Fund Times: Top High-Yield Manager Lands at Evergreen
Plus, Gross' take on rates, a Laudus Rosenberg hard close, more.
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.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process.