In memoriam

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

Albert “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.

Drafted by the NBA, he chose instead to serve in the Army. Drafted again by the NBA after his discharge, he chose instead to attend graduate school where he studied investment and finance.

He died peacefully in his sleep in bucolic Door County, Wisconsin, and is survived by his wife of 64 years and a large and loving family.

Bonnie Baha, director of global credit at the DoubleLine funds, died August 22, 2016, at age 56. Her family was in Charlotteville, Virginia, dropped her son off at the University of Virginia when she, her husband Mustapha and their daughter were struck by a car. Her husband and daughter were both treated for non-life-threatening injuries.

Ms. Baha studied political science at UC-Irvine before earning her MBA at USC, where she met her future husband. She worked for 17 years at TCW before joining Jeffrey Gundlach at DoubleLine. She recalls the early days when things were so tenuous there that Mr. Gundlach had to make a teary-eyed promise that he’d find a way to make sure each of them got paid. She was also capable of asking Mr. Gundlach why he was such a “f*****g a*****e.” Her colleagues describe her as “generous and gracious … incredibly strong and hilarious.” In announcing her death, the folks at her mosque ask “God to abundantly bless her soul, multiply the good deeds she has left in this world, and enter her into the highest levels of paradise. We pray God envelopes Mrs. Baha’s family with mercy and comfort in this difficult period in their lives.”

This month’s list of manager changes was extensive – nearly 60 full or partial shifts – but largely overshadowed by the lives lost, which we memorialize above. There are a handful of solid folks who’ve moved on, but no immediately blockbuster shifts.

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.