(PUB) Investing 2016

2

Which Managers Are Buying and Selling Their Funds? Continued From Cover

Possible Manager Buying Some managers moved from the $500 , 000 to $1 million range to more than $1 million. It’s possible they were just under the line and appreciation alone carried them over, but it is more likely that they did add to their investment. In either case, they are over $1 million and have further aligned their interests with fundholders’. Mark Finn T. Rowe Price Value TRVLX Mark Finn took over at this Bronze-rated fund at the end of 2009 , and it’s good to see him above the $1 million level. He has modestly beaten the Russell 1000 Value and handily beaten the average large-value fund over his tenure. Finn aims for solid firms trading at modest discounts, thus putting him in the relative value camp rather than deep value. That approach has generally steered the fund away from extremes such as the losses suffered by deep-value funds in 2015 . Benjamin Segal Neuberger Berman International Equity NIQVX We rate this fund Silver, and apparently manager Benjamin Segal shares our high opinion of the fund. He has more than $1 million of his own money at stake in the fund. We were impressed that Segal outperformed in 2014 and 2015 despite the fact that the fund isn’t meant to be a defensive vehicle. His strategy emphasizes steady growth and covers the entire market-cap spectrum. Daniel Davidowitz Polen Growth POLRX We recently started covering this fund. It has a Bronze rating, and comanager Daniel Davidowitz topped the $1 million investment level to confirm his conviction in the fund. The fund has built a solid record by investing in high-quality names with low debt levels. Davidowitz runs the fund alongside Damon Ficklin, and they’ve built a strong record. They run a focused fund with fewer than 25 names, headed by market leaders like Visa V, Nike NKE , and Facebook FB . Richard Lane Broadview Opportunity BVAOX Richard Lane is now over the $1 million level at this small-cap gem. We rate the fund Silver because of its long, impressive record in picking small-cap stocks. Lane has been there since 1997 , and his three coman-

Big Changes in Manager Ownership

Rising Investment

Ticker

Portfolio Manager

Old Range

New Range

TCW Total Return

TGLMX

Tad Rivelle

0

>$1 Million

BBH Global Core Select

BBGNX

Timothy Hartch

0

>$1 Million

FPA US Value

FPPFX

Greg Nathan

0

>$1 Million

Fidelity Strategic Income

FSCIX

Ford O'Neil

$10k–$50k

>$1 Million

T. Rowe Price Value

TRVLX

Mark Finn

$500k–$1M >$1 Million

Neuberger Berman Intl Eq

NBIIX

Benjamin Segal

$500k–$1M >$1 Million

Polen Growth

POLIX

Daniel Davidowitz

$500k–$1M >$1 Million

Broadview Opportunity

BVAOX

Richard Lane

$500k–$1M >$1 Million

Declining Investment

Cohen & Steers Realty

CSRSX

Tom Bohjalian

$10k–$50k

0

Manning & Napier Pro-Blend Ext Term MNBAX Marc Tommasi

>$1 million

0

Virtus Foreign Opportunities

JVJAX

Rajiv Jain

>$1 million

0

Royce Microcap

RYOTX

Chris Flynn

>$1 million

0

Timothy Hartch BBH Global Core Select BBGNX Timothy Hartch went from zero to more than $1 million at this three-year-old fund. I find it particularly encouraging to see this kind of statement at a fairly young fund. Hartch also has more than $1 million invested in BBH Core Select BBTEX. Perhaps he sees promise that Global Core Select can match BBH Core Select’s excellent long-term record. Greg Nathan FPA US Value FPPFX Greg Nathan was named manager of this fund in September 2015 , and he wasted no time investing in it. When Nathan came on board, the fund changed strategies from growth to value, and we’re still in early days of seeing what Nathan can do. Prior to this assignment, Nathan worked on FPA Crescent FPACX with manager Steve Romick. Ford O’Neil Fidelity Strategic Income FSICX Comanager Ford O’Neil boosted his investment from the $10 , 000 to $50 , 000 range to more than $1 million. Comanager Joanna Bewick has $100 , 000 to $500 , 000 invested. I like the commitment at this Silver-rated fund. The wide-ranging fund moves among junk bonds, emerging-markets debt, U.S. government bonds, and developed-markets foreign debt. Bewick has been with the fund since 2008 , and O’Neil joined in 2012 .