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BBH Rolls Out Its First Mutual Fund Since 2002

Brown Brothers Harriman launches a concentrated large-blend fund investing in U.S. and foreign stocks; Vanguard reopens its Capital Opportunity fund to individual investors; Franklin Templeton rolls out an emerging-markets bond fund; USAA seeks permission to create actively managed ETFs; and ...

Morningstar Fund Analysts, 04/04/2013

New fund launches provide a peek into the corporate culture and stewardship practices of the firm behind the fund. Rolling out trendy new funds--tech vehicles in the late 1990s, say, or real estate funds in the mid-2000s--can generate torrential inflows and increased revenues for a fund firm. Investors in those funds, though, aren't likely to be well-served.

Brown Brothers Harriman is the opposite of trendy: Prior to the March 28 launch of BBH Global Core Select, the New York-based bank hadn't put a new fund on the shelves in more than a decade.

The new offering will invest domestically and abroad using the same bottom-up, relatively concentrated strategy in place at sibling BBH Core Select BBTEX. That large-blend fund, which closed to new investors in November 2012 with assets of just $3.5 billion, ranks among its category's best options, earning a Morningstar Analyst Rating of Silver.

In addition to strategy, the funds will share managers: Tim Hartch and Mike Keller of BBH Core Select are on the management team of the new fund as well.

Vanguard Reopens Capital Opportunity to Individuals
Check out our special Fund Times breaking-news report from April 3 on Vanguard's announcement that it is reopening Vanguard Capital Opportunity VHCOX to individual investors and removing the $25,000 annual limit on additional purchases.

Panoply of Perkins Portfolio Manager Changes
Perkins Investment Management announced a raft of portfolio manager changes and the launch of a new fund. The manager changes are, in part, a domino effect spurred by the departure of 15-year veteran Todd Perkins, comanager of Perkins Small Cap Value JSCVX since 2004, as well as Perkins US Strategic Value, an offshore fund. He will stay on as a part-time consultant.

Taking Todd Perkins' place on Small Cap Value is Tom Reynolds, an analyst with the company since 2009. Reynolds, who has covered financials for the firm, will be phased in as a portfolio manager--standard procedure at the firm--so comanagers Bob Perkins (the firm's founder) and Justin Tugman will continue to make the bulk of the decisions. Tugman will take Todd Perkins' place as a comanager on Perkins US Strategic Value.

Meanwhile, Kevin Preloger, a comanager on Perkins Large Cap Value JPLTX since December 2008, will now also comanage Perkins Mid Cap Value JMCVX. CIO Jeff Kautz and Tom Perkins remain managers on that fund. Preloger was added, according to the firm, in part because it is Perkins' largest offering and recent performance has been weak. Preloger will give up his comanager role at the all-cap Perkins Select Value JSVTX, launched in December 2011.

Morningstar fund analysts cover more than 1,700 mutual funds and write regular commentary covering fund industry news, fund investing trends, picks, portfolio planning, international investing, and more.
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