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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.

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 TIOIX. The fund will invest in both developed and emerging-markets stocks, using the MSCI All Country ex-US Index as a benchmark. The fund will be managed by Jason Campbell, who has been with TIAA-CREF since 2005. Campbell has employed a similar investment strategy within other firm investment products since 2009, though his public track record is limited.

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 GSCGX and Goldman Sachs Growth Opportunities GGOAX alongside GSAM's CIO of equities Steve Barry, who also leads the firm's growth equity team and is a named manager on a suite of offerings, including Capital Growth and Growth Opportunities. The firm announced that longtime team member Steve Becker would replace Hudepohl on Capital Growth. (Tim Leahy also remains a comanager.) Barry will continue to comanage Growth Opportunities with Jeffrey Rabinowitz. All the portfolio managers and analysts on the team work as sector specialists, so the responsibilities of the departing analysts will be divvied up among the other team members until replacements are hired. The team now consists of three portfolio managers, including Barry, and seven analysts. The growth equity team also runs Goldman Sachs Strategic Growth GGRAX, US Equity GAGVX, Flexible Cap Growth GALLX, Focused Growth GFGAX, Concentrated Growth GCGAX, and Small/Mid Cap Growth GSMAX.

New Manager at Invesco Disciplined Equity
W. Brant Houston joined the management team of Invesco Disciplined Equity AWEIX. He manages the fund with existing managers Patricia Bannan and Paul McPheeters.

Manager Change at Dreyfus
Jocelin Reed is no longer a manager of Dreyfus Third Century DTCAX, Dreyfus MidCap Core DPOAX, or Dreyfus Equity Income DQIAX. C. Wesley Boggs, Warren Chiang, and Ronald Gala continue to manage the funds.

ING Emerging-Markets Debt Funds Experience a Manager Change
Jennifer Gorgoll is no longer a portfolio manager on ING Emerging Markets Corporate Debt IMCDX or ING Diversified Emerging Markets Debt IADEX. Marcelo Assalin and Michael Mata continue to manage ING Diversified Emerging Markets Debt, while Michael Hyman and new manager Kurt Kringelis will manage 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 LGMAX. Riley and Rosenbaum will manage the fund with existing managers Dan Fuss and David Rolley.

Manager Leaves Hartford Fund
Ricardo Adrogué is no longer a manager of Hartford Emerging Markets Local Debt HLDAX. James Valone and Tieu-Bich Nguyen continue to manage the fund.

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 EWEAX or Wells Fargo Advantage Intrinsic Value EIVAX. Lisenbee has left the funds' subadvisor, Metropolitan West Capital Management, where he had been president, CEO, and CIO.

Columbia Global Equity Gains New Manager
Neil Robson joined Columbia Global Equity IGLGX as lead manager of the fund with comanager Esther Perkins.

New Manager at JPMorgan Managed Income
Kyongsoo Noh joined as a manager of JPMorgan Managed Income JMGIX. Noh will manage the fund with existing manager David Martucci.

Senior fund analysts Karin Anderson, Gregg Wolper, and Janet Yang and fund analysts Robert Goldsborough, Kailin Liu, and Flynn Murphy contributed to this report.

 

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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