Each month we track changes to the management teams of actively managed, equity-oriented funds and ETFs. That excludes index funds and most fixed income funds. The index fund exclusion is pretty straightforward: in a passive fund, the managers are interchangeable cogs whose presence or absence is almost always inconsequential to the fund’s performance.
Similarly, most bond fund managers have a very limited ability to add value. Over the past 10 years, for instance, the top performing Core Bond fund in the Lipper universe outperformed its peers by just 1% per year with a virtually identical Sharpe ratio (0.98 for the top returning fund, 0.97 for the average fund). The best global income and flexible income managers outperformed by 3.5 and 2.4%, respectively, which is comparable to the margin between the best large-core equity fund managers and the pack.
This month, over 50 funds saw changes in their management teams.
| Ticker | Fund | Out with the old | In with the new | Dt |
| AABPX | American Beacon Balanced | Mark Michel will no longer be listed as a portfolio manager for the fund. | The rest of the management team remains. | 5/21 |
| AAIEX | American Beacon International Equity | Mark Michel will no longer be listed as a portfolio manager for the fund. | The rest of the management team remains. | 5/21 |
| AALRX | American Beacon Large Cap Value | Mark Michel will no longer be listed as a portfolio manager for the fund. | The rest of the management team remains. | 5/21 |
| MMCFX | AMG Veritas China | The nine manager team will no longer serve as a portfolio managers for the fund. | Ezra Sun will now manage the fund. | 5/21 |
| MFQTX | AMG Veritas Global Focus Fund | Jia Ye and David Chrisman are no longer listed as portfolio managers for the fund. | Andrew Headley and Mike Moore will now manage the fund. | 5/21 |
| ADJEX | Azzad Ethical | Effective as of April 30, 2021, Delaware Investments Fund Advisers replaced Ivy Investment Management Company as sub-adviser to the fund. | Kimberly Scott and Nathan Brown now manage the fund. | 5/21 |
| BDMKX | BlackRock Global Long/Short Credit | No one, but… | David Taerstein joins Joshua Tarnow, Jose Aquilar, Stephen Gough, and Carly Wilson in managing the fund. | 5/21 |
| BUYIX | Catalyst Buyback Strategy | Michael Schoonover and Charles Ashley are no longer listed as portfolio managers for the fund. | Christopher Chiu, George Tkaczuk, and Timothy Webb will now manage the fund. | 5/21 |
| CFHIX | Catalyst Hedged Commodity Strategy | Kimberly Rios is no longer listed as a portfolio manager for the fund. | David Miller will now manage the fund. | 5/21 |
| QAGIX | CCM Core Impact Equity (formerly Quaker Impact Growth Fund) | Andrew Cowen will no longer serve as a portfolio manager for the fund. | Thomas Lott, Andy Kaufman, and Alex Alario will continue to manage the fund. | 5/21 |
| QUSVX | CCM Small/Mid-Cap Impact Value Fund (formerly Quaker Small/Mid-Cap Impact Value Fund) | Andrew Cowen will no longer serve as a portfolio manager for the fund. | Thomas Lott, Andy Kaufman, and Alex Alario will continue to manage the fund. | 5/21 |
| AUSAX | Columbia Acorn USA Fund | Matthew Litfin will no longer serve as a portfolio manager for the fund. | Erika Maschmeyer and John Emerson will now manage the fund. | 5/21 |
| EDIRX | Eaton Vance Global Income Builder | Effective July 1, 2021, Lewis Piantedosi and Michael Allison will not be listed as portfolio managers of the fund. | Derek DiGregorio will join Christopher Dyer, John Croft, and Jeffrey Mueller on the management team. | 5/21 |
| EALCX | Eaton Vance Growth | Effective July 1, 2021, Yana Barton will no longer serve as portfolio manager for the fund. | Effective July 1, 2021 Douglas Rogers will join Lewis Piantedosi in managing the fund. | 5/21 |
| ETTGX | Eaton Vance Tax-Managed Growth Fund 1.1 | Effective July 1, 2021, Lewis Piantedosi and Michael Allison will not be listed as portfolio managers of the fund. | Effective July 1, 2021, Kenneth Zinner will join Yana Barton in managing the fund. | 5/21 |
| EXTGX | Eaton Vance Tax-Managed Growth Fund 1.2 | Effective July 1, 2021, Lewis Piantedosi and Michael Allison will not be listed as portfolio managers of the fund. | Effective July 1, 2021, Kenneth Zinner will join Yana Barton in managing the fund. | 5/21 |
| FHKCX | Fidelity China Region | Stephen Lieu will transition off of the fund effective on or about August 1, 2021. | Ivan Xie and Peifang Sun continue to serve as portfolio managers for the fund. | 5/21 |
| FPBFX | Fidelity Pacific Basin | Bruce MacDonald has announce that he will retire on or about December 31, 2021. | Kirk Neureiter and Stephen Lieu continue to manage for the fund. | 5/21 |
| AFLG | First Trust Active Factor Large Cap ETF | No one, but… | Chris Bush joins Daniel Lindquist, Jon Erickson, David McGarel, Roger Testin, Stan Ueland, and Chris Peterson in managing the fund. | 5/21 |
| AFMC | First Trust Active Factor Mid Cap ETF | No one, but… | Chris Bush joins Daniel Lindquist, Jon Erickson, David McGarel, Roger Testin, Stan Ueland, and Chris Peterson in managing the fund. | 5/21 |
| AFSM | First Trust Active Factor Small Cap ETF | No one, but… | Chris Bush joins Daniel Lindquist, Jon Erickson, David McGarel, Roger Testin, Stan Ueland, and Chris Peterson in managing the fund. | 5/21 |
| GIPTX | Goldman Sachs Balanced Strategy | Christopher Lvoff will no longer serve as a portfolio manager for the fund. | Siwen Wu joins Neil Nuttall as portfolio manager for the fund. | 5/21 |
| GAPTX | Goldman Sachs Dynamic Global Equity | Christopher Lvoff will no longer serve as a portfolio manager for the fund. | Siwen Wu joins Neil Nuttall as portfolio manager for the fund. | 5/21 |
| GPITX | Goldman Sachs Growth and Income Strategy | Christopher Lvoff will no longer serve as a portfolio manager for the fund. | Siwen Wu joins Neil Nuttall as portfolio manager for the fund. | 5/21 |
| GGSTX | Goldman Sachs Growth Strategy | Christopher Lvoff will no longer serve as a portfolio manager for the fund. | Siwen Wu joins Neil Nuttall as portfolio manager for the fund. | 5/21 |
| GKIRX | Goldman Sachs Income Builder | Christopher Lvoff will no longer serve as a portfolio manager for the fund. | Neil Nuttall joins Ashish Shah, Charles Dane, Collin Bell, and Ronald Arons in managing the fund. | 5/21 |
| GSRIX | Goldman Sachs Rising Dividend Growth | Christopher Lvoff will no longer serve as a portfolio manager for the fund. | Siwen Wu joins Aron Kershner, Monalie Vora, and Kyri Loupis as a portfolio manager. | 5/21 |
| GXSTX | Goldman Sachs Satellite Strategies Portfolio | Christopher Lvoff will no longer serve as a portfolio manager for the fund. | Siwen Wu joins Neil Nuttall as portfolio manager for the fund. | 5/21 |
| HIMGX | Harbor Mid Cap Growth | Stephen Mortimer and Mario Abularach will no longer serve as portfolio managers for the fund. | Patrick Corcoran, Kristof Gleich, and Spenser Lerner will now manage the fund. | 5/21 |
| various | Harbor Target Retirement Income Fund, Harbor Target Retirement 2020 Fund, Harbor Target Retirement 2025 Fund, Harbor Target Retirement 2030 Fund, Harbor Target Retirement 2035 Fund, Harbor Target Retirement 2040 Fund, Harbor Target Retirement 2045 Fund, Harbor Target Retirement 2050 Fund, Harbor Target Retirement 2055 Fund and Harbor Target Retirement 2060 Fund | Matthew Pallai is no longer listed as a portfolio manager. | Spenser Lerner joins Paul Herbert in managing the fund. | 5/21 |
| RMRGX | Highland Resolute | Parametric Portfolio Associates LLC no longer serves as an investment sub-adviser to the fund. | Jason Copeland and Matthew Sampson will continue to manage the fund. | 5/21 |
| JNVIX | Jensen Quality Value | Jorge Rivas will no longer serve as a portfolio manager for the fund. | Tyra Pratt, Adam Calamar, Eric Schoenstein, and Kurt Havnaer will continue managing the fund. | 5/21 |
| JIVAX | JPMorgan Intrepid Value | Jason Alonzo is no longer listed as a portfolio manager for the fund. | Wonseok Choi, Andrew Stern, and Jonathan Tse continue as portfolio managers for the fund. | 5/21 |
| JIGAX | JPMorgan U.S. GARP Equity | Jason Alonzo is no longer listed as a portfolio manager for the fund. | Wonseok Choi, Andrew Stern, and Jonathan Tse continue as portfolio managers for the fund. | 5/21 |
| JIIGX | JPMorgan U.S. Sustainable Leaders | Jason Alonzo is no longer listed as a portfolio manager for the fund. | Wonseok Choi, Andrew Stern, and Jonathan Tse continue as portfolio managers for the fund. | 5/21 |
| LAFPX | Lord Abbett Affiliated | No one, but… | Ryan Howard joins Marc Pavese, Darnell Azeez, and Servesh Tiwari in managing the fund. | 5/21 |
| LAMAX | Lord Abbett Dividend Growth | No one, but… | Subrata Ghose joins Marc Pavese, Darnell Azeez, Servesh Tiwari, and Jeffrey Rabinowitz in managing the fund. | 5/21 |
| LMGAX | Lord Abbett Growth Opportunities | No one, but… | Heidi Lawrence and James Sullivan join Jeffrey Rabinowitz as portfolio managers of the fund. | 5/21 |
| LHCAX | Lord Abbett Health Care | No one, but… | Samantha Shevins and Heidi Lawrence join Matthew DeCicco and Devesh Karandikar as portfolio managers of the fund. | 5/21 |
| BBALX | Northern Global Tactical Asset Allocation | Effective June 1, 2021, Daniel Phillips will no longer be listed as portfolio manager after a decade with the fund. | Robert Browne and James McDonald continue to manage the fund. | 5/21 |
| OAYMX | Oakmark Fund | Effective December 31, 2021, Kevin Grant will be retiring and no longer listed as portfolio manager for the fund. | After Mr. Grant’s retirement, William Nygren and Michael Nicolas will continue as portfolio managers of the Fund. | 5/21 |
| PDRDX | Principal Diversified Select Real Asset | No one, but… | May Tong joins Kelly Grossman, Jessica Bush, Marcus Dummer, and Benjamin Rotenberg in managing for the fund. | 5/21 |
| PGBLX | Principal Global Diversified Income | No one, but… | May Tong joins Kelly Grossman, Jessica Bush, Marcus Dummer, and Benjamin Rotenberg in managing the fund. | 5/21 |
| PGIAX | Putnam Focused Equity Fund | Daniel Schiff is no longer listed as portfolio manager for the fund. | Josh Fillman joins Jacquelyne Cavanaugh and Walter Scully as portfolio manager for the fund. | 5/21 |
| TAARX | Transamerica Asset Allocation Intermediate Horizon | Sean Serrell no longer serves as a portfolio manager for the fund. | Rufat Garalov joins Kane St. John Cotton and Christopher Staples as a portfolio manager. | 5/21 |
| TALRX | Transamerica Asset Allocation Long Horizon | Sean Serrell no longer serves as a portfolio manager for the fund. | Rufat Garalov joins Kane St. John Cotton and Christopher Staples as a portfolio manager. | 5/21 |
| TSHRX | Transamerica Asset Allocation Short Horizon | Sean Serrell no longer serves as a portfolio manager for the fund. | Rufat Garalov joins Kane St. John Cotton and Christopher Staples as a portfolio manager. | 5/21 |
| VHGEX | Vanguard Global Equity | Charles Plowden is no longer listed as a portfolio manager for the fund. | William Arah, Neil Ostrer, Spencer Adair, and Malcolm MacColl continue to serve as portfolio managers of the fund. | 5/21 |
| VMNFX | Vanguard Market Neutral | James Stetler will retire in July 2021 and will no longer serve as a portfolio manager for the fund. | Binbin Guo and Cesar Orosco will continue to manager for the fund after James Stetler’s retirement. | 5/21 |
| WEIZX | Weiss Alternative Multi-Strategy (formerly Weiss Alternative Balanced Risk Fund) | Charles Crow is no longer listed as a portfolio manager for the fund. | Jordi Visser and Edward Olanow continue to serve as portfolio managers for the fund. | 5/21 |
