• / Free eNewsletters & Magazine
  • / My Account
Home>Research & Insights>Fund Times>Longleaf Partners Global Reopens to New Investors

Related Content

  1. Videos
  2. Articles
  1. Cream of the Crop: Our Favorite Funds in All Flavors

    Morningstar's Russ Kinnel, Sarah Bush, and Christine Benz highlight their top fund picks for domestic and foreign equity, core bond, inflation-protected securities, and much more.

  2. Jacobson's Picks for Core Bond Exposure

    Morningstar's director of fixed-income research offers his tips for selecting a solid core bond fund along with some of his favorite choices.

  3. Top Investment Ideas for Retirement

    Retirement Readiness Bootcamp Part 5: Morningstar strategists share their top fund, ETF, and dividend stock picks to fill your retirement portfolio.

  4. Top Funds for Tax-Efficient Bucket Retirement Portfolios

    Tax-managed, index, and municipal-bond funds from Fidelity and Vanguard are among the best options for investors looking to minimize the tax drag on their portfolios, says Morningstar's Christine Benz.

Longleaf Partners Global Reopens to New Investors

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.

Morningstar Fund Analysts, 04/18/2013

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 FSLVX, Fidelity Advisor Stock Selector Large Cap Value FLUAX, Fidelity Series Stock Selector Large Cap Value FBLEX, and Fidelity Advisor Series Large Cap Value FMMLX (all funds are similarly, if not identically, managed), Dirks was a named manager who oversaw the multimanager sector specialist teams running those funds, though he didn't manage any actual assets for those funds. Matthew Friedman, who currently manages the materials, energy, and utilities sleeves for those funds, will take over Dirks' lead portfolio manager role. Friedman, who has been with Fidelity since 2000, has a similar role leading the multimanager Fidelity Value FDVLX.

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 FBALX, and Fidelity Advisor Balanced FABLX. Adam Hetnarski, a manager on the funds since they were converted to their current multimanager format in 2007 (VIP Contrafund) and 2008 (both Balanced funds), will be stepping down--whether he stays at Fidelity is still to be determined. Brian Lempel, who joined the industry and Fidelity in 2004, will take his place. Lempel currently manages Fidelity Select Software & Computer Services FSCSX, an assignment he's had since early 2009, as well as the technology sleeve for Fidelity Series All-Sector Equity FSAEX where he's been managing assets for the past six months.

Gold-rated FMI Fund to Close
Gold-rated FMI Large Cap FMIHX will close to new investors on June 30, 2013. The fund currently holds $7.2 billion in assets under management, compared with $5.3 billion at the end of 2012's first quarter. The fund's closure is in line with the firm's previous moves to preemptively close funds when asset growth has threatened to compromise the investment strategy.

New CIO Appointed at Vanguard Subadvisor D.E. Shaw
A sleeve of Vanguard Growth and Income VGIAX subadvised by D.E. Shaw has a new manager. Anne Dinning, Ph.D., has been named chief investment officer of D.E. Shaw and has been named as a comanager on Vanguard Growth and Income. Dinning has served with D.E. Shaw since 1990, overseeing the firm's energy, insurance, and long-short strategies, among others.

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.

©2017 Morningstar Advisor. All right reserved.