2
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.
New Managers With More Than
$1 Million Invested
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.
It Pays to Find Managers Who Invest With You
Continued From Cover
Manager Investment at 10 Largest Active Funds
Name
Managers Who Have
More Than $1M
Fund
Size
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
