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
D.E. Shaw's previous chief investment officer, Anthony Foley, has left the firm. Foley, who joined D.E. Shaw in 2005, had been responsible for managing a portion of Vanguard Growth and Income since late September 2011. The fund has two additional sleeves managed by subadvisor Los Angeles Capital Management and Vanguard's internal equity investment group. Each of the fund's sleeves employs a primarily quantitative approach to stock-picking. During Foley's roughly 18-month tenure, the fund returned 25.4% annualized, better than the large-blend category's 22.6% average return.
TIAA-CREF Launches New International Fund
TIAA-CREF has launched TIAA-CREF International Opportunities
The fund will be less expensive than peers. Its four share classes each have expense ratios below their respective peer group median for comparably sold, foreign large-cap funds. The fund's retail shares have a 1.09% expense ratio, while its institutional shares carry a 0.70% expense ratio.
Goldman Sachs Asset Management Experiences More Turnover
For many years, Goldman Sachs Asset Management's growth equity team was based in Tampa, Fla. In October 2011, the firm decided to relocate the group to its New York headquarters. And this week, it was announced that four members from the Tampa team, including portfolio managers Joe Hudepohl, Scott Kolar, and Warren Fisher as well as analyst Greg Frasca, are leaving the firm.
Hudepohl and Kolar comanaged Neutral-rated Goldman Sachs Capital Growth
New Manager at Invesco Disciplined Equity
W. Brant Houston joined the management team of Invesco Disciplined Equity
Manager Change at Dreyfus
Jocelin Reed is no longer a manager of Dreyfus Third Century
ING Emerging-Markets Debt Funds Experience a Manager Change
Jennifer Gorgoll is no longer a portfolio manager on ING Emerging Markets Corporate Debt
A Pair of New Managers on Loomis Sayles Global Equity and Income
Eileen Riley and Lee Rosenbaum replaced Warren Koontz as managers of Loomis Sayles Global Equity and Income
Manager Leaves Hartford Fund
Ricardo Adrogué is no longer a manager of Hartford Emerging Markets Local Debt
Manager Change at 2 Wells Fargo Funds
On April 15, Gary Lisenbee ceased to be a named manager on Wells Fargo Advantage Intrinsic World Equity
Columbia Global Equity Gains New Manager
Neil Robson joined Columbia Global Equity
New Manager at JPMorgan Managed Income
Kyongsoo Noh joined as a manager of JPMorgan Managed Income
Senior fund analysts Karin Anderson, Gregg Wolper, and Janet Yang and fund analysts Robert Goldsborough, Kailin Liu, and Flynn Murphy contributed to this report.