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Fund Times

AllianceBernstein Research Director Dies

Morningstar has put AllianceBernstein Discovery Value, previously rated Neutral, Under Review.

Mentioned:

Andrew Weiner, director of research for the small- and mid-cap value team and comanager of  AllianceBernstein Discovery Value (ABYSX), passed away on June 12, 2014. He was 45. James MacGregor, the team's chief investment officer and the fund's other comanager with Weiner since 2005, remains at the helm, as do the fund's three dedicated analysts. Gerry Paul also remains a named skipper, though he has become less involved with the fund's day-to-day investment decisions since being named AllianceBernstein's CIO of U.S. value in 2009.

AllianceBernstein is now determining whether the team will need additional resources. In the meantime, Morningstar has placed AllianceBernstein Discovery Value Under Review.

Results have been strong since Weiner and MacGregor became comanagers on Dec. 31, 2005: The fund's 9.8% annualized return through June 16, 2014, outpaces its benchmark by 1.5 percentage points and hovers near the category's top decile. Risk-adjusted returns during the measurement period are less impressive but still surpass most category rivals'.

Leo Acheson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.