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Succession Concerns Limit These Funds' Long-Term Prospects

The departure of a star manager leaves a tough act to follow.

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When Morningstar manager research analysts evaluate a fund’s management team, they don’t just look at the current line-up. They also think about any succession issues for portfolio managers who are nearing or beyond retirement age. The goal is to hold the fund for the long run, after all, so Morningstar analysts want to be confident about the plan for navigating likely retirements. Some firms have clear plans with strong successors lined up. Others do not.

Below, we list four funds with veteran managers who are closer to the ends of their careers than the beginnings. These managers have not announced any intention to retire, but the Morningstar analyst who covers the fund has expressed concern about the transition.

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