It’s been a quiet but consequential month on the manager change front. While Chip tracked down changes at just 28 funds, barely one-third of what we see in many months, a couple of the changes strike me as worth following.
The unexplained departures of Messrs Cipolloni and Saylor from Berywn Income (BERIX) is a game-changer, and a fund changer. The pair had been managing the fund together for a dozen years with a distinctive go-anywhere approach. They departed rather abruptly in February, causing Morningstar’s analysts to downgrade the fund and Morningstar to declare it to be “a new fund.” The new guys might well be grand, but it’s an entirely new approach.
There’s some sense that Nuveen is running out of patience, perhaps triggered by a huge drop in assets in December, 2018. In any case, managers at eight Nuveen funds – often long-time managers with modest accomplishments – were excused over the course of a couple weeks.
| Ticker | Fund | Out with the old | In with the new | Dt |
| JETIX | Aberdeen Global Equity Impact Fund | Martin Connaghan, Jamie Cumming, Stephen Docherty, and Samantha Fitzpatrick are no longer listed as portfolio managers for the fund. | Dominic Byrne and Sarah Norris will now manage the fund. | 3/19 |
| BERIX | Berwyn Income Fund | Mark Saylor and George Cipolloni are no longer listed as portfolio managers for the fund. | Andrew Toburen, T. Ryan Harkins, David Dalrymple, Thomas Coughlin, and Jeffrey Bilsky will now run the fund. | 3/19 |
| CGGAX | Catalyst Growth of Income Fund | Robert Dainesi and Robert Groesbeck will no longer serve as portfolio managers for the fund. | Charles Ashley and David Miller now manage the fund. | 3/19 |
| DABIX | Delaware Global Value Fund | Edward Gray is no longer listed as a portfolio manager for the fund. | Åsa Annerstedt, Jens Hansen, Claus Juul, and Klaus Petersen will now manage the fund. | 3/19 |
| DEGIX | Delaware International Value Equity Fund | Edward Gray is no longer listed as a portfolio manager for the fund. | Åsa Annerstedt, Jens Hansen, Claus Juul, and Klaus Petersen will now manage the fund. | 3/19 |
| DMSFX | Destinations Multi Strategy Alternatives Fund | No one, but . . . | LMCG Investments has been added as a subadviser and Andreas Eckner, Guillaume Horel, Ajit Kumar, Edwin Tsui, and David Weeks will join the other nine managers on the management team. | 3/19 |
| DRFMX | Dreyfus Emerging Markets Fund | Warren Skillman will no longer serve as a portfolio manager for the fund. | Sean Fizgibbon and Julianne McHugh now manage the fund. | 3/19 |
| FSLBX | Fidelity Select Brokerage and Investment Management | Daniel Dittler left the fund on December 31, 2018. | Charlie Ackerman continues to manage the fund. | 3/19 |
| FSVLX | Fidelity Select Consumer Finance | Shilpa Mehra no longer serves as portfolio manager of the fund. | Chuck Culp will continue to manage the fund. | 3/19 |
| GCBLX | Green Century Balanced Fund | Effective June 30, 2019, Stephanie Leighton will no longer serve as a portfolio manager of the fund. The fund’s resurgence roughly corresponds to her arrival 10 years ago. | Cheryl Smith, Matthew Patsky, and Paul Hilton will continue to serve as portfolio managers of the fund. | 3/19 |
| HEMAX | Janus Henderson Emerging Markets Fund | Glen Finegan is no longer listed as a portfolio manager for the fund. | Michael Cahoon will continue to manage the fund. | 3/19 |
| HFEAX | Janus Henderson European Focus Fund | Lars Dollmann and Stephen Peak are no longer listed as portfolio managers for the fund. | Robert Schramm-Fuchs is now managing the fund. | 3/19 |
| HFOAX | Janus Henderson International Opportunities Fund | Stephen Peak is no longer listed as a portfolio manager for the fund. | Dean Cheeseman and Marc Shartz join James Ross, Gordon MacKay, Junichi Inoue, Paul O’Connor, Glen Finegan, Andrew Gillan, Nicholas Cowley, and Ian Warmerdam on the management team. | 3/19 |
| JSFBX | John Hancock Seaport Long/Short Fund | Effective June 30, 2019, Nicholas Adams and Mark Lynch will no longer serve on the fund’s management team. | Steven Angeli, John Averill, Jennifer Berg, Robert Deresiewicz, Ann Gallo, Bruce Glazer, Andrew Heiskell, Jean Hynes, and Keith White will continue to serve on the fund’s management team | 3/19 |
| FAIIX | Nuveen Core Bond Fund | Jeffrey Ebert and Wan-Chong Kung will no longer serve as portfolio managers for the fund. | Jason O’Brien will continue to manage the fund. | 3/19 |
| FAFIX | Nuveen Core Plus Bond Fund | Jeffrey Ebert and Wan-Chong Kung will no longer serve as portfolio managers for the fund. Timothy Palmer will leave the fund on July 31, 2019. | Douglas Baker and Timothy Palmer will continue to manage the fund until July 31, 2019, and Douglas Baker will carry on after that. | 3/19 |
| NGVAX | Nuveen Gresham Diversified Commodity Strategy Fund | Wan-Chong Kung is no longer a portfolio manager for the fund. | Randy Migdal, Susan Wager, John Clarke and Chad Kemper will continue to serve as portfolio managers for the fund. | 3/19 |
| FAIPX | Nuveen Inflation Protected Securities Fund | Wan-Chong Kung is no longer a portfolio manager for the fund. | Chad Kemper will continue to serve as the portfolio manager for the fund. | 3/19 |
| FISGX | Nuveen Mid Cap Growth Opportunities Fund | James Diedrich and Harold Goldstein are no longer listed as portfolio managers for the fund. | Gregory Ryan is managing the fund, now. | 3/19 |
| FCDDX | Nuveen Strategic Income Fund | Jeffrey Ebert and Marie Newcome are no longer portfolio managers for the fund. | Kevin Lorenz, William Martin, Katherine Renfrew and Nick Travaglino are added as portfolio managers of the fund. Timothy Palmer will continue to serve as a portfolio manager for the fund until July 31, 2019. Douglas Baker will continue to serve as a portfolio manager for the fund. | 3/19 |
| USBOX | Pear Tree Quality Fund | Mark Iong will no longer serve as a portfolio manager for the fund. | Mark Tindall will continue to manage the fund. The fund, which often had three or more managers, is now down to one. | 3/19 |
| RGIYX | Russell Investments Global Infrastructure Fund | Adam Babson is no longer listed as a portfolio manager for the fund. | Patrick Nikodem is now managing the fund. | 3/19 |
| SVSCX | State Street Dynamic Small Cap Fund | Anna Mitelman Lester is no longer listed as a portfolio manager for the fund. | Xiaojin Tang joins John O’Connell in managing the fund. | 3/19 |
| VSSGX | VALIC Company I Small-Mid Growth Fund | Daniel Zimmerman and Michael DeSantis are no longer listed as portfolio managers for the fund. | Jessica Katz and Steven Barry are now managing the fund. | 3/19 |
| VGSRX | Vert Global Sustainable Real Estate Fund | Joseph Chi no longer serves as a portfolio manager of the fund. | William Collins-Dean joins Jed Fogdall and Allen Pu in managing the fund. | 3/19 |
| WWIAX | Westwood Income Opportunity Fund | Daniel Barnes, Mark Freeman, and Todd Williams are no longer listed as portfolio managers for the fund. | David Clott and P. Adrian Helfert will now manage the fund. | 3/19 |
| WLVIX | Westwood Low Volatility Equity Fund | Daniel Barnes is no longer listed as a portfolio manager for the fund. | P. Adrian Helfert joins Matthew Lockridge, David Clott and Shawn Mato on the management team. | 3/19 |
| WWIOX | Westwood Worldwide Income Opportunity Fund | Daniel Barnes, Mark Freeman, and Todd Williams are no longer listed as portfolio managers for the fund. | P. Adrian Helfert will now manage the fund. | 3/19 |
