Fund Openings, Closings, Manager Moves: Stein Roe Names New International Fund Team

Nick Ghajar must have been doing the work of three people, because a three-person management team has replaced him as managers of the (SRITX Quote - Cramer on SRITX - Stock Picks)Stein Roe International fund. Ghajar, who had only skippered the fund since last September, is being replaced by Charles R. Roberts, Michael Ellis and Deborah F. Snee.

The change was noted in an amendment to the prospectus, but the company hasn't elaborated on the reason for the switch.

But the fund's disappointing performance makes it a standout even in the middling international investing arena. The fund is down 16.4% year to date, while the world stock funds on average have logged a negative 3.7%.

Much of that loss is from Ghajar's heavy bets in Japan, which, at 22.7%, is his largest single country allocation. That market has been down this year after a heavy run-up in 1999's fourth quarter.

The new managers, for their parts, are all from sister company Newport, which along with Stein Roe is owned by Liberty Financial Companies. Roberts, one of the new triumvirate, has experience investing in Europe for the accounts he manages at Newport. Snee is currently a European analyst at Newport.

Dreyfus Merges Two Bond Funds

Dreyfus is cleaning house in its bond lineup. The New York fund company, known for its bond investing, is merging the $87 million (DSHYX Quote - Cramer on DSHYX - Stock Picks)Short-Term High Yield fund into the much larger (DPLTX Quote - Cramer on DPLTX - Stock Picks)Limited Term High Income portfolio.

The funds have similar mandates and risk profiles. Both have more than 70% in bonds rated single-B or lower. Anything rated double-B or lower by one of the rating agencies is considered to be in the junk-bond category, so the funds dip down pretty far on the investment scale.

The two funds are also run by manager Roger King, though they have slightly dissimilar performance. Short-Term High Yield is down 0.7%, while Limited Term is up by 0.1%

Shareholders have until September to approve the merger.

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