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Fund Spy

PIMCO's Fund Board Surprises on the Upside

It's not perfect, but the board has made a positive change.

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We spend a lot of time pointing out shortcomings in the asset-management business, so it's nice to be able to highlight cases in which somebody makes a proactive decision to make a shareholder-friendly move.

An obscure but crucial corner of the landscape is just who gets to sit on and ultimately control a mutual fund's board of directors. In most cases, firms lay out a handful of rules for the submission of nominees that are typically buried in a fund's Statement of Additional Information and rarely warrant a second look.

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