Author Archives: Editor

December 2011 Funds in Registration

By Editor

Aviva Investors Emerging Markets Local Currency Bond Fund

Aviva Investors Emerging Markets Local Currency Bond Fund popped up in the SEC database this month.  Oddly enough, the fund already exists but is not available for sale to either individual or institutional investors.  The coolest aspect of the offering is its heritage; it’s based on a SiCav, “a sub-fund of a socioto anonyme formed under the laws of the Grand Duchy of Luxembourg.”  The least cool aspect is that the fund in question consistently trails its index.  When available, it will be team managed, will charge1.15% and will be available for a $5000 minimum.

FAM Small Cap Fund

FAM Small Cap Fund will attempt to “maximize long-term return on capital” by investing in a non-diversified portfolio of quite small companies.  They’re targeting stocks valued at between $50 million and $1 billion.  The managers will determine each firm’s “true business worth” as the basis for their investments.   The managers are Thomas Putnam, Chairman of the adviser, and Marc Roberts, a research analyst for them.   Mr. Putnam’s two other FAM funds, Value and Equity-Income, have been solidly unspectacular for years. The minimum initial purchase is  $5000 for a regular  account and $2000 for an IRA.   Expenses of 1.5%. The proposed launch date is February 12, 2012.

Forward Managed Futures Strategy Fund

Forward Managed Futures Strategy Fund will pursue long term total return.  The Fund will generally invest in the futures contracts included in the Credit Suisse Multi-Asset Futures Strategy Index.  The primary asset classes included in the CSMF Index are commodities, currencies, equity indexes and fixed income. The CSMF Index will take long positions in futures contracts with strong positive positioning relative to its 250-day moving average price and short positions in futures contracts with strong negative positioning relative to the 250-day moving average price.   Their goal is positive returns regardless of market conditions, with a target volatility level of approximately 15% per year.  This strategy is employed by a variety of managed futures funds; they work really well when markets show sustained movements in either direction but suffer in volatile, directionless ones. The Fund will be team managed.  The team leader is Nathan Rowader, Forward’s Director of Investments.  The other team members include Forward’s president and CIO, Jim O’Donnell, Paul Herber and David Ruff. Expenses not yet set.  Investment minimum is $4000, reduced to $2000 for Coverdells and accounts with e-delivery options, $500 for accounts with an automatic investment plan.

Hussman Strategic Dividend Value Fund

Hussman Strategic Dividend Value Fund seeks total return through a combination of dividend income and capital appreciation, with added emphasis on protection of capital during unfavorable market conditions.  It pursues this objective by investing primarily in dividend-paying common stocks.  The Fund has the ability to vary its exposure to market fluctuations based on factors its investment manager believes are indicative of prevailing market return and risk characteristics.  John Hussman, founder and manager of nearly $9 billion in the three other Hussman funds, will run the show.  In general, the Hussman funds have been more distinguished for their strong risk management than for exceptional long-term returns.  Expenses of 1.27% after a substantial “fee deferral.” The minimum initial investment is $1,000, except the minimum is $500 for IRA/UTMA accounts.  Oddly, Morningstar already lists the fund on its site, though it’s not scheduled to open until February 12, 2012.

Satuit Capital U.S. Small Cap Fund

Satuit Capital U.S. Small Cap Fund will seek long-term growth by investing in a diversified portfolio of U.S. small cap stocks. Small cap translates to “comparable to the Russell 2000.”  They’ll start with quantitative screens to construct a Focus List, and then qualitative ones to sort through the Focused stocks.  The management team is the same folks who run Satuit Capital U.S. Emerging Companies (SATMX).  It includes Robert Sullivan, Satuit’s chairman, president and Chief Investment Officer.  Here’s the good news: SATMX (formerly Satuit Microcap) is a really strong fund, with returns in the top 1% of its peer group over the past decade.  The bad news: Satuit offered a small cap fund once before, became discouraged and shut it down rather quickly.  Expenses will be 1.5%. The minimum initial investment is quite low, at $1000.

Satuit Capital U.S. SMID Cap Fund

Satuit Capital U.S. SMID Cap Fund seeks to provide investors with long-term capital appreciation by investing in a diversified portfolio of U.S. small- to mid-cap stocks.  SMID is operationalized as “comparable to the Russell 2500” index.  The managers will use the same combination of quantitative and qualitative screens here as they do in their small cap fund. The management team is the same folks who run Satuit Capital U.S. Emerging Companies (SATMX).  It includes Robert Sullivan, Satuit’s chairman, president and Chief Investment Officer.   Expenses will be 1.5%. The minimum initial investment is quite low, at $1000.

Wasatch Frontier Emerging Small Countries Fund

Wasatch Frontier Emerging Small Countries Fund will pursue long-term capital appreciation by investing in a non-diversified portfolio of stocks represented in “frontier market or small emerging market country.”  The firms in question need either to be domiciled in those markets, or to generate more than 50% of revenues or earnings in them.  Wasatch warns that these include  “the least developed markets even by emerging markets standards.”  Nominally it’s an all-cap fund, practically it’s a small cap one.  The fund will be managed by Laura Geritz who helps manage the Wasatch Emerging Markets Small Cap and International Opportunity funds.  She has an interesting history, having come up through the ranks from “bilingual customer service representative” to “analyst” to “manager.”  Expense ratio not yet announced, but it’ll be high.  The minimum initial investment is $2000 except for college savings accounts and funds with an automatic investing plan, in which case the minimum is reduced to $1000.  The proposed launch date is late January, 2012.

November 2011 Funds in Registration

By Editor

Ariel Global Equity Fund

Ariel Global Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 stocks, foreign, domestic and emerging. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.

Ariel International Equity Fund

Ariel International Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 developed market stocks outside the US. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.

ASTON/Silvercrest Small Cap Fund

ASTON/Silvercrest Small Cap Fund The manager is Roger Vogel, Managing Director of Silvercrest and lead portfolio manager for Silvercrest’s small cap value investment strategy. Prior to Silvercrest, he co-managed both small-cap and large-cap portfolios for Credit Suisse. His private account composite has returned 6.4% since inception in 2003, while the Russell 2000 Value returned 4%. For better or worse, most of his advantage comes in a dramatic outperformance in 2008. Expense ratio of 1.41%, minimum initial investment of $2500, reduced to $500 for IRAs.

Forward Endurance Fund

Forward Endurance Fund seeks long-term growth by investing, long and short, in a global stock portfolio. Their focus will be “to identify trends that may have large and disruptive impacts on global business markets.” David Readerman and Jim O’Donnell will manage the fund. They recently took over Forward Small Cap as well. Expenses not yet set, $4000 minimum initial investment, reduced to $2000 if you sign up for eDelivery, $500 for accounts with automatic investing plans.

Forward Floating NAV Short Duration Fund

Forward Floating NAV Short Duration Fund seeks maximum current income consistent with the preservation of principal and liquidity. Their investment strategy is generic (investment grade, US and non-US, government and corporate debt), but they’re benchmarked against the three-month T-bill and the prospectus goes to pains to say that they’re not a money market. That, of course, says that they’re trying to market themselves as “better than a money market.” David L. Ruff and Paul Broughton will manage the fund. Both have extensive experience, though not in fund management. Expenses not yet set, $4000 minimum initial investment, reduced to $2000 if you sign up for eDelivery, $500 for accounts with automatic investing plans.

FPA International Value Fund (FPIVX)

FPA International Value Fund (FPIVX) seeks above average capital appreciation while attempting to minimize the risk of capital loss. FPA looks in all their funds for well-managed, financially strong, high quality businesses whose stock sells at a significant discount. The managers, Eric Bokota and Pierre Py, are both former Harris Associate (i.e., Oakmark) analysts. Initial expense ratio of 1.98% (they don’t believe in fee waivers), but at least the minimum initial investment ($1500) is low.

Gerstein Fisher Multi-Factor International Growth Equity Fund

Gerstein Fisher Multi-Factor International Growth Equity Fund will seek long-term capital appreciation. They’ll focus on “smaller growth companies that may also display characteristics typically associated with value-oriented investments.” Gregg S. Fisher, the firm’s chief investment officer, will manage the fund. Expenses of 1.37%, $5,000 minimum initial investment.

Granite Value Fund

Granite Value Fund will seek long-term growth by investing globally in about 40 mid- to large-cap stocks. Scott B. Schermerhorn will manage the fund. Expense ratio of 1.35%, $10,000 minimum initial investment, reduced to $5000 for tax-advantaged accounts.

IASG Managed Futures Strategy Fund (“N” shares)

IASG Managed Futures Strategy Fund (“N” shares) will seek positive long-term absolute returns. The plan is to invest 75% in fixed income and 25% in a combination of “commodity pools” and ETFs. This has “bad idea” written all over it. The strategy is obscure and depends, largely, on investing in a bunch of actively managed “pooled investment vehicles,” each of which has a manager pursued his own commodity strategy, often derivative based or in ETFs that have price momentum. The fund will be managed by Perry Lynn and JonPaul Jonkheer of IASG Capital Management. $2500 investment minimum, expense ratio not yet set.

Kottke Commodity Strategies Fund (“N” shares)

Kottke Commodity Strategies Fund (“N” shares) will seek positive absolute returns. The plan is to invest 75% in cash and 25% in exchange-traded commodity futures and options. The cash – currently offering negative real returns – is collateral for the commodity positions. The fund will be managed by a team led by Michael Crouch (“head trader”). $2500 investment minimum, expense ratio not yet set.

Miller Tabak Merger Arbitrage and Event Driven Fund

Miller Tabak Merger Arbitrage and Event Driven Fund will pursue capital appreciation by investing the stocks of companies that are undergoing, or may undergo, “transformational corporate events” such as “announced merger transactions, announced or have possible spin-offs, split-offs or sales of divisions; businesses that are exploring “strategic alternatives” such as stock buybacks, or sales of the entire companies; companies that may announce or have completed attractive acquisitions; and other special situations.” Michael Broudo will manage the fund, and also manages Miller Tabak’s merger arbitrage and event-driven equity group. Miller Tabak is a heavy weight institutional firm that executes trades for hedge funds and institutions, and this has the feel of a “friends and family” fund for those unable to afford MT’s private accounts. $1000 investment minimum, but an expense ratio (after waivers!) of 2.75%.

Scharf Fund

Scharf Fund will seek long-term capital appreciation. The fund will mostly invest in stocks (daringly, the manager targets stocks which “have significantly more appreciation potential than downside risk over the long term”), might invest up to 50% in international stocks and might invest up to 30% in bonds. Brian A. Krawez, former “Head of Research at Belden and Associates<” will manage the fund. $10,000 investment minimum, reduced to $5000 for tax-advantaged accounts and those with automatic-investing plans, expense ratio of 1.25%.

Sierra Strategic Income Fund

Sierra Strategic Income Fund wants “to provide total return (with income contributing a significant part) and to limit volatility and downside risk.” It will be a fund of income funds, including funds or ETFs which invest in foreign, emerging or domestic bonds, issued by governments or corporations, and REITs. They look with asset classes with price momentum, try to find high-alpha managers in those classes and have a fairly severe stop-loss discipline. The fund will be managed by a team from Wright Fund Management, which has been using this strategy in separate accounts since the late 1980s. Expenses not yet set, $10,000 minimum initial investment.

TFS Hedged Futures Fund

TFS Hedged Futures Fund will pursue long-term capital appreciation. It will be a global long/short equity fund. It will be managed by a six-person team. Expenses, after waivers, of 2.30%, $5000 minimum investment.

Vanguard Emerging Markets Government Bond Index Fund

Vanguard Emerging Markets Government Bond Index Fund will track the performance of the Barclays Capital Emerging Markets Sovereign Index (USD) that measures the investment return of U.S. dollar-denominated bonds issued by governments of emerging market countries. They anticipate a weighted average maturity of 10-15 years. Greg Davis and Yan Pu will manage the fund. Expense ratio of 0.50%, minimum initial investment is $3000.

Vanguard Target Retirement 2060 Fund

Vanguard Target Retirement 2060 Fund will seek to provide capital appreciation and current income consistent with its current asset allocation. It invests in just three underlying funds, Vanguard Total Stock Market Index (63%), Vanguard Total International Stock Index (27%) and Vanguard Total Bond Market II Index (10%). As with all such funds, it was slowly become more conservative as 2060 approaches. (Given that I’m not going to be here to confirm it, I’ll take Vanguard’s word on the matter.) The investment minimum is a remarkably low $1000, expense ratio is equally remarkable, at 0.18%.

Vanguard Total International Bond Index Fund

Vanguard Total International Bond Index Fund will track the Barclays Capital Global Aggregate ex-USD Float-Adjusted Index (Hedged) that measures the investment return of investment-grade bonds issued outside of the US. They anticipate a weighted average maturity of 5-10 years. Greg Davis and Yan Pu will manage the fund. Expense ratio of 0.40%, minimum initial investment is $3000.

William Blair Small-Mid Cap Value Fund

William Blair Small-Mid Cap Value Fund will seek long-term capital appreciation, which they’ll pursue by investing in domestic small- and mid-cap stocks. The management team are the same folks who run Blair Small Cap Value and Mid Cap Value, neither of which is bad. Expenses not yet set, $5000 minimum initial investment, reduced to $3000 for IRAs.

Manager changes, Archive

By Editor

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 Date
Absolute Opportunities (AOFOX) No one’s out Pine Cobble Capital joins five other institutional firms sub-advising the fund. 07/11
Alger Health Sciences (AHSAX) David Farhadi Dan Chung and Maria Liotta. Chung, Alger’s CIO/CEO, has helped run the fund since 2005 05/11
Allianz RCM Disciplined International Equity (RAIGX). Ara Jelalian Steven Berexa 08/11
Allianz RCM Global Commodity Equity (ARMAX), formerly Allianz RCM Global Resources No one, but . . . Alec Patterson joined the management team and now co-manages with Paul Strand 09/11
Alpine Cyclical Advantage Property Fund (EUEYX) No one’s out . . . David Kruth, who has experience as a Goldman Sachs global real estate manager, joins as an “associate manager” 04/11
Alpine Dynamic Dividend (ADVDX) Andrew Kohl The rest of the portfolio team (Jill Evans, Kevin Shacknofsky, Joshua Duitz) is joined byBrian Hennessey. 04/11
Altegris Managed Futures Strategy (MFTAX) Rodney Square Management Altegris Advisors is hunting for a new manager. In the interim, they’ll run the fund themselves. 07/11
American Century International Bond (BEGBX) No one, but . . . Simon Chester joined the management team 08/11
Aston/Barings International (ABIIX) Nathan Griffiths Former co-manager David Bertocchi becomes the lead manager. 04/11
Aston/Fortis Real Estate (AARIX) Fortis Investment Management Harrison Street Securities, which will occasion a renaming to Aston/Harrison 07/11
BlackRock International Bond Portfolio (BIIAX) Andrew Gordon, who’s been with the fund since 1997 Scott Thiel joins Yoni Saposh 08/11
BlackRock Science & Technology Opportunities (BGSAX) No one, but . . . Paul Ma joined the management team of Thomas Callan, Jean Rosenbaum, and Erin Xie. 09/11
BlackRock World Income Fund (MDWIX) Andrew Gordon, who’s been with the fund since 2006 Scott Thiel joins Yoni Saposh 08/11
Buffalo China (BUFCX) No one, but . . . Shelly Ma joins as a co-manager on the steadily-improving BUFCX. In the past five years it has trailed 98% of its peers, then 96%, 91%, 69% and – over the first three quarters of 2011, a breakthrough – 49%. 09/11
Buffalo High Yield (BUFHX) Kent Gasaway The rest of the management team remains in place 09/11
Buffalo International (BUFIX) No one, but . . . Shelly Ma joins as a co-manager, whose new fund is merely “consistently mediocre” rather than “eye-watering” (see Buffalo China) 09/11
Buffalo Large Cap (BUFEX) Grant Sarris, in part of a larger management realignment The rest of the management team remains in place 09/11
Calvert Bond (CSIBX) Gregory Habeeb Matt Duch 09/11
Calvert Income (CFICX) Gregory Habeeb Michael Abramo 09/11
Calvert Large Cap Growth (CLCIX) John Montgomery, president of Bridgeway A team from Atlanta Capital Management will run the fund until its merger into Calvert Equity (CSIEX), which they also run. 05/11
Calvert Social Index (CSXAX) Kevin Yousif Eric Lessnau and David Jones 05/11
Columbia Dividend Income (LBSAX) No one goes but . . . David King and Michael Barclay join Richard Dahlberg and Scott Davis 04/11
Columbia Emerging Markets Opportunity (IDEAX) Vanessa Donegan Irina Miklavchich and existing manager Rafael Polatinsky. 05/11
Columbia Global Equity (IGLGX) Andrew Holliman Esther Perkins joins current co-manager Stephen Thornber 06/11
Columbia Global Extended Alpha (RTAAX) Andrew Holliman Stephen Thornber and Jeremy Podger. 06/11
Columbia Mortgage and Asset Backed (NMTGX) Lee Reddin Michael Zazzarino, who has been co-manager of the fund since 2007, will be lead manager. 09/11
Davidson Multi-Cap Equity Fund William B. Whitlow is retiring The lead manager, Brian Clancy, remains but gains a 7th co-manager, Paul Condrat 08/11
Dreyfus Global Sustainability (DGYAX) Five new co-managers from Mellon Capital were added in mid-April. 04/11
DWS Climate Change (WRMAX) Nicolas Huber Andrew Pidden comes in, and the fund becomes DWS Clean Tech 08/11
DWS Emerging Markets Equity (SEKAX) Thomas Gerhardt who joined this modestly regrettable $300 million fund got canned. Good question. In a particularly cruel shot, DWS announced that “until May 9, 2011,” co-manager Rainer Vermehren is in charge. Vermehren joined the same day as Gerhardt and appears slated to be employed seven weeks longer. 04/11
DWS Gold & Precious Metals (SGDAX) Pierre Martin The rest of the management team remains in place 09/11
DWS International (SUIAX) Nikolaus Poehlmann, Andreas Wendelken, and Mark Schumann – another undistinguished team that was hired just after the Emerging Markets team. Jason Inzer and Thomas Voecking who, according to company documents, will sort of collate the recommendations of thousands of analysts 04/11
DWS Strategic Value (KDHAX) Volker Dosch, Oliver Pfeil, and Thomas Schuessler – who were undistinguished in the execution of their post. Jason Inzer and Thomas Voecking (see DWS International) 04/11
Eagle Growth & Income Fund (HRCVX) for reasons unclear (it’s been a great fund), Thornburg Investment Management has been terminated and an in-house team (Edmund Cowart, David Blount and John Pandtle) replaces them. They manage a billion in “other accounts” but no funds. 04/11
Federated Balanced Allocation (BAFAX) John Leibee Founding managers Hans Utsch and Lawrence Auriana, who have been here since 1986, lead a five-person management team. 07/11
Federated Capital Appreciation (FEDEX) Carol Miller James Grefenstatte joins Dean Kartsonas 05/11
Federated Capital Income (CAPAX). No one, but . . . Christopher Smith joined the management team 08/11
Federated Kaufmann (KAUAX) John Leibee Hans und Franz live on! Which is to say the founding managers, Hans Utsch and Lawrence Auriana, who have been here since 1986, continue to lead a five-person management team. 07/11
Federated Kaufmann Large Cap (KLCAX) John Leibee Founding managers Hans Utsch and Lawrence Auriana, who have been here since 1986, lead a five-person management team. 07/11
Fidelity Advisor Equity Income (FEIAX) Stephen Petersen James Morrow and Adam Kramer 04/11
Fidelity China Region (FHKCX) Joseph Tse, who has a great 2010 and good 2011 Bobby Bao, who manages some of Fidelity’s Canadian funds (AsiaStar) and portions of their Pyramis portfolios 08/11
Fidelity Commodity Strategy (FFCSX) Jeffrey Adams, who works for Fido’s quant Geode arm Bobe Simon, Lou Bottari, Patrick Waddell, Maximilian Kaufman, and Eric Matteson. 05/11
Fidelity Income Replacement and Jonathan Shelno Andrew Dierdorf and new manager Christopher Sharpe 07/11
Fidelity International Value (FIVLX) George Stairs, who I decried as a mediocre Putnam manager when Fidelity hired him Alexander Zavratsky 09/11
Fidelity Japan (FJPNX) Robert Rowland Rei Shigekawa. This change was profiled with some concern by Chuck Jaffe of CBS/Marketwatch. 04/11
Fidelity Magellan (FMAGX) Harry Lange, the third Fidelity superstar to flame-out here Jeffrey Feingold becomes the fourth Fidelity superstar to fling himself on Lynch’s Legacy 09/11
Fidelity NASDAQ Composite Index (FNCMX) Jeffrey Adams, another Geode guy Bobe Simon, Lou Bottari, Patrick Waddell, Maximilian Kaufman, and Eric Matteson. 05/11
First Eagle Gold (SGGDX) No one Chris Kwan joined Abhay Deshpande and Rachel Benepe. 06/11
First Investors Blue Chip (FIBCX) Matthew Wright Edwin Miska and Sean Reidy 05/11
Forward Emerging Markets (FEMMX) Nidhi Mahurkar Peter Jarvis. A solid fund, team run, that’s ground through 23 managers. 05/11
Forward Funds’ Forward Growth (FFGRX) Peter J. Niedland The rest of the management team remains in place 09/11
Forward Growth Fund Peter J. Niedland is “hereby deleted” Mr. Niedland was a recent addition to the portfolio team, the rest of which remains. 08/11
GAMCO Westwood Mighty Mites (WEIMX) No one. Elizabeth Lilly joins the existing team of Mario Gabelli, Laura Linehan, Walter Walsh 07/11
Generation Wave Growth (GWGFX) Jeffrey Middleswart Gerry Sullivan, who also manages the quant Industry Leaders fund (ILFIX). GS is the 10thmanager in 10 years, with the changes here paralleling changes in Vice Fund 07/11
ING Equity Dividend (IEDAX) Christopher Corapi joined the management team 05/11
ING Global Bond (INGBX). No one, but . . . Robert Robis joins Michael Mata and Christine Hurtsellers. 08/11
ING Global Equity Dividend (IAGEX) Moudy El Khodr Bruno Springael will join Nicholas Simar, and Herman Klein. 05/11
ING Global Opportunities (IAFAX) Tjeert Keijzer and Tycho van Wijk Huub van der Riet and Alex van der Laan join Dirk-Jan Verzuu on this sad sack little fund. 05/11
ING Global Resources (IGRAX) No one, but . . . John Bailey became the third c0-manager 08/11
ING International Small Cap Multi-Manager (NTKLX) Qi Zeng Patrick McCafferty, who is part of the Acadian Management sleeve of the portfolio 04/11
ING International Value (NIVAX) Glenn Carlson, Brent Woods, Jim Brown, Amelia Morris, Brent Fredberg, Jeffrey Germain, and Paul Hechmer Marin Jansen, David Rabinowitz, and Joseph Vultaggio. 05/11
ING Janus Contrarian (IJCAX) Janus Capital Management ING Investment Management, though the fund will merge into ING Growth and Income in 2012. 07/11
Invesco Global (ATKAX) Heather Peirce Dana Love, her former co-manager 04/11
Invesco Global Equity (GTNDX) Michael Fraikin Ralph Coutant and Andrew Waisburd join Uwe Draeger, Karl-Georg Bayer and Jens Langewand 05/11
Invesco Global Growth (AGGAX) “Senior” portfolio manager Barrett Sides retires Sides’ three co-managers will carry on without him. It’s a mediocre, but not bad, fund. 06/11
Invesco International Growth (AIIEX) “Senior” portfolio manager Barrett Sides is retiring but won’t be missed enough to be replaced. It’s a very solid fund with a well-established team. This is the 8th Invesco fund to see a manager change since May 2011. 06/11
Invesco Leisure (ILSAX) Jonathan Mueller Ido Cohen and existing manager Juan Hartsfield. 05/11
Invesco Select Real Estate Income (ASRAX) James Trowbridge Joe Rodriguez, Jr., Mark Blackburn, Paul Curbo, and Darin Turner. 05/11
Invesco Small Companies (ATIAX) Ted Chisholm Robert Mikalachki, Virginia Au and Jason Whiting 04/11
Invesco Structured Core (SCAUX) Anthony Shufflebotham Daniel Tsai and Andrew Waisburd get added to the existing team 05/11
Janus Contrarian (JACNX) David Decker who has run the fund since ’96. Very independent portfolio, very high volatility. Dan Kozlowski. DK left Janus to run a hedge fund. Apparently part of the deal to secure his return was having Janus become a partner in his hedge fund. 05/11
Janus Fund (JANSX) Daniel Riff leaves to become sole manager of Janus Long/Short Burt Wilson, who has been with Janus for six years, joins Jonathan Coleman who has co-managed the fund since 2007 05/11
Janus Global Bond (JGBAX) No one but. . . Chris Diaz was added as a third manager 05/11
Janus Global Technology (JAGTX) Barney Wilson Brad Slingerland, who ran the fund with Wilson in 2006-08. He’ll Tweet for you as bradsling. 05/11
Janus Long-Short (JALSX) David Decker whose record is low correlation, high risk, modest returns Daniel Riff, who has been comanaging the fund, will become the sole manager 05/11
John Hancock Greater China Opportunities (JCOAX) No one is going but Kai Kong Chay joined the management team of Terrance Pak Hing Chum, and Ronald Chan. 05/11
JPMorgan Asia Equity (JAEAX Andrew Swan Joshua Tay, Pauline Ng, and new manager Patrick Chiu. 05/11
JPMorgan Asia Equity (JAEAX) No one, but . . . Patrick Chiu joined the management team 08/11
JPMorgan Multi-Sector Income (JSIAX) Jon Jonsson The rest of the portfolio team (Robert Michele and Iain Stealey) are joined by Nicholas Gartside and Matthew Pallai. 04/11
Legg Mason Capital Management All Cap Fund (SPAAX) David Nelson Jay Leopold and Bill Miller remain at this overpriced underperformer. 04/11
Loomis Sayles Global Equity and Income (LGMAX) Mark Baribeau Daniel Fuss, David Rolley, and Warren Koontz 05/11
Loomis Sayles Small Cap Value (LSCRX) Daniel Thelen Joseph Gatz 05/11
Lord Abbott allocation funds, generally A committee The Chairman. Robert Gerber is now the solo manager, in place of a management committee which he formerly chaired. 08/11
MainStay International Equity (MSEAX) Rupal Bhansali Edward Ramos 06/11
Managers AMG FQ Tax-Managed U.S. Equity (MFQAX) Andrew Berkin David Chrisman 06/11
Managers AMG FQ U.S. Equity (FQUAX) Andrew Berkin David Chrisman 06/11
Managers Cadence Capital Appreciation No one, but . . . Robert Ginsberg, formerly of Invesco and Putnam, joined the management team 08/11
Managers Cadence Emerging Companies No one, but . . . Robert Ginsberg joined the management team 08/11
Managers Cadence Focused Growth No one, but . . . Robert Ginsberg joined the management team 08/11
Managers Cadence Mid-Cap No one, but . . . Robert Ginsberg joined the management team 08/11
Marshall Mid-Cap Value (MRVIX) No one goes but . . . Gregory Dirkse and Brian Janowski join Matthew Fahey in running the fund. 04/11
Marsico 21st Century (MXXIX) Cory Gilchrist, who was very optimistic about an economic turnaround Brandon Geisler, who isn’t. 09/11
Marsico Global (MGLBX), Cory Gilchrist James Gendelman and Tom Marsico 09/11
MassMutual Select Diversified International (MMZAX) AllianceBernstein Gerd Woort-Menker, Jeroen Huysinga, and Georgina Perceval Maxwell of JP Morgan 06/11
MassMutual Select Overseas (MOSAX) AllianceBernstein Gerd Woort-Menker, Jeroen Huysinga, and Georgina Perceval Maxwell of JP Morgan will join teams from Harris Associates and MFS. 06/11
MFS International Growth (MGRAX) No one In January 2012, Kevin Dwan joins David Antonelli. No explanation for the unusually long lead time. 07/11
Morgan Stanley Global Strategist (SRTAX) No one Cyril Moullé-Berteaux joins Mark Bavoso 07/11
Morgan Stanley Institutional Balanced (MPBAX) No one Cyril Moullé-Berteaux joins Mark Bavoso 07/11
Nationwide International Value (NWVAX) AllianceBernstein UBS Global Asset Management 06/11
Nuveen Strategy Balanced Allocation (FSGNX), No one, but . . . James Colon joins existing manager David Cline 06/11
Nuveen Strategy Conservative Allocation (FSFIX) No one, but . . . James Colon joins existing manager David Cline 06/11
Nuveen Strategy Growth Allocation (FAGSX) No one, but . . . James Colon joins existing manager David Cline 06/11
Oakmark International Small Cap (OAKEX) No one’s leaving Michael Manelli, an international equities analyst, joined David Herro who has managed the fund since inception. Herro manages three funds and serves as CIO, so this might simply be stress relief. 05/11
Old Mutual TS&W Mid-Cap Value (OTMAX) John Pickler Brett Hawkins 06/11
Oppenheimer Main Street Small & Mid Cap (OPMSX) Benjamin Ram Raymond Anello joins Matthew Ziehl and Raman Vardharaj 05/11
Penn Series Small Cap Value James B. Otness is being phased out by 12/31/11 The rest of the team is going to work just a bit harder. 08/11
PIMCO Emerging Markets Bond (PAEMX) No one, but . . . Ramin Toloui will be joined by Michael Gomez 09/11
PIMCO Global Advantage Strategy (PGSAX) No one, but . . . Andrew Balls was added as co-manager 09/11
Principal SmallCap Blend (PLLAX), Thomas Morabito Brian Pattinson will also join the management team 08/11
Principal SmallCap Growth (PMAAX). Thomas Morabito Brian Pattinson will also join the management team 08/11
Principal SmallCap Value (PSUAX), Thomas Morabito Phil Nordhus and Brian Pattinson 08/11
Quant Small Cap (QBNAX) Matt Williams Robert von Pentz and Rhys Williams 04/11
Rochdale Fixed Income Opportunities (RIMOX) Stefan Pinter, Theodore Stohner, and Maxim Matveev of GML Capital have been added to the teams managing the fund. The other teams are from Seix Investment Advisers and Federated. 06/11
RS Small Cap Growth (RSEGX) Allison Thacker, one of four co-managers Three co-managers remain. Ms. Thacker is leaving to manage Rice University’s $4 billon endowment. 09/11
RS Technology (RSIFX) Allison Thacker Three comanagers remain. Ms. Thacker is leaving to manage Rice University’s $4 billon endowment. 08/11
Russell Emerging Markets (REMAX) T. Rowe Price Delaware Management Company and Victoria 1522 Investments join five other institutional teams already on the fund 05/11
Russell Tax-Managed US Large Cap (RTLAX) Turner Investment Partners (to whom this happens a lot) Sustainable Growth Advisers, which joins four other institutional teams on the fund 05/11
Russell US Quantitative Equity (REQAX) No one . . . Russell decided that four sub-advisers weren’t enough, so they added PanAgora Asset Management 05/11
Russell US Small & Mid Cap (REBSX) Robert Kuharic Jon Eggins 05/11
Schwab Core Equity (SWANX) Vivienne Hsu The rest of the management team remains in place 09/11
Schwab Dividend Equity (SWDSX) Vivienne Hsu The rest of the management team remains in place 09/11
Schwab Premier Equity (SWPSX) Vivienne Hsu, who also chips in on several other “active equity” funds No one yet named, presumably her co-managers will become lead managers 08/11
Sentinel Mid Cap Value (SYVIX) Steinberg Asset Management Effective 08/11, Crow Point Partners – run by some former Evergreen managers – takes over 06/11
Sentinel Mid Cap Value (SYVIX) Steinberg Asset Management Peter DeCaprio and Timothy O’Brien of Crow Point Partners 08/11
SSgA Emerging Markets (SEMSX) Brad Aham, but just until Christmas Co-manager Chris Laine will manage the fund during Brad’s leave of absence. 09/11
T. Rowe Price Africa & Middle East (TRAMX) Joseph Rohm, who left suddenly for South Africa Chris Alderson. 07/11
T. Rowe Price Retirement funds Ned Notzon, long-time lead of Price’s allocation funds, steps down as “co-chairman” of these funds ahead of his year-end retirement. Jerome Clark became the “sole chairman” of the fund on 8/1/11 07/11
TIAA-CREF Bond (TIBDX). Elizabeth Black and Steven Sterman John Cerra remains and is joined by Steven Raab and Joseph Higgins 08/11
TIAA-CREF Enhanced International Equity Index (TFIIX). Ping Wang goes Current co-managers Steve Rossiello and Pablo Mitchell will soldier on without him. 06/11
TIAA-CREF Enhanced Large-Cap Growth Index (TLIIX) Ruxiang Qian Comanager Kevin Zhang goes solo. 06/11
Vice Fund (VICEX) Jeffrey Middleswart Gerry Sullivan, who also manages the quant Industry Leaders fund (ILFIX). GS becomes the fund’s 7th manager in nine years. 07/11
Virtus Multi-Sector Fixed Income (NAMFX) Goodwin Capital Advisers The other subadvisor, Newfleet Asset Management, will take sole control. 06/11
Wasatch Global Opportunities (WAGOX) Robert Gardiner and Blake Walker. Gardiner also runs three small cap funds for Wasatch but his official bio lists this as “his true passion.” Oops. JB Taylor, who manages Wasatch Core Growth, joins Roger Edgely 05/11
Wasatch International Opportunities (WAIOX) Blake Walker Laura Geritz, who runs Wasatch Emerging Markets Small Cap, joins Roger Edgeley 05/11
Wells Fargo Advantage C&B Mid Cap Value (CBMAX) Kermit Eck will leave on Dec. 31, 2011 The rest of the management team remains in place 09/11
Wells Fargo Advantage Intrinsic Small Cap Value (WFSMX) Jeffrey Peck is gone… And apparently didn’t need to be replaced. Given the fund’s long-term weakness, the absence of a new manager suggests either that Wells Fargo is resigned or that they think Mr. Peck was the problem. Owie. 06/11
Wells Fargo Advantage Small Cap Growth (MNSCX) Jerome Philpott and Stuart Roberts Joseph Eberhardy, Thomas Ognar, and Bruce Olson 04/11
Wells Fargo Advantage Small Cap Value (SSMVX) No one, but . . . Erik Astheimer and Michael Schneider were added as co-managers. 09/11
Wells Fargo Advantage Strategic Large Cap Growth (ESGAX) Shannon Reid, David Chow, and Jay Zelko Tom Ognar. I’ve always been fascinated with Ognar’s name. Sounds like a Norse hero. Managed Strong Growth for years, but should have managed one of the old PrinCor funds. You can see him stalking into the feasting hall now and announcing, “I am Ognar of Princor.” 08/11
Winslow Green Growth (WGGFX) Jack Robinson Karina Funk, Elizabeth Levy, and David Powell 09/11

Manager changes, October 2011

By Editor

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
BlackRock Total Return (MAHQX) No one, but . . . Bob Miller joins the fund’s three existing managers. 10/11
Davis Opportunity(RPEAX) No one, but . . . F. Jack Liebau is now listed as manager. 10/11
DWS Latin America Equity (SLANX) Florian Tanzer leaves as co-manager. Robert Kalin joins existing manager, Rainer Vermehren. 10/11
Fairholme (FAIRX) Charlie Fernandez, Bruce’s cousin-in-law Bruce Berkowitz. 10/11
Fairholme Allocation (FAAFX) Charlie Fernandez, Bruce’s neighbor Bruce Berkowitz. 10/11
Fairholme Focused Income (FOCIX) Charlie Fernandez, Bruce’s president Bruce Berkowitz. 10/11
Fidelity Equity-Income (FEQIX) Stephen Petersen: 18 years, $8 billion and it was still a closeted index A three-manager team of James Morrow, Adam Kramer, and Ramona Persaud, with Morrow as lead 10/11
Fidelity Equity-Income II (FEQTX) Stephen Petersen: $4 billion and 2.5 years, same outcome Scott Offen 10/11
Fidelity International Small Cap (FISMX) Noriko Takahashi Nicholas Price, manager of Fido Japan Smaller Companies, will handle the fund’s investments in Japan. 10/11
Goldman Sachs Capital Growth (GSCGX), Concentrated Growth, Flexible Cap Growth and Strategic Growth Fund David Shell is retiring at the end of the year, after managing $21 billion poorly Current portfolio managers from the GSAM growth team. 10/11
Goldman Sachs Capital Growth (GSCGX) Kumar Venkateswaran Current portfolio managers from the GSAM growth team. 10/11
Invesco Global Equity (GTNDX) Ralph Coutant Michael Abata joins the existing management team. 10/11
Invesco Structured Core(SCAUX) Ralph Coutant Michael Abata joins the existing management team. 10/11
Mainstay Global High Income (MGHAX) Howard Booth leaves as co-manager. New co-manager Jakob Bak joins the fund’s three remaining managers. 10/11
MassMutual Premiere Diversified Bond (MDVAX) Jill Fields left as co-manager. Sean Feeley, a member of subadvisor Babson Capital’s high-yield team, was named as a new co-manager. 10/11
Old Mutual Barrow Hanley Value(OAFOX) No one, but . . . Current manager, James Barrow, is joined by co-managers Robert Chambers, Timothy Culler, Mark Giambrone, and J. Ray Nixon Jr. 10/11
Old Mutual Large Cap Growth (OLGBX) Bradley Fretz leaves as co-manager. The rest of the management team remains in place 10/11
Steward Select Bond (SEAKX) Howard Potter leaves as co-manager. Edward Jaroski will join as co-manager with Claude Cody 10/11
T. Rowe Price Africa & Middle East (TRAMX) Chris Alderson, who was temporarily managing after the abrupt departure of Joseph Rohm, mid-2011. Oliver Bell, formerly of Pictet Asset Management 10/11

Forward Endurance Fund

By Editor

Forward Endurance Fund seeks long-term growth by investing, long and short, in a global stock portfolio. Their focus will be “to identify trends that may have large and disruptive impacts on global business markets.” David Readerman and Jim O’Donnell will manage the fund. They recently took over Forward Small Cap as well. Expenses not yet set, $4000 minimum initial investment, reduced to $2000 if you sign up for eDelivery, $500 for accounts with automatic investing plans.

ASTON/Silvercrest Small Cap Fund

By Editor

ASTON/Silvercrest Small Cap Fund The manager is Roger Vogel, Managing Director of Silvercrest and lead portfolio manager for Silvercrest’s small cap value investment strategy. Prior to Silvercrest, he co-managed both small-cap and large-cap portfolios for Credit Suisse. His private account composite has returned 6.4% since inception in 2003, while the Russell 2000 Value returned 4%. For better or worse, most of his advantage comes in a dramatic outperformance in 2008. Expense ratio of 1.41%, minimum initial investment of $2500, reduced to $500 for IRAs.

Ariel International Equity Fund

By Editor

Ariel International Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 developed market stocks outside the US. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.

Ariel Global Equity Fund

By Editor

Ariel Global Equity Fund pursues long-term capital appreciation. The fund will invest in between 40-150 stocks, foreign, domestic and emerging. Unlike Ariel’s domestic funds, there are no social responsibility screens here. Rupal J. Bhansali will manage the fund. Mr. Bhansali recently joined Ariel. Before that, he was Head of International Equities at MacKay Shields, the institutional investing arm of New York Life. Expense ratio of 1.4%, $1,000 minimum initial investment.

IASG Managed Futures Strategy Fund (“N” shares)

By Editor

IASG Managed Futures Strategy Fund (“N” shares) will seek positive long-term absolute returns. The plan is to invest 75% in fixed income and 25% in a combination of “commodity pools” and ETFs. This has “bad idea” written all over it. The strategy is obscure and depends, largely, on investing in a bunch of actively managed “pooled investment vehicles,” each of which has a manager pursued his own commodity strategy, often derivative based or in ETFs that have price momentum. The fund will be managed by Perry Lynn and JonPaul Jonkheer of IASG Capital Management. $2500 investment minimum, expense ratio not yet set.

Granite Value Fund

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Granite Value Fund will seek long-term growth by investing globally in about 40 mid- to large-cap stocks. Scott B. Schermerhorn will manage the fund. Expense ratio of 1.35%, $10,000 minimum initial investment, reduced to $5000 for tax-advantaged accounts.