Changing a fund's manager doesn't usually necessitate changing the fund's name, but sometimes there's really no choice.
On Dec. 1,
will no longer run the struggling and broker-sold
IDEX C.A.S.E. Growth fund, according to a Monday regulatory filing. The reins will go to
, and shareholders will soon be asked to approve changing the mid-cap fund's name to
IDEX Jennison All Cap Value
The fund has traditionally blended high-octane growth and steady-Eddie value stocks in its portfolio, but the name change points to a greater emphasis on undervalued stocks of all sizes.
Shareholders are probably ready for anything at this point. William Lange has run the fund since its 1996 inception with consistently modest results. The fund's 2.7% annualized return over the past three years trails the
S&P 500 by some 14 percentage points and 85% of its mid-cap blend peers, according to
. So far this year, the fund is down 5.2%, trailing the S&P 500 and nearly 90% of its peers.