Category Archives: Manager changes

Manager changes, April 2017

By Chip

Each month, many funds under partial or complete changes in their management teams. Most are inconsequential, because they involve marginal changes in teams or the substitution of one inoffensive MBA-holder for another. 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.

Out of this month’s 40 tracked changes, the switch to AMG Managers Fairpointe Focused Equity Fund – which places star manager Thyra Zerhusen solely in charge of a struggling small fund – is interesting and the announcement that Salim Hart and Sam Chamovitz are the managers of Fidelity Low-Priced Stock Fund was briefly terrifying (the announcement did not make clear that Mr. Tillinghast remained). Jamie Harmon, has, however, Continue reading →

Manager changes, March 2017

By Chip

It’s really rare that the world’s largest investment firm stages a full-scale revolution, but the scope of BlackRock’s changes this month – including the dismissal of 30 investment professionals including seven lead managers and the shift of billions in assets to new quant-based disciplines – seems to have that feel. Not quite a whiff of desperation but certainly determination. And, oh yes, investing legend Mark Mobius has moved into the shadows and 70 other funds underwent less changes. Continue reading →

Manager changes, February 2017

By Chip

It’s a quiet month on the manager change front. While nominally there’s a greater deal of management turnover in a given year, practically most of it is insignificant because the 27th member of a team leaves and is replaced by an equally adept newbie. This is one of those months. We’ve identified 35 manager changes this month, few involving the installation of an entire new team and only two or three affecting “household names.”

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. Continue reading →

Manager changes, January 2017

By Chip

The good folks at Grandeur Peak worked hard in January to realign and rationalize the manager line-ups across all their funds, then Stewart Spencer left Emerging Opportunities (GPEOX) at month’s end to pursue other paths and an additional shuffle was in order. It’s worth watching. Meanwhile, founders Robert Gardiner and Blake Walker have resumed joint management of Global Opps and International Opp.

T. Rowe Price and Fidelity both had changes sufficiently consequential to trigger Morningstar reviews of their analyst ratings. Continue reading →

Manager changes

By Chip

Each month, dozens of funds undergo changes to their management teams; sometimes those changes are minor (one of 13 co-managers has stepped aside) and sometimes they fundamentally change a fund’s prospects (Rajiv Jain’s departure from Virtus EM Opportunities triggered billions in outflows).  Among this month’s three dozen changes is the baffling dismissal of two successful teams from BBH International Equity (BBHEX), the arrival of a co-manager for David Herro at Oakmark International (OAKIX) and the removal of the co-manager at two of Tom Marsico’s funds.

Because bond fund managers, traditionally, had made Continue reading →

Manager changes

By Chip

Manager changes come in three varieties: the utterly inconsequential, the individually significant and the broadly worrisome. Inconsequential changes, the vast majority of them, represent the normal tweaking of management teams or the comings-and-goings of competent but undistinguished professionals. Individually significant changes are ones where the manager made a real difference to a fund’s success, and where his or her departure might well disrupt the fund’s prospects. The dismissal of Wellington Management from Voya International Core, for example, substantially changes the fund’s profile and diminishes its short-term attractiveness. Broadly worrisome changes occur when principled managers with distinguished long-term records are dismissed because they’re “out of step” with the market. Quite frequently at the tops of frothy markets, value managers find their services no longer required. GMO famously lost 40% of its assets just before the crash of 2000 vindicated what they’d been doing. This month, the removal of Continue reading →

Manager changes

By Chip

Among the dozens of manager changes this month, one stands out. Greg McCrickard’s long career at a T. Rowe Price manager has drawn to a close, though he’ll remain a while longer as a mentor of the firm’s young analysts.  McCrickard managed T. Rowe Price Small-Cap Stock Fund  OTCFX for 24 years. He’s succeeded by Frank Alonso who became McCrickard’s associate portfolio manager in 2013 and who did a nice job Price US small cap fund that’s only available to foreign investors. In general, Price handles these transitions better than anyone.

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. Continue reading →

Manager Changes

By Chip

DoubleLine picks up the pieces after Bonnie Baha’s tragic death, Scott Satterwhite retires at Artisan, some turnover at Osterweis, Miller/Howard resigns for the Miller/Howard fund, Giralda steps away from the Giralda Fund and 60 other changes.

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. Continue reading →

Manager changes, August 2016

By Chip

In memoriam

With great sadness, we note the passing of two members of the investing community.

albert nicholasAlbert “Ab” Nicholas, philanthropist and founder of the Nicholas Funds, died August 4, 2016, full of years and honors, at age 85. He earned his bachelor’s degree, in the early 1950s, from the University of Wisconsin-Madison. He was deeply grateful for the scholarship that made it possible for a poor kid from Rockford, Illinois, to attend college and he repaid that kindness a thousand times over through his gifts to the university. Continue reading →

Manager changes, July 2016

By Chip

Wow. Barely three dozen managers were subjected to the walk of shame (or, perhaps, the happy dance out the door) this month. There were two high profile changes.

Rob Taylor is retiring from management of Oakmark Global and Oakmark International, both of which are reopening to new investors. David Herro is being added as co-manager of the former and becomes sole manager of the latter. Since Mr. Herro is already managing $20 billion, the additional assignments either suggest that Oakmark is running out of talent or that Mr. Herro is feeling a bit megalomaniacal.

At we noted above, for reasons unexplained, Kumar Palghat has left Janus Unconstrained Global Bond (JUCAX) after one year.

In iconic changes, as we note below, West Shore is out at West Shore and Burnham is out at Burnham.  Continue reading →