Plus, Putnam launches leveraged funds, and more.
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Mani Govil, who in late March left the helm of RS Large Cap Alpha
Govil, who had steered the previously poor-performing RS Large Cap Alpha to the top 1% of the large-blend category during his tenure from August 2005 through March 29, 2009, will manage two funds: The $5 billion large-blend fund, Oppenheimer Main Street
Govil will run the large-blend Oppenheimer Main Street similar to Large Cap Alpha. He's a low-turnover, bottom-up value investor who buys strong franchises at a discount to his estimate of their intrinsic values. The fees at the Oppenheimer fund will be slightly cheaper than the RS fund--0.91% versus 0.93%.
Another former RS manager, Matt Ziehl, who helped steer RS Small Cap Core Equity
The Oppenheimer portfolios won't change overnight. It will take at least a few months for the Main Street fund, for example, to trim its holdings to Govil's preferred size of fewer than 100 holdings. It currently has 848.
Columbia Manager Un-retires
Peter Larson, comanager of Columbia Small Cap Core
Putnam Launches Leveraged Funds
Putnam launched two new funds this week that will invest in the stocks, bonds, bank loans, and convertible securities of leveraged companies, or those with a lot of debt. David Glancy, who joined Putnam earlier this year after several years of investing like this at Andover Capital and Fidelity Investments, will run Putnam Capital Spectrum