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Key Marsico Manager Leaves Firm

Former Wasatch managers give it a go on their own and more . . .

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Cory Gilchrist, lead manager of   Marsico 21st Century (MXXIX) and  Marsico Global (MGLBX), left the firm as of today. His departure punctuates a period of rocky performance on his funds that arose from macro views that clashed with the rest of the firm's. Gilchrist's exit may foreshadow significant changes in the funds' investment styles.

During his tenure at Marsico, Gilchrist was known for his bold investment style. He combined both macroeconomic and fundamental analysis in his stock picks, and he has held optimistic global economic forecasts in the past few years. Meanwhile, founder Tom Marsico and other colleagues, like fellow portfolio manager James Gendelman, believed economic growth will be more subdued. Marsico's and Gendelman's more-bearish macro views could materially shift Marsico Global's portfolio, especially its comparatively high stake in the consumer cyclical sector.

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