In the course of a normal month we’ll highlight 60-70 manager changes in equity and allocation funds. We mostly skip bond funds because, frankly, it’s a danged rare fixed income team that’s materially affected by the departure of a single individual. In a really quiet month, 40 funds and ETFs saw partial or complete team changes.

By far the most consequential was the announced departure of Zeke Ashton from Centaur Total Return (TILDX), a fund that he’s managed with discipline, style and success since its inception. The folks at Intrepid Capital continue thinning their management team. We reported Jayme Wiggins departure from Intrepid Endurance and Select last month, Jason Lazarus departs Capital and Income this month.  Intrepid remains among the few firms maintaining an absolute value discipline in both equity and fixed-income investing; if the opportunities are not compelling, they will not invest just for the sake of investing. That helps their long-term investors a lot, even as it hurts their business. By way of disclosure, Intrepid Endurance remains as a valued part of my personal portfolio.