Lovelace Departs American Funds EuroPacific Growth
Although Rob Lovelace now has stepped down as a comanager on the $124 billion, Gold-rated fund, EuroPacific remains in good hands.
According to American Funds EuroPacific Growth's (AEPGX) latest prospectus, Rob Lovelace is no longer a comanager on the fund. This brings to a close his 20-year tenure with the fund, during which time it collected one of the best records of any foreign large-blend offering. Only a handful of funds beat EuroPacific's 8.8% annualized return through May 2014, and it crushed the 5.5% gain of the MSCI EAFE Index. Lovelace remains a comanager on his two other publicly managed funds, American Funds New Perspective (ANWPX) and American Funds New World (NEWFX). A spokesman at Capital Group said that Lovelace is leaving EuroPacific in part because his management duties within the organization are taking more of his time.
Following former manager Stephen Bepler's retirement last year, about 16% of this team-managed fund's portfolio has been reshuffled. Helping fill the gap is new comanager Lawrence Kymisis. This is Kymisis' first time being named to a large-cap fund, but he has been a comanager on American Funds SmallCap World (SMCWX) since 2007. He isn't totally new to EuroPacific either, as he actually has been managing a small sleeve of the portfolio for the past year, which is just now being disclosed. Kymisis brings something new to the team as a small/mid-cap specialist, even though EuroPacific currently has less than 5% in such stocks.
Kevin McDevitt does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.