Fund Openings, Closings, Manager Moves: Litman/Gregory Assembles Value Fund Team Roster

Litman/Gregory has assembled its value team roster for its latest offering. Its lineup for the no-load Master's Select Value, which launches on June 30, reads like a Who's Who of the mutual fund's value stars, past and present. The fund will be managed in part by Mason Hawkins of Longleaf Partners, Bill Miller of Legg Mason, Bill Nygren of Oakmark and Larry Sondike of Franklin Mutual Series.

Each of the portfolio managers has run up a solid long-term record, though some have stumbled in recent years due to the tough environment for value players. Hawkins of Longleaf, for example, ranks in the top 10% of managers for the 10-year period among mid-cap value funds, but is near the bottom for the one-year period, according to Morningstar.

The managers will each have the ability to invest up to 25% of their portion of the portfolio in small-cap stocks and another 25% in foreign companies. Ken Gregory, president of the fund adviser, says he expects the final product to have 10% to 20% in smaller companies and 10% to 15% in international companies. ...