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Fund Times

Fund Times: Top High-Yield Manager Lands at Evergreen

Plus, Gross' take on rates, a Laudus Rosenberg hard close, more.

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At the beginning of April, when we reported that esteemed high-yield manager Margie Patel was departing  Pioneer High Yield  (TAHYX), which she began in 1998 as Third Avenue High-Yield, we were very curious to see where she'd end up. As it turns out, she's moved on to Evergreen Investments, where she will take charge of Evergreen Strategic Income (EKSAX) and  Evergreen Balanced (EKBAX), along with a couple of variable annuity accounts.

The move, effective June 1, will replace sizable investment teams at each fund, which ran the funds using a separate sleeve approach, with Patel as sole manager. Also as of that date, both funds will see a broadening of their mandates. Patel will be given the flexibility to invest widely across asset classes, market capitalizations, and sectors, including her mainstay areas of experience: high-yield bonds, convertible securities, and equities. This investment flexibility should be well used in Patel's hands, as she's shown considerable talent in running not only her previous high-yield charge, but also an equity fund, Pioneer Equity Opportunity (PEOFX).

Lawrence Jones has a position in the following securities mentioned above: PTTRX. Find out about Morningstar’s editorial policies.

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