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to $100 , 001 – $500 , 000 . Is it a sign the 71 -year old is getting ready to hand off some of his management duties? Maybe. He also added comanagers to the fund in 2009 , 2010 , and 2012 . Meanwhile, comanager Kevin Dreyer raised his investment level from nothing to $100 , 001 – $500 , 000 . While the fund has continued to perform well, it does give me pause about Gabelli’s plans. At Invesco Comstock ACSTX , Jason Leder has dialed back his contributions to the fund significantly, so it’s understandable that he would also scale back his investment from the $500 , 001 – $1 million range to the $50 , 001 – $100 , 000 range. AllianzGI Technology DRGTX comanager Huachen Chen has been running this fund for nearly 20 years, so it’s surprising that he would pare his investment in the fund. He’s gone from the $500 , 001 – $1 million range to the $100 , 001 – $500 , 000 range. However, co- manager Walter Price Jr. still has more than $1 million invested. AllianzGI NFJ Small-Cap Value PSVIX coman- ager Morley Campbell moved from the $500 , 001 – $1 million range to the $100 , 001 – $500 , 000 range. However, Campbell is one of four comanagers, each of whom has money in the funds. So, I wouldn’t read too much into it. In addition, Ben Fischer has dialed up his investment from $50 , 001 – $100 , 000 to $100 , 001 – $500 , 000 (though this could be because of appreciation). Appleseed ’s APPLX Adam Strauss also reduced his ownership in similar fashion. Two portfolio managers are retiring, so perhaps some ownership of the firm is being sold to younger managers like Strauss. I’m surprised to see Michael Lippert’s ownership go down at Baron Opportunity BIOPX from $500 , 001 – $1 million to $100 , 001 – $500 , 000 as of the end of January 2014 . Lippert is the lead manager on the fund, and it’s the only one he runs. He came on board in 2006 and is a long way from retiring.

In the bond world, Ken Buntrock and Lyle Fitterer pared their stakes from the $500 , 001 – $1 million range to the $100 , 001 – $500 , 000 range. Buntrock is a comanager of Loomis Sayles Global Bond LSGLX , and Fitterer runs Wells Fargo Advantage Short-Term Muni Bond STSMX . John Calamos Sr. has sold his entire investment in Calamos Convertible CCVIX . His investment in the fund was in the $50 , 001 – $100 , 000 range before then. Although he is still a named manager on the fund, his nephew Nick Calamos stepped down from running the fund in favor of Gary Black in 2012 . Is that why Calamos Sr. sold his holdings? Only he knows the answer to that one. Calamos is now the longest- tenured manager in the Morningstar 500 with no money in his fund. I love it when managers pony up $1 million or more right away, and four managers of Morningstar 500 funds did just that. Alan Wilson was just named a manager at American Funds Washington Mutual AWSHX on July 1 , 2014 , and he’s already invested more than $1 million of his own money in the fund. Three of his comanagers are also above the $1 million mark. New Managers With More Than $1 Million Invested

Manager Investment at 10 Largest Active Funds

Managers Who Have More Than $1M

Fund Size

Name

PIMCO Total Return Instl PTTRX

1/1

$223B

American Funds Grw Fnd of Amer AGTHX 9/12

$143B

American Funds EuroPacific Gr AEPGX

3/9

$128B

Fidelity Contrafund FCNTX

1/1

$106B

American Funds Capital Inc Bldr CAIBX 6/9

$96B

Franklin Income FKINX

1/3

$96B

American Funds Inc Fnd of Amer AMECX 4/9

$95B

American Funds Capital Wrld G/I CWGIX 3/8

$89B

Vanguard Wellington Inv VWELX

2/2

$86B

American Funds American Bal ABALX

2/8

$76B