Management changes at Fidelity funds, a new CIO at D.E. Shaw, TIAA-CREF rolls out a new international fund, a Gold-rated FMI fund to close, and more.
It's open again.
Longleaf Partners Global LLGLX launched Jan. 2, 2013, but then closed to new investors just three weeks later due to a paucity of appealing bargains after a big rally in global markets, according to the managers. On April 16, the fund reopened. A statement sent to the fund's shareholders noted that the managers have been finding compelling opportunities and investing some of the cash that had built up, and thus could comfortably begin accepting more inflows.
The fund currently has about $28 million in assets.
Manager Departure Triggers Changes at Fidelity Funds
Following an almost 13-year portfolio manager career at Fidelity, Bruce Dirks recently announced his plan to leave the firm in order to become the chief financial officer of California-based VitaSat VSAT, a $2 billion market cap technology firm in which Fidelity funds have a collective 8.9% ownership interest. His departure affects a number of funds, some more than others. As the lead for Fidelity Stock Selector Large Cap Value
Dirks had a more traditional portfolio manager role as the sole manager on Fidelity Mid Cap Value FSMVX and Fidelity Advisor Mid Cap Value FMPAX. There he used a combination of fundamental and quantitative inputs to manage both funds. His replacement, Court Dignan, comes to the funds with a limited public track record managing assets. He has managed Fidelity Select Insurance FSPCX since late 2009, and this will be his first foray managing a diversified mutual fund.
Separately, Fidelity also announced changes to the information technology sector sleeves of Fidelity VIP Contrafund, Fidelity Balanced
Gold-rated FMI Fund to Close
Gold-rated FMI Large Cap
New CIO Appointed at Vanguard Subadvisor D.E. Shaw
A sleeve of Vanguard Growth and Income