TheStreet.com Ratings
TheStreet.com Ratings: The Fund Manager Shuffle
TheStreet.com Ratings Staff
03/15/07 - 11:31 AM EDT
It's always important to keep a close watch on the fundamentals and performance of any of your mutual funds. But it's also important to know about the wizard behind the curtain pulling on the strings and running your investment.
That's why TheStreet.com Ratings is monitoring the manager changes going on at the mutual funds we track. Below is a list of the changes that took place during the months of January and February.
Fidelity
Fidelity kicked things off in early January, naming Yun-Min (Charlie) Chai manager of (FSPTX Quote)Fidelity Select Technology (FSPTX). He succeeded James Morrow, who remains manager of (FSELX Quote)Fidelity Select Electronics (FSELX). Chai also runs the (FSDCX Quote)Fidelity Select Communications Equipment (FSDCX) and (FNINX Quote)Fidelity Select Networking & Infrastructure (FNINX) portfolios as well. Benjamin Hesse became sole manager of ( FBSOX Quote)Fidelity Select IT Services (FBSOX), which he had co-managed with Jim Morrow since March 2006, and Mayank Tandon assumed sole management of (FSCSX Quote)Fidelity Select Software & Computer Services (FSCSX). Completing Fidelity's January changes, Tobias Welo succeeded Christopher Bartel -- who will continue managing (FSCGX Quote)Fidelity Select Industrial Equipment (FSCGX) -- as manager of (FCYIX Quote)Fidelity Select Industrials (FCYIX). J. Justin Bennett took sole management of (FSPFX Quote)Fidelity Select Paper & Forest Products (FSPFX), which he had managed with Bartel, and Lindsay Connor became sole manager of (FSRFX Quote)Fidelity Select Transportation (FSRFX), also previously co-managed with Bartel. Fidelity had a busy February as well. Its Fidelity Discovery fund was renamed (FDSVX Quote)Fidelity Growth Discovery (FDSVX) and took on a new growth-oriented benchmark (Russell 3000 Growth Index). Jason Weiner left (FDFFX Quote)Fidelity Independence (FDFFX) to manage Fidelity Growth Discovery. (FTRNX Quote)Fidelity Trend (FTRNX) named Jeffrey Feingold as portfolio manager. Feingold, who replaced Ramin Arani, continues as co-manager of (FGBLX Quote)Fidelity Global Balanced (FGBLX ) and (FWWFX Quote)Fidelity Worldwide (FWWFX). Amin became co-manager of (FPURX Quote)Fidelity Puritan's (FPURX) equity portion.Prudential
At Prudential, David Green, who works for fund subadviser Hotchkis and Wiley, had a gratifying end of February. He replaced Joseph Huber in a co-manager position for the (TALVX Quote)Target Large Capitalization Value Fund (TALVX). Green was named co-manager of Prudential's (PHGAX Quote)Target Growth Allocation (PHGAX), (PAMGX Quote)Target Moderate Allocation (PAMGX), (PCGAX Quote)Target Conservative Allocation (PCGAX) and (PLVAX Quote)Strategic Partners Large Cap Value (PLVAX). Jennison Associates, a wholly owned subsidiary of Prudential, tapped Shawn Hong and Ubong Edemeka as co-managers of (SPQAX Quote)Jennison Equity Income A (SPQAX). Hong, VP and portfolio manager at Jennison, joined the company in September 2000. Edemeka, also a vice president, came aboard in March 2002.Vanguard
Vanguard added Lazard Asset Management to the (VWNFX Quote)Vanguard Windsor II fund (VWNFX) to manage a majority of the assets previously overseen by Equinox Capital Management and Tukman Capital Management. Vanguard also added Jennison Associates to the advisory team of the (VMRGX Quote)Vanguard Morgan Growth fund (VMRGX). Jennison will initially manage a relatively modest portion of the fund's assets and take a share of future cash flows. Kathleen A. McCarragher acts as portfolio manager.Legg Mason
Jay Leopold started as manager of the (SPAAX Quote)Legg Mason Partners All Cap A fund (SPAAX). Leopold's tenure at Legg Mason dates back 20 years. He had served as co-manager of Legg Mason Capital Management's All Cap fund since 2002 and became sole manager in 2005. Prior to that, he was assistant portfolio manager of the firm's (LMALX Quote)American Leading Companies mutual fund (LMALX). Legg Mason also appointed Aram E. Green and Jeffrey J. Russell as co-managers of the (SASMX Quote)Legg Mason Partners Small Cap Growth fund (SASMX) in February.Trussco Capital Management
STI Classic Funds, managed by Trussco Capital Management, added managers to seven funds on Feb. 7. Brian Nold, co-manager of the (SAHIX Quote)High Income (SAHIX), became co-manager of (SAINX Quote)Strategic Income (SAINX). Perry Troisi assumed sole management of (SCUSX Quote)U.S. Government Securities (SCUSX) and (SAMLX Quote)Limited Duration (SAMLX). Adrien Webb, also a Trussco managing director since May 2004, became a co-manager of the (IBASX Quote)Intermediate Bond fund (IBASX), (STIGX Quote)Investment Grade fund (STIGX) and (CBPSX Quote)Total Return Bond fund (CBPSX).Other Moves
Jason Brady became manager of Thornburg's (THIFX Quote)Limited-Term Income fund (THIFX) and (LTURX Quote)Limited-Term U.S. Government fund (LTURX), as well as co-manager of its (TIBAX Quote)Investment Income Builder fund (TIBAX). Brady, who joined Thornburg in October 2006, succeeded Steve Bohlin. He previously served as a portfolio manager with Fortis Investments and is known for his skills in the credit markets.Morgan Stanley tapped Mark A. Bavoso to manage its (NREAX Quote)Natural Resources Development fund (NREAX).
The (SPRAX Quote)Dryden Mid-Cap Value fund (SPRAX) added three co-managers in late January: Margaret Stumpp, John Leib and Deborah Woods.
Sean P. Fitzgibbon, a portfolio manager at Dreyfus since December 2004, was named primary portfolio manager of (MILCX Quote)Mellon Large Cap Stock fund (MIISX) in February. Mellon also named Brian C. Ferguson as primary manager of its (MIISX Quote)Income Stock fund (MIISX). Ferguson has been a portfolio manager at Dreyfus since October 2002.
Patrick Shum was appointed co-manager of (AACFX Quote)AIM China fund (AACFX). Shum has been chief investment officer of INVESCO Hong Kong Limited since September 2006