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Fund Times

RS Investments' Core Growth Team Departs

Vanguard cuts fees on 30 mutual funds, Michael Mauboussin leaves Legg Mason, and Franklin Income takes on comanagers.

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RS Investments has removed the entire management team of RS Capital Appreciation (RCAPX)--David Carr, Larry Coats, and Christy Phillips--and will merge the fund into RS Growth (RSGRX) in March 2013. The management team of RS Growth--Stephen Bishop, Melissa Chadwick-Dunn, and D. Scott Tracy--assumed the helm of RS Capital Appreciation as of Dec. 3. The fund's former advisor, Oak Value Capital Management, was purchased by RS Investments in mid-2010, and the fund changed its name from Oak Value.

RS Capital Appreciation had been chosen as one of Morningstar's Ultimate Stock Pickers when the list was relaunched in April 2009, but it is unlikely to recur in 2013, as funds are typically removed from that list when the managers responsible for the long-term track record are no longer in charge.

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Morningstar Fund Analysts does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.