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i own shares of mbeax fund which was managed by chicago equity partners. it has been renamed GW&K global allocation fund, effective 4/17/20. I was not happy with mbeax and was going to sell it when I found a fund I liked better. I will give the new sub-advisor a chance to see how they do. if anyone else owns shares in mbeax I would like to know what they think about the change.


  • I owned MBEAX a few years ago. Hard to recommend when PRWCX JABAX VWELX FBALX RPBAX have all done better. At least it has outperformed OAKBX and FPACX . Would like to see it outperform as a global allocation fund to provide more choice in that category.
  • I've never heard of it, but a strange name (Global Allocation) for a fund that has < 5% equity outside the US. M* categorizes it as a moderate US allocation fund, 50-70% equity. If you bought it thinking it was global it seems to have changed mandates.
  • The name is new, the daily management is new, the global allocation objective is new. Only the family (AMG) is unchanged. I would treat it as any other new fund - check into the managers, the management company (now GW&K, was Chicago Equity Partners).

    With the change of direction, high turnover is to be expected (cap gains exposure 13%). Tax exposure could be amplified by outflows, as realized gains could be spread among fewer remaining shareholders. That's some motivation to switch, unless you own it in a tax-sheltered account, or if your taxes would be even worse if you sold out.

    It's a pretty small fund ($146M AUM), so it should not be especially weighed down by its old portfolio. That is, in most respects this is just another new fund. The question is, would you buy this new fund? Forget about what it was.

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