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.
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 |
| AZBAX | AllianzGI Small-Cap Blend Fund | John McCraw is no longer listed as a portfolio manager for the fund. | Stephen Lyford joins Kunal Ghosh, Robert Marren and Mark Roemer on the management. | 7/16 |
| ELSAX | Altegris Equity Long Short Fund | Convector Capital Management will no longer serve as a subadvisor to the fund, and Emmanuel Ferreira will be removed as a portfolio manager. | Kelly Wiesbrock, Richard Chilton, Eric Bundonis, Edgardo Goldaracena, and Jay Abramson will continue to manage the fund. | 7/16 |
| TLSVX | AMG Trilogy International Small Cap Fund | David Runkle is no longer listed as a portfolio manager for the fund. | Gregory Gigliotti, Jessica Reuss and William Sterling will continue to manage the fund. | 7/16 |
| EFEAX | Ashmore Emerging Markets Frontier Equity Fund | Alejandro Garza is no longer listed as a portfolio manager for the fund. | Felicia Morrow, Bryan D’Aguiar and Andrew Brudenell will continue to manage the fund. | 7/16 |
| ESSAX | Ashmore Emerging Markets Small-Cap Equity Fund | Alejandro Garza is no longer listed as a portfolio manager for the fund. | Felicia Morrow will continue to manage the fund. | 7/16 |
| EMEAX | Ashmore Emerging Markets Value Fund | Alejandro Garza is no longer listed as a portfolio manager for the fund. | Felicia Morrow will continue to manage the fund. | 7/16 |
| BDERX | Bradesco Latin American Equity Fund | Roberto Sadao, Arai Shinkai and Pedro Angeli Villani are no longer listed as portfolio managers for the fund. | Aline de Souza Cardoso and Natalia Kerkis will be the prinicpal portfolio managers. | 7/16 |
| CSIEX | Calvert Equity Portfolio | Richard England will retire on October 31, 2016. Enjoy life, sir! | Joseph Hudepohl, Lance Garrison, Jeffrey Miller and Robert Walton will remain on the management team. | 7/16 |
| EVCGX | Eaton Vance Greater China Growth Fund | Stephen Ma is no longer listed as a portfolio manager for the fund. | Christopher Darling joins June Lui, lead portfolio manager, in managing the fund. | 7/16 |
| ETHSX | Eaton Vance Worldwide Health Sciences Fund | Sven Borho, Geoffrey Hsu, Richard Klemm, Trevor Polischuk and Samuel Isaly are no longer listed as portfolio managers for the fund. | Jason Kritzer and Samantha Pandolfi will manage the fund. | 7/16 |
| FMCDX | Fidelity Advisor Stock Selector Mid Cap Fund | Rayna Lesser | Christopher Lin has replaced her as a co-manager, joining Edward Yoon, Samuel Wald, Pierre Sorel, Douglas Simmons, Gordon Scott, Shadman Riaz and Monty Kori. | 7/16 |
| FCVSX | Fidelity Convertible Securities Fund | Thomas Soviero, who is likely being charged with closer attention to his primary fund, Fidelity Leveraged Company Stock | Adam Kramer has replaced him as the portfolio manager | 7/16 |
| FSLVX | Fidelity Stock Selector Large Cap Value Fund | No one, but … | John Sheehy joins the management team of John Mirshekari, Katherine Buck, Laurie Bertner, Justin Bennett, Stephen Barwikowski and Matthew Friedman. | 7/16 |
| FCARX | Fiera Capital Diversified Alternatives Fund (formerly Rothschild Larch Lane Alternatives Fund) | Rothschild Asset Management Inc. generally and Ki Akrami, Nicolas de Croisset, and Shakil Riaz specifically | As yet unnamed person or persons from Fiera Capital | 7/16 |
| FEBAX | First Eagle Global Income Builder Fund | Giorgio Caputo will no longer serve as a portfolio manager for the fund. | Kimball Brooker joins Robert Hordon, Edward Meigs and Sean Slein on the management team. | 7/16 |
| FADVX | Frost Value Equity Fund | Michael Brell will no longer serve as a portfolio manager for the fund. | Craig Leighton, Tom Stringfellow and Tom Bergeron will continue to manage the fund. | 7/16 |
| GMAMX | Goldman Sachs Multi-Manager Alternatives Fund | Effective August 19, 2016, Jason Gottlieb will no longer serve as a portfolio manager for the fund. | Ryan Roderick, Betsy Gorton and Kent Clark will continue to manage the fund. | 7/16 |
| HSFAX | HSBC Frontier Markets Fund | No one, but … | Christopher Turner is joined by Ramzi Sidani in managing the fund. | 7/16 |
| GTSAX | Invesco Small Cap Growth Fund | Juliet Ellis will no longer manage the fund, but will remain as Chief Investment Officer overseeing Invesco’s U.S. Growth Equity Group. | Juan Hartsfield will stup up to become lead portfolio manager and Clay Manley will continue on as assistant portfolio manager. | 7/16 |
| SIZAX | Invesco Strategic Income Fund | Ivan Bakrac will no longer serve as a portfolio manager for the fund. | Robert Waldner and Ken Hill will continue to manage the fund. | 7/16 |
| IUBAX | Invesco Unconstrained Bond Fund | Ivan Bakrac will no longer serve as a portfolio manager for the fund. | Robert Waldner and Ken Hill will continue to manage the fund. | 7/16 |
| JUCAX | Janus Global Unconstrained Bond | Kumar Palghat is moving on after one year in the same room with Bill Gross | William Gross will continue to manage the fund on his own. | 7/16 |
| JASOX | John Hancock New Opportunities Fund | Juliet Ellis will no longer serve as a portfolio manager of the fund. | Juan Hartsfield will become the fund’s lead portfolio manager. David Paddock, Justin Bennitt, Gregory Manley, Joseph Chi, Jed Fogdall, Henry Gray, Joseph Craigen and Daniel Miller will all continue on the management team. | 7/16 |
| JHUAX | John Hancock U.S. Equity | Boston-based subadvisor GMO is out. This happens a lot near the peak of bull markets. | Boston-based subadvisor Wellington Managements is in. That’s generally a very safe choice. | 7/16 |
| OAKGX | Oakmark Global | Robert Taylor is retiring on September 30, 2016. | David Herro will join Clyde McGregor as comanager of the fund. | 7/16 |
| OAKIX | Oakmark International | Robert Taylor is retiring on September 30, 2016. | David Herro will become the sole manager of the fund. | 7/16 |
| JPPAX | Perkins Global Value | Tadd H. Chessen, the second of two co-managers added in 2013. The other 2013 hire left in 2015. | George Maglares joins founding manager Gregory Kolb | 7/16 |
| JIFAX | Perkins International Value | Tadd H. Chessen | George Maglares joins founding manager Gregory Kolb | 7/16 |
| PMHAX | PIMCO EqS Long/Short Fund | Geoffrey Johnson is no longer listed as a portfolio manager for the fund. | John Devir and Benjamin Strom will now manage the fund. | 7/16 |
| PQDAX | PIMCO Global Dividend Fund | Brad Kinkelaar is no longer listed as a portfolio manager for the fund. | Marc Seidner will now be running the fund. | 7/16 |
| PVIAX | PIMCO International Dividend Fund | Brad Kinkelaar and Adam Muller are out. | Marc Seidner will now be running the fund. | 7/16 |
| PVDAX | PIMCO U.S. Dividend Fund | Brad Kinkelaar and Adam Muller are out. | Marc Seidner will now be running the fund, likely a sign of PIMCO’s ongoing retrenchment of their equities operation. | 7/16 |
| LRRAX | QS Strategic Real Return Fund | Y. Wayne Lin is no longer listed as a portfolio manager for the fund. | Fredrick Marki joins S. Kenneth Leach, Paul Wynn, Stephen Lanzendorf, Dennis McNamara, Joseph Giroux, Thomas Picciochi, Ellen Tesler and Adam Petryk in managing the fund. | 7/16 |
| RMBHX | RMB Fund, formerly Burnham Fund BURHX | Jon Burnham is out, ending a 41 year run by Burnham pere et fils | Todd Griesbach, president of RMB Capital Management , is in. | 6/1 |
| SANAX | Sandalwood Opportunity Fund | Acuity Capital Management will no longer serve as a subadvisor for the fund. | Shelton Capital Management will subadvise the fund. Two portfolio managers, David Harris and John Harnisch, previously with Acuity are now with Shelton and will continue to manage the fund. | 7/16 |
| SAFAX | Seeyond Multi-Asset Allocation Fund | Effective immediately, Jonathan Birtwell no longer serves as associate portfolio manager of the fund. | Frédéric Babu, Stéphanie Bigou, Didier Jauneaux, Frank Trividic, Simon Aninat and Yufeng Xie remain as portfolio managers of the fund. | 7/16 |
| TVOAX | Touchstone Small Cap Value Fund | Russell Implementation Services subadvised the fund for a short period, while the transition to LMCG Investments, LLC was completed. That transition is now done. | R. Todd Vingers will be the portfolio manager of the fund. | 7/16 |
| USEMX | USAA Emerging Markets | Greg Rippel is no longer managing the portion of the Fund subadvised by Brandes | Mauricio Abadia, Senior Analyst at Brandes, is going solo. | 7/16 |
| USAAX | USAA Growth Fund | Effective immediately, Eric Strange is no longer a portfolio manager with the fund | Aziz Hamzaogullari, Paul Radomski and Michael Schroer remain with the fund. | 7/16 |
| VCVLX | Vanguard Capital Value Fund | Peter Higgins is no longer listed as a portfolio manager for the fund. | David Palmer will continue to manage the fund. | 7/16 |
| AWSFX | West Shore Real Return Fund | West Shore will no longer serve as a subadvisor to the fund and Steve Cordasco is no longer listed as a portfolio manager for the fund. | Robert Sullivan, of Satuit CM, joins Michael Shamosh in managing the fund. | 7/16 |
