Plus, Bill Miller gets a new comanager, Calamos closes its oldest fund, and more.
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Primecap announced that David Van Slooten submitted his resignation earlier this month and will leave the firm by the end of the year.
Van Slooten has been a longtime comanager on three Vanguard funds subadvised by Primecap: Vanguard Primecap
M. Mohsin Ansari, Primecap's director of research, is being added as a named manager on all three funds, though Primecap says this change has been in the works for a while and is not a reaction to Van Slooten's resignation. Ansari currently manages more than $1 billion in assets and has been involved in running a portion of the funds' assets since 2000. (Primecap fund managers independently manage sleeves of assets, and members of the research department are typically put in charge of smaller sleeves.) Ansari currently covers hardware, software, and paper stocks.
All three of the funds have above-average long-term records. The two with 10-year records, Primecap and Capital Opportunity, have gained more than 3% per year the past decade, while the S&P 500 has gained less than 1%.
The announcement does not affect any of Primecap's Odyssey funds because Van Slooten was not a listed manager on those funds.
Sam Peters Officially Joins Bill Miller on Value Trust
Legg Mason Capital Management announced that Sam Peters will join Bill Miller as comanager of Legg Mason Capital Management Value Trust
In May, Legg Mason indicated that Peters would be Miller's eventual successor. Mary Chris Gay will continue to serve as the assistant portfolio manager of the fund.