(PUB) Investing 2016

3

September 2016

Morningstar FundInvestor

agers were named in 2010 . They don’t have $1 million in the fund, but they all have at least $100 , 000 in it. Their patient approach has produced solid returns, though they can be a little lumpy. If this name sounds unfamiliar, the fund used to be called FMI Focus. Managers Selling I looked for funds where the top ownership level declined. That meant that either a manager was selling, the fund depreciated, or the manager with the most invested left and his or her replacements did not pony up an equal sum. Tom Bohjalian Cohen & Steers Realty Shares CSRSX This is disappointing. The fund has three managers and no manager investment. Tom Bohjalian had be- tween $10 , 000 and $50 , 000 in the fund, and now he has nothing. Former comanager Joseph Harvey had between $100 , 000 and $500 , 000 in the fund, but he is no longer listed as a manager. Marc Tommasi Manning & Napier Pro-Blend Conservative Term EXDAX and Manning & Napier Pro-Blend Extended Term MNBAX Manning & Napier has gone through a dramatic reshuffling in the wake of a performance slump tied to a decline in energy stocks. The firm had run all of

its funds through one large committee headed by Jeff Coons. Then it moved to smaller teams that differed from fund to fund in order to bring more focus and to fight groupthink, with Coons stepping back. But oddly, the decline in ownership comes from Marc Tommasi, who is one of the remaining managers. He had owned more than $1 million in Manning & Napier Pro-Blend Extended Term, and now he doesn’t own anything. Christian Andreach has the top level at Manning & Napier Pro-Blend Extended Term, and it is just $10 , 000 to $50 , 000 . And no one owns shares of Manning & Napier Pro-Blend Conservative Term. Departure Leading to Lower Ownership Virtus Foreign Opportunities JVIAX lost Rajiv Jain, and the highest manager investment level went from more than $1 million to zero. It’s possible that the new managers invested fairly quickly, but we won’t know until the next filing. Royce Micro-Cap RYOTX manager Chris Flynn stepped down from the fund in May 2016 , leaving Brendan Hartman and James Stoeffel to run the fund. That takes the top investment level down from $1 million to Stoeffel’s $10 , 000 to $50 , 000 invest- ment. Stoeffel started in May 2015 , so I hope he’s ramping up his investment. K

Gold-Rated Funds Where Portfolio Managers Invest More Than $1 Million

American Funds AMCAP

AMCPX

Dodge & Cox Balanced

DODBX

Oakmark Select

OAKLX

American Funds American Mutual

AMRMX

Dodge & Cox Global Stock

DODWX

PIMCO All Asset

PAAIX

American Funds Capital World Gr & Inc

CWGIX

Dodge & Cox Income

DODIX

PRIMECAP Odyssey Aggressive Growth

POAGX

American Funds Europacific Growth

AEPGX

Dodge & Cox International Stock

DODFX

PRIMECAP Odyssey Growth

POGRX

American Funds Fundamental Invs

ANCFX

Dodge & Cox Stock

DODGX

PRIMECAP Odyssey Stock

POSKX

American Funds Intl Gr and Inc

IGAAX

Fidelity Small Cap Discovery

FSCRX

Royce Special Equity

RYSEX

American Funds New Economy

ANEFX

Fidelity Total Bond

FTBFX

T. Rowe Price Capital Appreciation

PRWCX

American Funds New Perspective

ANWPX

FMI Common Stock

FMIMX

T. Rowe Price Mid-Cap Growth

RPMGX

American Funds New World

NEWFX

FMI Large Cap

FMIHX

Templeton Global Bond

TPINX

American Funds Washington Mutual

AWSHX

FPA Crescent

FPACX

Vanguard Capital Opportunity

VHCOX

AMG Yacktman

YACKX

Harbor Capital Appreciation

HACAX

Vanguard Dividend Growth

VDIGX

Artisan International Small Cap

ARTJX

Harbor International

HAINX

Vanguard Health Care

VGHCX

Artisan International Value

ARTKX

JPMorgan Mid Cap Value

FLMVX

Vanguard PRIMECAP Core

VPCCX

BlackRock Global Allocation

MBLOX

Loomis Sayles Bond

LSBDX

Vanguard PRIMECAP

VPMCX

Brown Capital Mgmt Small Co

BCSIX

Loomis Sayles Core Plus Bond

NEFRX

Vanguard Selected Value

VASVX

Causeway International Value

CIVIX

Metropolitan West Total Return Bond

MWTRX

Vanguard Wellesley Income

VWINX

Diamond Hill Large Cap

DHLAX

Oakmark Global

OAKGX

Vanguard Wellington

VWELX

Diamond Hill Small Cap

DHSCX

Oakmark

OAKMX

Wasatch Core Growth

WGROX

Diamond Hill Small-Mid Cap

DHMAX

Oakmark International

OAKIX

Wasatch Small Cap Growth

WAAEX