Every month we track changes to the management teams of equity, alternative and balanced funds, along with a handful of fixed-income ones. Why “a handful”? Because most fixed-income funds are such sedate creatures, with little performance difference between the top quartile funds and the bottom quartile, that the changes are not consequential. Even in the realms we normally cover, the rise of management committees dilutes the significance of any individual’s departure or arrival.
This is one of the months in which the number of funds making changes is relatively large – 60 – but the number making dramatic changes is minimal. The newly-launched Harbor Focused International Fund will lose its most senior member of a very successful management team to retirement at year’s end. Meridian Enhanced Equity Fund is losing Minyoung Sohn, its founding manager and one of Meridian’s founding partners. At the other end, the management team at Otter Creek Long/Short Opportunity, which has suffered a period of atypically rough performance, has added Otter Creek’s founder to the team. It might well be a good development for investors, but one suspects that the dress code at team meetings just moved up one notch.
| Ticker | Fund | Out with the old | In with the new | Dt |
| SHNAX | AIG Flexible Credit Fund | Jonathan Stanley is no longer listed as a portfolio manager for the fund. | Eric Hess and William Eastwood join David Albrycht and Francesco Ossino, none of whom have reported investments in their fund. | 8/19 |
| RAGHX | AllianzGI Health Sciences Fund | Brett Jones will no longer serve as a portfolio manager for the fund. | Peter Pirsch will continue to manage the fund. | 8/19 |
| IONAX | American Beacon Ionic Strategic Arbitrage Fund | Effective July 31, 2019, Adam Radosti of Ionic Capital Management LLC retired from his position as a portfolio manager for the fund. | Bart Baum, Douglas Fincher, and Daniel Stone will continue to manage the fund. | 8/19 |
| ACIMX | American Century International Core Equity | Vinod Chandrashekaran has announced his plans to leave American Century Investments. As a result, he will no longer serve as a portfolio manager for the fund effective August 17, 2019. | Elizabeth Xie will continue to manage the fund. | 8/19 |
| ACVUX | American Century International Value | Vinod Chandrashekaran has announced his plans to leave American Century Investments. As a result, he will no longer serve as a portfolio manager for the fund effective August 17, 2019. | Elizabeth Xie will continue to manage the fund. | 8/19 |
| ANTVX | American Century NT International Value | Vinod Chandrashekaran has announced his plans to leave American Century Investments. As a result, he will no longer serve as a portfolio manager for the fund effective August 17, 2019. | Elizabeth Xie will continue to manage the fund. | 8/19 |
| DCPIX | BNY Mellon Core Plus Fund | No one, but … | James DiChiaro joins Gerard Berrigan, Jason Celente, and Gautam Khanna on the management team. | 8/19 |
| DPREX | Delaware REIT Fund | Damon Andres, Babak Zenouzi, and Scott Hastings are no longer listed as portfolio managers for the fund. | Stefan Löwenthal and Jürgen Wurzer are now managing the fund. | 8/19 |
| DAMDX | Dunham Monthly Distribution Fund | The fund has changed subadvisors – Perella Weinberg Partners Capital Management is out – but, not portfolio managers. | Weiss Multi-Strategy Advisers LLC is the new subadvisor, and the new employer, for continuing manager, David Baker. | 8/19 |
| SPDAX | DWS Multi-Asset Conservative Allocation Fund | Pankaj Bhatnagar and Darwei Kung are no longer listed as portfolio managers for the fund. | Sophia Noisten joins Dokyoung Lee in managing the fund. | 8/19 |
| SUPAX | DWS Multi-Asset Growth Allocation Fund | Pankaj Bhatnagar and Darwei Kung are no longer listed as portfolio managers for the fund. | Sophia Noisten joins Dokyoung Lee in managing the fund. | 8/19 |
| PLUSX | DWS Multi-Asset Moderate Allocation Fund | Pankaj Bhatnagar and Darwei Kung are no longer listed as portfolio managers for the fund. | Sophia Noisten joins Dokyoung Lee in managing the fund. | 8/19 |
| ELFNX | Elfun Trusts | David Carlson is no longer listed as a portfolio manager for the fund. | William Sandow and Chris Sierakowski will now manage the fund. | 8/19 |
| VSFAX | Federated Clover Small Value Fund | As of September 3, 2019, Martin Jarzebowski will no longer serve as a portfolio manager for the fund. | Stephen Gutch will continue to manage the fund. | 8/19 |
| FAFDX | Fidelity Advisor Financial Services | No one, but … | Matt Reed joins Christopher Lee in managing the fund. | 8/19 |
| FCLAX | Fidelity Advisor Industrials | No one, but … | Tobias Welo joins Janet Glazer in managing the fund. | 8/19 |
| FSCHX | Fidelity Select Chemicals | No one, but Richard Malnight is expected to retire next June. | David Wagner joins Richard Malnight on the management team, and will continue to manage the fund upon Mr. Malnights retirement. | 8/19 |
| FMNEX | Free Market International Equity | Sean Babin is no longer listed as a portfolio manager for the fund. | Daniel List joins Mark Matson in managing the fund. | 8/19 |
| GSYIX | Goldman Sachs Imprint Emerging Markets Opportunities | Basak Yavuz is no longer listed as a portfolio manager for the fund. | Lee Gao and Jamieson Odell are now managing the fund. | 8/19 |
| GSAUX | Goldman Sachs Long Short Credit Strategies Fund | Effective immediately, Salvatore Lentini no longer serves as a portfolio manager for the fund. | Michael McGuiness joins Ashish Shah in managing the fund. | 8/19 |
| HNFIX | Harbor Focused International Fund | Vincent Houghton has announced his plans to retire on or about December 31, 2019. | Laure Négiar, Zak Smerczak, and Alexandre Narboni will continue to serve as co-portfolio managers for the fund. | 8/19 |
| HIMGX | Harbor Mid Cap Growth Fund | Effective March 1, 2020, Michael T. Carmen will no longer serve as a portfolio manager of the fund. | Stephen Mortimer and Mario Abularch will continue to serve as co-portfolio managers for the fund. | 8/19 |
| HTUS | Hull Tactical US ETF | Effective August 19, 2019, Vident Investment Advisory, LLC will no longer serve as a sub-adviser to the fund. | Exchange Traded Concepts, LLC will continue to serve as the fund’s adviser, and HTAA, LLC will continue to serve as the fund’s sub-adviser. Andrew Serowik and Travis Trampe of ETC will join Petra Bakosova of HTAA on the management team. | 8/19 |
| HEMAX | Janus Henderson Emerging Markets Fund | On or about September 16, 2019, Michael Cahoon and Stephen Deane are no longer managing the fund. | Daniel Graña takes over managing the fund. | 8/19 |
| HFOAX | Janus Henderson International Opportunities Fund | Ian Warmerdan is no longer listed as a portfolio manager for the fund. | Daniel J. Graña joins Dean Cheeseman, Andrew Gillan, Nicholas Cowley, Paul O’Connor, Junichi Inoue, Gordon MacKay, James Ross, and Marc Schartz on the management team. | 8/19 |
| HFOAX | Janus Henderson International Opportunities Fund | On or about September 16, 2019, Nicholas Cowley no longer managing the fund. | Daniel J. Graña joins Dean Cheeseman, Andrew Gillan, Nicholas Cowley, Paul O’Connor, Junichi Inoue, Gordon MacKay, James Ross, and Marc Schartz on the management team. | 8/19 |
| JVSIX | Janus Henderson Small-Mid Cap Value Fund | Alec Perkins will no longer serve as a portfolio manager for the fund. | Kevin Preloger and Justin Tugman will now manage the fund. | 8/19 |
| MASVX | Madison Small Cap Fund | Shaun Pederson and Timothy McCormack are no longer listed as portfolio managers for the fund. | Faraz Farzam, Aaron Garcia, and Richard Lane will now manage the fund. | 8/19 |
| MRIEX | Meridian Enhanced Equity Fund | Effective as of September 3, 2019, Minyoung Sohn no longer serves as the manager of the fund. | Clay Freeman will take over managing the fund. | 8/19 |
| MEIAX | MFS Value Fund | Effective December 31, 2020, Steven Gorham will no longer be a portfolio manager of the fund. | Effective December 31, 2020, Katherine Cannan will join Nevin Chitkara in managing the fund. | 8/19 |
| NOEMX | Northern Emerging Markets Equity Fund | Steven Santiccioli is no longer listed as a portfolio manager for the fund. | Robert Anstine and Brent Reeder will now manage the fund. | 8/19 |
| NOINX | Northern International Equity Index Fund | Steven Santiccioli is no longer listed as a portfolio manager for the fund. | Brent Reeder and Brendan Sullivan will now manage the fund. | 8/19 |
| OTCRX | Otter Creek Long/Short Opportunity Fund | No one, but … | Roger Keith Long, Otter Creek’s founder, joins Michael Winter and Tyler Walling on the management team. | 8/19 |
| PKPIX | PPM Core Plus Fixed Income Fund | Erica Lankfer will no longer serve as a portfolio manager for the fund. | Michael Kennedy will continue to manage the fund. | 8/19 |
| PKDIX | PPM Credit Fund | Erica Lankfer will no longer serve as a portfolio manager for the fund. | Michael Kennedy, Mark Redfearn, and Matthew Willey will continue to manage the fund. | 8/19 |
| PKLIX | PPM Long Short Credit Fund | Erica Lankfer will no longer serve as a portfolio manager for the fund. | Michael Kennedy will continue to manage the fund. | 8/19 |
| PKSIX | PPM Strategic Income Fund | Erica Lankfer will no longer serve as a portfolio manager for the fund. | Michael Kennedy will continue to manage the fund. | 8/19 |
| PEMMX | Putnam Emerging Markets Equity Fund | Daniel Graña is no longer managing the fund after 10 years. Hint: He’s now (or soon to be) with Janus Henderson. | Brian Freiwald and Andrew Yoon will now manage the fund. | 8/19 |
| PEYAX | Putnam Equity Income Fund | No one, but … | Lauren DeMore joins lead manager Darren Jaroch and Walter Scully on the management team. | 8/19 |
| PEQUX | Putnam Global Equity Fund | Matthew Culley will no longer serve as a portfolio manager for the fund. | Jacquelyne Cavanaugh and Walter Scully join R. Shepherd Perkins in managing the fund. | 8/19 |
| PNGAX | Putnam International Value Fund | Karan Sodhi is no longer listed as a portfolio manager for the fund. | Lauren DeMore joins lead manager Darren Jaroch in managing the fund. | 8/19 |
| FMFIX | RBB Free Market Fixed Income | Sean Babin is no longer listed as a portfolio manager for the fund. | Daniel List joins Mark Matson in managing the fund. | 8/19 |
| FMUEX | RBB Free Market US Equity Fund | Sean Babin is no longer listed as a portfolio manager for the fund. | Daniel List joins Mark Matson in managing the fund. | 8/19 |
| PREIX | T. Rowe Price Equity Index 500 Fund | Ken Uematsu will no longer serve as a portfolio manager for the fund. | Alexa Gagliardi will now manage the fund. | 8/19 |
| PEXMX | T. Rowe Price Extended Equity Market Index Fund | Ken Uematsu will no longer serve as a portfolio manager for the fund. | Alexa Gagliardi will now manage the fund. | 8/19 |
| POMIX | T. Rowe Price Total Equity Market Index Fund | Ken Uematsu will no longer serve as a portfolio manager for the fund. | Alexa Gagliardi will now manage the fund. | 8/19 |
| TCWAX | Templeton China World | Eddie Chow will no longer serve as a portfolio manager for the fund. | Michael Lai and Yu-Jen Shih are now managing the fund. | 8/19 |
| WEBCX | TETON Westwood Balanced Fund | No one, but … | P. Adrian Helfert has been added as to the management team, joining Scott Lawson, Matthew Lockridge, Varun Singh, and Casey Flanagan. | 8/19 |
| TPYAX | Touchstone International ESG Equity Fund | John Leslie, Lowell Glaser Miller, Bryan Spratt, and Gregory Powell are no longer listed as portfolio managers for the fund. | Jimmy Chang and David Harris will now manage the fund. | 8/19 |
| UVALX | USAA Value Fund | Effective August 30, 2019, Daniel Lang will resign as Chief Investment Officer of the RS Value team and will no longer be a portfolio manager of the fund. | Robert Harris will become Chief Investment Officer of the RS Value team and will be joined by Tyler Dann, Mannik Dhillon, Wasif Latif, and Joseph Mainelli on the fund management team. | 8/19 |
| VGWIX | Vanguard Global Wellesley Income Fund | Ian Link will no longer serve as a portfolio manager for the fund. | Andre Desautels joins Loren Moran and Michael Stack on the management team. | 8/19 |
| VWELX | Vanguard Wellington Fund | Effective at the close of business on June 30, 2020, Edward Bousa will retire from Wellington Management Company LLP and will no longer serve as a portfolio manager for the fund. | Loren Moran, Daniel Pozen, and Michael Stack, who currently serve as portfolio managers with Mr. Bousa, will remain as portfolio managers upon Mr. Bousa’s retirement. | 8/19 |
| RSINX | Victory RS Investors Fund | Effective August 30, 2019, Daniel Lang will resign as Chief Investment Officer of the RS Value team and will no longer be a portfolio manager of the fund. | Robert Harris will become Chief Investment Officer and continue to manage the fund with Joseph Mainelli. | 8/19 |
| GPAFX | Victory RS Large Cap Alpha Fund | Effective August 30, 2019, Daniel Lang will resign as Chief Investment Officer of the RS Value team and will no longer be a portfolio manager of the fund. | Robert Harris will become Chief Investment Officer and continue to manage the fund with Joseph Mainelli and Tyler Dann. | 8/19 |
| RSPFX | Victory RS Partners Fund | Effective August 30, 2019, Daniel Lang will resign as Chief Investment Officer of the RS Value team and will no longer be a portfolio manager of the fund. | Robert Harris will become Chief Investment Officer and continue to manage the fund with Joseph Mainelli. | 8/19 |
| RSVAX | Victory RS Value Fund | Effective August 30, 2019, Daniel Lang will resign as Chief Investment Officer of the RS Value team and will no longer be a portfolio manager of the fund. | Robert Harris will become Chief Investment Officer and continue to manage the fund with Joseph Mainelli. | 8/19 |
| CBEAX | Wells Fargo C&B Large Cap Value Fund | No one, but … | Wesley Lim joins R. James O’Neil, Michael Meyer, Mehul Tivedi, Edward O’Connor, Steve Lyons, William Weber, and Andrew Armstrong on the management team. | 8/19 |
| CBMAX | Wells Fargo C&B Mid Cap Value Fund | No one, but … | Wesley Lim joins R. James O’Neil, Michael Meyer, Mehul Tivedi, Edward O’Connor, Steve Lyons, William Weber, and Andrew Armstrong on the management team. | 8/19 |
| IPBAX | Wells Fargo Real Return Fund | Effective immediately, Dale Winner is removed as a portfolio manager to the fund. | Kandarp Acharya, Petros Bocray, Michael Bradshaw, Christian Chan, Kayvan Malek, Jay Mueller, Garth Newport, and Thomas Price will remain as portfolio managers. | 8/19 |
