On April 30, 2021, Joel Beam, the lead manager of this fund since its 2001 inception, stepped down. He’ll remain with the fund’s advisor through July as a consultant, and intends to retire from the money management business. John Palmer, who joined the firm in 2013 and has served as an associate portfolio manager on the fund since 2019, will now lead the team and be the only named manager. The team has been quite small; analyst/trader David McGanney has been the only other member since the mid-2019 departure of two analysts. But the firm is now planning to add two analysts, one of whom has just been hired. The loss of the highly experienced Beam is mitigated to a degree by the expected growth of the team. But the team is still stretched given its mandate here as well as the task of managed Salient Global Real Estate, which largely has a distinct set of holdings. Thus, the fund’s People rating remains Below Average and it continues to earn a Morningstar Analyst Rating of Negative across its share classes.
Will KIFAX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable KIFAX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the KIFAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of KIFAX’s parent organization’s priorities and whether they’re in line with investors’ interests.