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Fund Spy

A Mutual Fund Merry-Go-Round No One Should Have to Ride

Six lead managers in 10 years means something's not working.


Mutual fund investors typically would like their portfolio managers to stay in place for decades. The manager is one reason they bought the fund, after all. So, a change generally isn't welcome. But most fund investors will accept an occasional transfer of leadership, especially if the new manager already had spent a good amount of time on the team and the overall strategy remains in place.

More jarring are the cases where the new manager has no connection with the previous regime and upends the fund's approach. At times, shareholders can accept this, too, if the prior scheme wasn't working and the new leader has a proven record.

But when managers and strategies change with disturbing frequency, there's cause for alarm. That's the case at  DWS International (SCINX), which has undergone an astonishing amount of disruption over the past 10 years.

Gregg Wolper does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.