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We’ve got three new additions to the Morningstar
500
this month.
Artisan Global Equity
ARTHX
is a global fund man-
aged by Mark Yockey, Andrew Euretig, and Charles-
Henri Hamker. Yockey has a long, distinguished track
record at
Artisan International
ARTIX
. Euretig
has been with Artisan since
2005
and a comanager
on Artisan International since
2012
. Hamker has
been with Artisan since
2000
and was also named a
comanager on Artisan International in
2012
.
Launched in
2010
, the fund has a Morningstar Rating
of
4
stars, and it has outperformed
90%
of its peers
during the past five years. The fund has about
$300
million in assets and charges
1
.
37%
in expenses.
Like Artisan International, the fund has a modest
growth bias. However, the fund has a hefty
62%
weighting in U.S. stocks, which puts it right on the
borderline between our world-stock and U.S. large-
growth Morningstar Categories. That U.S. bias has
no doubt helped in recent years, as the United
States has outperformed foreign markets for the most
part, especially when a rising dollar is factored in.
I’m also adding
T. Rowe Price Global Allocation
RPGAX
. The fund invests in a mix of stocks and bonds
around the world and keeps a small stake in alter-
native investments. It has been run by Charles Shriver
since its
2013
inception. Shriver has also managed
T. Rowe Price Balanced
RPBAX
, which has a
Morningstar Analyst Rating of Silver, since
2011
. The
fund has
$160
million in assets and charges
0
.
98%
in expenses. So far in its short existence, it has outper-
formed its world-allocation peers.
Finally, we have
Fidelity Growth & Income
FGRIX
rejoining the Morningstar
500
after an absence
of many years. After a long stretch of unimpressive
performance, the fund has picked up under Matt
Fruhan. The Bronze-rated fund now actually pays
attention to income. Fruhan seeks stocks with
yields above the S
&
P
500
’s that are trading at a
discount to his estimates. The
$5
.
8
billion fund
charges a cheap
0
.
63%
expense ratio.
See the facing page for more on the fund.
To make room, I’m cutting
Wasatch Ultra Growth
WAMCX
, which we have dropped from coverage.
A long-running slump has taken the fund to the
bottom quartile of small-growth funds for the trailing
10
years. That has, in turn, spurred outflows that
have brought assets down to
$87
million.
In addition,
Calamos Growth & Income
CVTRX
is
leaving the Morningstar
500
. The fund has endured
a fair amount of manager turnover, including the
departure of Gary Black in
2015
. Performance has
been uninspiring, and assets have been leaving.
I’m also cutting
Franklin Mutual European
TEMIX
,
which has been dropped from coverage.
K
What is Morningstar
FundInvestor
500
?
The Morningstar FundInvestor
500
features the industry’s
best and most notable funds.
Use the list to get new in-
vestment ideas and track the
funds you already own.
FundInvestor
subscribers have
access to one-page monthly
reports on all 500 funds on
mfi.morningstar.com. Just
type in the name or ticker of
the fund in the search box.
New Additions From Artisan, T. Rowe,
and Fidelity
Changes to the 500
|
Russel Kinnel
Summary of Changes
Add
Drop
Artisan Global Equity
Calamos Growth & Income
Fidelity Growth & Income
Franklin Mutual European
T. Rowe Price Global Allocation
Wasatch Ultra Growth
Rating Change (Downgrades)
From
To
AllianzGI Technology
• ´
Fidelity High Income
Œ •
PIMCO Emerging Local Bond
´ ‰
T. Rowe Price New America Growth
´ ‰
T. Rowe Price Retirement 2015
Œ •
Vanguard Capital Value
´ ‰
Rating Change (Under Review)
From
To
Artisan Small Cap Value
´ ˆ
USAA International
´ ˆ