parent - child management teams

David_Snowball

Hi, guys.

I'm trying to think about instances in which a parent and child were both fund managers, but the child worked to get away from the parent. (Mostly these are father-son pairs, with Roy and Rose Papp as the only father-daughter one that comes to mind.)

The Yacktmans (Yacktman and YCG) come immediately to mind. The Dodsons (Parnassus and Frank Value). The Bogles, sort of (Vanguard and Bogle).

Setting aside the family-run boutiques (Crawford, Queens Road, Muhlenkamp - eeee!), can you think of other instances were the scion struck out on his own? It comes up, mostly, because its happening again with the Oelschlagers. Mark was a rising star at Oak Associates, and a fine manager, until something happened and he was gone. He's about to launch two funds that are sort of clones of his earlier charges.

Thanks, as ever,

David

LewisBraham

The whole family saga at Wasatch, Grandeur Peak and Seven Canyons--son strikes out on his own, then so does father, then son rejoins father--doesn't exactly play out like that narrative, but is interesting to recount.

Mark

Phil and Ken Fisher perhaps but I don't know if they ever worked together as a management team.

David_Snowball

Thanks, Mark! I don't know either, but it is, as with Lewis's note, a fascinating addition. I'm a little nervous about the upcoming AAII conference talk - it's accelerated my normal monthly bout of self-loathing by a week - so I might defer the Family Affair story until December, which gives Oelschlager a chance to launch his funds and me a chance to continue digging.

Be well!

hank

This led me to uncover an interesting rift (philosophically) between Robert Stovall and son Sam.
Unfortunately, they haven’t managed any mutual funds that I know of - nor have they worked together.

“Father, Son Play Together but Invest Apart / Stovalls Are Split On Growth vs. Value”
https://www.wsj.com/articles/SB121339953151973707

Ted

@MFO Members: On the other side of the coin, a family of fund managers that have worked well together, the Davis Family, grandfather, father, son.
Regards,
Ted
https://www.nytimes.com/1998/02/08/business/mutual-funds-all-in-the-davis-family-still-picking-winners.html

Davis Funds Website:
https://davisfunds.com/

Mark

David, if you can access the M* discussion forums here's a little bit on Fisher posted in the CEF Investing Board.

Fisher

TheShadow

Not exactly what was asked for, but how about Oberweis; father and son run mutual fund family, only the father left to enter into state politics.

bee

Interesting father-son story. The Bruce fund, BRUFX. The father left the very successful Mathers Fund to open his own fund with his son.

https://forbes.com/forbes/2011/0627/money-guide-11-funds-bruce-fund-heebner-cgm-invest.html

amateur

Trivia. The Roy and Rose Papp management team was a father and daughter-in-law combination. How rare is that?

https://www.nytimes.com/1997/06/01/business/one-family-two-generations-three-feisty-funds.html

Simon

D.F. Dent

Father and son work together here. Daniel F. Dent runs the Premier Growth fund (DFDPX) with his son Matthew. Both have over $1m invested. Matthew also co-manages the Midcap Growth Fund (DFDMX) again with over a million of his own money invested. Daniel has been manager of Premier Growth for 18 years and Matthew manager of Midcap Growth for 8 years.

The more I read about this outfit the more I like them and their funds. However, there was a 3 year period of relative underperformance from 2014-16 in both funds but they have shined since. The expense ratios are on the high side and I wonder if this partially explains why the AUM in each fund is still so small. Then again AKREX has grown into a $12bn fund with an even higher expense ratio.