Plus, news on more LBO frenzy, growing foreign-fund flows, and more.
OppenheimerFunds veteran Bill Wilby will retire from the firm after 16 years service, as well as from his management duties at the $8 billion Oppenheimer Capital Appreciation
Wilby's retirement is a loss for the firm and for the Capital Appreciation fund. Wilby is a savvy growth investor, particularly in the international arena. For more than a dozen years Wilby delivered strong results in a variety of market conditions at Oppenheimer Global
That said, we don't think investors should panic over Wilby's departure. Not only has Baylin worked alongside Wilby here for more than 18 months, he has a good level of experience overall. Prior to joining Oppenheimer in September 2005, Baylin led J.P. Morgan's large-growth team, and worked at T. Rowe Price as an analyst and portfolio manager for T. Rowe Price New America Growth
Archstone LBO Benefits Funds
The frenzy of leveraged buyouts continued with the recent bid for real estate investment trust Archstone-Smith
A few of the real estate funds we most respect had sizable positions in Archstone, and have likely benefited handsomely from the buyout offer. T. Rowe Price Real Estate
Investors Continue to Dine on Foreign Fare
According to preliminary estimates from industry observers, April saw international and globally focused mutual funds lead all categories in terms of added fund flows. In fact, according to the Investment Company Institute, international equity funds saw nearly $16.6 billion in inflows that month. This amount is more than double the level invested in this area of the market in March, and it represents a majority of the inflows into equity offerings.
Funds in the foreign large-blend, foreign large-value, world-stock, and foreign large-growth categories would be the offerings attracting some of the largest amounts of new money. This is not unexpected, as these categories have produced strong results in recent years, far in excess of those put up by their domestic counterparts. Also not surprising is the fact that one of the best-selling funds in April, and indeed for the year so far, is Dodge & Cox International Stock
Pioneer's New Catastrophic-Focused Offering Launched
Pioneer Investments has launched an unusual closed-end fund, Pioneer Diversified High Income Trust
The offering will be comanaged by Andrew Feltus, of Pioneer High-Yield