389 / 708
3
Morningstar FundInvestor
September
2016
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
American Funds American Mutual
AMRMX
American Funds Capital World Gr & Inc
CWGIX
American Funds Europacific Growth
AEPGX
American Funds Fundamental Invs
ANCFX
American Funds Intl Gr and Inc
IGAAX
American Funds New Economy
ANEFX
American Funds New Perspective
ANWPX
American Funds New World
NEWFX
American Funds Washington Mutual
AWSHX
AMG Yacktman
YACKX
Artisan International Small Cap
ARTJX
Artisan International Value
ARTKX
BlackRock Global Allocation
MBLOX
Brown Capital Mgmt Small Co
BCSIX
Causeway International Value
CIVIX
Diamond Hill Large Cap
DHLAX
Diamond Hill Small Cap
DHSCX
Diamond Hill Small-Mid Cap
DHMAX
Dodge & Cox Balanced
DODBX
Dodge & Cox Global Stock
DODWX
Dodge & Cox Income
DODIX
Dodge & Cox International Stock
DODFX
Dodge & Cox Stock
DODGX
Fidelity Small Cap Discovery
FSCRX
Fidelity Total Bond
FTBFX
FMI Common Stock
FMIMX
FMI Large Cap
FMIHX
FPA Crescent
FPACX
Harbor Capital Appreciation
HACAX
Harbor International
HAINX
JPMorgan Mid Cap Value
FLMVX
Loomis Sayles Bond
LSBDX
Loomis Sayles Core Plus Bond
NEFRX
Metropolitan West Total Return Bond
MWTRX
Oakmark Global
OAKGX
Oakmark
OAKMX
Oakmark International
OAKIX
Oakmark Select
OAKLX
PIMCO All Asset
PAAIX
PRIMECAP Odyssey Aggressive Growth
POAGX
PRIMECAP Odyssey Growth
POGRX
PRIMECAP Odyssey Stock
POSKX
Royce Special Equity
RYSEX
T. Rowe Price Capital Appreciation
PRWCX
T. Rowe Price Mid-Cap Growth
RPMGX
Templeton Global Bond
TPINX
Vanguard Capital Opportunity
VHCOX
Vanguard Dividend Growth
VDIGX
Vanguard Health Care
VGHCX
Vanguard PRIMECAP Core
VPCCX
Vanguard PRIMECAP
VPMCX
Vanguard Selected Value
VASVX
Vanguard Wellesley Income
VWINX
Vanguard Wellington
VWELX
Wasatch Core Growth
WGROX
Wasatch Small Cap Growth
WAAEX