This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Davis to Steer Clipper Fund

(CFIMX) Clipper Fund announced its new skipper Wednesday, making a somewhat surprising choice.

After two months of uncertainty over who would lead the fund, Clipper's independent directors selected a team from Davis Selected Advisers, headed by Christopher Davis, to replace James Gipson and his lineup at Pacific Financial Research. Clipper will continue to be managed by PFR through the end of the year, and Davis will take over effective Jan. 1.

The reorganization comes after Gipson and his co-managers Michael Sandler and Bruce Veaco announced in September that they would leave the fund at the end of the year. At the time, PFR's parent said Clipper would be placed under the care of investment-management firm Barrow Hanley Mewhinney & Straus, which was widely expected to remain the fund's manager. The parent company, London's Old Mutual, planned to fold PFR into Barrow Hanley upon the trio's departure.

``The Fund's independent directors conducted a search to pinpoint the best candidates to replace Jim Gipson and his team,'' said Norman Williamson, independent chairman of Clipper's board, in a press release. "Davis Selected Advisers' investment philosophy and approach fit well with the approach that the Fund has historically employed.''

"BHMS is an outstanding firm," added Williamson. "However, the independent directors concluded that BHMS' approach to value investing is significantly different from PFR's unconventional definition and also features a more diversified portfolio than the PFR approach."

Christopher Davis is set to pour his own money into Clipper. "As a reflection of our commitment to Clipper, and in keeping with our philosophy of investing in the funds we manage, we will invest $50 million of our own money directly into the Clipper Fund alongside the shareholders," Davis said in the release. "We are committed to holding the shares for as long as we are entrusted with the fund's management.''

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,827.86 +108.86 0.61%
S&P 500 2,066.49 +13.74 0.67%
NASDAQ 4,727.1070 +25.24 0.54%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs