Plus, what a difference a decade makes, and more.
Jim Reilly and his brother Mike Reilly are leaving AllianceBernstein at the end of June. Both are part of the team managing AllianceBernstein Large Cap Growth
The change also affects Vanguard U.S. Growth
It has been a decade of manager changes and poor performance for U.S. Growth. Over the last 10 years it has been among the poorest-performing funds in the Vanguard stable. Through March 10, 2010, it had lost 6.5% annualized in the past decade and trailed more than 90% of its peers. The fund's woes date back to when former subadvisor Lincoln Capital Management misplayed the tech-stock boom and bust. Vanguard ultimately fired Lincoln and hired Alliance in 2001. Jostrand joined three years later.
Janus Expands Use of Performance Fees
Janus has proposed adding performance fees to five funds: Janus
Janus also seeks to move Global Opportunities under the umbrella of its subsidiary, Perkins Investment Management. Pending shareholder approval, the fund will be subadvised by Perkins, with current manager Gregory Kolb becoming a Perkins employee.
What a Difference a Decade Makes
Wednesday marked the 10th anniversary of the Internet bubble's peak. As my colleague Gregg Wolper has noted, many large-value funds' 10-year returns look quite different now that the late-1990s tech boom has dropped off of their records. To mark the event we took a quick look at our large-value Analyst Picks through two different lenses: over 10- and 13-year time periods, the latter because it incorporates several bull and bear markets.