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Fund Times

Fund Times: T. Rowe Price Shuffles Managers

Plus, news on Fidelity's Reynolds retirement, Janus' Sallie Mae win, and more.

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We've said it before: It's unusual to see so many manager changes at T. Rowe Price funds. We've learned recently that Bob Smith is leaving  T. Rowe Price Growth Stock (PRGFX) for  T. Rowe Price International Stock (PRITX), where he'll be taking the lead and working with comanager Mark Bickford-Smith. At the same time, Rob Bartolo heads to Growth Stock from  T. Rowe Price Media & Telecom (PRMTX); both changes will occur this October. Henry Ellenbogen, comanager on Media & Telecom with Bartolo, will then run that fund solo. Our thoughts on these changes are mixed.

International Stock, long a middling performer, is getting a big upgrade. Smith has proved his mettle as a large-growth investor, producing strong long-term returns during his 10 years on Growth Stock. During his tenure, he beat out 91% of large-growth category rivals, and bested the S&P 500 Index. We also like that Smith has some international investing experience: He was formerly a comanager on  T. Rowe Price Global Stock (PRGSX), and he invested a healthy slice of Growth Stock overseas, although his experience in some market areas is limited. Additionally, we're encouraged to see a single manager lead the show at International Stock. While his comanager remains named on the portfolio, Smith will be the decision-maker when it comes to portfolio construction. Previously, the fund had three managers who each ran separate regional sleeves.

Lawrence Jones does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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