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Funds Facing Succession Challenges

The departure of a long-tenured manager can leave big shoes to fill.

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This article was originally published in the January 2017 issue of Morningstar FundInvestor. Download a complimentary copy of FundInvestor here.

Investors benefit from using portfolio managers who have witnessed and successfully managed assets through multiple market cycles. The flip side to that hard-won experience, though, is that those same managers may be at later stages of their careers and looking to taper off involvement with their funds. Here are a few funds that have benefited from decades-long manager continuity but that are also facing succession questions; some of these managers are well past standard retirement age (most have no plans to retire in the near future). In some cases, firms have been prepping for the inevitable by building out deep benches. In others, though, the next leader has yet to emerge. Below, we've ordered the funds from most to least risky when it comes to succession and risk.

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