (ITBAX). An undistinguished in-house staff headed by Nasri Toutoungi As of Q1/2012, Wellington Management 12/11
ING Global Natural Resources (LEXMX) and ING Global Resources (IGRSX) David Powers Joseph Bassett and John Bailey will remain 12/11
JHancock Large Cap Equity (TAGRX) Roger Hamilton and Timothy Malloy Walter McCormick and Sandy Sanders 12/11
Neuberger Berman Partners (NPRTX) Basu Mullick, who’d been around since 1998 and who was disturbingly comfortable with volatiility Eli Salzmann 12/11
Neuberger Berman Regency (NBRVX) Basu Mullick, who’d been high beta / low alpha since 2005 Michael Greene and his mid-cap intrinsic-value team 12/11
Oppenheimer Quest International Value (QIVAX) Dominic Freund Randall Dishmon 12/11
Osterweis Fund (OSTFX) Steve Moore The other five managers including leader, John Osterweis, will remain. 12/11
USAA Precious Metals and Minerals (UIPMX) Mark Johnson will retire in March 2012. Comanager, Dan Denbrow, will forge on. 12/11

Manager changes, November 2011

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.

Fund Out with the old In with the new Dt
American Century International Value Fund (ACVUX) Managers Gary Motyl and Neil Devlin Armando Lacayo and Elizabeth Xie 11/11
Baron Fifth Avenue Growth (BFTIX) Randall Haase Alex Umansky, previously of Morgan Stanley 11/11
Columbia LifeGoal Growth (NLGIX), Columbia LifeGoal Balanced Growth (NBIAX), Columbia LifeGoal Income & Growth (NLGAX), and Columbia LifeGoal Income (NLFAX) Kent Bergene and Kent Peterson Melda Mergen and Beth Vanney 11/11
Columbia Overseas Value (COVIX) No one, but . . . Colin Moore joins the team 11/11
Dreyfus High Yield Municipal Bond (DYBIX) No one, but . . . Jeffrey Burger joins as a manager, to work with  current manager James Welch 11/11
Dreyfus Intermediate Municipal Bond (DITEX) No one, but . . . Thomas Casey joins as a manager, to work with  current manager Steven W. Harvey 11/11
Fidelity Balanced(FBALX) and  Fidelity Advisor Balanced (FABLX) Matthew Friedman Tobias Welo 11/11
Fidelity Emerging Markets Discovery Fund (FEDDX) It’s a new fund Ashish Swarup 11/11
Fidelity Small Cap Growth(FCPGX) Lionel Harris Pat Venanzi 11/11
Fidelity Small Cap Stock(FSLCX) Andy Sassine Lionel Harris 11/11
Fidelity Total Emerging Markets (FTEMX) It’s a new fund John Carlson 11/11
Invesco Global Equity (GTNDX)and Invesco Structured Core (SCAUX) Ralph Coutant Michael Abata joins the team 11/11
Legg Mason Capital Management Value Trust (LMVTX) Bill Miller Comanager Sam Peters will become lead portfolio manager 11/11
Marshall Emerging Markets Equity (MIEMX) subadvisor Trilogy Global Advisors M&I Investments Management 11/11
Oppenheimer Quest Opportunity Value (QVOPX) Emmanuel Ferreira Michelle Borré 11/11
Templeton BRIC (TABRX), Templeton Emerging Markets Small Cap (TEMMX), and Templeton Asian Growth No one, but . . . The new team of Mark Mobius, Allan Lam, Dennis Lim, and Tom Wu. 11/11
Templeton Frontier Markets (TFMAX) No one, but . . . Current solo manager Mark Mobius, will now be joined by Allan Lam, Dennis Lim, and Tom Wu. 11/11